展示99.1
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パシフィック・パワー・アンド・ライト・コーポレーションは2024年第3四半期の収益を報告しています
•2024年第3四半期の純利益（GAAP）シェアは0.29ドルです。
•2024年第3四半期の一株利益は0.42ドルで、2023年の0.43ドルに対して下落しました。
•2024年の通期純利益予測範囲を1.67ドルから1.73ドルのシェアに縮小し、中間地点を1.70ドルのシェアに引き上げました。
•2027年までの少なくとも6%から8%の予想年間利益シェアおよび配当成長を再確認しました。
2024年11月1日、パシフィック・パワー・アンド・ライト・コーポレーション（nyse：PPL）は、2024年第3四半期の報告された利益（米国公認会計士基準）が2億1400万ドル、1株当たり0.29ドルであり、前年同期の2023年第3四半期の報告された利益が2億3000万ドル、1株当たり0.31ドルであることを発表しました。
2024年の最初の9ヶ月間のPPLの純利益は71億1,000万ドルで、株当たり利益は0.96ドルです。これに対し、2023年の最初の9ヶ月間の純利益は62億7,000万ドルで、株当たり利益は0.85ドルでした。
特別項目を調整した場合、2024年第3四半期の運営業務（非GAAP）による利益は3億1,000万ドル、株当たり0.42ドルで、前年同期の3億1,700万ドル、株当たり0.43ドルと比較しています。
2024年の最初の9か月間の持続的な運営からの収益は99400万ドルで、1株あたり1.34ドルとなり、2023年の最初の9か月間の88400万ドル、1株あたり1.20ドルと比較しています。
2024年第3四半期と2023年第9か月の特別アイテムには、ロードアイランドエネルギーの買収に関連する統合および関連費用が主に含まれていました。
「私たちの強力な年初からの財務成績とビジネス計画の継続的な実行に基づいて、パシフィック・パワー・アンド・ライト・コーポレーションの社長兼最高経営責任者であるヴィンセント・ソルジは、2024年の継続的な収益予測範囲を絞りました。
本日、企業の2024年の連続収益予測範囲を更新し、PPLは株1株あたり1.63ドルから1.75ドルから1.67ドルから1.73ドルに狭め、中間地点を1ペニー増やして1.70ドルにしました。
さらに、企業は、少なくとも2027年までの最低2024年の連続収益予測範囲の中間点を基に、年間収益および配当の成長率が6%から8%であるとの予測を再確認しました。
ソルジ氏は、「今年を締めくくるにあたり、2024年の優先事項を達成するために着実に進んでいます。それには、インフラ関連の改善に30億ドル以上を投資し、将来の嵐に耐えられるグリッドを構築し、安全で信頼性の高く、手頃でクリーンなエネルギー未来を実現することが含まれます。さらに、お客様にエネルギーを手ごろな価格で提供できるよう、目標とするO＆m節約を達成することも含まれます。」
PPLの計画には、2021年のベースラインから2026年までに少なくとも1億7500万ドルの年間種類と保守の節約を提供し、2024年末までに累積で1億2000万ドルから1億3000万ドルの年間節約が計画されています。
第3四半期のハイライトでは、PPLはロードアイランド・エネルギーの統合を完了し、PPLが取得した後にナショナルグリッドとの間にあった残りの移行サービス契約を終了しました
2022年5月のロードアイランド州のエネルギー。買収の最初の段階でのPPLの優先事項は、ロードアイランドの顧客にとってスムーズな移行であり、この目標を達成し、顧客への影響を最小限に抑えることにおいて一般的に成功しました。
サードクォーターでも、PPLの子会社であるLouisville Gas and ElectricとKentucky Utilitiesは、ケンタッキー公共サービス委員会に自社の三年ごとの総合リソース計画（IRP）を提出しました。 この計画には、需要成長、エネルギー効率、規制結果、燃料価格など、幅広い変数の徹底した分析が含まれ、リソース計画のためのガイダンスを提供します。 IRPは、2039年までに新たに天然ガス、太陽光、バッテリー蓄電システムを約2,700 MWから3,200 MW追加する必要性を見込んでおり、将来の需要成長に安全かつ信頼性を持って手頃な価格で対応するとされています。
その他のハイライトには、ハリケーン・ヘレンの名残の強い嵐に対するケンタッキー州での効果的な対応が含まれ、LG＆EとKUがスマートグリッドテクノロジーへの投資を継続する利点を示しています。さらに、PPL電力公共事業、ルイビルガス・エレクトリック、ケンタッキー・ユーティリティは、PPLのペンシルベニア州とケンタッキー州のサービスエリアでのデータセンター開発者からの関心の高まりを含む、経済開発への強力なサポートを継続しています。
2024年第3四半期の収益の詳細
このニュースリリースで述べられているように、報告された収益は米国一般会計原則（GAAP）に基づいて計算されています。「営業活動からの収益」は特別項目に調整された非GAAP財務指標です。報告された収益（当期純利益）から営業活動からの収益への調整、特別項目の内訳を含む表をこのニュースリリースの最後に参照してください。
| (百万ドル単位、1株当たり金額を除く) | 第3四半期 | 年度累計 | ||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 変化 | 2024 | 2023 | 変化 | |||||||||||||||||||||||||||||||||
| 報告された収益 | $ | 214 | $ | 230 | (7) | % | $ | 711 | $ | 627 | 13 | % | ||||||||||||||||||||||||||
| 報告された純利益当たり | $ | 0.29 | $ | 0.31 | (6) | % | $ | 0.96 | $ | 0.85 | 13 | % | ||||||||||||||||||||||||||
| 第3四半期 | 年度累計 | |||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 変化 | 2024 | 2023 | 変化 | |||||||||||||||||||||||||||||||||
| 営業活動からの利益 | $ | 310 | $ | 317 | (2) | % | $ | 994 | $ | 884 | 12 | % | ||||||||||||||||||||||||||
| 一株当たりの営業活動からの利益 | $ | 0.42 | $ | 0.43 | (2) | % | $ | 1.34 | $ | 1.20 | 12 | % | ||||||||||||||||||||||||||
セグメント別2024年第3四半期決算
| 第3四半期 | 年度累計 | ||||||||||||||||||||||
| シェア当たり | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| 報告された収益 | |||||||||||||||||||||||
| ケンタッキー州規制 | $ | 0.23 | $ | 0.24 | $ | 0.66 | $ | 0.58 | |||||||||||||||
| ペンシルベニア州規制 | 0.19 | 0.18 | 0.60 | 0.52 | |||||||||||||||||||
| ロードアイランド規制 | 0.02 | 0.01 | 0.12 | 0.10 | |||||||||||||||||||
| 企業及びその他 | (0.15) | (0.12) | (0.42) | (0.35) | |||||||||||||||||||
| 合計 | $ | 0.29 | $ | 0.31 | $ | 0.96 | $ | 0.85 | |||||||||||||||
| 第3四半期 | 年度累計 | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| 特別アイテム（経費）の利点 | |||||||||||||||||||||||
| ケンタッキー規制 | $ | (0.01) | $ | — | $ | (0.01) | $ | (0.01) | |||||||||||||||
| ペンシルベニア規制 | — | (0.02) | (0.02) | (0.02) | |||||||||||||||||||
| ロードアイランド規制 | (0.02) | (0.02) | (0.07) | (0.06) | |||||||||||||||||||
| 企業及びその他 | (0.10) | (0.08) | (0.28) | (0.26) | |||||||||||||||||||
| 総計 | $ | (0.13) | $ | (0.12) | $ | (0.38) | $ | (0.35) | |||||||||||||||
| 第3四半期 | 年度累計 | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| 営業活動からの収益 | |||||||||||||||||||||||
| ケンタッキー規制 | $ | 0.24 | $ | 0.24 | $ | 0.67 | $ | 0.59 | |||||||||||||||
| ペンシルベニア規制 | 0.19 | 0.20 | 0.62 | 0.54 | |||||||||||||||||||
| ロードアイランド規制 | 0.04 | 0.03 | 0.19 | 0.16 | |||||||||||||||||||
| 企業及びその他 | (0.05) | (0.04) | (0.14) | (0.09) | |||||||||||||||||||
| 合計 | $ | 0.42 | $ | 0.43 | $ | 1.34 | $ | 1.20 | |||||||||||||||
収益に影響を与える主要要因
下記に概説されているセグメントドライバーに加えて、2024年第3四半期のPPLの純特別アイテム税後費用は9600万ドル、株当たり0.13ドルとなり、2023年第3四半期の株当たり0.12ドル、8700万ドルの純特別アイテム税後費用と比較されました。いずれの場合も、特別アイテムは主にロードアイランド・エネルギーの買収に伴う統合および関連費用に起因しています。
2024年の最初の9か月間の報告された収入には、株式1株当たり$0.38、252百万ドル、またはシェア当たり$25700万ドルの純特別アイテム税後費用を含んでいました。いずれの場合も、特別アイテムは主にロードアイランド・エネルギーの買収に関連する統合および関連費用に起因しています。
ケンタッキー規制セグメント
PPLのケンタッキー規制セグメントは主に、Louisville Gas and Electric Companyの規制された電気および天然ガス事業、およびKentucky Utilities Companyの規制された電気事業から構成されています。
Reported earnings in the third quarter of 2024 decreased by $0.01 per share compared with a year ago. Earnings from ongoing operations in the third quarter of 2024 were even compared with a year ago. Factors driving earnings results primarily included an adjustment to Environmental Cost Recovery revenues, offset by higher sales volumes primarily due to weather.
Reported earnings and earnings from ongoing operations in the first nine months of 2024 increased by $0.08 per share compared with a year ago. Factors driving earnings results included higher sales volumes primarily due to weather and lower operating costs.
Pennsylvania Regulated Segment
PPL’s Pennsylvania Regulated segment consists of the regulated electricity delivery operations of PPL Electric Utilities.
Reported earnings in the third quarter of 2024 increased by $0.01 per share compared with a year ago. Earnings from ongoing operations in the third quarter of 2024 decreased by $0.01 per share compared with a year ago. Factors driving earnings results primarily included higher operating costs.
Reported earnings and earnings from ongoing operations in the first nine months of 2024 increased by $0.08 per share compared with a year ago. Factors driving earnings results primarily included higher transmission revenue, higher sales volumes and other factors, partially offset by higher interest expense.
Rhode Island Regulated Segment
PPL’s Rhode Island Regulated segment consists of the regulated electricity and natural gas operations of Rhode Island Energy.
Reported earnings and earnings from ongoing operations in the third quarter of 2024 increased by $0.01 per share compared with a year ago. Factors driving earnings results primarily included lower property taxes.
Reported earnings in the first nine months of 2024 increased by $0.02 per share compared to a year ago. Earnings from ongoing operations in the first nine months of 2024 increased by $0.03 per share compared with a year ago. Factors driving earnings results primarily included higher distribution revenue from capital investments and higher transmission revenue, partially offset by higher interest expense.
Corporate and Other
PPL’s Corporate and Other category primarily includes financing costs incurred at the corporate level, certain non-recoverable costs resulting from commitments made to the Rhode Island Division of Public Utilities and Carriers and the Rhode Island Attorney General’s Office in conjunction with the acquisition of Rhode Island Energy, and certain other unallocated costs.
Reported earnings in the third quarter of 2024 decreased by $0.03 per share compared with a year ago. Earnings from ongoing operations in the third quarter of 2024 decreased by $0.01 per share compared with a year ago. Factors driving earnings results primarily included higher interest expense.
Reported earnings in the first nine months of 2024 decreased by $0.07 per share compared with a year ago. Earnings from ongoing operations in the first nine months of 2024 decreased by $0.05 per share compared with a year ago. Factors driving earnings results primarily included higher interest expense and other factors.
2024 Earnings Forecast
PPL narrowed its 2024 earnings from ongoing operations forecast range to $1.67 to $1.73 per share from a prior forecast range of $1.63 to $1.75 per share, increasing the midpoint to $1.70 per share from $1.69 per share.
Earnings from ongoing operations is a non-GAAP measure that could differ from reported earnings due to special items that are, in management’s view, non-recurring or otherwise not reflective of the company’s ongoing operations. PPL management is not able to forecast whether any of these factors
will occur or whether any amounts will be reported for future periods. Therefore, PPL is not able to provide an equivalent GAAP measure for earnings guidance.
See the table at the end of this news release for a complete reconciliation of the earnings forecast.
About PPL
PPL Corporation (NYSE: PPL), headquartered in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to more than 3.5 million customers in the U.S. PPL’s high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com.
# # #
(Note: All references to earnings per share in the text and tables of this news release are stated in terms of diluted earnings per share unless otherwise noted.)
Conference Call and Webcast
PPL invites interested parties to listen to a live internet webcast of management’s teleconference with financial analysts about third-quarter 2024 financial results at 11 a.m. Eastern time on
Friday, Nov. 1. The call will be webcast live, in audio format, together with slides of the presentation. For those who are unable to listen to the live webcast, a replay with slides will be accessible at www.pplweb.com/investors for 90 days after the call.
Interested individuals can access the live conference call via telephone at 1-844-512-2926. International participants should call 1-412-317-6300. Participants will need to enter the following “Elite Entry” number to join the conference: 8737672. Callers can access the webcast link at www.pplweb.com/investors under “Events.”
# # #
Management utilizes “Earnings from Ongoing Operations” or “Ongoing Earnings” as a non-GAAP financial measure that should not be considered as an alternative to reported earnings, or net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management’s view of PPL’s earnings performance as another criterion in making investment decisions. In addition, PPL’s management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance.
Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the statutory tax rate of the entity where the activity is recorded. Special items may include items such as:
•Gains and losses on sales of assets not in the ordinary course of business.
•Impairment charges.
•Significant workforce reduction and other restructuring effects.
•Acquisition and divestiture-related adjustments.
•Significant losses on early extinguishment of debt.
•Other charges or credits that are, in management’s view, non-recurring or otherwise not reflective of the company’s ongoing operations.
Statements contained in this news release, including statements with respect to future earnings, cash flows, dividends, financing, regulation and corporate strategy, are “forward-looking statements” within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: asset or business acquisitions and dispositions; pandemic health events or other catastrophic events and their effect on financial markets, economic conditions and our businesses; market demand for energy in our service territories; weather conditions affecting customer energy usage and operating costs; volatility in or the impact of other changes on financial markets, commodity prices and economic conditions, including inflation; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; any impact of severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; PPL Corporation's stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political, regulatory or economic conditions in jurisdictions where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual cyberattack, terrorism, or war or other hostilities; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with factors and other matters discussed in PPL Corporation’s Form 10-K and other reports on file with the Securities and Exchange Commission.
Note to Editors: Visit our media website at www.pplnewsroom.com for additional news and background about PPL Corporation.
| PPL CORPORATION AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED FINANCIAL INFORMATION(1) | |||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
| (Millions of Dollars) | |||||||||||
| September 30, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 542 | $ | 331 | |||||||
| Accounts receivable | 1,000 | 1,221 | |||||||||
| Unbilled revenues | 319 | 428 | |||||||||
| Fuel, materials and supplies | 517 | 505 | |||||||||
| Regulatory assets | 342 | 293 | |||||||||
| Other current assets | 254 | 154 | |||||||||
| Property, Plant and Equipment | |||||||||||
| Regulated utility plant | 40,097 | 38,608 | |||||||||
| Less: Accumulated depreciation - regulated utility plant | 9,647 | 9,156 | |||||||||
| Regulated utility plant, net | 30,450 | 29,452 | |||||||||
| Non-regulated property, plant and equipment | 76 | 72 | |||||||||
| Less: Accumulated depreciation - non-regulated property, plant and equipment | 28 | 23 | |||||||||
| Non-regulated property, plant and equipment, net | 48 | 49 | |||||||||
| Construction work in progress | 2,129 | 1,917 | |||||||||
| Property, Plant and Equipment, net | 32,627 | 31,418 | |||||||||
| Noncurrent regulatory assets | 1,894 | 1,874 | |||||||||
| Goodwill and other intangibles | 2,561 | 2,553 | |||||||||
| Other noncurrent assets | 416 | 459 | |||||||||
| Total Assets | $ | 40,472 | $ | 39,236 | |||||||
| Liabilities and Equity | |||||||||||
| Short-term debt | $ | — | $ | 992 | |||||||
| Long-term debt due within one year | 1 | 1 | |||||||||
| Accounts payable | 920 | 1,104 | |||||||||
| Other current liabilities | 1,385 | 1,243 | |||||||||
| Long-term debt | 16,499 | 14,611 | |||||||||
| Deferred income taxes and investment tax credits | 3,417 | 3,219 | |||||||||
| Accrued pension obligations | 218 | 275 | |||||||||
| Asset retirement obligations | 139 | 133 | |||||||||
| Noncurrent regulatory liabilities | 3,371 | 3,340 | |||||||||
| Other deferred credits and noncurrent liabilities | 430 | 385 | |||||||||
| Common stock and additional paid-in capital | 12,336 | 12,334 | |||||||||
| Treasury stock | (929) | (948) | |||||||||
| Earnings reinvested | 2,848 | 2,710 | |||||||||
| Accumulated other comprehensive loss | (163) | (163) | |||||||||
| Total Liabilities and Equity | $ | 40,472 | $ | 39,236 | |||||||
(1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation. Please refer to PPL Corporation’s periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.
| PPL CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||
| Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||||||||||
| (Millions of Dollars, except share data) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Operating Revenues | $ | 2,066 | $ | 2,043 | $ | 6,251 | $ | 6,281 | |||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Operation | |||||||||||||||||||||||
| Fuel | 207 | 199 | 597 | 567 | |||||||||||||||||||
| Energy purchases | 338 | 356 | 1,133 | 1,430 | |||||||||||||||||||
| Other operation and maintenance | 681 | 637 | 1,930 | 1,805 | |||||||||||||||||||
| Depreciation | 322 | 314 | 957 | 940 | |||||||||||||||||||
| Taxes, other than income | 90 | 100 | 271 | 299 | |||||||||||||||||||
| Total Operating Expenses | 1,638 | 1,606 | 4,888 | 5,041 | |||||||||||||||||||
| Operating Income | 428 | 437 | 1,363 | 1,240 | |||||||||||||||||||
| Other Income (Expense) - net | 32 | 16 | 86 | 51 | |||||||||||||||||||
| Interest Expense | 188 | 165 | 549 | 494 | |||||||||||||||||||
| Income Before Income Taxes | 272 | 288 | 900 | 797 | |||||||||||||||||||
| Income Taxes | 58 | 58 | 189 | 170 | |||||||||||||||||||
| Net Income | $ | 214 | $ | 230 | $ | 711 | $ | 627 | |||||||||||||||
| Earnings Per Share of Common Stock: | |||||||||||||||||||||||
| Basic and Diluted | |||||||||||||||||||||||
| Net Income Available to PPL Common Shareowners | $ | 0.29 | $ | 0.31 | $ | 0.96 | $ | 0.85 | |||||||||||||||
| Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||||||||||||||
| Basic | 737,773 | 737,107 | 737,678 | 737,005 | |||||||||||||||||||
| Diluted | 739,965 | 738,184 | 739,450 | 738,021 | |||||||||||||||||||
| PPL CORPORATION AND SUBSIDIARIES | |||||||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||
| (Millions of Dollars) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash Flows from Operating Activities | |||||||||||
| Net income | $ | 711 | $ | 627 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Depreciation | 957 | 940 | |||||||||
| Amortization | 61 | 61 | |||||||||
| Defined benefit plans - income | (52) | (55) | |||||||||
| Deferred income taxes and investment tax credits | 147 | 142 | |||||||||
| Other | 13 | (1) | |||||||||
| Change in current assets and current liabilities | |||||||||||
| Accounts receivable | 259 | (37) | |||||||||
| Accounts payable | (236) | (129) | |||||||||
| Unbilled revenues | 109 | 224 | |||||||||
| Fuel, materials and supplies | (9) | (43) | |||||||||
| Prepayments | (75) | (44) | |||||||||
| Taxes payable | (8) | (15) | |||||||||
| Regulatory assets and liabilities, net | (54) | (27) | |||||||||
| Accrued interest | 104 | 123 | |||||||||
| Other | (78) | (2) | |||||||||
| Other operating activities | |||||||||||
| Defined benefit plans - funding | (10) | (14) | |||||||||
| Other | (10) | (102) | |||||||||
| Net cash provided by operating activities | 1,829 | 1,648 | |||||||||
| Cash Flows from Investing Activities | |||||||||||
| Expenditures for property, plant and equipment | (1,945) | (1,741) | |||||||||
| Other investing activities | 1 | 2 | |||||||||
| Net cash used in investing activities | (1,944) | (1,739) | |||||||||
| Cash Flows from Financing Activities | |||||||||||
| Issuance of long-term debt | 1,894 | 3,127 | |||||||||
| Retirement of long-term debt | — | (1,763) | |||||||||
| Payment of common stock dividends | (557) | (526) | |||||||||
| Net decrease in short-term debt | (992) | (698) | |||||||||
| Other financing activities | (29) | (52) | |||||||||
| Net cash provided by financing activities | 316 | 88 | |||||||||
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 201 | (3) | |||||||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 382 | 357 | |||||||||
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 583 | $ | 354 | |||||||
| Supplemental Disclosures of Cash Flow Information | |||||||||||
| Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at September 30, | $ | 281 | $ | 200 | |||||||
Operating - Electricity Sales (Unaudited)(1) | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| Percent | Percent | ||||||||||||||||||||||||||||||||||
| (GWh) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
| PA Regulated Segment | |||||||||||||||||||||||||||||||||||
| Retail Delivered | 9,468 | 9,363 | 1.1 | % | 27,682 | 26,894 | 2.9 | % | |||||||||||||||||||||||||||
| KY Regulated Segment | |||||||||||||||||||||||||||||||||||
| Retail Delivered | 8,084 | 7,943 | 1.8 | % | 22,696 | 21,539 | 5.4 | % | |||||||||||||||||||||||||||
Wholesale(2) | 186 | 178 | 4.5 | % | 483 | 382 | 26.4 | % | |||||||||||||||||||||||||||
| Total | 8,270 | 8,121 | 1.8 | % | 23,179 | 21,921 | 5.7 | % | |||||||||||||||||||||||||||
| Total | 17,738 | 17,484 | 1.5 | % | 50,861 | 48,815 | 4.2 | % | |||||||||||||||||||||||||||
(1) Excludes the Rhode Island Regulated segment electricity sales as revenues are decoupled from volumes delivered.
(2) Represents FERC-regulated municipal and unregulated off-system sales.
| Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
| (After-Tax) | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| 3rd Quarter 2024 | (millions of dollars) | ||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 169 | $ | 142 | $ | 14 | $ | (111) | $ | 214 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $1(2) | — | — | — | (2) | (2) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $1(3) | — | — | — | (2) | (2) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $3, $19(4) | — | — | (18) | (71) | (89) | ||||||||||||||||||||||||
FERC transmission credit refund, net of tax of $0(5) | 1 | — | — | — | 1 | ||||||||||||||||||||||||
ECR beneficial reuse transition adjustment, net of tax of $2(6) | (4) | — | — | — | (4) | ||||||||||||||||||||||||
| Total Special Items | (3) | — | (18) | (75) | (96) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 172 | $ | 142 | $ | 32 | $ | (36) | $ | 310 | |||||||||||||||||||
| (per share - diluted) | |||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.23 | $ | 0.19 | $ | 0.02 | $ | (0.15) | $ | 0.29 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Acquisition integration(4) | — | — | (0.02) | (0.10) | (0.12) | ||||||||||||||||||||||||
ECR beneficial reuse transition adjustment(6) | (0.01) | — | — | — | (0.01) | ||||||||||||||||||||||||
| Total Special Items | (0.01) | — | (0.02) | (0.10) | (0.13) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 0.24 | $ | 0.19 | $ | 0.04 | $ | (0.05) | $ | 0.42 | |||||||||||||||||||
(1) Reported Earnings represents Net Income.
(2) PPL incurred legal expenses related to litigation associated with its former affiliate.
(3) Represents costs primarily related to PPL’s corporate centralization and other strategic efforts.
(4) Primarily integration and related costs associated with the acquisition of Rhode Island Energy.
(5) Prior period impact related to a FERC refund order.
(6) Prior period impact of an adjustment related to the Environmental Cost Recovery mechanism revenues.
| Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
| (After-Tax) | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Year-to-Date September 30, 2024 | (millions of dollars) | ||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 493 | $ | 441 | $ | 90 | $ | (313) | $ | 711 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $1(2) | — | — | — | (2) | (2) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $0, $2, $2(3) | (1) | (4) | — | (6) | (11) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $12, $55(4) | — | — | (48) | (206) | (254) | ||||||||||||||||||||||||
PPL Electric billing issue, net of tax of $5(5) | — | (13) | — | — | (13) | ||||||||||||||||||||||||
FERC transmission credit refund, net of tax of $0(6) | 1 | — | — | — | 1 | ||||||||||||||||||||||||
ECR beneficial reuse transition adjustment, net of tax of $2(7) | (4) | — | — | — | (4) | ||||||||||||||||||||||||
| Total Special Items | (4) | (17) | (48) | (214) | (283) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 497 | $ | 458 | $ | 138 | $ | (99) | $ | 994 | |||||||||||||||||||
| (per share - diluted) | |||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.66 | $ | 0.60 | $ | 0.12 | $ | (0.42) | $ | 0.96 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Strategic corporate initiatives(3) | — | — | — | (0.01) | (0.01) | ||||||||||||||||||||||||
Acquisition integration(4) | — | — | (0.07) | (0.27) | (0.34) | ||||||||||||||||||||||||
PPL Electric billing issue(5) | — | (0.02) | — | — | (0.02) | ||||||||||||||||||||||||
ECR beneficial reuse transition adjustment(7) | (0.01) | — | — | — | (0.01) | ||||||||||||||||||||||||
| Total Special Items | (0.01) | (0.02) | (0.07) | (0.28) | (0.38) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 0.67 | $ | 0.62 | $ | 0.19 | $ | (0.14) | $ | 1.34 | |||||||||||||||||||
(1) Reported Earnings represents Net Income.
(2) PPL incurred legal expenses related to litigation associated with its former affiliate.
(3) Represents costs primarily related to PPL’s corporate centralization and other strategic efforts.
(4) Primarily integration and related costs associated with the acquisition of Rhode Island Energy.
(5) Certain expenses related to billing issues.
(6) Prior period impact related to a FERC refund order.
(7) Prior period impact of an adjustment related to the Environmental Cost Recovery mechanism revenues.
| Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
| (After-Tax) | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| 3rd Quarter 2023 | (millions of dollars) | ||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 175 | $ | 136 | $ | 6 | $ | (87) | $ | 230 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $1(2) | — | — | — | (3) | (3) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $0, $1(3) | — | (1) | — | (3) | (4) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $4, $15(4) | — | — | (16) | (55) | (71) | ||||||||||||||||||||||||
Sale of Safari Holdings, net of tax of ($1)(5) | — | — | — | 1 | 1 | ||||||||||||||||||||||||
PPL Electric billing issue, net of tax of $4(6) | — | (8) | — | — | (8) | ||||||||||||||||||||||||
Other non-recurring charges, net of tax of $0(7) | — | — | — | (2) | (2) | ||||||||||||||||||||||||
| Total Special Items | — | (9) | (16) | (62) | (87) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 175 | $ | 145 | $ | 22 | $ | (25) | $ | 317 | |||||||||||||||||||
| (per share - diluted) | |||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.24 | $ | 0.18 | $ | 0.01 | $ | (0.12) | $ | 0.31 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Acquisition integration(4) | — | — | (0.02) | (0.08) | (0.10) | ||||||||||||||||||||||||
PPL Electric billing issue(6) | — | (0.02) | — | — | (0.02) | ||||||||||||||||||||||||
| Total Special Items | — | (0.02) | (0.02) | (0.08) | (0.12) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 0.24 | $ | 0.20 | $ | 0.03 | $ | (0.04) | $ | 0.43 | |||||||||||||||||||
(1) Reported Earnings represents Net Income.
(2) Represents costs related to litigation with Talen Montana, LLC and affiliated entities.
(3) Represents costs primarily related to PPL’s corporate centralization and other strategic efforts.
(4) Primarily integration and related costs associated with the acquisition of Rhode Island Energy.
(5) Primarily final closing and other related adjustments for the sale of Safari Holdings, LLC.
(6) Certain expenses related to billing issues.
(7) Certain expenses related to distributed energy investments.
| Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
| (After-Tax) | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Year-to-Date September 30, 2023 | (millions of dollars) | ||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 432 | $ | 384 | $ | 70 | $ | (259) | $ | 627 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $2(2) | — | — | — | (6) | (6) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $0, $0, $2(3) | (1) | (1) | — | (7) | (9) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $12, $42(4) | — | — | (46) | (159) | (205) | ||||||||||||||||||||||||
PA tax rate change(5) | — | 1 | — | — | 1 | ||||||||||||||||||||||||
Sale of Safari Holdings, net of tax of $1(6) | — | — | — | (3) | (3) | ||||||||||||||||||||||||
PPL Electric billing issue, net of tax of $6(7) | — | (15) | — | — | (15) | ||||||||||||||||||||||||
FERC transmission credit refund, net of tax of $2(8) | (5) | — | — | — | (5) | ||||||||||||||||||||||||
Other non-recurring charges, net of tax of $0(9) | — | — | — | (15) | (15) | ||||||||||||||||||||||||
| Total Special Items | (6) | (15) | (46) | (190) | (257) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 438 | $ | 399 | $ | 116 | $ | (69) | $ | 884 | |||||||||||||||||||
| (per share - diluted) | |||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.58 | $ | 0.52 | $ | 0.10 | $ | (0.35) | $ | 0.85 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs(2) | — | — | — | (0.01) | (0.01) | ||||||||||||||||||||||||
Strategic corporate initiatives(3) | — | — | — | (0.01) | (0.01) | ||||||||||||||||||||||||
Acquisition integration(4) | — | — | (0.06) | (0.22) | (0.28) | ||||||||||||||||||||||||
PPL Electric billing issue(7) | — | (0.02) | — | — | (0.02) | ||||||||||||||||||||||||
FERC transmission credit refund(8) | (0.01) | — | — | — | (0.01) | ||||||||||||||||||||||||
Other non-recurring charges(9) | — | — | — | (0.02) | (0.02) | ||||||||||||||||||||||||
| Total Special Items | (0.01) | (0.02) | (0.06) | (0.26) | (0.35) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 0.59 | $ | 0.54 | $ | 0.16 | $ | (0.09) | $ | 1.20 | |||||||||||||||||||
(1) Reported Earnings represents Net Income.
(2) Represents costs related to litigation with Talen Montana, LLC and affiliated entities.
(3) Represents costs primarily related to PPL’s corporate centralization and other strategic efforts.
(4) Primarily integration and related costs associated with the acquisition of Rhode Island Energy.
(5) Impact of Pennsylvania state tax reform.
(6) Primarily final closing and other related adjustments for the sale of Safari Holdings, LLC.
(7) Certain expenses related to billing issues.
(8) Prior period impact related to a FERC refund order.
(9) Certain expenses related to distributed energy investments.
Reconciliation of PPL's Earnings Forecast | |||||||||||||||||
| After-Tax (Unaudited) | |||||||||||||||||
| (per share - diluted) | |||||||||||||||||
| 2024 Forecast Range | |||||||||||||||||
| Midpoint | High | Low | |||||||||||||||
| Estimate of Reported Earnings | $ | 1.32 | $ | 1.35 | $ | 1.29 | |||||||||||
Less: Special Items (expense) benefit:(1) | |||||||||||||||||
Strategic corporate initiatives(2) | (0.01) | (0.01) | (0.01) | ||||||||||||||
Acquisition integration(3) | (0.34) | (0.34) | (0.34) | ||||||||||||||
PPL Electric billing issue(4) | (0.02) | (0.02) | (0.02) | ||||||||||||||
ECR beneficial reuse transition adjustment(5) | (0.01) | (0.01) | (0.01) | ||||||||||||||
| Total Special Items | (0.38) | (0.38) | (0.38) | ||||||||||||||
| Forecast of Earnings from Ongoing Operations | $ | 1.70 | $ | 1.73 | $ | 1.67 | |||||||||||
(1) Reflects only special items recorded through September 30, 2024. PPL is not able to forecast special items for future periods.
(2) Represents costs primarily related to PPL’s corporate centralization and other strategic efforts.
(3) Primarily integration and related costs associated with the acquisition of Rhode Island Energy.
(4) Certain expenses related to billing issues.
(5) Prior period impact of an adjustment related to the Environmental Cost Recovery mechanism revenues.