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PPL Corporation (PPL+2.01%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total operating revenues of $8.462 billion, an increase from $8.312 billion in the previous year. This increase was driven by higher distribution prices and volumes, offset by lower energy purchase costs.
Operating expenses totaled $6.722 billion, up from $6.682 billion in the previous year, primarily due to increased fuel costs and other operation and maintenance expenses.
Net income for the year was $888 million, compared to $740 million in 2023. The increase in net income was attributed to higher operating income and a gain from litigation settlement.
PPL's Kentucky Regulated segment reported operating revenues of $3.562 billion, with net income of $620 million, up from $552 million in the prior year, driven by higher sales volumes and fuel recoveries.
The Pennsylvania Regulated segment reported operating revenues of $2.876 billion and net income of $574 million, compared to $519 million in 2023. The increase was due to higher distribution prices and transmission revenues.
Rhode Island Regulated segment reported operating revenues of $2.024 billion and net income of $109 million, up from $96 million in 2023, primarily due to higher recovery of gas maintenance expenses and capital investments.
PPL's capital expenditures for 2025 are projected at $4.325 billion, with significant investments in generating facilities and transmission infrastructure.
The filing also details PPL's regulatory environment, highlighting ongoing rate proceedings and environmental compliance efforts across its operating segments.
PPL's liquidity position remains strong, with cash and cash equivalents of $306 million at year-end 2024, supported by access to credit facilities and capital markets.
The company continues to focus on operational efficiencies and advancing its clean energy initiatives, aiming for net-zero carbon emissions by 2050.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PPL Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.