PPL(PPL)2023-11-02 15:45Financial Performance - Operating revenues for Q3 2023 were 2,134 million in Q3 2022[81]. - Net income for Q3 2023 increased to 174 million in Q3 2022[83]. - Earnings per share for Q3 2023 were 0.24 in Q3 2022, reflecting a 29.2% increase[81]. - Total operating expenses for Q3 2023 were 1,793 million in Q3 2022[81]. - Cash flows from operating activities for the nine months ended September 30, 2023, were 1,511 million in the same period of 2022[85]. - Net income for the nine months ended September 30, 2023, was 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 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 977 million in Q3 2022[141]. - Net income for the Kentucky Regulated segment increased by 6.7% to 164 million in Q3 2022[141]. Assets and Liabilities - Total assets as of September 30, 2023, were 37,837 million at the end of 2022[86]. - Long-term debt increased to 12,889 million at the end of 2022[88]. - The company’s regulatory assets increased to 1,819 million at the end of 2022[86]. - Total current liabilities decreased from 972 million in September 2023, a reduction of approximately 20.5%[101]. - Long-term debt increased from 4,566 million in September 2023, representing a rise of about 10.1%[101]. - Total equity rose from 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 0.225 for the same period in 2022, indicating a 6.7% increase[91]. - The company declared dividends totaling 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 9 million related to potential refunds[188]. Acquisitions and Transactions - PPL Rhode Island Holdings acquired 100% of Narragansett Electric for approximately 59 million and 1 million, with total goodwill from the acquisition recorded at 900 million from the sale of hydroelectric assets[236].