ppl-20251126

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 26, 2025

Commission File

Number

Registrant;

State of Incorporation;

Address and Telephone Number

IRS Employer

Identification No.

1-11459

PPL Corporation

23-2758192

(Exact name of Registrant as specified in its charter)

Pennsylvania

645 Hamilton Street

Allentown,

18101

(610)

774-5151

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol:	Name of each exchange on which registered
Common Stock of PPL Corporation	PPL	New York Stock Exchange

Junior Subordinated Notes of PPL Capital Funding, Inc.
2007 Series A due 2067	PPL/67	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On November 26, 2025, Rhode Island Energy (the "Company"), a subsidiary of PPL Corporation, issued a press release announcing that it had filed a request with the Rhode Island Public Utilities Commission ("PUC") for an increase in electric and natural gas base distribution rates, expected to be effective September 1, 2026. A copy of the press release is furnished as Exhibit 99.1.

In its application, the Company seeks to implement a two-year rate plan. In the first year of the rate plan, the Company's proposed base distribution rates for electric and gas combined are designed to collect additional operating revenue in the amount of $180.7 million. In the second year of the rate plan, the Company's proposed base distribution rates for electric and gas combined are designed to collect additional operating revenue in the amount of $49.4 million.

The application is based on a historical test year of September 1, 2024 through August 31, 2025 and a requested authorized return-on-equity of 10.75%.

The Company cannot predict the outcome of the proceeding. The Company anticipates a ruling from the PUC during the third quarter of 2026.

The PUC proceeding has been designated as Docket No. 25-45-GE.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)

Exhibits

99.1 -

Press release dated November 26, 2025 announcing Rhode Island Energy's filing with the Rhode Island Public Utility Commission of an application for an increase in electrical and natural gas base distribution rates.

104 -

Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

Cautionary Statement on Forward-Looking Statements

Statements in this report regarding future events and their timing, including statements as to future costs or expenses, regulation, corporate strategy and performance, are "forward-looking statements" within the meaning of the federal securities laws. Although the PPL Corporation and the Company believe that the expectations and assumptions reflected in these forward-looking statements are reasonable, these expectations, assumptions and statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: subsequent phases of rate proceedings and regulatory cost recovery; market demand and prices for electricity; political, regulatory or economic conditions in states and regions where the Company conducts business and final negotiated terms and conditions in any prospective contracts. All forward-looking statements should be considered in light of these important factors and in conjunction with PPL Corporation's Form 10-K and other reports on file with the U.S. Securities and Exchange Commission.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			PPL CORPORATION

			By:			/s/ Marlene C. Beers
						Marlene C. Beers Vice President and Controller

Dated: November 26, 2025


Exhibit 99.1
news release
www.rienergy.com

Rhode Island Energy Files First Comprehensive Rate Review Since 2017 to Support Safe, Reliable, and Affordable Service

PROVIDENCE, R.I. (November 26, 2025) – Rhode Island Energy (RIE) today has filed a distribution rate review proposal with the Rhode Island Public Utilities Commission (PUC) - the company’s first since 2017. The proposal is designed to align both electric and gas distribution rates with the cost of delivering safe, reliable energy service while supporting critical infrastructure upgrades, customer service improvements, and targeted affordability programs.

“This review is about making smart, necessary investments in reliability, customer service, and safety, while also keeping affordability top of mind and strengthening support for those who need it most,” said Greg Cornett, President of Rhode Island Energy. “Throughout this process, we want our customers to understand that we are keenly aware of the challenges so many of them are facing, and that we are committed to keeping customers informed and helping them manage their energy costs now and into the future.”

What’s Included in the Proposal:

•System Reliability Investments – Necessary upgrades to aging electric and gas infrastructure, including gas pipe replacements and electric grid modernization

•Customer Experience Enhancements – New billing system investments, improved self-service tools, and increased staffing to better serve customers

•Affordability Measures – A redesigned low-income discount rate offering deeper, targeted support for those with the greatest need, without increasing total costs for other customers

Why Now?

Since 2017, RIE has worked to control costs and delay rate adjustments. However, like every other business, the company’s costs have risen significantly due to inflation, supply chain challenges, and evolving regulatory requirements.

For example, on the electric side of the business, in 2020, purchasing a foot of underground cable cost the company $2.30. Today, that same foot now costs $4.21. For a mile of this cable, which was $12,000 in 2020, the cost has now increased to $22,000. Additionally, before the COVID-19 pandemic, an electrical “surge protector” cost $60. Today, the price of these devices has doubled to over $120 per unit. On the gas side of the business, prices have risen as well, with the cost of upgrading a mile of pipeline nearly tripling since the company’s last rate review.

The proposed increase is necessary for RIE to continue to meet regulatory mandates, align with the real cost of doing business, and continue delivering around-the-clock service.

Customer Impact

If approved, new base distribution rates would go into effect September 1, 2026. Exact bill impacts will depend on the final approved rates and individual usage. Pending regulatory approval, the requested changes would have the following estimated impacts on the typical residential customer’s bill:

•Typical residential electric customer using 500 kWh per month: $7.78 per month, or 4.83% per month

•Typical residential gas heating customer using 845 therms per year: $343.53 per year, or 20.60% per year – or roughly $28.63 per month if spread evenly over 12 months

RIE reminds customers that it offers various programs and services to help save energy, manage bills, and access financial assistance. In addition, Rhode Island Energy remains fully committed to revisiting its proposal for additional credits which would advance substantial funds that would nearly offset this proposed distribution rate increase.

Customers can take advantage of the following programs today:

•Sign up for Budget Billing and spread payments evenly across 12 months

•Explore the benefits of energy efficiency through our Rebate Programs or a no-cost Home Energy Assessment

•Take advantage of direct support offered through the Good Neighbor Energy Fund, our Discount Rates program, and LIHEAP

•Reach out to our Customer Advocates - these dedicated team members will help you identify the best assistance solutions

For more information on these programs and for additional bill help resources, please visit RIEnergy.com/toolkit.

Commitment to Customers

Every dollar in this rate review proposal is under strict regulatory oversight. Rhode Island Energy is committed to clear communication and making decisions today that help prevent higher costs in the future.

For more information, visit www.RIEnergy.com/RateReview or view the complete filing on the PUC website.

###

About Rhode Island Energy

Rhode Island Energy provides essential energy services to over 770,000 customers across Rhode Island through the delivery of electricity and natural gas. Our team of more than 1,300 employees is dedicated to helping Rhode Island customers and communities thrive, while supporting the transition to a cleaner energy future. Rhode Island Energy is part of the PPL Corporation (NYSE: PPL) family of companies addressing energy challenges head-on by building smarter, more resilient, and more dynamic power grids and advancing sustainable energy solutions.

For more information visit www.RIEnergy.com and stay connected on Instagram, LinkedIn, Facebook, and X.

Media Contacts: Michael Dalo, 401.479.8732, [email protected] or Caroline Pretyman, 401.799.7000, [email protected]