Future Results Vince Sorgi President & Chief Executive Officer 4 ✓ Exceeded the midpoint of our 2023 earnings forecast • Achieved 2023 ongoing earnings of $1.60 per share → 8.1% growth from pro forma 2022 earnings per share(3) • Offset over $0.10 per share impact compared to plan from mild weather and storms • Approval of our first ISR filing and Advanced Meter plan (AMF) in Rhode Island (1) Reliability performance based on System Average Interruption Frequency Index (SAIFI). The average number of interrupt ...

| --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------|-----------------------------|-----------------|----------|----------|------------------------|-----------------| | Entity | Facility | Expiration Date | Capacity | Borrowed | LCs & CP Issued (1)(2) | Unused Capacity | | PPL Capital Funding Syndicated Credit Facility | (3) | Dec-2027 | $1,250 | $0 | $75 | $1,175 | | | Bilateral Credit Facility | Mar-2024 | $100 | $0 | $0 | $100 | | | Uncommitted Credit Facility | M ...

Financial Data and Key Metrics Changes - The company reported third quarter earnings of $0.31 per share, an increase from $0.24 per share in Q3 2022. Adjusted ongoing earnings were $0.43 per share, up from $0.41 per share year-over-year [8][16] - Ongoing earnings for the first nine months of 2023 reached $1.20 per share, reflecting a 6% increase compared to the same period last year [19] - The ongoing earnings forecast for 2023 has been narrowed to a range of $1.55 to $1.60 per share, with a midpoint of $1.58 per share unchanged [9][21] Business Line Data and Key Metrics Changes - Pennsylvania Regulated segment results increased by $0.02 per share year-over-year, driven by higher transmission revenue and distribution rider recovery, despite higher interest and O&M expenses [17] - Kentucky segment results also increased by $0.02 per share year-over-year, primarily due to lower O&M expenses [18] - Rhode Island segment results decreased by $0.01 per share compared to Q3 2022, mainly due to higher O&M expenses related to staffing [18] Market Data and Key Metrics Changes - The company is on track to invest nearly $2.5 billion to modernize the grid and enhance resiliency [9][10] - The Rhode Island Public Utilities Commission authorized capital investments of up to $153 million for generation investment plans [26] Company Strategy and Development Direction - The company aims to replace up to 1,500 megawatts of aging coal generation with a cleaner energy mix by 2028 [26] - A $12 billion capital investment plan is in place, with targeted O&M savings of at least $175 million by 2026 to support a reliable and cleaner energy future [10][34] - The company continues to focus on smart grid innovations and has received federal funding to support these initiatives [5][121] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2023 earnings forecast despite challenges from mild weather and storms [21][30] - The company maintains a strong credit position, allowing for growth without the need for equity issuances through at least 2026 [4][33] - Management highlighted the importance of regulatory proceedings and the potential for multistate coordination in future projects [12][34] Other Important Information - The company is preparing for a trial regarding a fraudulent conveyance lawsuit, with a trial date set for February of next year [65] - The company is actively pursuing transmission investments within the PJM footprint, indicating additional opportunities for growth [68][69] Q&A Session Summary Question: Can the company continue to grow EPS in 2024 and 2025? - Management confirmed that they expect linear growth through the planning period, despite market forces [35][110] Question: What are the implications of rising costs for the generation replacement plan? - Management acknowledged cost increases but emphasized that the proposed plan remains significantly NPV positive [38][39] Question: How is the company tracking towards the $175 million O&M savings target? - Management reported that they are on track to achieve at least the $50 million to $60 million in efficiencies this year, contributing to the $175 million target [59][60] Question: What is the company's outlook for industrial growth in Kentucky? - Management indicated that the recent decline in industrial load is primarily due to normalization from a large steel manufacturer, but the long-term outlook remains positive with significant economic development expected [83][84] Question: What is the company's stance on offshore wind commitments in Rhode Island? - Management expressed confidence in Rhode Island's commitment to offshore wind as part of its clean energy strategy [80][81]

Financial Performance - Operating revenues for Q3 2023 were $2,043 million, a decrease of 4.3% from $2,134 million in Q3 2022[81]. - Net income for Q3 2023 increased to $230 million, up 32.2% from $174 million in Q3 2022[83]. - Earnings per share for Q3 2023 were $0.31, compared to $0.24 in Q3 2022, reflecting a 29.2% increase[81]. - Total operating expenses for Q3 2023 were $1,606 million, down 10.4% from $1,793 million in Q3 2022[81]. - Cash flows from operating activities for the nine months ended September 30, 2023, were $1,648 million, an increase from $1,511 million in the same period of 2022[85]. - Net income for the nine months ended September 30, 2023, was $384 million, down from $410 million in the same period of 2022, representing a decline of 6.3%[94]. - Total operating income for the nine months ended September 30, 2023, was $646 million, slightly up from $639 million in the same period of 2022, reflecting a growth of 1.1%[94]. - Total operating revenues for the Kentucky Regulated segment decreased by 8.6% to $893 million in Q3 2023 from $977 million in Q3 2022[141]. - Net income for the Kentucky Regulated segment increased by 6.7% to $175 million in Q3 2023 compared to $164 million in Q3 2022[141]. Assets and Liabilities - Total assets as of September 30, 2023, were $38,629 million, up from $37,837 million at the end of 2022[86]. - Long-term debt increased to $14,484 million as of September 30, 2023, compared to $12,889 million at the end of 2022[88]. - The company’s regulatory assets increased to $1,787 million as of September 30, 2023, from $1,819 million at the end of 2022[86]. - Total current liabilities decreased from $1,223 million in December 2022 to $972 million in September 2023, a reduction of approximately 20.5%[101]. - Long-term debt increased from $4,146 million in December 2022 to $4,566 million in September 2023, representing a rise of about 10.1%[101]. - Total equity rose from $5,751 million in December 2022 to $6,025 million in September 2023, an increase of approximately 4.8%[104]. Dividends and Shareholder Returns - Dividends declared per share of common stock were $0.240 for the three months ended September 30, 2023, compared to $0.225 for the same period in 2022, indicating a 6.7% increase[91]. - The company declared dividends totaling $72 million in the three months ended September 30, 2023, compared to $235 million in the same period of 2022[104]. - PPL declared a quarterly cash dividend of 24.0 cents per share in August 2023, equivalent to an annual dividend of 96.0 cents per share, payable on October 2, 2023[215]. Regulatory and Compliance - The company is subject to regulations from the Federal Energy Regulatory Commission (FERC) and the Environmental Protection Agency (EPA)[42][43]. - The company has established an Environmental Response Fund to address past obligations related to manufactured gas plants[41]. - The company is entitled to recover costs associated with environmental compliance under the Environmental Cost Recovery (ECR) mechanism[39]. - RIE filed a petition on April 30, 2021, to recognize regulatory assets related to COVID-19 impacts, including increased customer accounts receivable and lost revenue from unassessed late payment charges[176]. - The RIPUC conditionally approved RIE's FY 2023 Gas ISR Plan with a revenue requirement, focusing on the Proactive Main Replacement Program and related capital investments[178]. Strategic Initiatives and Growth - The company is focused on strategic acquisitions and market expansion as part of its growth strategy[76]. - The company is committed to developing new projects and technologies to enhance its service offerings[76]. - The Electric Transportation Initiative aims to facilitate the growth of Electric Vehicle (EV) adoption in Rhode Island, although it has been paused in Rate Year 5[172]. - RIE filed a new Grid Modernization Plan (GMP) to enhance the electric distribution system, aligning with Rhode Island's climate mandates[175]. Risk Management - The company is actively managing risks associated with commodity prices and interest rates through hedging programs[76]. - The FERC ordered LG&E and KU to refund credits previously withheld, resulting in recorded regulatory liabilities of $3 million and $9 million related to potential refunds[188]. Acquisitions and Transactions - PPL Rhode Island Holdings acquired 100% of Narragansett Electric for approximately $3.8 billion on May 25, 2022, which now operates under the name Rhode Island Energy (RIE)[216]. - Transition services agreement costs incurred during the three and nine months ended September 30, 2023, amounted to $59 million and $179 million, respectively, related to the acquisition of Narragansett Electric[219]. - The allocation of the purchase price for Narragansett Electric resulted in a net decrease to goodwill of $1 million, with total goodwill from the acquisition recorded at $1,585 million[222]. Legal and Regulatory Proceedings - PPL is involved in ongoing legal proceedings related to the Talen Energy spinoff, with claims regarding an allegedly fraudulent transfer of approximately $900 million from the sale of hydroelectric assets[236].

2 nd Quarter Investor Update Cautionary Statements and Factors That May Affect Statements made in this presentation about future operating results or other future events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the forward-looking statements. A discussion of some of the factors that could cause actual results or events to vary is contained in the Appendix of this presentation and in PPL' ...

PPL Corporation (NYSE:PPL) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET Company Participants Andy Ludwig - Vice President, Investor Relations Vince Sorgi - President and Chief Executive Officer Joe Bergstein - Chief Financial Officer Conference Call Participants Durgesh Chopra - Evercore ISI Paul Zimbardo - Bank of America David Arcaro - Morgan Stanley Shar Pourreza - Guggenheim Partners Gregg Orrill - UBS Anthony Crowdell - Mizuho Operator Good day, and welcome to the PPL Corporation Second ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from _________ to ___________ | Commission File | Registrant; State of Incorporation; | IRS Employer | | --- | --- | --- | | Number | Address and Telephone N ...

Financial Performance & Outlook - PPL Corporation reported Q1 2023 GAAP earnings of $0.39 per share and ongoing earnings of $0.48 per share[5] - The company reaffirmed its 2023 ongoing earnings forecast range of $1.50 to $1.65 per share, with a midpoint of $1.58 per share[151] - PPL reaffirmed annual earnings per share and dividend growth of 6% - 8% through at least 2026[151] Capital Investments & Regulatory Approvals - PPL is on track to complete approximately $2.5 billion of capital investments in 2023 and reaffirmed its $12 billion capital investment plan through 2026[5] - The company received regulatory approval for $290 million of Infrastructure, Safety, and Reliability (ISR) investments in Rhode Island[152] - This includes approximately $127 million for the electric ISR plan and approximately $163 million for the gas ISR plan[8] Strategic Initiatives & Savings - PPL aims to achieve $50 - $60 million in O&M savings through its utility of the future playbook, centralization efforts, and asset optimization[23] - The company is targeting at least $175 million in annual O&M savings through 2026 to support affordability and earnings growth[64] Kentucky Generation Investment Plan - PPL plans to retire approximately 1,500MW of aging coal generation and add over 1,200MW of combined-cycle natural gas and approximately 1,000MW of solar and battery storage[10, 157, 143] - Projected capital investment of approximately $2.1 billion from 2023-2028 for the Kentucky generation investment plan[143] Debt and Financing - PPL issued $1 billion of convertible debt at PPL Capital Funding and $2.2 billion of total debt issuances at PA and KY operating companies[29] - The company reduced floating rate debt exposure to approximately $600 million, which is less than 5% of the total debt portfolio[29]

PPL Corporation (NYSE:PPL) Q1 2023 Earnings Conference Call May 4, 2023 11:00 AM ET Company Participants Vince Sorgi - President, Chief Executive Officer Joe Bergstein - Chief Financial Officer Andy Ludwig - Vice President of Investor Relations Conference Call Participants Durgesh Chopra - Evercore ISI David Arcaro - Morgan Stanley Paul Zimbardo - Bank of America Angie Storozynski - Seaport Paul Patterson - Glenrock Associates Ross Fowler - UBS Operator Good day, and welcome to the PPL Corporation, First Qu ...

[Forward-Looking Information](index=11&type=section&id=FORWARD-LOOKING%20INFORMATION) This section outlines cautionary language for forward-looking statements, noting that future expectations are subject to risks and uncertainties, and actual results may differ materially - Forward-looking statements are subject to many risks and uncertainties, and actual results may differ materially. Key risk factors include, but are not limited to:[79](index=79&type=chunk) - Strategic transactions and the ability to realize expected benefits[80](index=80&type=chunk) - Pandemics, catastrophic events, and their impact on economic conditions and supply chains[80](index=80&type=chunk) - Capital market conditions, interest rates, inflation, and commodity price volatility[80](index=80&type=chunk) - The outcome of regulatory proceedings, such as rate cases[80](index=80&type=chunk) - Cybersecurity threats and changes in electricity demand[80](index=80&type=chunk) - Changes in environmental laws, tax laws, and other legislation[80](index=80&type=chunk) [PART I. FINANCIAL INFORMATION](index=13&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=13&type=section&id=Item%201.%20Financial%20Statements) This section presents PPL Corporation's unaudited condensed consolidated financial statements for Q1 2023, including Income, Comprehensive Income, Cash Flows, Balance Sheets, and Equity PPL Corporation Condensed Consolidated Statement of Income (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 (Millions USD) | Three Months Ended March 31, 2022 (Millions USD) | | :--- | :--- | :--- | | **Operating Revenues** | $2,415 | $1,782 | | **Operating Income** | $498 | $454 | | **Net Income** | $285 | $273 | | **Basic and Diluted EPS** | $0.39 | $0.37 | PPL Corporation Condensed Consolidated Balance Sheet (As of March 31, 2023) | Metric | March 31, 2023 (Millions USD) | December 31, 2022 (Millions USD) | | :--- | :--- | :--- | | **Total Current Assets** | $3,038 | $2,824 | | **Total Assets** | $38,302 | $37,837 | | **Total Current Liabilities** | $2,480 | $3,789 | | **Total Long-term Debt** | $14,481 | $12,889 | | **Total Equity** | $14,036 | $13,918 | | **Total Liabilities and Equity** | $38,302 | $37,837 | PPL Corporation Condensed Consolidated Statement of Cash Flows (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 (Millions USD) | Three Months Ended March 31, 2022 (Millions USD) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $430 | $502 | | **Net cash used in investing activities** | ($503) | ($427) | | **Net cash provided by financing activities** | $177 | $603 | | **Net Increase in Cash** | $104 | $678 | [Combined Notes to Condensed Financial Statements](index=37&type=section&id=Combined%20Notes%20to%20Condensed%20Financial%20Statements%20(Unaudited)) These notes provide detailed disclosures on segment information, revenue, EPS, income taxes, rate regulation, financing, acquisitions, and contingencies [Note 2: Segment and Related Information](index=38&type=section&id=2.%20Segment%20and%20Related%20Information) PPL operates in three regulated segments: Kentucky, Pennsylvania, and Rhode Island, with a 'Corporate and Other' category for unallocated costs - PPL's business is organized into three regulated segments: Kentucky, Pennsylvania, and Rhode Island. The Rhode Island Regulated segment's results are included following the acquisition of RIE on May 25, 2022[139](index=139&type=chunk)[141](index=141&type=chunk) Segment Net Income (Loss) for Q1 2023 vs Q1 2022 | Segment | Q1 2023 Net Income (Loss) (Millions USD) | Q1 2022 Net Income (Loss) (Millions USD) | | :--- | :--- | :--- | | Kentucky Regulated | $166 | $189 | | Pennsylvania Regulated | $138 | $143 | | Rhode Island Regulated | $54 | $0 | | Corporate and Other | ($73) | ($59) | | **Total** | **$285** | **$273** | Total Assets by Segment | Segment | March 31, 2023 (Millions USD) | December 31, 2022 (Millions USD) | | :--- | :--- | :--- | | Kentucky Regulated | $16,738 | $16,904 | | Pennsylvania Regulated | $13,921 | $13,565 | | Rhode Island Regulated | $6,253 | $6,081 | | Corporate and Other | $1,390 | $1,287 | | **Total** | **$38,302** | **$37,837** | [Note 6: Utility Rate Regulation](index=43&type=section&id=6.%20Utility%20Rate%20Regulation) This note details regulatory assets, liabilities, and key proceedings, including RIE's AMF program, LG&E/KU's CPCN filing, and PPL Electric's billing investigation - In Kentucky, LG&E and KU filed a CPCN application to construct two **621 MW** NGCC facilities, a **120 MWac** solar facility, and a **125 MW** battery storage system. This is part of a plan to retire four coal-fired units totaling over **1,500 MW** between 2024 and 2028[186](index=186&type=chunk)[188](index=188&type=chunk) - In Rhode Island, RIE filed a new Advanced Metering Functionality (AMF) Business Case with the RIPUC, proposing a full-scale deployment of smart meters at an estimated cost of **$188 million NPV**, with expected benefits of **$729 million NPV**[177](index=177&type=chunk) - In Pennsylvania, the PAPUC launched an investigation on January 31, 2023, into PPL Electric's billing issues, which involved estimated bills and customer service problems between December 2022 and January 2023[192](index=192&type=chunk) - LG&E and KU experienced a significant windstorm on March 3, 2023, incurring **$72 million** in costs. They received KPSC approval for regulatory asset treatment of the O&M portion, with recovery to be determined in future rate cases[191](index=191&type=chunk) [Note 7: Financing Activities](index=49&type=section&id=7.%20Financing%20Activities) The company undertook significant Q1 2023 financing activities, including issuing $1.0 billion in Exchangeable Senior Notes and $1.35 billion in First Mortgage Bonds - In February 2023, PPL Capital Funding issued **$1.0 billion** of 2.875% Exchangeable Senior Notes due 2028, with net proceeds of **$980 million** used to repay short-term debt and for general corporate purposes[209](index=209&type=chunk) - In March 2023, PPL Electric issued **$1.35 billion** of First Mortgage Bonds (**$600 million** due 2033 at 5.00% and **$750 million** due 2053 at 5.25%) and redeemed **$900 million** of existing bonds[213](index=213&type=chunk)[214](index=214&type=chunk) - In March 2023, LG&E and KU each issued **$400 million** of 5.45% First Mortgage Bonds due 2033 and repaid their respective **$300 million** term loans[215](index=215&type=chunk)[216](index=216&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk) - PPL declared a quarterly cash dividend of **$0.24 per share** in February 2023, an increase from the **$0.20 per share** in Q1 2022[217](index=217&type=chunk)[94](index=94&type=chunk) [Note 10: Commitments and Contingencies](index=54&type=section&id=10.%20Commitments%20and%20Contingencies) This note details legal, environmental, and financial commitments, including litigation with Talen Energy and environmental compliance costs - PPL is in an adversary proceeding in Texas Bankruptcy Court with its former affiliate, Talen Energy. Talen seeks recovery of an approximately **$900 million** distribution from 2014, alleging it was a fraudulent transfer. PPL believes it has meritorious defenses and cannot predict the outcome[233](index=233&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk) - The EPA's 2015 CCR rule and 2015 ELGs for wastewater impose significant compliance requirements on LG&E and KU's coal-fired plants, driving closure plans and investments in water management facilities. Costs are expected to be subject to rate recovery[241](index=241&type=chunk)[242](index=242&type=chunk)[245](index=245&type=chunk) - PPL has provided guarantees related to the sale of Safari Holdings, with a maximum potential exposure of **$146 million** for sale/leaseback financing obligations and **$140 million** for certain indemnifications[264](index=264&type=chunk) [Management's Discussion and Analysis (MD&A)](index=72&type=section&id=Item%202.%20Combined%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The MD&A provides management's perspective on financial performance, business strategy, liquidity, capital resources, and key market, credit, and environmental risks [Business Strategy](index=74&type=section&id=Business%20Strategy) PPL's strategy focuses on regulated utilities, aiming for top-tier performance, clean energy transition, financial strength, and efficient capital cost recovery - Achieve industry-leading performance in safety, reliability, customer satisfaction, and operational efficiency[348](index=348&type=chunk) - Advance a clean energy transition while maintaining affordability and reliability[348](index=348&type=chunk) - Maintain a strong financial foundation and create long-term value for shareowners[348](index=348&type=chunk) - A central part of the strategy is the efficient recovery of capital project costs through various rate-making mechanisms to limit regulatory lag, including base rate cases, FERC formula rates, DSIC, ECR, and ISR mechanisms[349](index=349&type=chunk) [Financial and Operational Developments](index=74&type=section&id=Financial%20and%20Operational%20Developments) Key developments include LG&E/KU's coal retirement and replacement plans, a major windstorm impact, and RIE's approved capital investment plans - LG&E and KU plan to retire four coal-fired units (Mill Creek 1 & 2, E.W. Brown 3, Ghent 2) between 2024 and 2028[353](index=353&type=chunk)[355](index=355&type=chunk) - To replace retiring generation, LG&E and KU filed a CPCN application for two **621 MW** NGCC plants, a **120 MWac** solar facility, a **125 MW** battery storage system, and expanded DSM programs. A KPSC decision is expected by November 6, 2023[356](index=356&type=chunk)[357](index=357&type=chunk) - A March 2023 windstorm in Kentucky resulted in **$72 million** in damages for LG&E and KU. The companies have requested and received approval for regulatory asset treatment for the O&M portion of these costs[359](index=359&type=chunk) - RIE's FY 2024 Gas ISR Plan was approved for **$163 million** in capital investment, and its FY 2024 Electric ISR Plan was approved for **$112 million** in capital investment[362](index=362&type=chunk)[363](index=363&type=chunk) [PPL: Statement of Income Analysis, Segment Earnings and Adjusted Gross Margins](index=78&type=section&id=PPL%3A%20Statement%20of%20Income%20Analysis%2C%20Segment%20Earnings%20and%20Adjusted%20Gross%20Margins) PPL's Q1 2023 net income increased to $285 million, driven by the Rhode Island segment, partially offset by lower Kentucky earnings due to weather PPL Q1 2023 vs Q1 2022 Results | Metric | Q1 2023 (Millions USD) | Q1 2022 (Millions USD) | $ Change (Millions USD) | | :--- | :--- | :--- | :--- | | **Operating Revenues** | $2,415 | $1,782 | $633 | | **Operating Income** | $498 | $454 | $44 | | **Net Income** | $285 | $273 | $12 | Reconciliation to Earnings from Ongoing Operations (Non-GAAP) | Metric (in millions) | Q1 2023 (Millions USD) | Q1 2022 (Millions USD) | | :--- | :--- | :--- | | **Net Income (GAAP)** | **$285** | **$273** | | Less: Special Items (expense) benefit | ($67) | ($32) | | **Earnings from Ongoing Operations (Non-GAAP)** | **$352** | **$305** | - The **$633 million** increase in operating revenue was primarily driven by the inclusion of Rhode Island Energy (**$565 million**) and higher PLR revenues at PPL Electric (**$113 million**), partially offset by lower volumes in Kentucky due to weather[369](index=369&type=chunk) - Kentucky Adjusted Gross Margins decreased by **$26 million**, primarily due to lower sales volumes from unfavorable weather. Pennsylvania Adjusted Gross Margins increased by **$4 million**, as higher transmission returns offset lower distribution margins from weather[408](index=408&type=chunk)[409](index=409&type=chunk)[410](index=410&type=chunk) [Financial Condition](index=90&type=section&id=Financial%20Condition) The company maintains a solid financial condition with $2.9 billion in undrawn credit facilities, despite a decrease in Q1 2023 operating cash flow Cash Flow Summary (Q1 2023 vs Q1 2022) | Activity (in millions) | Q1 2023 (Millions USD) | Q1 2022 (Millions USD) | | :--- | :--- | :--- | | **Operating activities** | $430 | $502 | | **Investing activities** | ($503) | ($427) | | **Financing activities** | $177 | $603 | - The decrease in operating cash flow was primarily due to changes in working capital, including lower accounts receivable and payable balances, and higher costs associated with work optimization projects[445](index=445&type=chunk)[448](index=448&type=chunk) - At March 31, 2023, the Registrants had total committed credit facilities of **$2.9 billion**, with no borrowings outstanding, providing significant liquidity[456](index=456&type=chunk) - No rating agency actions were taken against the Registrants or their subsidiaries in the first quarter of 2023[466](index=466&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=99&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the 'Risk Management' discussion in the MD&A for detailed information on market risk exposure - For disclosures about market risk, the report refers to the 'Risk Management' section in the MD&A[498](index=498&type=chunk) [Controls and Procedures](index=99&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal controls over financial reporting - Management concluded that as of March 31, 2023, the Registrants' disclosure controls and procedures are effective[499](index=499&type=chunk) - There were no changes in internal controls over financial reporting during the first fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal controls[500](index=500&type=chunk) [PART II. OTHER INFORMATION](index=99&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=99&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Notes 5, 6, 8, and 10 of the Financial Statements for information on legal, tax, and regulatory proceedings - Information regarding legal proceedings is contained in Notes 5, 6, 8, and 10 to the Financial Statements[502](index=502&type=chunk) [Risk Factors](index=99&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported from those disclosed in the 2022 Form 10-K - There have been no material changes in the Registrants' risk factors from those disclosed in the 2022 Form 10-K[502](index=502&type=chunk) [Exhibits](index=100&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including credit agreement amendments and Sarbanes-Oxley Act certifications - Key exhibits filed include amendments to the revolving credit agreements for PPL Capital Funding, PPL Electric, LG&E, and KU, all dated March 30, 2023[505](index=505&type=chunk) - Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act for PPL Corporation and its subsidiary registrants are filed as exhibits[505](index=505&type=chunk)[506](index=506&type=chunk)