ALLENTOWN, Pa., April 2,
2024 /PRNewswire/ -- PPL Corporation (NYSE: PPL)
subsidiary Rhode Island Energy (RIE) on Thursday (3/28) received
unanimous approval from the Rhode Island Public Utilities
Commission (RIPUC) for approximately $326
million in planned spending from April 1, 2024, to March
31, 2025, to improve the safety and reliability of
Rhode Island's electric and gas
networks.
The planned spending, connected to RIE's annual electric and gas
Infrastructure, Safety and Reliability (ISR) plans, addresses
approximately $300 million in capital
investments ($132 million for
electric and $168 million for gas)
and $26 million in operating costs
for vegetation management, restoration paving on gas main
replacement projects, system inspections and other work.
"These investments are critical to maintaining and improving the
safety and reliability of electricity and gas service for our
customers in Rhode Island and help
to enable the clean energy transition in the state, where
Rhode Island has some of the most
progressive clean energy transition goals in the nation," said
Vincent Sorgi, PPL president and
chief executive officer.
PPL today reaffirmed its 2024 earnings forecast range of
$1.63 to $1.75 per share, with a midpoint of $1.69 per share, as well as its projected annual
earnings per share growth of 6% to 8% through at least 2027. PPL
today also reaffirmed its $14.3
billion capital investment plan for 2024 through 2027.
RIE is part of the PPL family of companies. The utility provides
essential energy services to nearly 800,000 customers across
Rhode Island.
About PPL
PPL Corporation (NYSE: PPL), headquartered in Allentown, Pennsylvania, is a leading U.S.
energy company focused on providing electricity and natural gas
safely, reliably and affordably to more than 3.5 million customers
in the U.S. PPL's high-performing, award-winning utilities are
addressing energy challenges head-on by building smarter, more
resilient and more dynamic power grids and advancing sustainable
energy solutions. For more information, visit www.pplweb.com.
Note to Editors: Visit our media website at www.pplnewsroom.com
for additional news about PPL Corporation.
Contacts:
|
For news media: Ryan
Hill, 610-774-4033
|
|
For financial analysts:
Andy Ludwig, 610-774-3389
|
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SOURCE PPL Corporation; Rhode Island Energy