PPL Corporation is a utility holding company that, through its regulated utility subsidiaries, delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky. The company's core business model focuses on regulated operations, ensuring a stable revenue stream. PPL's primary revenue streams are derived from the regulated sale and distribution of electricity and natural gas. PPL maintains a strong market position in its service territories, benefiting from its established infrastructure and customer base. The company operates in markets with varying competitive landscapes, but generally faces limited direct competition in its regulated utility operations.

• Employees: 6,629 (as of December 31, 2023)
• Geographic Footprint: Pennsylvania, Kentucky, Virginia, and Rhode Island
• Headquarters: Allentown, Pennsylvania
• Founded: 1994
• Number of locations/facilities: Not explicitly stated, but includes numerous generation, transmission and distribution facilities
• Revenue: $8.312 billion (FY2023)
• Key Subsidiaries/Brands: PPL Electric, Louisville Gas and Electric Company, Kentucky Utilities Company, Rhode Island Energy

• CEO: Vincent Sorgi
• CFO: Joseph P. Bergstein, Jr.
• Chief Human Resources Officer: Angela K. Gosman
• Chief Legal Officer and Corporate Secretary: Wendy E. Stark
• Chief Operating Officer: Francis X. Sullivan

Key executives have extensive experience in the utility and energy sectors. Tenure in current roles varies, with some executives having served in their positions for several years.

• Annual Revenue: $8.312 billion (FY2023)
• Net Income: $740 million (FY2023)
• Total Assets: $39.236 billion (as of December 31, 2023)
• Number of employees: 6,629 (as of December 31, 2023)
• Key Financial Highlights: Operating revenues increased by $410 million, net income decreased by $16 million and fuel expenses decreased by $198 million year-over-year.

PPL's main product categories and service lines include:

• Electricity Distribution: Delivery of electricity to residential, commercial, and industrial customers within its service territories.
• Electricity Transmission: Operation and maintenance of high-voltage transmission lines.
• Natural Gas Distribution: Delivery of natural gas to residential, commercial, and industrial customers in Kentucky and Rhode Island.
• Electricity Generation: Generation of electricity from power plants in Kentucky.

PPL's flagship offerings include reliable electricity and natural gas distribution services, with a focus on maintaining and improving infrastructure.

PPL's major business segments are:

• Kentucky Regulated: Primarily represents the regulated electricity generation, transmission, and distribution operations conducted by LG&E and KU, as well as LG&E's regulated distribution and sale of natural gas.
• Pennsylvania Regulated: Primarily represents the regulated electricity transmission and distribution operations of PPL Electric.
• Rhode Island Regulated: Primarily represents the regulated electricity transmission and distribution operations and regulated distribution and sale of natural gas conducted by RIE.
• Corporate and Other: Primarily includes corporate level financing costs, certain unallocated costs, and certain non-recoverable costs.

Revenue breakdown by segment is as follows: Kentucky Regulated $3.5 billion, Pennsylvania Regulated $3.0 billion, and Rhode Island Regulated $1.9 billion for FY2023. The financing activity of LKE is now included in Corporate and Other beginning in 2023.

PPL's current strategic priorities include:

• Achieving industry-leading performance in safety, reliability, customer satisfaction and operational efficiency.
• Advancing a clean energy transition while maintaining affordability and reliability.
• Maintaining a strong financial foundation and create long-term value for shareowners.
• Fostering a diverse and exceptional workplace.
• Building strong communities in areas that they serve.

PPL's long-term business goals include achieving net-zero carbon emissions by 2050. Major strategic initiatives include continued investment in grid modernization, renewable energy projects, and energy efficiency programs. PPL is focused on a transition to a cleaner energy future while ensuring reliable service.

PPL operates primarily in the regulated utility industry. Key market trends affecting the business include:

• Increasing demand for renewable energy and grid modernization.
• Growing focus on energy efficiency and conservation.
• Evolving regulatory landscape and environmental standards.

Major competitors include other regulated utilities in the same geographic areas. Market share information is not explicitly provided in the 10-K, but PPL maintains a strong position in its service territories.

• Regulatory Risks: Changes in state and federal regulations, rate case outcomes, and environmental compliance requirements could impact PPL's financial results.
• Operational Risks: Disruptions to operations due to weather events, cyberattacks, or equipment failures could affect PPL's ability to provide services.
• Financial Risks: Changes in interest rates, credit market conditions, and counterparty defaults could impact PPL's access to capital and cost of borrowing.
• Market Risks: Fluctuations in commodity prices, changes in demand for electricity, and competition from alternative energy providers could affect PPL's revenues.
• Environmental Risks: Stringent environmental regulations and climate change may require additional capital expenditures and operational changes.