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PPL reaffirms 2026 guidance amid growing data center power demand
The utility says it sees up to $12 billion of additional generation investment opportunity across Pennsylvania and Kentucky by 2032, supported by large-load data center pipelines and customer-funded infrastructure tariffs.
PPL Corp. kept its long-term outlook steady after second-quarter results, reporting earnings of $230 million, or $0.30 per share. Earnings from ongoing operations rose to $0.33 per share from $0.32 a year earlier, and the company reaffirmed full-year guidance of $1.90 to $1.98 per share.
PPL also reiterated its target for 6% to 8% annual earnings growth through 2029. In the release, the company pointed to a broader growth opportunity tied to data centers building out in its two largest markets.
The company now estimates up to $12 billion in additional generation investment opportunity across Pennsylvania and Kentucky by 2032. In Pennsylvania, the pipeline of prospective large-load customers reached 31.8 gigawatts in advanced planning, with more than 11 gigawatts under signed service agreements and 6.5 gigawatts under construction, while Kentucky’s pipeline rose to 13.7 gigawatts, with 11.6 gigawatts tied to data centers.
Regulators in both states have approved tariffs requiring large-load customers to fund the infrastructure built to serve them, helping limit the impact on existing ratepayers. PPL separately highlighted that its 51%-owned joint venture Invitium Energy has secured land for 8 to 14 gigawatts of new generation and reservation agreements for more than 5 gigawatts of combined-cycle gas turbines, and management expects to land one or more commercial supply agreements by the end of 2026, before any real commitments or groundbreaks.