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PPL Corporation (NYSE: PPL) is a renowned global energy company headquartered in Allentown, Pennsylvania. PPL serves over 10.5 million customers across Pennsylvania, Kentucky, and the United Kingdom with its high-performing regulated utilities, including Western Power Distribution, Louisville Gas and Electric, Kentucky Utilities, and PPL Electric Utilities. These subsidiaries are consistently recognized for delivering outstanding service in both the U.S. and the U.K.
PPL's operations span across electricity generation, transmission, and distribution, as well as natural gas services. The company is a positive force in its communities, supporting job creation programs and donating millions to charitable organizations to enhance the quality of life. Additionally, PPL's workforce of over 13,000 employees actively volunteers their time and energy to assist others.
Recent achievements include a significant $72 million award from the U.S. Department of Energy to fund a pioneering carbon dioxide (CO2) capture project in collaboration with the University of Kentucky and other partners. This project aims to capture up to 90,000 metric tons of CO2 annually, equivalent to the emissions of 20,000 gasoline-powered cars, marking a major step towards PPL's goal of achieving net-zero carbon emissions by 2050.
PPL continues to innovate and invest in infrastructure, recently committing to $14.3 billion in planned investments through 2027 to modernize the grid, enhance reliability, and support renewable energy integration. The company also maintains a strong financial position, with reported 2023 earnings of $740 million and an ongoing commitment to dividend growth.
PPL's subsidiaries are involved in various strategic projects, such as deploying advanced smart metering technology in Rhode Island through a partnership with Landis+Gyr. This initiative will support the state's clean energy goals and grid modernization efforts.
Overall, PPL Corporation remains dedicated to providing safe, reliable, and affordable energy while advancing sustainable energy solutions and fostering community development.
PPL Corporation has completed its acquisition of The Narragansett Electric Company for approximately $3.8 billion, transitioning its operations to Rhode Island Energy. This strategic move positions PPL as a U.S.-focused energy company, enhancing its commitment to innovation and clean energy. The acquisition allows PPL to leverage its operational model to support Rhode Island's renewable energy goals. The company aims to provide reliable service to over 770,000 customers and plans to establish local leadership and a control center in Rhode Island.
PPL Corporation has received clearance from the Rhode Island Superior Court to acquire The Narragansett Electric Company from National Grid. This follows a settlement with the Rhode Island attorney general, allowing the transaction to close promptly. Key commitments from PPL include providing $50 million in bill credits and forgiving over $43 million in arrearages for low-income customers. Additionally, PPL will not seek base rate increases for three years post-acquisition and will contribute $5 million towards renewable energy initiatives. This acquisition aims to diversify PPL's asset portfolio and align with decarbonization goals.
PPL Corporation (NYSE:PPL) has outlined its strategic repositioning for long-term growth during its virtual annual meeting on May 18, 2022. CEO Vince Sorgi highlighted the successful sale of its U.K. utility business for $11 billion in June 2021 and announced the planned acquisition of The Narragansett Electric Company in Rhode Island. PPL is committed to achieving net-zero carbon emissions by 2050 and has invested $2 billion to enhance its energy networks. The company aims to strengthen financial flexibility and operational efficiency while focusing on smart grid technology.
PPL Corporation (NYSE: PPL) reported strong first-quarter 2022 earnings, achieving $273 million, or $0.37 per share, compared to a net loss of $1.84 billion, or $2.39 per share, in Q1 2021. Ongoing earnings per share rose to $0.41 from $0.28 YoY, driven by higher retail rates and capital investments in the Kentucky and Pennsylvania regulated segments. The company remains poised for future growth, emphasizing an upcoming acquisition of Narragansett Electric, further advancing its clean energy initiatives.
PPL Corporation (NYSE: PPL) will announce its consolidated first-quarter 2022 earnings on May 5, 2022. PPL's CEO, Vincent Sorgi, and the executive team will share insights during a conference call at 11 a.m. ET. Investors can participate via webcast or telephone. PPL serves over 2.5 million customers in the U.S., focusing on reliable electricity and natural gas delivery while developing smarter energy solutions. A replay of the call will be available for 90 days post-event.
PPL Corporation (NYSE: PPL) has received approval from the Rhode Island Division of Public Utilities to acquire The Narragansett Electric Company from National Grid USA. This decision comes after a thorough public review process, with PPL expressing excitement about serving Rhode Island families and businesses. The company plans to invest in the state's energy grid, aiming to enhance reliability, support decarbonization goals, and strengthen leadership in the community. The acquisition is expected to close in March 2022.
PPL Corporation reported a significant net loss of $1.48 billion, or $1.93 per share for 2021, contrasting with a net profit of $1.47 billion, or $1.91 per share in 2020. Adjusted earnings from ongoing operations rose to $806 million, or $1.05 per share, up 4% year-over-year. The company completed a $1 billion share repurchase and announced a quarterly dividend of $0.20 per share. Special items negatively impacted earnings, mainly due to the sale of its U.K. utility business. Guidance suggests a focus on growth with the planned acquisition of Narragansett Electric.
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