PPL raises first-quarter earnings on Kentucky rate hikes
The utility provider reported first-quarter earnings from ongoing operations of $478 million, an 8% increase over the prior year.
PPL (PPL), the regulated electric utility, reported first-quarter earnings from ongoing operations of $478 million, or $0.63 a share.
The result reflects a period of mixed regional performance where rate increases in one market offset volume declines and rising costs in others. Total reported earnings for the quarter rose 9% to $452 million, or $0.60 a share, compared to $414 million in the first quarter of 2025.
Growth was primarily supported by the Kentucky Regulated segment, which saw reported earnings increase by $0.05 a share. The company said the gain was driven by higher retail rates that took effect on January 1, 2026, though these gains were partially offset by higher interest, depreciation, and operating expenses, as well as lower sales volumes.
Performance in other regions remained flat or declined. The Pennsylvania Regulated segment reported earnings remained even year-over-year, as increased transmission revenue from capital investments was neutralized by higher operating costs and interest expenses. In the Rhode Island Regulated segment, reported earnings decreased by $0.05 a share.
Electricity demand showed divergent trends across the company's footprint. Total electricity sales volumes fell 0.6% to 18,268 GWh. While retail delivered volumes in Pennsylvania rose 1.7%, volumes in Kentucky fell 2.0%.
PPL reaffirmed its 2026 ongoing earnings forecast of $1.90 to $1.98 a share, with a midpoint of $1.94. The company also maintained its annual earnings per share growth target of 6% to 8% through at least 2029.
To support this growth, the company set a 2026 infrastructure investment target of $5.1 billion, consistent with its February 2026 business plan. PPL also announced that Kenneth M. Hartwick will join its Board of Directors effective July 1, 2026.