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**【Key Takeaways】**
- **Strong Financial Performance**: Q3 2025 ongoing EPS of $0.48 per share, with narrowed 2025 guidance ($1.78–$1.84). Capital allocation derisked with $1 billion equity forward contracts.
- **Data Center Growth Engine**: 20.5 GW pipeline in advanced stages (+40% QoQ), 11.3 GW publicly announced, 5 GW under construction. Pennsylvania JV with Blackstone targeting new generation to meet demand.
- **Regulatory Momentum**: Kentucky rate case settlement includes GCR/SAM clauses; Mill Creek 6 NGCC approved. Rhode Island bill credits ($155M) approved for 2026–2027 winter months.
- **Affordability & Risk Management**: Tariff protections ensure large load customers pay 80% of forecasted demand. PJM load forecast haircut (30%) acknowledged, but pipeline credibility validated.


**【CEO Summary Section】**
- Reported Q3 2025 GAAP earnings of $0.43 per share, with ongoing earnings of $0.48 per share (excluding special items). Narrowed 2025 ongoing earnings forecast to $1.78–$1.84 per share.
- Advanced utility infrastructure investments: $4.3 billion in 2025, targeting 6%–8% annual EPS growth through 2028. Maintaining strong credit metrics (FFO/debt ratio 16%–18%).
- Kentucky regulatory updates: Proposed rate case settlement includes Generation Cost Recovery (GCR) and Sharing Mechanism (SAM) clauses. New 645 MW NGCC units (Mill Creek 6) approved for construction.
- Pennsylvania data center pipeline growth: 20.5 GW in advanced stages (ESAs/LOAs), up 40% QoQ. 11.3 GW publicly announced, with 5 GW under construction.
- Rhode Island customer bill credits: $155 million over 2026–2027 winter months, approved by state regulators.

**【CFO Financial Commentary】**
- Q3 2025 ongoing EPS of $0.48 per share (+$0.06 YoY), driven by higher rider recoveries, lower O&M costs, and capital investments. GAAP net income $0.43 per share.
- Capital allocation: $1 billion in equity forward contracts executed, supporting $2.5 billion equity needs through 2028. Remaining $1.4 billion to settle in 2026–2027.
- Segment performance: Kentucky (+$0.02 per share), Pennsylvania (+$0.02 per share), Rhode Island (+$0.01 per share), and Corporate/Other (+$0.01 per share).

**【Q&A Key Highlights】**
- **Kentucky Regulatory Updates**: Mill Creek 2 stay-open costs to be addressed in rate case; Mill Creek 6 AFUDC approved. PJM load forecast haircut (30%) acknowledged, but 20.5 GW pipeline deemed credible.
- **Pennsylvania Data Center Strategy**: JV with Blackstone for new generation; 20.5 GW pipeline supported by $1 billion+ capital additions. Transmission cost-sharing benefits existing customers (10%+ savings per GW).
- **Blackstone JV Progress**: Active discussions with hyperscalers, landowners, and pipeline companies; no announcements yet, but focus on long-term energy supply agreements.
- **Risk Management**: Tariff protections for large load customers (80% minimum load commitment), minimizing cross-subsidization risk. PJM capacity auction reforms (e.g., bifurcated new build auctions) proposed to accelerate generation development.


PPL Corporation (PPL) Q3 2025 Earnings Call Transcript

- **Q2 Results**: Ongoing EPS of $0.32 vs. $0.38 YoY, with H2 growth expected from capital investments and O&M savings.
- **$20B Capital Plan**: 2025-2028 investments to support 9.8% rate base growth, including $17B-$19B data center generation needs.
- **Blackstone JV**: 50% owned, targeting 500MW+ new generation with hyperscalers, with returns similar to regulated assets.
- **Regulatory Progress**: KY CPCN stipulation for 1.28GW generation, PA rate case filing by end-2025, RI $155M bill credits.
- **Growth Targets**: 6-8% EPS growth through 2028, with 700+ basis points of O&M savings vs. 2021.

**【CEO Summary Section】**
- Reported Q2 GAAP EPS of $0.25 and ongoing operations EPS of $0.32, down $0.06 YoY due to timing of costs and weather. Confident in achieving at least the midpoint of 2025 EPS forecast of $1.81.
- $4B+ infrastructure investments in 2025 to enhance grid reliability, with AI integration driving $150M O&M savings vs. 2021 baseline.
- 6-8% annual EPS growth target through 2028, with 9.8% rate base growth from 2025-2028.
- Joint venture with Blackstone to build new generation for data centers, targeting $17B-$19B in Pennsylvania over 5-7 years.
- Regulatory updates: Kentucky CPCN stipulation for 1.28GW new generation, PA rate case filing by end-2025, RI bill credits of $155M.

**【CFO Financial Commentary】**
- Q2 ongoing EPS of $0.32 reflects $0.03 impact from cost timing (e.g., tree trimming), $0.01 from weather, and $0.01 higher interest. 2025 forecast remains intact with H2 growth from formula rates and lower O&M.
- Segment results: Kentucky flat, PA down $0.02 (higher O&M), RI down $0.03 (timing of costs). Strong credit profile with $350M equity issued YTD.
- 2025-2028 capital plan includes $20B investments, with $400M of $750M-$1.25B data center transmission needs already in plan.

**【Q&A Highlights】**
- **Blackstone JV**: 51% owned, targeting long-term ESAs with hyperscalers, 500MW+ turbines reserved, no material commitments yet. Returns similar to regulated assets, with cap structure aligned to utility risk profile.
- **Generation Needs**: PA requires 7.5GW new generation by 2030, with $17B-$19B investment needed. JV, IPPs, and regulated utilities will share buildout.
- **Equity Needs**: $400M-$500M 2025 ATM program, no immediate need for forward contracts. ATM remains cost-effective.
- **PJM Auctions**: PJM's 3-year forward auction process insufficient for data center load growth. JV and legislative solutions needed to avoid $20/month customer price hikes without new generation.
- **Sales Volumes**: PA industrial decline due to 1 steel customer, KY industrial flat with weather impact. No systemic weakness expected.
- **Regulatory Activity**: KY CPCN stipulation approval expected by Nov 2025, PA rate case by end-2025, RI settlement finalizing bill credits by late 2025.

PPL (PPL)-31 Jul 25-2025 Q2 Earnings call transcript

- **Q1 Results Beat Expectations**: $0.60 EPS vs. $0.54 prior year, 12% growth.
- **Data Center Growth**: 6.4 GW pipeline, 500 MW under execution.
- **Cost Efficiency**: $0.04 O&M savings, 12% Kentucky margin expansion.
- **Battery Resilience**: 400 MW under construction, 25% domestic sourcing.
- **Tariff Mitigation**: 70% domestic supply chain, minimal EPS impact.

**【CEO Summary Section】**
- Reported Q1 2025 GAAP earnings of $0.56 per share, with ongoing operations EPS of $0.60, up 12% year-over-year.
- Utility of the Future strategy driving 9.8% annual rate base growth and $2 billion capital investments in 2025.
- Kentucky data center pipeline expanded to 6.4 GW, with 500 MW under execution.
- IT transformation reducing O&M costs by $0.04 per share.

**【CFO Financial Commentary】**
- GAAP net income $42 million, Non-GAAP EPS $0.60 (vs. $0.54 prior year).
- Kentucky Regulated segment up 12%, Pennsylvania up 3%, Rhode Island down 1%.
- $2 billion ATM program executed 17% year-to-date.
- 2025 EPS guidance $1.81-$1.87, 2025 O&M savings $0.06 per share.

**【Q&A Key Highlights】**
- **Data Center Tariffs**: Pennsylvania PUC approves 7.5% rate cap, 12.5% transmission revenue.
- **Battery Storage**: 400 MW under construction, managing 25% domestic battery sourcing.
- **Kentucky CPCN**: 645 MW CCGT filing with $2,000/kW cost estimate.
- **Pennsylvania PUC**: 11 GW data center interconnection requests, 850 MW under execution.
- **Tariff Risks**: 70% domestic sourcing, minimal impact on 2025 EPS.
- **Capital Plan**: 2025-2028 $20 billion, 6% rate base growth, 16% FFO/Debt ratio.

PPL (PPL)-30 Apr 25-2025 Q1 Earnings call transcript

- **2024 Performance**: $1.69 EPS vs $1.68 prior year, $3.1B capex executed on time/budget.
- **2025-2028 Growth**: $20B capex driving 10% rate base growth, 6-8% EPS expansion.
- **Dividend Boost**: 6% increase to $1.09 annualized, targeting 6%+ dividend growth.
- **Grid Modernization**: $400M IT investments, 640MW CCGT, 240MW solar to enhance reliability.
- **Customer Affordability**: 8:1 O&M to capital ratio limits bill growth to inflation.

**【CEO Opening Remarks】**
- Delivered ongoing earnings of $1.69 per share in 2024, meeting the midpoint of original guidance despite mild weather impacting Q4 results.
- Completed $3.1 billion in infrastructure investments, achieving top-end of $130 million O&M savings target through smart grid technology.
- Integrated Rhode Island Energy into PPL, exiting 130+ transition services without customer disruption.

**【Updated Business Plan 2025-2028】**
- 2025 EPS forecast: $1.75-$1.87 (midpoint +7% vs 2024), extending 6-8% annual growth through 2028.
- $20 billion capital plan (2025-2028) vs prior $14.3 billion, driving 9.5-10% annual rate base growth.
- Focus on grid resilience ($400M IT investments), clean energy (640MW CCGT, 240MW solar), and customer affordability (every $1 O&M savings funds $8 capital).
- 6% dividend increase to $0.2725/Q, targeting 6-8% annual dividend growth.

**【CFO Financial Details】**
- Q4 2024 GAAP EPS: $0.24 vs $0.15 in 2023; ongoing EPS: $0.34 vs $0.35 in 2023.
- Kentucky/Pennsylvania segments flat YoY due to weather-normalized growth offset by higher O&M.
- Rhode Island segment down $0.03 due to transmission revenue decline.
- 2025 forecast excludes rate case impacts, driven by capital investments and AFUDC income.

**【Q&A Highlights】**
- Kentucky CPCN filing for 640MW CCGT and 400MW battery storage expected Q1 2025, targeting 2027 in-service.
- Equity needs: $2.5B over 4 years via ATM and hybrid securities, ~$400-500M in 2025.
- Pennsylvania data center interconnection requests: 56GW total, 9GW advanced stage, $600-700M transmission investment.
- Customer affordability: 8:1 O&M to capital ratio ensures bill growth ≤ inflation.
- PJM resource adequacy advocacy: utility-owned generation, long-term PPAs, Texas-style energy fund proposals.

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