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15:00
May 08 ◎

PPL FY2026 Q1 Watch

PPL Corporation (PPL) FY2026 Q1 Earnings Call

BX AMZN QTS TM PPL ▾

Ben Sorge

The Blackstone JV is gaining traction, with management executing turbine reservations and entering multiple PJM interconnection queue, indicating a high probability of contracted generation projects.

"Momentum continues to build around our Blackstone joint venture."

BX WATCH

Ben Sorge

AWS is one of the hyperscalers with signed Electric Service Agreements (10 GW total) in PPL's Pennsylvania territory, demonstrating committed, advanced-stage demand.

"This includes contracts with some of the leading companies in this space, including QTS, AWS, Powerhouse, Core, Weave, and others."

AMZN WATCH

Ben Sorge

QTS has signed ESAs with PPL, representing a key part of the 10 GW of signed contracts for data center load.

"This includes contracts with some of the leading companies in this space, including QTS, AWS, Powerhouse, Core, Weave, and others."

QTS WATCH

Ben Sorge

Toyota's manufacturing investment adds to the confirmed load growth in Kentucky, validating PPL's updated planning assumptions and the need for additional generation.

"During the first quarter, Global Laser Enrichment and Toyota Motor Manufacturing announced approximately $2.6 billion in combined investment plans within our service territories."

TM WATCH

Ben Sorge

Management reiterated 2026 guidance and long-term growth targets, citing strong operating performance, regulatory progress, and a growing pipeline of opportunities from data centers, generation, and the Blackstone JV.

"Overall, our quarterly results position us well to deliver on our 2026 targets and beyond."

PPL WATCH

HIGH

16:00
Feb 20 ◎

PPL FY2025 Q4 Watch

PPL Corporation (PPL) FY2025 Q4 Earnings Call

BX GE LLY TM PPL ▾

Vince Sorge

The joint venture with Blackstone is a key strategic growth avenue, positioned to capitalize on the need for new generation in PJM.

"we formed a strategic partnership with Blackstone to build, own, and operate new electric generating stations to directly power data centers"

BX WATCH

Vince Sorge

PPL can get smaller generation technologies online in 2028-29, faster than the 2031-32 timeline for large CCGTs, which better matches data center customer needs. — Indicates a shift towards modular/alternative generation solutions which could change the order flow and supply chain dynamics for equipment providers.

"GE was certainly early on with their commitment to build new capacity for turbines"

GE WATCH SIEGY WATCH

Vince Sorge

Eli Lilly is investing significantly in PPL's service territory, indicating local economic growth and future electricity demand.

"the $3.5 billion advanced manufacturing investment by Eli Lilly, announced earlier this month right here in Allentown, Pennsylvania"

LLY WATCH

Vince Sorge

Toyota is investing in PPL's Kentucky territory, contributing to the overall economic development pipeline and future load.

"several major manufacturers announcing almost a half a billion dollars of new investments in our service territories, including Toyota"

TM WATCH

Vince Sorge

Management provided a strong long-term outlook, raising capex plans, confirming EPS growth targets, and highlighting significant potential upsides from the Blackstone JV and load growth.

"We're extending our 6% to 8% annual EPS growth target through at least 2029, expecting the EPS CAGR through 2029 to be near the top end of that range"

PPL WATCH

HIGH

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