8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

Date of Report (Date of earliest event reported):  March 29, 2023

 

Commission File Number	Registrant; State of Incorporation; Address and Telephone Number				IRS Employer Identification No.
1-11459	PPL Corporation				23-2758192
	(Exact name of Registrant as specified in its charter)
	Pennsylvania
	Two North Ninth Street
	Allentown,		PA	18101-1179
	(610)	774-5151

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol:	Name of each exchange on which registered
Common Stock of PPL Corporation	PPL	New York Stock Exchange
Junior Subordinated Notes of PPL Capital Funding, Inc.
2007 Series A due 2067	PPL/67	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On March 29, 2023, the Rhode Island Public Utilities Commission ("RIPUC") approved $290 million to improve Rhode Island's electric and gas networks in connection with the latest Infrastructure, Safety, and Reliability ("ISR") plans proposed by PPL Corporation ("PPL" or the "Company") subsidiary Rhode Island Energy ("RIE") for the period from April 1, 2023 to March 31, 2024.

For the electric ISR plan, the RIPUC approved $112 million of capital investments to upgrade electric infrastructure and $15 million of operations and maintenance expenditures for vegetation management, system inspection and other costs related to maintaining the safety and reliability of the networks.

For the gas ISR plan, the RIPUC approved $163 million of capital investments for RIE to continue to maintain a safe and reliable gas delivery system, including the replacement of leak-prone pipe.

PPL issued a press release announcing certain information pertaining to the foregoing, including that the approved ISR plans do not change its overall business outlook, and reaffirmed its previously provided earnings forecast and growth targets.

A copy of the press release is furnished as Exhibit 99.1.

Cautionary Statement on Forward-Looking Statements

Statements contained in this news release, including statements with respect to PPL’s business plan, forecast and growth targets, as well as the impact of the RIPUC’s approval on PPL, are “forward-looking statements” within the meaning of the federal securities laws. Although PPL 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; the novel coronavirus pandemic or other 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; the effect of any business or industry restructuring; the profitability and liquidity of PPL 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 and its subsidiaries; the outcome of litigation against PPL and its subsidiaries; 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 and its subsidiaries; political, regulatory or economic conditions in jurisdictions where PPL 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 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’s Form 10-K and other reports on file with the Securities and Exchange Commission.

As provided in General Instruction B.2 of Form 8-K, the information contained in Item 7.01 of this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall any such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1 -	Press Release, dated March 30, 2023, announcing approval of Rhode Island Energy's ISR capital investment by the RIPUC.
	104 -	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PPL CORPORATION
By:	/s/ Marlene C. Beers
	Marlene C. Beers Vice President and Controller

Dated:  March 30, 2023

EX-99.1

Exhibit 99.1
news release
www.pplnewsroom.com

Contacts: For news media: Ryan Hill, 610-774-4033
For financial analysts: Andy Ludwig, 610-774-3389

PPL Corporation subsidiary Rhode Island Energy gains regulatory approval

for $290 million to strengthen network safety, reliability and resilience

ALLENTOWN, Pa., March 30, 2023 -- PPL Corporation (NYSE: PPL) today announced that the Rhode Island Public Utilities Commission (RIPUC) has approved $290 million to improve Rhode Island’s electric and gas networks in connection with the latest Infrastructure, Safety, and Reliability (ISR) plans proposed by PPL subsidiary Rhode Island Energy (RIE).

The ISR plans are submitted annually and outline proposed capital investments to strengthen the state’s electric and gas infrastructure. In addition, the electric ISR plan includes related operating costs for vegetation management, system inspection and other work related to maintaining the safety and reliability of the electric distribution system. The approved plans address proposed spending from April 1, 2023, to March 31, 2024.

“These approvals are vital to strengthening the safety, reliability and resilience of our energy networks, and we look forward to advancing this work on behalf of the communities we serve,” said Vince Sorgi, PPL President and Chief Executive Officer. “While we believe certain excluded projects are the right projects to better serve our customers, we appreciate the Commission’s desire to complete a review of our Grid Modernization and Advanced Meter Functionality filings, as well as its Future of Gas stakeholder proceeding, before approving additional funding in those areas. We look forward to continuing to engage with the Commission, the Rhode Island Division of Public Utilities and Carriers and other stakeholders on these matters.”

In its decision, the RIPUC approved approximately $127 million out of $181 million proposed in RIE’s Electric ISR plan. The RIPUC also approved approximately $163 million out of $171 million proposed in RIE’s Gas ISR plan to continue to maintain a safe and reliable gas delivery system. This includes the replacement of 60 miles of leak-prone pipe. Proposed investments not approved by the RIPUC through the ISR plans and associated cost recovery may be considered in future proceedings.

PPL said the approved ISR plans do not change its overall business outlook. The company today reaffirmed its 2023 earnings forecast range of $1.50 to $1.65 per share, with a midpoint of $1.58 per share, as well as its projected annual earnings per share growth of 6% to 8% through at least 2026.

PPL Corporation (NYSE: PPL), based in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to 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.

Cautionary Statement on Forward-Looking Statements

Statements contained in this news release, including statements with respect to PPL’s capital plan, forecast and growth targets, as well as the impact of the RIPUC’s approval on PPL, are “forward-looking statements” within the meaning of the federal securities laws. Although PPL 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; the novel coronavirus pandemic or other 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; the effect of any business or industry restructuring; the profitability and liquidity of PPL 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 and its subsidiaries; the outcome of litigation against PPL and its subsidiaries; 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 and its subsidiaries; political, regulatory or economic conditions in jurisdictions where PPL 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 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’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 about PPL Corporation.

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