- Earnings call transcript Q3 2022

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Operator

Good day, and welcome to the PPL Corporation Third Quarter Earnings Conference Call [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Andy Ludwig, Vice President of Investor Relations. Please go ahead.

Andy Ludwig

Thank you. everyone. morning, Good for quarter you PPL call conference And financial joining results. third XXXX on thank the We for our Web provided section site. Investors slides this presentation the on of and from We'll and Officer, a our Sorgi, with today's following with Joe updates session remarks. begin PPL Chief call conclude President prepared CEO; Q&A Financial and Bergstein, Vince

Before we brief your statement. draw cautionary Slide to get attention started, I'll a X and

these or forward-looking today filings forward-looking some Please and differ statements other results future differ could that contains operating may presentation events. the actual presentation of the Our materially for to results from future from statements. refer this of appendix to results Actual forward-looking about the factors cause a of discussion SEC PPL's statements.

measures, adjusted operations non-GAAP from We this call. refer including gross on will and to ongoing margins earnings also

measures, to turn now call appendix. reconciliations comparable For the refer to the Vince. I'll please over to the GAAP

Vince Sorgi

our update. Thank Welcome good morning, and everyone. to investor third you, quarter Andy,

to year ago. Turning and narrowed performance our execute $X.XX quarter share to compared we $X.XX quarter Slide X. $X.XX were midpoint results reported per to per share, quarter strategy. for on items, forecast earnings earnings operations share Utility per $X.XX announced third the our as $X.XX ongoing $X.XX from per Today, share. share today, third from our special earnings of solid Future strong financial earnings of Adjusting of share. with range financial we our per Based We a year-to-date, of the had another increased $X.XX to per we forecast

XXth. Rhode compound acquired partial least XXXX. contributions reaffirmed a reflects we of at per Today, X% through earnings May and X% annual share growth earnings we which Energy, projected dividend rates also to from Our XXXX our on Island estimate of guidance year

the a customers, forecast Our share. forecast rates, high our growth off share macro sheet pro PPL ability Island to in of stated We Rhode in forma and $X.XX our our current growth contribution earnings XXXX per our a or commodity is for our current is to year target The forma of our achieve even $X.XX full significant of inflation range the resilience. cases rising balance from to on per reflects time our strategy rely based Energy. plan of high targets. pro confident midpoint achieve when costs. $X.XX per projections, remain paramount provide business strong does Namely, and environment affordability growth At rate interest not share

volatility. and market through our manage the without current growth and flexibility planned for We expect formularate, riders to sheet balance plan reducing period, effectively issuances equity financial metrics. need the CapEx five our regulatory strong about XX% to credit support of year will providing recover And lag supporting strong while over continued

focused driving We also continue transformation business to initiatives, affordability efficiency, execute and for on improved reliability our customers. our

on substantial Shifting Kentucky, operational we well while line, to customers value highlights a weather for Bottom few current Slide conditions shareowners. we will to that deploying our driving through of In least million and XXXX. outlined technology maintenance X. call, achieve believe at confident economic we both are positioned upside schedules and help QX our T&D potential additional we smart customers the $XXX evaluate term and value the this centralizing the data optimizing platforms. with of to We shared opportunities outage includes O&M deliver our generation while services hardening costs planned deploying in offer and continue transition energy our our systems we across and As leveraging for operations, generation remain beyond common to transition will in clean for nonoutage science and the savings transition our Kentucky. system, that fleet, grid XXXX long advance

retire Convenience the Commission, an for megawatts battery owned Service which of completed any We're generation would the earlier fired for We the Neighbor management RFP and retirements megawatts forecast supply potential and load would CPCN, programs due to the EPA's X,XXX rule. equation. Certificates following targeting with In updating be demand this retire fully Public to well by we're territories, with Kentucky expected with to or additional and side of connection efficiency that include as as continue service coal including to Necessity, energy in side development Public also these us. demand Ford's assets XXX requests of side year, reflect expect the economic a to to recent the filing Good updating XXXX, address our by mid-December EV our plant

focusing we solar, As and owned the cost we're lease need these a and reliability expect. resources combination power will anticipate company our We are lease include energy that solutions ensure solutions customers evaluate on purchase will gas. of our supply cost cycle and be agreements natural options, combined and will and storage

fleet. to generation Kentucky improve intensity carbon strategy significantly We of expect generation also the replacement this our

Our review KPSC. mid-December begin will that the an from with filing order regulatory will process conclude a

is efficiency Island our QX September, We've plan objectives. While process Commission there expect Rhode support of evolving filing, for energy of the KPSC to that sustainability to is late reliability, affordability by would a to CPCN filed review end Public needs. file customers' several our annual plans already will by conclude with In in other and subsidiary XXXX. requirement to Island customer critical satisfaction, no our which statutory Utilities the the our Rhode the energy expects updates, we end the timing Energy regulatory review

same which be energy energy advanced Rhode advanced the year, energy, of to electric also Island plans and these end Within our the renewable realizing lag resources. those the that next and company's deployment ISR cases. offshore we'll electric time, rider approved the gas mechanism, reliability and and of to which state. plan annual meters for expect the reduces for outlining more the advanced almost of for including at file can we the regulatory to customers wind preparing the meters distributed provide. the file both our has state's benefits recoverable while couple ISR grid the enhance infrastructure rate through of months, Costs through reliability plans gas, between will outline PUC, will safety PPL at plans base installing electricity experience the the our investments meters By the X million in metering infrastructure, and

leverage Rhode value Island and We experience Island will Rhode this our in deliver customers well. for as this

by the our of needs file of modernization a be initiative Our year capable customers advanced longer to which our we plan support deliver developing is as plan strategic metering also will for the grid The by end. GMP development in term now a foundational plan, we're law grid October, in a we Island. strategic wind Rhode is transmission And for offshore XXX% Group renewable England the finally, in energy XXXX, with in to connecting the late New solutions the of partnership which Elia support of we announced region.

farms future been has track companies reliability. a transmission innovative Meanwhile, and signed memorandum as that a here grid grid transmission Both support integrate has the wind are of grid. clear in in onshore while offshore and England and offshore with jointly pioneer states uniquely in to on and in to Elia we proven by XX subsidiaries for current issued developing and suited Elia company and focus leaders XXXX. by information much this innovation solutions its responded believe seeking PPL propose are established successfully XX transmission strong Elia a and clean a request potential building wind and New understanding both on five offshore our New recently estimates has we to the Together, wind onshore England to changes the the to in Belgium US. solutions record as of citing, And transmission connected to as offshore Germany energy integrate through are develop safe, regard. of of PPL Specifically, share to grid. advancing energy We clear projects system upgrades reliable input gigawatts generation operating the future, large a keeping affordable. PPL

Elia we the arise opportunities forward, transmission forming that offshore a venture potential pursue Moving any with to may anticipate after RFI. joint

update. $XX process for for and optimistic Investor turn and call innovative that Elia we the are England. New capital through XXXX over the that issued drive participating would highlighted expect expected of opportunities and Joe this third be formula we transmission develop our investment to projects solutions early made are that, And could as billion beyond the can the PPL under while be the now financial RFP I'll of transmission to this in XXXX. With expected and offshore for FERC Many investments be proposed early New be FERC projects stages stemming in We to as rates. are quarter to at projects Day. in be an this effective incremental we're Joe? jurisdictional investments offshore to partnership effort would XXXX, through England excited from transmission Any process, cost

Joe Bergstein

Vince, and morning, everyone. good you, Thank

per Slide in were during which Let's to announced earnings in process ongoing XXXX late and $X.XX the impacts third commitments for $X.XX turn X. $X.XX reported per associated we Energy, Rhode with quarter made to earlier year. and primarily improvement were on integration share closed quarter sale items, operations the acquisition Island share. to of We per due acquisition Special earnings associated $X.XX quarter expenses items the the share, third of third of compared Adjusting share, this with of from special Safari, these September last per an GAAP week.

items earnings XXXX. to of share. months $X.XX Adjusting per $X.XX XXXX share, earnings brings are to our compared year-to-date quarter GAAP Another of results $X.XX share strong $X.XX for special our ongoing per through nine per year-to-date in

Slide Turning on ongoing to segment the X. drivers

share Our and $X.XX O&M in Pennsylvania period, were group driven storm increased from Regulated by per expenses improved earnings excluding accretion. segment primarily results costs. share the in year-over-year, lower by Pennsylvania support The lower

due Our quarter. due The to share share The Other for at by to by excluding and segment to of year individually compared significant. significant. factors Kentucky were our addition $X.XX $X.XX share Rhode were accretion. per that per year-over-year, the the factors decreased Island decrease $X.XX segment lower various increased not individually that prior were not Corporate earnings Results was

$X.XX completed third of resulting the $X our results from in buybacks XXXX. billion were to higher due share accretion Finally, quarter stock

to Turning Slide X.

$X.XX to the midpoint $X.XX ongoing increase in support to our the share. date Our earnings forecast per of results

as our shown well Rhode the execute we in to O&M on segments in forecast are with margins Kentucky, business left the to the compared of favorable of slide, on expenses Island forecast the As our Kentucky as our both primary jurisdictions lower in as increase at and transformation. drivers due weather higher our

reflect low continue we as risk and to a year. deliver our date the the part few both of per slide. our end given We've to our year-to-date and also $X.XX per the forecast, share strong increasing performance the of $X.XX Turning months narrowed bottom financial new shareowners. profile In the to closing, PPL results from for the range remaining the customers in improved to right only of share

actions in projections strategic well to and financial deliver to Our achieve foundation current back ability turn Vince. our on macroeconomic environment. prepared growth an and concludes excellent XXXX. remarks. results to through our the of dividends I'll to a PPL with remain have the balance positioned And strong sheet in That those X% earnings my navigate over to X% call confident we

Vince Sorgi

Thank and PPL, on we are I'm our on we continue how reliably our the of utilities long transition at on future, you, the in enabled energy value proud In term and Investor laser we our clean and execute affordably focused technology strategy Across outlined shareowners. Joe. Day creating customers of closing, driving the delivering to for June.

confident as we dividend And top of this X% our said, earnings ability in delivers growth to and tier strategy X% Our remain deliver annually. we growth. to

it opportunities continuing we're base supported current earnings growth we XXXX ever while operational sheets the future. our Our later effectively we've term about $XX up manage and deliver in our growth as that, for in value let's plans time customers real operator, the believe is in strongest to our sector. as for and And one with the investment we of balance at to in decade. rate billion efficiencies shareowners. new risks it's Across for the near the continue the anchored PPL through excited right It's driving the to with stronger associated right in strategy growth With by firmly open company, macroeconomic and questions. execute been our the environment, our

Operator

Pourreza Shar [Operator from Guggenheim Instructions] The comes Partners. first question today with

Shar Pourreza

a just ones couple of quick So here.

renewables? energy think today for of we latter, and again the leading changed be guess, new the mentioned being how about ownership kind And Has would a your potential of capacity. on scale You candidates calculus that some renewables IRA I the so and there? CCGT should

Vince Sorgi

Yes, has. it clearly

enhancements optionality So there and Shar, we're competitiveness labor, for the clearly sites, IRA tax certain renewables using PTC apprenticeship cetera. the of party et owned plus our has coal versus additional improved types company attribute programs The the PPA right? third in case, pricing, of

So to the resources solar, far direction there's now were front of terms don't out how from think see. storage, of economics I post right clearly, the we storage in are where too cycle in on IRA. I the we an filing But solar combined to much in the and get moving side. want before clearly, for of opportunity the

of the that cycle, a to and combined PPAs owned. see and would owned then combination we'll there expect on think be I we company company

Shar Pourreza

million that And then Island had out when there? the the top range mechanisms to you of bottom your just are potentially $XXX out sort plan, the have CapEx on between range I Vince, roughly end. narrow filings, Rhode these you gating the and mean, maybe a rolled years

or raised is on we year? this the next could narrowed even see been you've Now that something system,

Vince Sorgi

say I think probably you're wise, right. point. timing would that's Shar, I a good

that our those in ability first We this to the we ranges. year narrow state. next to think really I get with regulatory would want see through maybe process

are filings as these first filings So in know. our the you state,

And those a for up kind 'XX, much mid of clearer so would set 'XX. year, through get and will we that next us of to view expect

Operator

with The ISI. from Evercore Durgesh next question Chopra comes

Durgesh Chopra

Island firstly, us? thinking to mean. want I ahead dollars -- what of think the the of you don't for might Kentucky bucket I'm kind of then just can generation terms this get say the did just and you size hear separately I Just in of CapEx filing you separately. Rhode Or

Vince Sorgi

$X.X $X.X be to the range, into $X to $X probably the period billion the opportunity five probably The total. pull So would in for the is piece say that in Durgesh, billion could would I Kentucky, year billion. billion in

the replacement billion bucket, the So billion our $XX billion. as bucket billion you in $XX had generation know, $XX we $XX of to

the I 'XX, XXXX some so at seeing pull with see in we're now we service going 'XX, for for dates we of what think of as that 'XX filing as look into where these options. we're And some to CPCN prepare

year So total, to billion moving $X.X potentially $X.X billion billion period. five the billion $X to $X into

Durgesh Chopra

upside the how there the -- And should we got the of a about what way to CapEx the might here? handicap Rhode just AMF, is GMV. be kind You've How Island opportunity there?

Vince Sorgi

first we'll following range that -- we narrow current about in round we I think, year's able what the incorporate to these think we're ranges next the provided get once And filings. state, talking again, with in be through, year's I that update. this next

Durgesh Chopra

hopefully, one, And quickly then up. following just

have that right absorb sheet You am about to -- the upside thinking equity? Kentucky you having that in that upside I or Island balance the capacity whether it's can without CapEx the issue Rhode

Vince Sorgi

resized in plan to CapEx not those fund two as only we upsides well, the We balance the the sheet but had Yes. yes.

Operator

Arcaro next with David Stanley. Morgan The comes from question

David Arcaro

any? offshore upside about I be seeing that's wondering, talk or you're was just you size potential CapEx able the of would in outside the to opportunities, transmission if transmission

Vince Sorgi

specifically to you Are generally, or referring Island David? Rhode more

David Arcaro

I generally, was More thinking.

Vince Sorgi

all those continue smart to opportunity of the to three technology look Kentucky. in as networks, and transmission our continue Island portfolio as Rhode additional grid system see hardening, for in well in across we So primarily at jurisdictions,

that $XX year we the So would maybe there. opportunity all we those on there. of regulatory into end area cadence with five back definitely once in get in out we're that's year that plan. at. our in yes, update fulsome the and areas the in filings that some see then are with be say Kentucky additional the come opportunity I more our But of looking call that February. part probably would of billion, normal half current could be the all will through But update the in our from pulled an get decade Again, where have

David Arcaro

aggressively if path? of just wondering things a achieving you level in right what's update, kind kick you're to execution seeing then in give next months, off over the O&M could of the cost an of your And cuts in that able backdrop just terms risk that the And looking XX confidence being now? level on of

Vince Sorgi

for We're potential XXXX. both forecast, efforts. business Kentucky really XXXX our $XXX The main our result transformation the is O&M. the we Island XXXX. talked beyond least Rhode there, source to weather talked the real of at upside a and feeling areas million of and very then Again, by hit and O&M, to confident Joe about two in about ability in centralization

schedule is would we're which David, I so And great. say ahead that, on of

And so it we'll just be at going gives the us hit confidence least $XXX further that million able XXXX. to into

Operator

from comes question Next Goldman Lapides with Sachs. Michael

Michael Lapides

that forecast your opportunity, much shutting generation down an the of in of transformation -- curious the how acceleration changed? Just has timing does like, us on remind coal of what's some of coal retirements? Kentucky on you state plants plant And the depend your the can

Vince Sorgi

initiatives directly not well, they're are really transformation tied Kentucky retirement. plant to certainly to tied accelerating say, the in coal would not, So I our --

dates one in up our the retirement EPA as in end-of-life into that we other other Neighbor we result than than depreciation need what's So that XXXX to rule. the that, existing dates had unit existing a Michael. pulled may But think Good of our the plan, XXXXs are be

transformation enabling the overall we’ll scheduling outage be just reduction on us in just to or we're those prudent -- initiatives initiatives, XXXX. we're O&M and that's plants the XXXX at retiring be that in and On how looking more O&M

driving what's to certainly an to are something But we will keep again, of the our on. again, into our dependent. we that's there. But I pulled dates some CapEx potential coal and retirements, existing continue say opportunity but really XXXX change, really it's get linkage plant one continue that of in there's for continue wouldn't the depreciation that that really to than factoring eye terms And update not to there, see overall other we're economics as So then today, change, acceleration in. that freight regulation plant

Michael Lapides

do the five years, a see seven or decade? in the build generation yourself cycle having by part next don't effective of you latter if of base load the to a shortage you combined non-intermittent So

Vince Sorgi

to necessarily speculate I that, Michael. on don't want

kind analysis think CPCN. We'll make finishing we'll the that with filing the for there. regulatory go through and of we're the then the I commission right now process

speculate is would like through we the rather on what not So commission. that until with get process the

Michael Lapides

in other there's -- supply So therefore, service show the and potential CPCN demand in for will a and filing need? territories whether effectively the will show a the words, supply Kentucky

Vince Sorgi

Absolutely.

the load So we're updating forecast.

the So we're we're the economic seeing of including that development all state. in

DSM our updating We're plan. load. increased an that's and efficiency energy So

be will that to So a load. decrease

So the and then at load required forecast. of blown XX/X energy amount retiring the we'll capacity that all capacity updated basis. meet full We'll on that's to have look a a the and load

So yes, site. public be all that the included will of that be the on in will filing, Web KPSC's all

that, the of cost that information that made done. protection all input the to only see output RFP. on see the like you'll solution supply get we'll we You'll do we'll and the confidential a assumptions other actual the from The than prices of clear picture commercially need thing modeling the and that. from any very bid But solve sensitive we've is lease

Operator

question of Bank Paul Zimbardo comes from with America. next The

Paul Zimbardo

the comfort been in you've rate hedges, know want you on like on active on the house. broadly, added additional swaps, you about any side anything the Just past, Just variable comment just the rate exposure? I new to could that? check interest of if hedging. have And

Vince Sorgi

that. Joe let I'll take

Joe Bergstein

rate from our term a debt rate. XX% portfolio long is of exposure, variable floating So consolidated about

the of that rates. billion. fluctuations total in comfortable floating is level that seen debt impact material with and interest date see plan exposure the don't We $XX about portfolio from we've to any to So really rate feel

on operational And have the to contemplated very interest the I overall offset We broadly rate our forecast outside factors macro rates. a jurisdictions feel or have interest in Those long several some risk very even we've despite that within there our XX% help on Day exposure, floating and about headwinds plan of the exposure. of including still could form we of rates. we're capital our and discussed morning. that times growth that tracker low rates developed rider. And Investor good through have efficiencies. help that's we that in make several reaffirmed and are so tracking couple comments our we maybe And our Obviously, the we interest our just rise rates. see, plan We've plan we mechanisms this a recent obviously, of runs levers that to higher on focused are term mitigate

incremental period. on any in growth have savings outperform load a on factor. economic announced decoupled potential in we Pennsylvania We to Rhode Kentucky, in just And then And is continue plan. within see current Island, well there, state. the as within not And the perspective, from are been business known our have we've and plan then to recently growth we Kentucky. development our the a targets with do load this incorporated load that's both we so And load not upside

Paul Zimbardo

actually. load was was the following Pennsylvania, kind Pennsylvania. in strong seem just between but And for a Kentucky, things moving side of opposite Kentucky be a to little up on I Residential bit industrial. the around curious, weak and

a So bit on more you give what on if insight you're little the ground? just could seeing

Vince Sorgi

to So say jurisdictions, economy general strong. I continues both would the in be

out seeing -- lot year-over-year even You're Industrial is coming just Kentucky demand of Kentucky due steel this there Pennsylvania anomaly in year, C&I really in pent is was is really of C&I in pandemic. one the where and up. up a to that manufacturer last a down commercial load,

than was higher ever we've production the so And seen it.

on I And commodity a bills. residential, that steel related underlying a think And with saw And the high really customer. levels the third that quarter customers' really to seeing now through year. our in we're we've the we just last issues response then normalized so prices that's immediate of, of to bit no We dip then versus flow that, say, would so normal you're -- for back right, economy one on kind there. the to

where So prices adjusting accordingly. and our up are prices the we're wholesale

the that some manage to around I strong. to on going no think impacts there. continues underlying and And their think conservation But there's so again, just residentials bills general to we within look the level try of economy,

Operator

Campanella Nick The with Suisse. Credit question comes next from

Nick Campanella

I the if we on sorry you're repeat that wanted as side. it, I if but capital? yourself. credit it, Kentucky. growth just just I'm kind you ask additions know don't those think making the Can execute And potential on So heard in additional, of without call about you to equity megawatt I'm I contemplating

Vince Sorgi

Yes, we can, Nick.

Nick Campanella

of does credit And at how kind IRA if your then affect just all? stance,

Vince Sorgi

Not impact credit. a major on

really don't Again, So impact XX% going that. see our on a We we on you're were the where taxpayer is we any our the WPD, anyway. flows maybe probably sold use AMT our coming in cash attributes. from generally tax projections When we about provision AMT.

Of of There's modified they treasury course, the still from needs come the rules act. there a at end. to on the very final still that lot regulation

So it, on anticipating clean competitive not the when impacts. our other we company owned PPAs. And those supportive credit on AMT. result a cash any position look really drive at obviously, versus the really party us But provisions, energy Nick, then of going more again, renewables that's any not impact are on being third of provisions, as to

Operator

Paul The Associates. with Glenrock comes Patterson from next question

Paul Patterson

RFP. just I The bit process follow-ups. that component Rhode guys that? clear to think could are as was little place, why I in quick more taking color few the you or behind give a in you a wasn't Just foregoing Island remuneration the thought that

Vince Sorgi

law. will the And -- actually those contracts happen in look the Paul, was that able to if within we XXXX. that the remuneration earn not the was came way on only up would come allotted that, online law The out that when that final until were you at window

the reality to given to be really any able when wouldn't law. after we wasn't go up pick is any to reason the any timing remuneration So try constraints there the in

Paul Patterson

And think, the I the I Elia JV, then release, week. from last read

you you competitive and in you more the guys expertise other in of and sort mean, the on you are -- Is on experience a like you elaborate our little today think color of mentioning bit Just there Elia's give else respect with do than advantage can Europe. to could that terms think that? I that what anything release, guys

Vince Sorgi

say, Elia's here understanding don't talk that building would about want and would siting, again, we our given and where competitive versus in to I process. deep the the But competing expertise and ISOs Well, think in in in ISO, just transmission operating bidders deep be advantages our and expertise I certainly onshore of offshore US.

opportunity innovative I partnership for detail to think us a bring more creates that. to any don't get into to New England. But our great want on I solutions

Paul Patterson

guys you just away But to -- England beyond want I or mean, just thought -- England? don’t of be there I New give England. New anything could any -- wider competitive is I you But your it than anywhere New advantage. mentioned

Vince Sorgi

Potentially, there term partnership certainly New is be not long skill of our But our where opportunity that's unique front could now, focus think England. a clearly, for opportunity England Elia we're the right just there. to And I us where Obviously, sets, again, that's necessarily it's is in But and focused. the opportunity is there. with given New to now. two right

Operator

next The question comes from Anthony Mizuho. with Crowdell

Anthony Crowdell

question Paul's earlier following on load. up Quick on

is nice builds. are But load decoupled, matter. some I Rhode doesn't maybe because cutback you mentioned so and it you know Island really seeing some detail gave high residential You of

Just that. five forecasting period, even year in your or where thought you're load growth 'XX provided on in you've if

Vince Sorgi

Kentucky, flat across our So that we're in relatively no we current [PA] built for load period. really in plan, so growth have

Anthony Crowdell

you your that and going in you'll the it's plan, able on cause be more temporary think do plan your change be concern residential or Does [on to to hit fly]?

Vince Sorgi

structure of really But versus think have the also the have structures as in just charges of reaction in we fluctuations be doesn't PA, levels we're those it's tariff from tariff in we're Kentucky. really Kentucky. Kentucky probably we are, concern. PA, as fixed will for just to also temporary not but temporary, the to I a way in because cause load one, the heavily think weighted seeing I our just charges, demand pricing PA impact what most that way more you're give likely some but impactful load us but it's right, Anthony, it's do

Anthony Crowdell

a that's some that, or something those of year you take back five the base plan lastly, rate back lot opportunities. AMI, the you within any more growth there's about talked in could just CapEx talked the just think some gave on earlier great to rate, RFP And decade? changes on, Kentucky. I you step end plans if current that Do the wonder. of about fruition if ability to detail a of come You and on

the Just the that ability plan? is for maybe that to five hit year

Vince Sorgi

to is of base talked billion shows. CapEx in five think the $X.X into would But opportunity to the think what could in actually growth I Anthony. $X.X I earlier, rate $X billion which come billion to billion obviously compared Kentucky $X plan I year raise the As again, period, probably our range, that total current

Operator

comes Wolfe question with David Research. from Paz next The

David Paz

may just have narrow? how EPS will you filing target? base me in targets into term addressed growth differently. term gap you you let much EPS February, CPCN Kentucky ask update You the between And growth it and the growth that do if incorporate maybe long your long this, rate so, to anticipate outlook but your When

Vince Sorgi

you Joe, do want talk to to that?

Joe Bergstein

of at update CapEx relative some we would plan when file next CPCN So our incorporate least to that we the that we'll year.

that at closing as It be in say those little XXXX, will earnings the the much it's ready if exactly units certainly about far generation think As offline time. units to off-line, new load close. a because to I and how you rate the will think gap growth, between early close we'll that need coming need the in serve generation and to coming Kentucky base whole

so would probably have construction XXXX. in beginning And to start

growth help So rate current between I certainly gen replacement earnings to would 'XX and 'XX, which and the related incremental close think in based growth. you'd to gap capital see

Vince Sorgi

David, say that update. will I be fulsome update a would just

in portfolio Kentucky So related where update we just needs. we've prior but generation, about the CapEx to for talked not it capital Again, see incremental will we transmission questions. across

two. a close the the will to fulsome between do we'll update gap Joe's point, that So help

Operator

session. would I back over closing like for the remarks. conference This to to any Vince concludes Sorgi question-and-answer our turn

Vince Sorgi

Great. Thank you.

for we're us seeing Stay Just joining everybody EEI. thank want everybody soon. forward and you to to and see today, at looking we'll safe,

Operator

The conference now presentation. has for attending Thank today's concluded. you

You may now disconnect.

PPL (PPL) 4 Nov 222022 Q3 Earnings call transcript