• PPL is like **Con Edison (ED)**, but focused on delivering essential electricity service across Pennsylvania and Kentucky.
• PPL is like **AT&T (T)** or **Verizon (VZ)**, but providing the infrastructure and service for electricity instead of telecom.

• Electricity Services: Distributes and transmits electricity to customers primarily in Pennsylvania and Kentucky.
• Natural Gas Services: Delivers natural gas to customers in Kentucky.

PPL Corporation (PPL) Major Customers

PPL Corporation, through its regulated utility subsidiaries (PPL Electric Utilities in Pennsylvania and Louisville Gas and Electric Company and Kentucky Utilities Company in Kentucky), primarily sells electricity and natural gas directly to end-users within its designated service territories. Therefore, its major customers are categorized rather than being specific other companies. The primary categories of customers PPL serves are:

• Residential Customers: This category includes individual households and families who use electricity and natural gas for personal consumption in their homes. Residential customers represent the largest customer base by number for PPL's utilities.
• Commercial Customers: This segment comprises various businesses and organizations such as retail stores, office buildings, healthcare facilities, schools, restaurants, and other non-industrial enterprises. These customers utilize energy for their operational needs, varying widely in size and consumption.
• Industrial Customers: This category consists of large-scale manufacturing facilities, industrial plants, and other heavy energy users that require substantial amounts of electricity and natural gas for their production processes. Industrial customers often account for a significant portion of the total energy consumption and revenue for PPL's utilities.

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Vincent Sorgi, President and Chief Executive Officer

Vincent Sorgi has over 25 years of experience in the utility industry. He joined PPL in 2006 as the financial director of the former PPL Generation subsidiary. He served in various leadership roles, including Controller, Vice President, Senior Vice President and Chief Financial Officer (2014-2019), Executive Vice President and Chief Financial Officer (January-July 2019), and President and Chief Operating Officer (July 2019-May 2020), before being appointed President and Chief Executive Officer in June 2020. As CFO, he was instrumental in leading PPL through the spinoff of its competitive generation business in 2015. Prior to PPL, he worked for Public Service Enterprise Group and Deloitte & Touche LLP. He also held positions with Talen Energy Supply LLC, Talen Energy Marketing LLC, and Talen Generation LLC. There is no information available indicating that Mr. Sorgi founded or sold other companies, or has a pattern of managing companies backed by private equity firms.

Joseph P. Bergstein, Jr., Executive Vice President and Chief Financial Officer

Joseph P. Bergstein, Jr. possesses over two decades of experience in the utility industry, having joined PPL in 1999. He served as Vice President – Investor Relations and Corporate Development & Planning, and as Treasurer from 2016 to 2018. He was named Senior Vice President and Chief Financial Officer in July 2019 and became Executive Vice President and Chief Financial Officer in April 2021. Mr. Bergstein led PPL's investor relations during two significant cash acquisitions in the U.S. utility sector and during the spinoff of PPL's competitive energy business. Before joining PPL, he worked at Amerigas Partners, L.P. There is no information available indicating that Mr. Bergstein founded or sold other companies, or has a pattern of managing companies backed by private equity firms.

Wendy E. Stark, Executive Vice President-Utilities and Chief Legal Officer

Wendy E. Stark has over two decades of legal experience. She leads PPL's legal department, oversees the presidents of PPL's four utility companies, and is responsible for the corporation's ethics and compliance, internal audit, public affairs, and communications teams.

Dean A. Del Vecchio, Executive Vice President and Chief Technology and Innovation Officer

Dean A. Del Vecchio brings over three decades of leadership, IT, and operations experience. He focuses on developing technology-enabled utilities for PPL's future, leveraging advancements in technology, automation, artificial intelligence (AI), and data analytics.

David J. Bonenberger, Executive Vice President and Chief Operating Officer-Utilities

David J. Bonenberger is responsible for utility operations, customer service, safety, and technical training across all of PPL's utilities in Pennsylvania, Kentucky, Rhode Island, and Virginia. He began his career in the energy industry with PPL Electric Utilities in 1984. Prior to his current role, he served as president of Rhode Island Energy, a PPL subsidiary.

The key risks to PPL Corporation's business, a major utility company, are primarily centered around its regulated nature, the execution of its extensive capital projects, and the challenges associated with the transition to cleaner energy. These risks are inherent to the utility industry and can significantly impact the company's financial performance and operational stability.

1. Regulatory Risks: PPL's operations are subject to extensive federal and state regulations, which introduce significant uncertainty and can lead to increased costs or operational changes. Shifts in environmental regulations, particularly those affecting coal-fired generation, could result in substantial compliance costs. Furthermore, regulatory intervention or unfavorable decisions can disrupt the company's earnings growth forecasts and its ability to recover costs through approved rates. Competition for transmission projects within its Pennsylvania Regulated segment also necessitates adherence to specific Federal Energy Regulatory Commission rules, adding another layer of regulatory complexity.

2. Operational Risks and Capital Project Execution: PPL's profitability is highly dependent on its ability to effectively manage and recover costs associated with its operations and significant capital investments. The company has an ambitious $20 billion infrastructure investment plan slated from 2025 through 2028, aimed at modernizing its grid and advancing clean energy initiatives. However, large infrastructure projects frequently encounter delays or cost overruns, which could negatively impact PPL's financial performance if not completed on time, within budget, or if cost recovery is challenged. Additionally, operational disruptions caused by supply chain issues or natural disasters pose ongoing threats to stability.

3. Climate Change Risks and Energy Transition: PPL is committed to achieving net-zero carbon emissions by 2050, which requires substantial investment in new technologies, renewable energy projects, and the retirement of coal-fired generation assets. This transition involves significant capital expenditures and exposes the company to risks associated with the successful implementation of these new technologies, potential delays in project development, and the evolving landscape of environmental regulations. Moreover, the physical impacts of climate change, such as an increased frequency of severe weather events, could disrupt operations and lead to significant unexpected costs for the company.

The increasing adoption of distributed generation and storage technologies, such as rooftop solar PV and customer-sited battery storage. As the cost of these technologies continues to decline, more customers are able to generate and store their own electricity, reducing their reliance on grid-supplied power. This trend can lead to reduced sales volumes for utilities like PPL and necessitates significant investments in grid modernization to accommodate these distributed resources, potentially impacting traditional revenue models and profitability.

PPL Corporation (PPL) is a major energy company operating primarily in the United States, focusing on electricity generation, transmission, and distribution, as well as natural gas distribution and sales. The company's main addressable markets are concentrated in Kentucky, Pennsylvania, and Rhode Island.

U.S. Regulated Utilities Market Sizes:

• Kentucky: PPL's subsidiaries, Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU), provide integrated electricity services (generation, transmission, and distribution) and natural gas services across Kentucky and five counties in Virginia.
  • Electricity Market (Kentucky): The total electricity consumption in Kentucky was approximately 74,815,450 megawatt-hours (MWh) in 2025. With an average residential electricity rate of 13.14 cents per kilowatt-hour (kWh), or $131.4 per MWh, in 2025, the estimated annual retail market value for electricity in Kentucky is approximately $9.83 billion.
  • Natural Gas Market (Kentucky): Total natural gas expenditures in Kentucky were approximately $3 billion in 2022.
• Pennsylvania: PPL Electric Utilities delivers electricity (transmission and distribution) to over 1.4 million customers in central and eastern Pennsylvania.
  • Electricity Market (Pennsylvania): Total retail electricity sales in Pennsylvania were 138,710,993 MWh in 2023. The average retail price of electricity in Pennsylvania was 14.06 cents per kWh, or $140.6 per MWh, in June 2025. This indicates an estimated annual retail market value for electricity in Pennsylvania of approximately $19.5 billion.
  • Natural Gas Market (Pennsylvania): While Pennsylvania is a significant natural gas producer and has 25 regulated gas utilities, a specific dollar market size for natural gas distribution was not readily available.
• Rhode Island: Rhode Island Energy (acquired by PPL in 2021) handles electricity and natural gas distribution.
  • Electricity Market (Rhode Island): The total electricity generation in Rhode Island was 9,444,603 MWh in 2024. With an average retail price of electricity in Rhode Island of 23.84 cents per kWh, or $238.4 per MWh, in July 2025, the estimated annual retail market value for electricity in Rhode Island is approximately $2.25 billion.
  • Natural Gas Market (Rhode Island): Natural gas consumption in Rhode Island was 95 billion cubic feet (Bcf). A specific dollar market size for natural gas distribution in Rhode Island was not readily available.

PPL Corporation (PPL) anticipates several key drivers for its future revenue growth over the next two to three years:

1. Significant Capital Investments and Rate Base Growth: PPL plans to execute a substantial $20 billion capital investment plan from 2025 through 2028. This investment is projected to drive an average annual rate base growth of 9.8% over the period, supporting upgrades to its energy infrastructure for enhanced reliability, resilience, and a cleaner energy mix.
2. Accelerating Data Center Development and Load Growth: The company is experiencing significant and accelerating growth in data center development across its service territories, particularly in Pennsylvania. Data center agreements in advanced stages have increased dramatically, representing substantial potential load growth and a need for increased transmission capital investment.
3. Operational Efficiency and Cost Management: PPL is focused on driving operational efficiencies and achieving O&M savings to ensure customer affordability while investing in future growth. This strategy involves the deployment of smart grid technology, automation, artificial intelligence, and expanded digital solutions.
4. Constructive Regulatory Environment and Approvals: Operating within favorable regulatory jurisdictions, PPL has achieved key regulatory milestones, including approvals for new generation resources in Kentucky. This supportive regulatory environment enables the company to advance its infrastructure investments and recover associated costs.
5. Increased Sales Volumes and Economic Development: Beyond data centers, PPL anticipates growth from overall increased sales volumes and broader economic development across its service areas in Pennsylvania, Kentucky, and Rhode Island. This general demand growth, partly influenced by factors like favorable weather and ongoing economic activity, contributes to higher revenues in its regulated segments.

Share Repurchases

• In August 2021, PPL authorized a $3.0 billion share buyback program.
• The company expected to spend $0.5 billion on share repurchases in 2021.
• This program was partly funded by approximately $10.4 billion in net cash proceeds from the sale of its UK utility business.

Share Issuance

• PPL issued approximately $350 million of equity through its at-the-market (ATM) program in the first half of 2025, utilizing forward sales contracts.
• Further, approximately $1.0 billion of equity using forward sales agreements was agreed upon in Q3 2025, with settlements scheduled through December 2027.

Inbound Investments

• PPL announced a strategic joint venture with Blackstone Infrastructure to build and operate new electric generation stations designed to power data centers, with PPL holding a 51% ownership stake.

Outbound Investments

• In June 2021, PPL completed the sale of its UK utility business, Western Power Distribution (WPD), for nearly $11 billion.
• PPL acquired The Narragansett Electric Company, National Grid's Rhode Island utility business, for $3.8 billion, utilizing proceeds from the WPD sale.

Capital Expenditures

• PPL has significantly increased its planned infrastructure investments to $20 billion for 2025 through 2028, marking a nearly 40% increase from the prior plan of $14.3 billion for 2024 to 2027.
• The company is targeting $4.3 billion in infrastructure investments for 2025 and an expected $5.2 billion for 2026.
• The primary focus of these capital expenditures includes strengthening grid resilience and modernization, advancing the clean energy transition by replacing coal generation, and supporting growing demand from data centers in Pennsylvania and Kentucky.