PPL Corp.’s Kentucky subsidiaries granted investment plan approval

PPL Corporation subsidiaries Louisville Gas and Electric Company and Kentucky Utilities Company received regulatory approval to retire 600 MW of aging coal generation and more than 50 MWs of aging peaking units by 2027 and replace them with an affordable, reliable and cleaner energy mix. The Commission authorized LG&E and KU to build one approximately 640 MW combined-cycle natural gas plant at its Mill Creek facility, add 240 MW of company-owned solar, secure power purchase agreements for nearly 650 MW of additional solar, construct 125 MW of battery storage, and implement more than a dozen new energy efficiency programs. The KPSC also approved Allowance for Funds Used During Construction treatment for all authorized construction projects. The KPSC deferred the retirement of Ghent Unit 2 and Brown Unit 3, two of four aging coal units. In connection with these deferred retirements, the KPSC also denied the companies’ request to build a second combined-cycle gas plant at this time. PPL said the level of expected investment is materially consistent with the originally proposed generation replacement plan, which projected $2.1B of investment overall, including $1.6B through 2026. PPL reaffirmed its capital investment outlook and continues to expect approximately $12B in infrastructure improvements from 2023 through 2026 across its regulated operations.