PPL · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

PPL

37 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Data centers and large load customers

earns fromnamed as a risk

The business and capital investment plans of PPL depend, in part, on the continued growth and viability of data centers and large load customers in its service territories.Risk factors (Item 1A)

Also named by AEP, EVRG, SO

Partners and platforms

PJM Interconnection

operates innamed as a risk

The PPL Electric transmission business, operating under a FERC-approved PJM Open Access Transmission Tariff, is subject to competition pursuant to FERC Order 1000 from entities that are not incumbent PJM transmission owners with respect to the construction and ownership of transmission facilities within PJM.Risk factors (Item 1A)

Also named by AEP, CEG, D, DUK, ED, EXC, FE, NRG and 5 more

Tennessee Valley Authority

depends on

LG&E and KU contract with the Tennessee Valley Authority to act as their transmission reliability coordinator and contract with TranServ International, Inc. to act as their independent transmission organization.Business (Item 1)

Also named by CORZ, OKLO

ISO New England

operates in

RIE's transmission services are regulated by the FERC and coordinated with ISO – New England.Business (Item 1)

Also named by ES

TranServ International, Inc.

depends on

Other companies

IBEW Local 2100

approximately 600 employeesnamed as a risk

LG&E's current collective bargaining agreement with IBEW Local 2100, which covers approximately 600 employees, is scheduled to expire October 1, 2026.Business (Item 1)

Mill Creek Unit 5

approximately $1.0 billion

Total project costs are estimated at approximately $1.0 billion, including AFUDC.Business (Item 1)

Moody's and S&P credit ratings

named as a risk

Credit ratings assigned by Moody's and S&P to our businesses and their financial obligations have a significant impact on the cost of capital incurred by our businesses.Risk factors (Item 1A)

Also named by CARR, JLL

Places

Pennsylvania

operates in · approximately 1.5 million customers

PPL Electric delivers electricity to approximately 1.5 million customers in a 10,000-square mile territory in 29 counties within eastern and central Pennsylvania.Business (Item 1)

Also named by AWK, CNX, DTM, EQT, FE, GMED, NFG, PEG and 6 more

Virginia

operates in · approximately 28,000 customers

KU provides electric service to approximately 553,000 customers in 77 counties in central, southeastern and western Kentucky and approximately 28,000 customers in five counties in southwestern Virginia, covering approximately 4,800 non-contiguous square miles.Business (Item 1)

Also named by AUB, CNX, CSGP, D, ELV, PNFP, TFC, TREX and 1 more

Kentucky

operates in · $ 3.8

Kentucky Regulated, which primarily represents the results of LG&E and KU, Pennsylvania Regulated, which primarily represents the results of PPL Electric, and Rhode Island Regulated, which primarily represents the results of RIE.Business (Item 1)

Also named by PM, WTRG

Rhode Island

operates in · approximately 515,000 customers

RIE provides electric service to approximately 515,000 customers and natural gas service to approximately 280,000 customers.Business (Item 1)

Jefferson County, Kentucky

operates innamed as a risk

Nonattainment designations for counties in which LG&E and KU generation is located, including Jefferson County, Kentucky, could potentially require additional particulate matter and nitrogen oxide reductions from sources including LG&E's Mill Creek Station, and more stringent requirements for new generation.Business (Item 1)

Illinois Basin and Appalachian coal regions (western Kentucky, southern Indiana, southern Illinois, northern West Virginia, western Pennsylvania)

depends on

For their existing units, LG&E and KU expect, for the foreseeable future, to purchase most of their coal from western Kentucky, southern Indiana, southern Illinois, northern West Virginia and western Pennsylvania.Business (Item 1)

Marcellus and Utica production areas

depends on

LG&E expects to purchase natural gas supplies for its gas distribution operations from onshore producing regions in South Texas, East Texas, North Louisiana and Arkansas, as well as gas originating in the Marcellus and Utica production areas.Business (Item 1)

Commodities and inputs

Coal

depends onnamed as a risk

The performance of coal markets and producers may be the subject of increased counterparty risk to LG&E and KU currently due to weaknesses in such markets and suppliers.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more

Natural gas

depends on

Coal and natural gas are expected to be the predominant fuels used by LG&E and KU for generation for the foreseeable future.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Liquefied natural gas (LNG)

depends on

To manage the winter peak requirements for RIE customers, RIE contracts for liquified natural gas (LNG) service and owns and operates certain LNG storage facilities.Business (Item 1)

Also named by AES

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

The rates we charge our utility customers must be approved by one or more federal or state regulatory commissions, including the FERC, KPSC, VSCC, PAPUC and RIPUC.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

Failure to comply with these regulations could result in the assessment of fines or penalties against LG&E.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Transportation Security Administration (TSA)

subject tonamed as a risk

The TSA has determined that LG&E is critical, while RIE has not been notified of this distinction and is therefore not currently subject to the security directives.Risk factors (Item 1A)

Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXC, EXPD and 13 more

North American Electric Reliability Corporation (NERC)

subject tonamed as a risk

In addition, under the Energy Policy Act of 2005, users, owners and operators of the bulk power transmission system, including PPL Electric, LG&E, KU and RIE, are subject to mandatory reliability standards promulgated by NERC and enforced by the FERC.Risk factors (Item 1A)

Also named by BKH, DUK, EIX, EVRG, EXC, FE, HASI, MDU and 5 more

Pennsylvania Public Utility Commission (PAPUC)

subject tonamed as a risk

PPL Electric is subject to regulation as a public utility by the PAPUC, and certain of its transmission activities are subject to the jurisdiction of the FERC under the Federal Power Act.Business (Item 1)

Also named by AWK, EXC, NFG, RRC, UGI, WTRG

Kentucky Public Service Commission (KPSC)

subject tonamed as a risk

LG&E is subject to regulation as a public utility by the KPSC, and certain of its transmission activities are subject to the jurisdiction of the FERC under the Federal Power Act.Business (Item 1)

Also named by ATO

Rhode Island Public Utilities Commission (RIPUC)

subject tonamed as a risk

Distribution sales are regulated by the RIPUC, which is responsible for approving the rates and other terms of services as part of the rate making process.Business (Item 1)

Virginia State Corporation Commission (VSCC)

subject to

KU is subject to regulation as a public utility by the KPSC and the VSCC, and certain of its transmission and wholesale power activities are subject to the jurisdiction of the FERC under the Federal Power Act.Business (Item 1)

Also named by D

Laws and programs

Pennsylvania Customer Choice Act

subject to · 40% of residential, 81% of small commercial and industrial and 98% of large commercial and industrial customers

In 2025, the following average percentages of PPL Electric's customer load were provided by competitive suppliers: 40% of residential, 81% of small commercial and industrial and 98% of large commercial and industrial customers.Business (Item 1)

Clean Air Act

subject tonamed as a risk

The Clean Air Act has a significant impact on the operation of fossil fuel generation plants.Business (Item 1)

Also named by AEE, CTAS, CWST, EMN, FIX, HESM, KGS, NOC and 6 more

FERC Order 1000

subject tonamed as a risk

Increased competition can result in lower rate base growth.Risk factors (Item 1A)

Also named by PEG

Coal Combustion Residuals (CCR) Rule

subject tonamed as a risk

PPL, LG&E, and KU are unaware of any unpermitted releases from their facilities that are subject to Clean Water Act jurisdiction, but future regulatory developments and judicial rulings could potentially subject certain releases from CCR impoundments and landfills to additional permitting and remediation requirements, which could impose substantial costs.Business (Item 1)

Also named by NRG

Pennsylvania Act 129

subject tonamed as a risk

Utilities not meeting these Act 129 requirements are subject to significant penalties that cannot be recovered in rates.Risk factors (Item 1A)

Good Neighbor Plan / Cross-State Air Pollution Rule (CSAPR)

subject tonamed as a risk

Compliance with the NAAQS, CSAPR, Good Neighbor Plan, and related requirements may require installation of additional pollution controls or other compliance actions, inclusive of retirements, the costs of which PPL, LG&E and KU believe would be subject to rate recovery.Business (Item 1)

EPA Section 111 Greenhouse Gas Standards

subject tonamed as a risk

While the impact of new GHG reduction requirements on operations and financial results of operations could potentially be substantial, the cost of complying with such requirements is expected to be subject to rate recovery.Business (Item 1)

Pennsylvania Alternative Energy Portfolio Standard (AEPS)

subject to

Under the default service procurement plans approved by the PAPUC, PPL Electric purchases all of the alternative energy generation supply it needs to comply with the AEPS.Business (Item 1)

Also named by CNX

Pennsylvania Act 11 (DSIC)

subject to

Act 11 authorizes the PAPUC to approve two specific ratemaking mechanisms: the use of a fully projected future test year in base rate proceedings and, subject to certain conditions, the use of a DSIC.Business (Item 1)

Environmental Cost Recovery (ECR) mechanism

subject to

LG&E and KU are entitled to recover, through the ECR mechanism, certain costs of complying with the Clean Air Act, as amended, and other federal, state and local environmental requirements applicable to coal combustion wastes and by-products from coal-fired generating facilities upon KPSC review.Business (Item 1)

Rhode Island Renewable Energy Standard

subject to

The monthly charge for LRS also includes the costs incurred by RIE to comply with the Renewable Energy Standard, established in Rhode Island General Laws Section 39-26-1 and the costs to comply with the RIPUC's Rules Governing Energy Source Disclosure.Business (Item 1)