May 8, 2026
— Jeff Ward, Lehigh Valley News Briefs
PPL reported first-quarter adjusted net income of $478 million, or 63 cents per share, exceeding the consensus of Wall Street estimates.
The company also said it’s making progress in its bid to serve data centers, which are huge warehouses of computers that consume lots of energy. Big technology companies need data centers to store information and for their Artificial Intelligence operations.
Zacks Investment Research’s survey of four analysts projected adjusted EPS of 61 cents.
The Allentown-based utility forecast “ongoing” (adjusted) 2026 full-year EPS of $1.90 to $1.98, with a midpoint of $1.94 per share.
“Our first-quarter results reflect strong financial and operational results and keep us on track to achieve our 2026 earnings guidance range,” Vincent Sorgi, PPL president and chief executive, said in today’s earnings report.
During the first quarter, PPL reached an agreement to increase its distribution charge.
“The company expects a decision by the Pennsylvania Public Utility Commission by the end of the second quarter of 2026, with new rates effective July 1, 2026,” PPL said today.
Under that agreement, a customer using 1,000 kilowatt hours monthly would pay $7.42 more, or $89.04 more for one year. That charge is for delivering the electricity, not the power itself.
On the issue of data centers: PPL’s joint venture with Blackstone Infrastructure also continues to gain momentum and is making significant progress as it seeks to build, own and operate generation in Pennsylvania to serve data centers under long-term energy supply services agreements.
Today’s statement gave a bright outlook for PPL, with growth picking up next year:
“The company also reaffirmed its projection of 6% to 8% annual earnings-per-share (EPS) growth through at least 2029. The company expects to achieve compound annual growth near the top end of its targeted range through 2029 compared to 2025 actual ongoing earnings of $1.81 per share, with stronger growth beginning in 2027 and continuing through 2029,” according to the first-quarter statement.
On a Generally Accepted Accounting Principles (GAAP) basis, PPL reported first-quarter earnings of 60 cents per share. GAAP does not allow for the exclusion of items the company considers to be unusual or one-time. Adjusted earnings do, providing numbers that some analysts consider a more accurate reflection of a company’s results.
PPL will hold a conference call at 11 a.m. to discuss the quarter.
Shares of PPL (NYSE:PPL) closed at $36.77 Thursday. They rose 50 cents in early trading today. Trading before the start of regular markets can be volatile.
Disclosure: I own shares of PPL.
Here’s a link to the earnings statement and below is a partial cut-and-paste version, omitting the tables and some other items:
PPL Corporation delivers solid first-quarter 2026 earnings; reaffirms full‑year guidance and long‑term growth targets
- Announces 2026 first-quarter earnings (GAAP) of $0.60 per share.
- Achieves 2026 first-quarter ongoing earnings per share of $0.63 versus $0.60 in 2025.
- Reaffirms 2026 ongoing earnings forecast of $1.90 to $1.98 per share with a midpoint of $1.94.
- Reaffirms annual EPS growth target of 6% to 8% through at least 2029 with compound annual growth expected to be near top end of the target range.
ALLENTOWN, Pa., May 8, 2026 /PRNewswire/ — PPL Corporation (NYSE: PPL) today announced first-quarter 2026 reported earnings (GAAP) of $452 million, or $0.60 per share, compared with first-quarter 2025 reported earnings of $414 million, or $0.56 per share.
Adjusting for special items, first-quarter 2026 earnings from ongoing operations (non-GAAP) were $478 million, or $0.63 per share, compared with $444 million, or $0.60 per share, a year ago.
“Our first-quarter results reflect strong financial and operational results and keep us on track to achieve our 2026 earnings guidance range,” said Vincent Sorgi, PPL president and chief executive officer. “We’re on pace to complete $5.1 billion in 2026 infrastructure investments to strengthen and modernize our electric and gas networks, build new generation resources in Kentucky and improve customer service while maintaining affordability for our customers.”
Based on the company’s financial performance year to date, PPL reaffirmed its 2026 ongoing earnings forecast range of $1.90 to $1.98 per share with a midpoint of $1.94 per share.
The company also reaffirmed its projection of 6% to 8% annual earnings-per-share (EPS) growth through at least 2029. The company expects to achieve compound annual growth near the top end of its targeted range through 2029 compared to 2025 actual ongoing earnings of $1.81 per share, with stronger growth beginning in 2027 and continuing through 2029.
During the quarter, PPL advanced several regulatory processes across its service territories that support improved service for its customers while strengthening the company’s visibility and confidence in its outlook.
In Pennsylvania, PPL Electric Utilities reached a settlement agreement with the majority of the intervening parties in its base rate case proceeding, the company’s first base rate case filing in over 10 years. The settlement includes various customer affordability enhancements, including protections under a new large-load customer rate class and electric service tariff, other modifications to low-income customer programs, and an agreement not to file a base rate case for at least two years from the effective date of the rate increases. The Administrative Law Judges assigned to the case recommended approval of the settlement without modification. The company expects a decision by the Pennsylvania Public Utility Commission by the end of the second quarter of 2026, with new rates effective July 1, 2026.
Rhode Island Energy received approval for its latest annual electric and gas infrastructure, safety and reliability plans, supporting over $330 million of critical investment needs in the state. Rhode Island Energy also submitted a new proposal to satisfy the hold-harmless commitment with the Rhode Island Public Utilities Commission (RIPUC) that would provide meaningful bill credits to customers starting in the first quarter of 2027. The hold-harmless filing will be reviewed by the RIPUC in connection with the company’s pending base rate case proceeding. The proposal addresses and accelerates PPL’s deferred tax hold-harmless commitment arising from the acquisition of Rhode Island Energy.
Throughout the first quarter, PPL also remained focused on opportunities to support significant economic development across its service territories, including continued robust expansion in Kentucky and investment needs in Pennsylvania to support a growing data center pipeline. PPL said Louisville Gas and Electric and Kentucky Utilities continue to make excellent progress on all new generation projects, which include over 1,900 megawatts (MW) of natural gas combined-cycle capacity (the first 645 MW expected to be in service in 2027), 240 MW of solar and 120 MW of battery storage.
PPL’s joint venture with Blackstone Infrastructure also continues to gain momentum and is making significant progress as it seeks to build, own and operate generation in Pennsylvania to serve data centers under long-term energy supply services agreements. The joint venture’s objectives align with the recent commitments by leading technology companies to “bring your own generation” solutions. The joint venture is advancing discussions with hyperscalers and taking action so it can move quickly once any energy supply services agreements are signed. This includes engaging in strategic discussions with key gas pipeline companies, executing multiple reservation agreements for gas turbines, submitting requests for multiple potential generation projects into PJM’s interconnection queue for certain land sites currently under control and evaluating additional strategic land parcels for further generation development. PPL’s business plan does not include any earnings contributions or capital investments related to the joint venture.
Lehigh Valley News Briefs 