Investor Presentaiton
Key Assumptions to Updated Business Plan
Incremental $2.5 billion of capital expenditures with minimal regulatory lag
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FERC formula rates for transmission investments and AFUDC requested for new generation investments in Kentucky (¹)
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In total, ~60% of 5-year capital plan to be recovered by or subject to existing regulatory mechanisms
Projecting 0.5% base customer load growth in Pennsylvania and Kentucky, plus incremental load from Ford
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➤ Plan reflects updated macroeconomic assumptions for interest rates and inflation
➤ Minimal rate case activity anticipated through at least 2026
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Expect a RI rate case effective in mid-2026; no planned rate cases in PA or KY through plan period
Strong credit metrics maintained through plan period to support organic growth
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Continue to project FFO/CFO to debt between 16% - 18%
• No equity issuances required through at least 2026
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Holding company debt to total debt ratio remains below 25%
(1) AFUDC=Allowance for Fund Used During Construction. AFUDC requested in LG&E's and KU's recent CPCN filing subject to KPSC approval.
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