PPL PPL Electric Utilities

PPL Electric Utilities Corporation, a subsidiary of PPL Corporation, provides electricity delivery services to about 1.4 million customers in Pennsylvania.
Company profile
Ticker
PPL
Exchange
Website
CEO
Vincent Sorgi
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
PENNSYLVANIA POWER & LIGHT CO /PA, PP&L INC
SEC CIK
Corporate docs
IRS number
230959590
PPL stock data
()
Calendar
18 Feb 21
18 Apr 21
31 Dec 21
Financial summary
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Financial data from company earnings reports.
Financial report summary
?Risks
- Our U.K. distribution business contributes a significant amount of PPL's earnings and exposes us to the following additional risks related to operating outside the U.S., including risks associated with changes in U.K. laws and regulations, taxes, economic conditions and political conditions and policies of the U.K. government and the European Union. These risks may adversely impact the results of operations of our U.K. distribution business or affect our ability to access U.K. revenues for payment of distributions or for other corporate purposes in the U.S.
- PPL's earnings may be adversely affected by the U.K. withdrawal from the European Union.
- We are subject to foreign currency exchange rate risks because a significant portion of our cash flows and reported earnings are currently generated by our U.K. business operations.
- Our U.K. segment's earnings are subject to variability based on fluctuations in RPI, which is a measure of inflation.
- Our U.K. delivery business is subject to revenue variability based on operational performance.
- A failure by any of our U.K. regulated businesses to comply with the terms of a distribution license may lead to the issuance of an enforcement order by Ofgem that could have an adverse impact on PPL.
- PPL and LKE are holding companies and their cash flows and ability to meet their obligations with respect to indebtedness and under guarantees, and PPL's ability to pay dividends, largely depends on the financial performance of their respective subsidiaries and, as a result, is effectively subordinated to all existing and future liabilities of those subsidiaries.
- Our profitability is highly dependent on our ability to recover the costs of providing energy and utility services to our customers and earn an adequate return on our capital investments. Regulators may not approve the rates we request and existing rates may be challenged.
- We are or may be subject to costs of remediation of environmental contamination at facilities owned or operated by our former subsidiaries.
- We are subject to financial, operational, regulatory and other risks related to requirements, developments and uncertainties in environmental regulation, including those affecting coal-fired generation facilities.
- We are subject to operational, regulatory and other risks regarding natural gas supply infrastructure.
- We face competition for transmission projects, which could adversely affect our rate base growth.
- We could be subject to higher costs and/or penalties related to Pennsylvania Conservation and Energy Efficiency Programs.
- We are subject to risks associated with federal and state tax laws and regulations.
- Increases in electricity prices and/or a weak economy, can lead to changes in legislative and regulatory policy, including the promotion of energy efficiency, conservation and distributed generation or self-generation, which may adversely impact our business.
- We could be negatively affected by rising interest rates, downgrades to our credit ratings, adverse credit market conditions or other negative developments in our ability to access capital markets.
- A downgrade in our credit ratings could negatively affect our ability to access capital and increase the cost of maintaining our credit facilities and any new debt.
- Our operating revenues could fluctuate on a seasonal basis, especially as a result of extreme weather conditions.
- We cannot predict the outcome of legal proceedings or investigations related to our businesses in which we are periodically involved. An unfavorable outcome or determination in any of these matters could have a material adverse effect on our financial condition, results of operations or cash flows.
- Significant increases in our operation and maintenance expenses, including health care and pension costs, could adversely affect our future earnings and liquidity.
- We may incur liabilities in connection with divestitures.
- Our facilities may not operate as planned, which may increase our expenses and decrease our revenues and have an adverse effect on our financial performance.
- We are required to obtain, and to comply with, government permits and approvals.
- War, other armed conflicts or terrorist attacks could have a material adverse effect on our business.
- We are subject to counterparty performance, credit or other risk in the provision of goods or services to us, which could adversely affect our ability to operate our facilities or conduct business activities.
- We are subject to the risk that our workforce and its knowledge base may become depleted in coming years.
Management Discussion
- The "Statement of Income Analysis" discussion below describes significant changes in principal line items on PPL's Statements of Income, comparing 2020 with 2019. The "Segment Earnings" and "Adjusted Gross Margins" discussions for PPL provide a review of results by reportable segment. These discussions include non-GAAP financial measures, including "Earnings from Ongoing Operations" and "Adjusted Gross Margins," and provide explanations of the non-GAAP financial measures and a reconciliation of those measures to the most comparable GAAP measure.
- Tables analyzing changes in amounts between periods within "Statement of Income Analysis," "Segment Earnings" and "Adjusted Gross Margins" are presented on a constant GBP to U.S. dollar exchange rate basis, where applicable, in order to isolate the impact of the change in the exchange rate on the item being explained. Results computed on a constant GBP to U.S. dollar exchange rate basis are calculated by translating current year results at the prior year weighted-average GBP to U.S. dollar exchange rate.
- A "Statement of Income Analysis" is presented separately for PPL Electric, LKE, LG&E and KU. The "Statement of Income Analysis" discussion below describes significant changes in principal line items on the Statements of Income, comparing 2020 with 2019. The results of operations section for PPL Electric, LKE, LG&E and KU is presented in a reduced disclosure format in accordance with General Instructions (I)(2)(a) of Form 10-K.
Content analysis
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8th grade Avg
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New words:
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Removed:
AMT, applying, began, budgeted, category, CGNC, complexity, conclude, contracted, FASB, fulfillment, indemnity, intention, lessee, lessor, Middle, outlook, point, qualitatively, realizable, refundable, regime, reorganization, repaid, returning, rounding, Spence, stipulate, stipulation, territorial, tolling, transferred, transparency, Trump, underway, unrepatriated, utilization, Washington, weighting, William, worldwide
Financial reports
10-K
2019 FY
Annual report
18 Feb 21
10-Q
2020 Q3
Quarterly report
5 Nov 20
10-Q
2020 Q2
Quarterly report
10 Aug 20
10-Q
2020 Q1
Quarterly report
8 May 20
10-K
2019 FY
Annual report
13 Feb 20
10-Q
2019 Q3
Quarterly report
5 Nov 19
10-Q
2019 Q2
Quarterly report
6 Aug 19
10-Q
2019 Q1
Quarterly report
2 May 19
10-K
2018 FY
Annual report
14 Feb 19
10-Q
2018 Q3
Quarterly report
1 Nov 18
Current reports
8-K
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
1 Oct 20
8-K
Other Events
22 May 20
8-K
Regulation FD Disclosure
14 May 20
8-K
Regulation FD Disclosure
31 Mar 20
8-K
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
6 Sep 19
8-K
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
8 Mar 19
8-K
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
13 Jun 18
8-K
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
10 May 17
8-K
PPL Labor Contract Ratified by IBEW Local 1600 Members
29 Mar 17
8-K
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
9 Mar 16
Registration and prospectus
S-3ASR
Automatic shelf registration
19 Feb 21
424B2
Prospectus for primary offering
28 Sep 20
FWP
Free writing prospectus
28 Sep 20
424B5
Prospectus supplement for primary offering
28 Sep 20
424B2
Prospectus for primary offering
4 Sep 19
FWP
Free writing prospectus
3 Sep 19
424B5
Prospectus supplement for primary offering
3 Sep 19
424B2
Prospectus for primary offering
12 Jun 18
FWP
Free writing prospectus
11 Jun 18
424B5
Prospectus supplement for primary offering
10 Jun 18
Proxies
DEF 14C
Information statement
27 Apr 09
DEF 14C
Information statement
24 Apr 08
DEF 14C
Information statement
29 Apr 07
DEF 14C
Information statement
9 Mar 06
PRE 14C
Preliminary information
23 Feb 06
DEF 14C
Information statement
10 Mar 05
DEF 14C
Information statement
17 Mar 04
DEF 14C
Information statement
16 Mar 03
DEF 14C
Information statement
20 Mar 02
DEF 14C
Information statement
11 Mar 01
Other
UPLOAD
Letter from SEC
17 Apr 18
UPLOAD
Letter from SEC
2 Apr 18
UPLOAD
Letter from SEC
4 Oct 15
UPLOAD
Letter from SEC
10 Sep 15
UPLOAD
Letter from SEC
19 May 13
UPLOAD
Letter from SEC
29 Apr 13
UPLOAD
Letter from SEC
10 Sep 12
CORRESP
Correspondence with SEC
23 Aug 12
UPLOAD
Letter from SEC
13 Aug 12
UPLOAD
Letter from SEC
16 Aug 11
Ownership
11-K
Annual report of employee stock purchases
27 Jun 00
11-K
Annual report of employee stock purchases
29 Jun 99
11-K
Annual report of employee stock purchases
21 Jun 98
11-K
Annual report of employee stock purchases
25 Jun 97
11-K
Annual report of employee stock purchases
27 Jun 96
11-K
Annual report of employee stock purchases
28 Mar 95
Transcripts
2020 Q2
Earnings call transcript
10 Aug 20
2020 Q1
Earnings call transcript
8 May 20
2019 Q4
Earnings call transcript
14 Feb 20
2019 Q3
Earnings call transcript
5 Nov 19
2019 Q2
Earnings call transcript
6 Aug 19
2019 Q1
Earnings call transcript
2 May 19
2018 Q4
Earnings call transcript
14 Feb 19
2018 Q3
Earnings call transcript
1 Nov 18
2018 Q2
Earnings call transcript
7 Aug 18
2018 Q1
Earnings call transcript
3 May 18