PPL Corp (NYSE: PPL) is a regulated electric and gas utility company that delivers electricity and natural gas to retail and wholesale customers across Kentucky, Pennsylvania, and Rhode Island. Revenue is generated through regulated rate structures set by state utility commissions, covering electricity generation, transmission, and distribution services. PPL operates through three regulated segments: KY Regulated (Louisville Gas and Electric and Kentucky Utilities), PA Regulated (PPL Electric Utilities), and RI Regulated, which contributed FY2025 net income of $620M, $574M, and $109M respectively against a consolidated net income of $639M (FY2025, per the 10-K filed 2026-02-20). Total operating revenues reached $3.113B in FY2025, up from $2.876B in FY2024. The company carries material debt, with interest expense of $257M in FY2025. PPL is a dividend-paying utility with capital-intensive infrastructure across generation, transmission, and distribution assets.

Revenue model

Regulated utility rate recovery. PPL earns revenue through state-approved tariffs on electricity and gas delivery to retail customers, plus wholesale sales. FY2025 retail and wholesale operating revenues for the KY Regulated segment totaled $2.042B, up from $1.944B in FY2024.

Products and services

Electricity generation, transmission, and distribution; natural gas distribution; wholesale electricity sales; off-system power sales. Subsidiaries include Louisville Gas and Electric (LG&E), Kentucky Utilities (KU), PPL Electric Utilities, and the RI Regulated utility acquired through an integration completed around FY2024-2025.

Customers and end markets

Retail electric and gas customers across Kentucky, Pennsylvania, and Rhode Island. Customer base spans residential, commercial, and industrial end markets. Wholesale electricity buyers are also served. No disclosed customer concentration.

Value-chain role

Vertically integrated regulated utility. Operates across electricity generation, high-voltage transmission, and last-mile distribution, as well as gas distribution infrastructure.

Geographic exposure

United States only. Three regulated service territories: Kentucky (LG&E and KU), Pennsylvania (PPL Electric Utilities), and Rhode Island (RI Regulated segment), per the 10-K filed 2026-02-20.

Source: SEC 10-K, filed 2026-02-20

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