Allentown, PA-based PPL Corp. is a diversified utility holding company, founded in 1920. Currently, the company serves more than 3.6 million utility customers in the United States. The company primarily generates electricity from power plants in the northeastern, northwestern and southeastern U.S.; markets wholesale or retail energy chiefly in northeastern and northwestern portions of the U.S.; delivers electricity to customers in Pennsylvania, Kentucky, Virginia, Tennessee in the U.S.; and supplies natural gas in Kentucky.

PPL Corp.’s principal subsidiaries are Louisville Gas and Electric Company and Kentucky Utilities Company (LKE), PPL Electric Utilities Corporation and Rhode Island Energy.

The company has three reportable segments — Kentucky Regulated, Pennsylvania Regulated and Rhode Island Regulated. The segments’ earnings details are mentioned below.

Kentucky Regulated: In 2023, this segment generated net income and total operating revenues of $552 million and $3.5 billion, respectively. As of Dec 31, 2023, this segment provided services to 1.3 million users across 8,000 square miles of serviceable area.

Pennsylvania Regulated: In 2023, this segment generated net income and total operating revenues of $519 million and $3 billion, respectively. As of Dec 31, 2023, this segment provided services to 1.5 million users across 10,000 square miles of serviceable area.

Rhode Island Regulated: In 2023, this segment generated net income of $96 million and total operating revenues of $1.9 billion. As of Dec 31, 2023, this segment provided services to 0.8 million users across 1,200 square miles of serviceable area.

The Corporate and Other segments include unallocated corporate-level financing as well as other costs.

PPL Corp. divested its U.K. utility business to National Grid to focus on its core operations in the United States. The company acquired National Grid's Rhode Island utility business, The Narragansett Electric Company, for $3.8 billion.