Kentucky Public Service Commission issues order on PPL subsidiaries’ rate proceedings

The Kentucky Public Service Commission (KPSC) has issued an order regarding the base rate proceedings of Louisville Gas and Electric Company and Kentucky Utilities Company, both subsidiaries of PPL Corporation. The order addresses the companies' requests for rehearing related to the KPSC's February 2026 decisions on annual electricity and gas revenue increases and accounting matters.

The KPSC approved certain aspects of the rehearing requests, such as incorporating regulatory assets and liabilities in rate base calculations, using updated cost estimates for a potential recovery cap for the Pilot Generation Recovery Clause mechanism, and including pre-2026 costs as a regulatory asset for Louisville Gas and Electric's stay-open costs at Mill Creek Unit 2.

However, the commission denied other aspects of the companies' requests, including reinstating certain provisions from an October 2025 stipulation and recommendation. The revised rates are expected to result in increases of approximately $4 million in annual electricity and gas revenues for Louisville Gas and Electric and approximately $3 million in annual electricity revenues for Kentucky Utilities, above the amounts previously approved in February 2026.

PPL Corporation reaffirmed its long-term earnings per share growth targets in connection with the KPSC order.

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