PPL Corp 8-K, filed Dec 16, 2022
PPL Corp (PPL)
8-K
2022-12-16
For: 2022-12-15
View Original
Added on
April 11, 2026
About this 8-K
PPL Corp filed this 8-K on December 16, 2022, reporting on events of December 15, 2022.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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): December 15, 2022
Commission File Number | Registrant; State of Incorporation; Address and Telephone Number | IRS Employer Identification No. | |||||||||||||||
| (Exact name of Registrant as specified in its charter) | |||||||||||||||||
| (Exact name of Registrant as specified in its charter) | |||||||||||||||||
| (Exact name of Registrant as specified in its charter) | |||||||||||||||||
| Kentucky and Virginia | |||||||||||||||||
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 | ||||||
Junior Subordinated Notes of PPL Capital Funding, Inc. | ||||||||
Indicate by a 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). | |||||
| PPL Corporation | |||||
| Louisville Gas and Electric Company | |||||
| Kentucky Utilities 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. | |||||
| ☐ | PPL Corporation | ||||
| ☐ | Louisville Gas and Electric Company | ||||
| ☐ | Kentucky Utilities Company | ||||
Section 8 – Other Events
Item 8.01. Other Events
On December 15, 2022, Louisville Gas and Electric Company ("LG&E") and Kentucky Utilities Company ("KU" and, together with LG&E, the "Companies") filed an application with the Kentucky Public Service Commission ("KPSC") regarding certain future plans for replacement generation and energy efficiency matters.
The Companies submitted a joint application to the KPSC for approval of certain certificates of convenience and necessity, site compatibility certificates, declaratory orders, accounting or rate mechanism treatment and tariff changes, where applicable, relating to a number of generation, power purchase and demand side management-energy efficiency ("DSM-EE") tariff -related plans, projects or programs that generally are expected to become operational or established within the next five years. The aggregate costs of the various proposals are expected to be approximately $2.1 billion. The filing includes proposals:
•to build a 621MW natural gas combined cycle ("NGCC") generation unit at LG&E's Mill Creek station,
•to build a 621MW NGCC generation unit at KU's E.W. Brown station,
•to build a 120MW solar generation facility in Mercer County, Kentucky,
•to purchase a 120MW solar generation facility in Marion County, Kentucky, being built by a third party,
•to build a four-hour 125MW (500MWh total) battery storage facility at KU's E.W. Brown station,
•to enter into up to four non-firm energy-only power purchase agreements ("PPA") for a total of 637MW of additional solar energy production in Kentucky, and
•for a proposed 2024-2030 DSM-EE Program Plan for electric and gas customers, which includes approximately 14 new, adjusted or expanded programs.
The new NGCC and solar units would be jointly owned by LG&E and KU, in varying respective percentages at each facility, the battery storage unit owned by LG&E, and the proposed PPA transactions and DSM-EE programs would be entered into or conducted jointly by LG&E and KU, consistent with the Companies’ shared dispatch, cost allocation, tariff or other frameworks.
The filing also notes planned retirement dates for certain of the Companies' existing coal-fired generation units, including Mill Creek 1 (300MW) in 2024 and E.W. Brown 3 (412MW) in 2028, and updates and advances the planned retirement dates for Mill Creek 2 (297MW) to 2027 and Ghent 2 (486MW) to 2028.
The Companies cannot predict the outcome of the proceedings. The Companies have requested approval from the KPSC by October 1, 2023.
The KPSC proceedings are designated as Case No. 2022-00402.
Copies of PPL Corporation's and the Companies' respective press releases are filed as exhibits to this report.
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 Companies 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 and natural gas; political, regulatory or economic conditions in states and regions where the Companies conduct business; final negotiated terms and conditions in any prospective contracts and the progress of actual construction, purchase or installation of assets or operations. All forward-looking statements should be considered in light of these important factors and in conjunction with PPL Corporation’s and the Companies’ Form 10-K and other reports on file with the Securities and Exchange Commission.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
| (d) | Exhibits | ||||||||||||||||
99.1 - | Press Release dated December 15, 2022 of PPL Corporation. | ||||||||||||||||
99.2 - | Press Release dated December 15, 2022 of Louisville Gas and Electric Company and Kentucky Utilities Company. | ||||||||||||||||
| 104 - | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). | ||||||||||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, each 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 | |||||||||||
| LOUISVILLE GAS AND ELECTRIC COMPANY | |||||||||||
| By: | /s/ Christopher M. Garrett | ||||||||||
| Christopher M. Garrett Vice President-Finance and Accounting | |||||||||||
| KENTUCKY UTILITIES COMPANY | |||||||||||
| By: | /s/ Christopher M. Garrett | ||||||||||
| Christopher M. Garrett Vice President-Finance and Accounting | |||||||||||
Dated: December 16, 2022
| Exhibit 99.1 | ||||||||
| news release |  | |||||||
| www.pplnewsroom.com | ||||||||
| Contacts: | For news media: Ryan Hill, 610-774-4033 For financial analysts: Andy Ludwig, 610-774-3389 | ||||
PPL Corporation’s Kentucky utilities file plan to replace
1,500 megawatts of aging generation by 2028
LG&E and KU seek to add natural gas, solar and energy storage,
along with more than a dozen new energy efficiency programs
ALLENTOWN, Pa. (Dec. 15, 2022) – PPL Corporation (NYSE: PPL) subsidiaries Louisville Gas and Electric Company and Kentucky Utilities Company announced today their plan to replace 1,500 megawatts of aging coal-fired generation, or nearly one-third of Kentucky’s coal fleet, that is expected to be retired by 2028. The plan includes adding two new combined-cycle natural gas plants, nearly 1,000 megawatts of solar generation, 125 megawatts of battery storage and more than a dozen new energy efficiency programs.
In conjunction with the announcement, LG&E and KU is seeking approval from the Kentucky Public Service Commission (KPSC) for the replacement generation and new energy efficiency programs. LG&E and KU’s proposal focuses on meeting customers’ energy needs in the most reliable, least-cost fashion.
“This is about delivering on our mission to provide safe, reliable, affordable and sustainable energy to our customers,” said Vincent Sorgi, PPL president and chief executive officer. “The plan we filed today is a balanced approach that will help ensure our ability to reliably serve our customers’ energy needs 24/7, while at the same time further diversifying our generation portfolio.”
The proposed replacement strategy, if approved by the KPSC, represents $2.1 billion of total capital investment in Kentucky. This includes building two 621-megawatt natural gas combined-cycle units, building a 120-megawatt solar array, acquiring another 120-megawatt array to be developed by a third-party and constructing 125 megawatts of battery storage. The LG&E and KU plan also includes securing power purchase agreements for more than 600 megawatts of additional solar generation and adding 14 new energy efficiency offerings to help reduce electricity demand in the state. The proposed energy efficiency program, developed in collaboration with community partners, would reduce LG&E and KU’s overall need for future generation by nearly 200 megawatts.
Sorgi said the plan is consistent with PPL’s goal to achieve net-zero carbon emissions by 2050. The replacement strategy, if approved, would reduce the carbon intensity of LG&E and KU’s generation fleet and result in nearly a 25% reduction in CO2 emissions from existing levels.
LG&E and KU have requested approval from the KPSC by Oct. 1, 2023. Additional details regarding LG&E and KU’s generation replacement strategy can be found on LG&E and KU’s website at www.lge-ku.com/future.
PPL Corporation (NYSE: PPL), based in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to 3.5 million customers in the U.S. PPL’s high-performing, award-winning utilities are 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.pplweb.com.
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Note to Editors: Visit our media website at www.pplnewsroom.com for additional news and background about PPL Corporation.
1 | 2 LG&E and KU Energy LLC | 220 West Main Street | P.O. Box 32010 | Louisville, KY 40232 | lge-ku.com December 15, 2022 Nearly one-third of LG&E and KU’s aging generation to be retired by 2028 Utilities request approval for a diverse mix of power generation, robust energy efficiency programs (LOUISVILLE, Ky.) — Louisville Gas and Electric and Kentucky Utilities companies announced today that they plan to retire nearly a third of the capacity of their aging generation fleet by 2028 and build two natural gas plants, add a significant amount of solar generation and a battery storage facility, and create one of Kentucky’s largest portfolios of energy efficiency programs for customers. “For decades, coal-fired generation has served our customers well, but many of our generating units are reaching the end of their economic life and it is no longer cost-effective to make the needed investments to meet increasingly stringent environmental regulations,” said John Crockett, president of LG&E and KU. “The least-cost solution to reliably and affordably meet our customers’ energy demands now, and into the future, is to further diversify our generation fleet and offer our customers more programs to help them save energy and money.” In conjunction with the announcement, LG&E and KU today filed with the Kentucky Public Service Commission requests for Certificates of Public Convenience and Necessity for replacement generation and separate approval for the energy efficiency programs. Specifically, the plan includes building two 621- megawatt natural gas combined-cycle units; adding nearly 1,000 megawatts of solar generation and 125 megawatts of battery storage; and developing 14 new energy efficiency offerings. The new natural gas units would be built on existing property -- one at the E.W. Brown Generating Station in Mercer County and the other at the Mill Creek Generating Station in Jefferson County. The battery storage facility would be located at the E.W. Brown Generating Station. The plan also includes building a 120-megawatt solar array in Mercer County and acquiring another in Marion County and securing four power purchase agreements for additional solar generation in excess of 600 megawatts. The utilities’ energy efficiency program proposal is the largest in the companies’ history, reducing their overall need for future generation by nearly 200 megawatts. Importantly, the proposal includes expanded programs and benefits for low-income customers that include weatherization, energy audits, and smart thermostats. The utilities also are proposing an appliance recycling program for residential customers and small businesses as well as incentives for customers who reduce their consumption during times of high energy demand. “We are pleased that, with the help of the members of our Demand Side Management Advisory group – community partners who represent diverse interests – we have been able to develop a robust, cost-effective portfolio of programs that will help us reduce the need for future generation while supporting our most vulnerable customers,” added Crockett. “This overall plan provides the best balance of sustainable, reliable and affordable generation for an uncertain, long-term future.” In keeping with the companies’ long-term goal of net zero by 2050, the proposed portfolio allows the utilities to decrease their carbon emissions by nearly 25% from existing levels. The utilities are asking the commission for approval of their application by Oct. 1, 2023. - more - Media Hotline T 502-627-4999 | F 502-627-3629 Press Release Exhibit 99.2
2 | 2 LG&E and KU Energy LLC | 220 West Main Street | P.O. Box 32010 | Louisville, KY 40232 | lge-ku.com ### Louisville Gas and Electric Company and Kentucky Utilities Company, part of the PPL Corporation (NYSE: PPL) family of companies, are regulated utilities that serve more than 1.3 million customers and have consistently ranked among the best companies for customer service in the United States. LG&E serves 333,000 natural gas and 429,000 electric customers in Louisville and 16 surrounding counties. KU serves 566,000 customers in 77 Kentucky counties and five counties in Virginia. More information is available at www.lge-ku.com and www.pplweb.com.