PPL (PPL) FY2025 results: revenue $9.0 billion, up 6.9% on the year

PPL is a utility holding company headquartered in Allentown, Pennsylvania and incorporated in 1994. Through its regulated utility subsidiaries it delivers electricity to customers in Pennsylvania, Kentucky, Virginia and Rhode Island, delivers natural gas to customers in Kentucky and Rhode Island, and generates electricity from power plants in Kentucky. It is organised into three reportable segments, one per region: Kentucky Regulated, Pennsylvania Regulated and Rhode Island Regulated. PPL had 6,546 full-time employees, 2,368 of them union members, including 908 at LG&E and 720 at KU.

Kentucky Regulated

Two utilities, LG&E and KU, both subsidiaries of the holding company LKE, engaged in the regulated generation, transmission, distribution and sale of electricity, with LG&E also distributing and selling natural gas. LG&E provides electric service to approximately 443,000 customers and natural gas service to approximately 336,000 customers in Louisville and 16 surrounding counties, covering approximately 700 square miles. It was incorporated in 1913 and is headquartered in Louisville.

KU provides electric service to approximately 553,000 customers in 77 counties in central, southeastern and western Kentucky, and approximately 28,000 customers in five counties in southwestern Virginia, across approximately 4,800 non-contiguous square miles. It serves its Kentucky customers under the KU name and its Virginia customers as Old Dominion Power, and it also sells wholesale electricity to two Kentucky municipalities under load following contracts. Both utilities are regulated by the Kentucky utility regulator, KU additionally by the Virginia utility regulator, and certain transmission activities by the federal energy regulator. There are currently no other electric public utilities operating within their electric service areas.

LG&E owned 2,466 MW of generating capacity at the end of 2025 and KU 4,798 MW, and the two jointly dispatch their units. LG&E's plants produced 12,172 GWh during 2025, of which 10,331 GWh came from coal, 1,613 GWh from gas, 220 GWh from hydro and 8 GWh from solar. KU's produced 19,754 GWh, split 14,738 GWh coal, 4,899 GWh gas, 105 GWh hydro and 12 GWh solar. Most of that electricity was used to supply their own retail customers. The filing says coal and natural gas are expected to be the predominant fuels for the foreseeable future, with natural gas and oil also used for intermediate and peaking capacity and for flame stabilisation in coal-fired boilers.

For the gas business, four underground storage fields with a current working capacity of approximately 11 Bcf hold gas injected over the summer for withdrawal in the following winter heating season, which the filing says avoids having to buy additional gas and pipeline transportation in the months when customer demand rises.

Pennsylvania Regulated

PPL Electric, a regulated public utility engaged in the distribution and transmission of electricity, organised in 1920 as Pennsylvania Power & Light Company. It delivers electricity to approximately 1.5 million customers across a 10,000 square mile territory in 29 counties of eastern and central Pennsylvania, and it also provides electricity supply to retail customers there as a provider of last resort under the Customer Choice Act. It is regulated as a public utility by the Pennsylvania utility regulator, with certain transmission activities under the federal energy regulator.

Rhode Island Regulated

RIE, engaged in the regulated transmission, distribution and sale of electricity and the regulated distribution and sale of natural gas. It provides electric service to approximately 515,000 customers and natural gas service to approximately 280,000, and its service area covers substantially all of Rhode Island. The filing says that to meet projected annual gas supply requirements of approximately 35 Bcf it holds a portfolio of supply arrangements of varying terms with producers and marketers, plus firm pipeline and underground storage capacity contracts.

Corporate and Other

PPL Services provides the subsidiaries with administrative, management and support services, charged either directly to the recipient or indirectly on a basis that averages relative invested capital, operation and maintenance expenses and employee numbers. PPL Capital Funding provides financing for PPL and certain of its subsidiaries. The segment also carries corporate level financing costs, certain unallocated corporate costs, and certain non-recoverable costs incurred in acquiring RIE.

Seasonality

Demand for and market prices of electricity and natural gas are affected by weather, so the filing says operating results may fluctuate substantially on a seasonal basis, and that the pattern of the fluctuation may change depending on the type and location of the facilities owned.

From PPL's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.