PPL raises long-term EPS growth target on $25 billion capital plan

PPL raised its long-term earnings growth target to 7% to 9% through at least 2030 and reported third-quarter earnings from ongoing operations of 54 cents per share, in line with consensus.

Revenue topped the $2.44 billion estimate.

Shares were little changed at 9:56 a.m. ET, from a $36.00 close.

Here's how the company did:

• Adjusted EPS: 54 cents vs. 48 cents a year earlier
• Reported EPS: 49 cents vs. 43 cents a year earlier
• Revenue: $2.50 billion vs. $2.24 billion a year earlier

PPL narrowed its 2026 forecast for earnings from ongoing operations to $1.92 to $1.96 per share, from the $1.90 to $1.98 range it gave on Aug. 7. The midpoint stays at $1.94 per share.

Long-term growth target

The target is measured from the 2026 ongoing earnings forecast midpoint, up from 6% to 8% a year. PPL expects growth in the top half of the new range.

The $25 billion capital plan for 2027 to 2030 is $2 billion higher than the prior 2026 to 2029 plan, mainly because of an additional natural gas combined-cycle unit to support large-load growth in Kentucky. Average annual rate base growth of 10% is projected from 2026 through 2030.

PPL expects about $3.0 billion of equity financing needs, on top of more than $1.5 billion already executed through forward sales agreements during 2025 and 2026. It continues to target annual dividend per share growth of about 4% to 6%, with growth at the low end of that range.

2027 forecast

PPL forecast 2027 earnings from ongoing operations of $2.06 to $2.14 per share. The $2.10 midpoint is an 8.2% increase over the 2026 midpoint.

Invitium Energy term sheet

Invitium Energy, PPL's joint venture with Blackstone Infrastructure, has agreed to terms with QTS for about 2 GW of generation capacity to serve the QTS Salem Township data center project in Pennsylvania. PPL holds a 51% ownership share.

The term sheet is nonbinding and subject to customary conditions precedent. It provides for a 20-year initial term with provisions for multiple five-year renewals, and a fixed monthly payment with annual escalation.

Two combined-cycle natural gas plants are proposed, complemented by fuel cells and battery storage. The fuel cells and battery storage could be online as early as 2029, and the combined-cycle units are expected online in 2032 and 2033.

Invitium has also executed a cost reimbursement agreement with QTS covering specified development costs.