Core Viewpoint - PPL Corporation and Blackstone Infrastructure have formed a joint venture to develop gas-fired, combined-cycle generation stations to meet the power needs of data centers in Pennsylvania through long-term energy supply agreements [1][2][4]. Group 1: Joint Venture Details - The joint venture aims to build new dispatchable generation to support the growing demand from data centers, leveraging the expertise of both companies [2][4]. - PPL holds a 51% interest in the joint venture, while Blackstone Infrastructure owns 49%, with expenses and distributions shared ratably [5]. - The joint venture plans to engage with landowners, natural gas pipeline companies, and turbine manufacturers to facilitate the construction of new generation plants [4][9]. Group 2: Market Demand and Capacity Concerns - PJM Interconnection has forecasted potential capacity shortages as early as the 2026-27 delivery year due to increasing demand from data centers and the retirement of aging generation resources [7]. - Within PPL Electric Utilities' service territory, there is over 60 gigawatts (GW) of potential data center projects, with 13 GW in advanced planning stages, indicating a projected 6 GW generation shortfall in the next five to six years [8]. - PPL estimates that meeting this shortfall will require approximately $15 billion in investments, assuming the use of natural gas combined-cycle units [8]. Group 3: Economic and Legislative Context - Pennsylvania Governor Josh Shapiro emphasized the importance of diversifying energy sources and welcomed the investment from Blackstone Infrastructure to support long-term clean energy solutions [6]. - The joint venture's success is contingent upon executing long-term energy services agreements with hyperscalers, which have not yet been signed [4][9]. - Current legislation in Pennsylvania aims to allow utilities to invest in and operate generation, which is crucial for addressing resource adequacy concerns [9].

Public Service Enterprise Group (PEG) Q1 2025 Earnings Call April 30, 2025 11:00 AM ET Company Participants Carlotta Chan - Investor RelationsRalph LaRossa - Chair, President & CEODaniel Cregg - EVP & CFOConstantine Lednev - Vice President - Equity ResearchDurgesh Chopra - Managing DirectorNicholas Campanella - DirectorMichael Sullivan - Director - Equity ResearchBill Appicelli - Executive Director, Head of North America Power & Utilities Research Conference Call Participants David Arcaro - AnalystJeremy To ...