PPL 8-K 2025-02-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 28, 2025

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Section 8 - Other Events

Item 8.01 Other Events

On February 28, 2025, Louisville Gas and Electric Company ("LG&E") and Kentucky Utilities Company ("KU" and, together with LG&E, the "Companies") filed an application with the Kentucky Public Service Commission ("KPSC") regarding certain future plans for new generation and related matters.

The Companies submitted a joint application to the KPSC for approval of certain certificates of convenience and necessity, site compatibility certificates, and accounting treatment, where applicable, relating to a number of generation-related plans or projects that generally are expected to become operational or established within the next six years. The aggregate projected capital expenditures associated with these proposals are expected to be approximately $3.725 billion over the 2025 to 2031 period. Projected capital expenditures related to these proposals were included in the Companies' latest forecasts reflected in the Companies' Form 10-K. The application includes proposals:

• to build a 645MW natural gas combined cycle ("NGCC") generation unit at KU's E.W. Brown station,

• to build a 645MW NGCC generation unit at LG&E's Mill Creek station,

• to build a four-hour 400MW (1,600MWh total) battery storage facility ("BESS") at LG&E's Cane Run station, and

• to build a selective catalytic reduction ("SCR") environmental facility for an existing coal generation unit at KU’s Ghent station.

The new NGCC units are currently anticipated to be wholly owned by LG&E and the BESS unit jointly owned by LG&E and KU in respective 32% and 68% shares, with actual project costs allocated consistent with the Companies' ultimate ownership shares and existing shared dispatch, cost allocation, tariff or other frameworks. The proposed Mill Creek NGCC is in addition to a new NGCC generating unit currently under construction at that location.

The filing also notes projected in service dates for the projects, including the E.W. Brown NGCC in 2030, the Mill Creek NGCC in 2031, the Cane Run BESS in 2028 and the Ghent SCR in 2028.

The Companies cannot predict the outcome of the proceedings. The Companies anticipate a ruling from the KPSC during the fourth quarter of 2025.

The KPSC proceedings are designated as Case No. 2025-00045.

A copy of the Companies' press release is filed as an exhibit to this report.

Cautionary Statement on Forward-Looking Statements

Statements in this report regarding future events and their timing, including statements as to future costs or expenses, regulation, corporate strategy and performance, are “forward-looking statements” within the meaning of the federal securities laws. Although the PPL Corporation and the Companies believe that the expectations and assumptions reflected in these forward-looking statements are reasonable, these expectations, assumptions and statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: subsequent phases of rate proceedings and regulatory cost recovery; market demand and prices for electricity and natural gas; political, regulatory or economic conditions in states and regions where the Companies conduct business; final negotiated terms and conditions in any prospective contracts and the progress of actual construction, purchase or installation of assets or operations. All forward-looking statements should be considered in light of these important factors and in conjunction with PPL Corporation’s and the Companies’ Form 10-K and other reports on file with the Securities and Exchange Commission.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 28, 2025