PPL(US:PPL)2023-05-04 18:01Financial 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]