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Delivered strong first-quarter results driven by higher base rate recovery in Kentucky and increased transmission revenues from capital investments in Pennsylvania.

Achieved a constructive settlement in the Pennsylvania rate case, maintaining delivery rates among the lowest in the state while securing a two-year stay-out period.

Capitalized on significant data center demand in Pennsylvania, with projects in advanced planning stages increasing 12% to 28.3 GW, including 10 GW with signed service agreements.

Expanded the Kentucky development pipeline to 12.9 GW of potential load, driven by 13 new data center projects and significant manufacturing investments from Toyota and Global Laser Enrichment.

Advanced the Blackstone joint venture by executing multiple gas turbine reservation agreements and submitting generation projects into the PJM interconnection queue.

Prioritized customer affordability through disciplined cost management, keeping O&M increases 25% below inflation over the last decade in Pennsylvania.

Strengthened the Rhode Island portfolio through approval of $330 million in infrastructure investments and top-quartile reliability performance during historic winter storms.

Reaffirmed 2026 ongoing earnings guidance of $1.90 to $1.98 per share and long-term EPS growth target of 6% to 8% through 2029.

Projected $23 billion in capital investment through 2029, supporting an average annual rate base growth of 10.3%, excluding potential Blackstone JV contributions.

Anticipates a potential new CPCN filing in Kentucky as early as late 2026 to address probability-weighted load growth that has nearly doubled to 3.5 GW.

Expects to announce meaningful commercial arrangements or Energy Supply Services Agreements (ESSAs) within the Blackstone joint venture before the end of 2026.

Assumes a phased approach to nuclear development in Kentucky, utilizing a state grant program that provides $25 million per site for early site permitting of small modular reactors.

Implemented a new large load customer rate class in Pennsylvania with 10-year load requirements and financial commitments to protect existing residential ratepayers.

Recorded a $0.03 per share impact from special items, primarily driven by an ISO New England transmission ROE reduction and system integration impacts, which were partially offset by the regulatory asset treatment of IT transformation costs in Kentucky.

Proposed a 'hold harmless' commitment in Rhode Island to provide bill credits starting in 2027, offsetting the impact of the pending base rate case.

Secured reconsideration of the Kentucky base rate case to address specific cost recovery and return determinations modified by the commission.

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Management expressed high confidence in announcing meaningful contracts this year, noting that hyperscalers have shifted focus from grid connection to securing dedicated generation.

The JV is currently executing turbine reservations and has secured land for multiple generation projects to remain competitive in the PJM queue.

The current 28 GW backlog represents at least $500 million in potential transmission investment upside beyond the existing $1.3 billion incremental plan, though some of this investment would extend beyond the current 2029 plan period.

Management highlighted a competitive advantage in connection costs, spending less than $150 million per gigawatt compared to some peers exceeding $1 billion.

PPL supports the focus on bilateral contracting but emphasized that any backstop auction must ensure costs are borne by large loads rather than existing customers.

The company is prepared to seek state-level protections or contractual safeguards to prevent risk shifting to the regulated utility's rate base.

The probability-weighted load forecast has increased from 1.8 GW to 3.5 GW, making a new CPCN filing likely by the end of the year.

Initial resource additions would likely focus on batteries for quick deployment, followed by the 266 MW pumped storage project and potentially additional gas generation.