PPL Corp. invested $2.4 billion in improvements in 2023 as part of the company’s goal to become the “utility of the future.”
The Allentown-based company’s 2023 Sustainability Report was released Thursday, highlighting progress in safety, reliability, the environment, community engagement and corporate governance.
“I am extremely proud of what our PPL team accomplished in 2023,” CEO and President Vincent Sorgi said in a company statement. “Our commitment to responsible business practices guides our efforts to pursue a cleaner energy future,” while serving our customers and delivering returns for our shareholders.
Sorgi said PPL continues to achieve its goal of transitioning to cleaner energy sources and achieving net-zero carbon emissions by 2050. Carbon dioxide is a greenhouse gas associated with climate change.
The 87-page report is posted on PPL’s website.
According to the report, each of the company’s power companies ranks in the top quartile for reliability. On the financial front, $2.4 billion in infrastructure spending was completed on time and on budget, while the company realized $75 million in operational and maintenance savings.
This year, as part of its net-zero goal, the company committed to research to advance clean energy technologies and donated $13.6 million to the communities in which it operates.
Also in 2023, the Pennsylvania Public Utilities Commission proposed a $17 million settlement following billing issues that affected PPL’s electricity customers for several months. The PUC said the fine includes a $1 million fine and $16 million in costs to be paid by PPL.
PPL has operations in Pennsylvania, Kentucky, and Rhode Island. The company serves approximately 3.6 million customers and employs 6,600 people.
The utility faces different challenges in each state. Rhode Island has set ambitious environmental goals, while in Kentucky some state lawmakers oppose PPL’s plan to shut down coal-fired power plants.
The company’s stock trades on the New York Stock Exchange under the ticker symbol PPL. Thursday’s closing price was $26.62, giving the company a market capitalization of $19.6 billion.
Over the past 52 weeks, PPL stock has traded as high as $29.04 and as low as $22.20.
