PPL : 1Q 2024 Earnings Presentation

1st Quarter Financial Highlights

• Continued execution, delivered solid 1st quarter financial results
• • Reported Q1 2024 GAAP results of $0.42 per share and ongoing earnings of $0.54 per share, representing 12.5% increase year-over-year
• Reaffirmed 2024 ongoing earnings forecast range of $1.63 - $1.75 per share with a midpoint of $1.69 per share
• On track to complete ~$3.1 billion capex plan to provide safe, reliable and affordable energy to our customers
• Reaffirmed long-term financial targets
• • 6% - 8% annual earnings per share and dividend growth through at least 2027 (1)
  • $14.3 billion capital investment plan through 2027
  • O&M savings of at least $175 million by 2026 from the company's 2021 baseline

Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations.

(1) Refers to PPL's projected earnings per share growth from 2024 guidance range midpoint of $1.69 per share to 2027 and targeted dividend per share growth in line with EPS.

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Operational and Regulatory Updates

• Received approval for $326 million Infrastructure, Safety and Reliability (ISR) plans that support critical investment needs in Rhode Island
• • Includes capital investments for $132 million of electric distribution and $168 million of gas distribution, plus an additional $26 million in operating costs
  • Investments to be recovered through an annual rider
• Filed request with PAPUC to enhance DSIC mechanism in Pennsylvania, supporting timely recovery of capital investments in eligible property (1)
• • Requested to increase revenue cap to 9% (currently 5%) beginning January 1, 2025
  • Expect decision from the PAPUC by end of 2024
• Default Service Plan (DSP) filing in Pennsylvania with modifications to drive lower costs
• • Leveraging data analytics, our plan includes modifications to the current product mix designed to lower supply costs for our customers
  • Expect decision from the PAPUC by the end of 2024 for plan effective June 1, 2025 - May 31, 2029

PAPUC: Pennsylvania Public Utility Commission

DSIC: Distribution System Improvement Charge

1. DSIC petition filed under Docket# P-2024-3048732.

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Advancing Plans to Support Prospective Data Centers

• PPL is well positioned to serve the needs of data centers in both Pennsylvania and Kentucky
• • Favorable attributes include capacity on our electricity grids, strong reliability, an abundance of available land, geographic locations and incentive programs to support data center development in each state
  • Current business plan does not reflect incremental data center load or capital investments
• Data center potential in Pennsylvania
• • PPL Electric received a record number of new requests in both 2023 and Q1 2024, with ~3 GWs in advanced stages
  • Prospective data centers represent upside to our capital plan as large data centers (>500 MW) need transmission upgrades $50 to $150 million per data center (PPL Electric's share of capital investment), depending on the size, location, and data center needs
  • Every $125M of incremental investment (PPL Electric's share) is projected to add $0.01 of EPS
  • Importantly, we expect the net impact of each data center connection to reduce the retail customer transmission rates for our PA customers
• Data center potential in Kentucky
• • LG&E and KU are also engaged with several data center developers
  • Prospective data centers represent modest upside to our capital plan through any required transmission upgrades and more significant upside through additional generation capacity required

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Items on the Horizon

• Assessing potential impact of new suite of finalized EPA rules
• • Finalized rules include Section 111 Greenhouse Gas (GHG) CO2 Standards, Mercury and Air Toxics Standards (MATS), Effluent Limitations Guidelines (ELG), and Coal Combustion Residuals (CCR)
  • We anticipate these rules to be challenged and that the legal process could take years to complete
  • However, should these rules be upheld, compliance would likely require significant additional environmental investments in our Kentucky generation fleet and/or require new generation in the latter years of the current planning period and beyond
  • The new rules could exacerbate long-term resource adequacy concerns, especially with new data center load requirements
• LG&E and KU's Renewable Energy Request For Proposal (RFP)
• • Evaluating alternatives to provide customers with the least-cost,long-term supply of renewable energy
  • Exploring potential additions, no earlier than 2026, in light of new EPA regulations and expected load growth
  • Proposals due by end of Q2 with our expected evaluations to be completed in Q4 of 2024
• Kentucky Integrated Resource Plan (IRP)
• • Expect to file plan in Q4 2024 (no later than October 19th)
  • IRP will incorporate updated load forecasts and generation supply planning, including November 2023 CPCN outcome, for the next 15-year planning horizon
• PPL's Climate Assessment report
• • To be updated in 2025 following completion of the Kentucky IRP process

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