LOUISVILLE, Ky., May 17, 2017 /PRNewswire/ -- The state of
PPL Corporation's (NYSE: PPL) business is strong and getting
stronger, PPL Chairman, President and Chief Executive Officer
William H. Spence told shareowners
today at PPL's annual meeting in Louisville, Ky.
"We offer scale and diversity, with seven high-performing,
award-winning utilities in both the
United States and the United
Kingdom," Spence said. "Our businesses are among the very
best in customer satisfaction in the regions they serve. We have an
outstanding track record of delivering on our commitments to
customers and shareowners. And we are investing $16 billion in infrastructure through 2021 to
build a smarter, more secure energy grid and to advance a cleaner
energy future."
Spence said the company's investments continue to deliver
substantial benefits for customers. For example, he said PPL's U.K.
operations delivered their best year in 2016 for network
reliability. At the same time, smart grid enhancements in
Pennsylvania prevented more than
100,000 customer interruptions last year.
Also in 2016, PPL's Kentucky-based utilities completed a
multi-year, $2.8 billion air quality
improvement initiative that will dramatically reduce emissions
going forward. In addition, PPL successfully navigated the foreign
currency challenge presented by the United Kingdom's vote to leave the European
Union.
As a result of its continued success, PPL is well-positioned to
deliver 5 to 6 percent compound annual per-share earnings growth
from 2017 through 2020 and targeted dividend growth of 4 percent a
year through the same period, Spence said.
Wednesday's meeting was held in Kentucky. PPL acquired Louisville Gas and
Electric Company and Kentucky Utilities Company in 2010. Those
acquisitions, along with the company's acquisition of two
additional utilities in the U.K. in 2011, helped transform PPL into
one of the largest companies in the U.S. utility sector.
During the meeting, PPL shareowners also elected nine directors
to one-year terms, approved 2016 compensation for executive
officers named in the company's proxy statement, approved the
frequency of future votes on executive compensation to occur each
year, approved the company's 2012 amended and restated stock
incentive plan, and ratified the appointment of Deloitte &
Touche LLP as the company's independent registered public
accounting firm for 2017. Visit the Board of Directors page at
www.pplweb.com for background on the directors elected
Wednesday.
In addition, shareowners voted in favor of a nonbinding
shareowner proposal requesting that PPL publish an assessment of
impact on the company's portfolio, of public policies and
technological advances seeking to limit global warming.
Headquartered in Allentown,
Pa., PPL Corporation (NYSE: PPL) is one of the largest
companies in the U.S. utility sector. PPL's seven high-performing,
award-winning utilities serve 10 million customers in the U.S. and
United Kingdom. With about 13,000
employees, the company is dedicated to providing exceptional
customer service and reliability and delivering superior value for
shareowners. To learn more, visit www.pplweb.com.
Statements contained in this news release, including
statements with respect to future earnings, cash flows, dividends,
financing, regulation and corporate strategy, are "forward-looking
statements" within the meaning of the federal securities laws.
Although PPL Corporation believes that the expectations and
assumptions reflected in these forward-looking statements are
reasonable, these statements are subject to a number of risks and
uncertainties, and actual results may differ materially from the
results discussed in the statements. The following are among the
important factors that could cause actual results to differ
materially from the forward-looking statements: market demand for
energy in our service territories; weather conditions affecting
customer energy usage and operating costs; the effect of any
business or industry restructuring; the profitability and liquidity
of PPL Corporation and its subsidiaries; new accounting
requirements or new interpretations or applications of existing
requirements; operating performance of our facilities; the length
of scheduled and unscheduled outages at our generating plants;
environmental conditions and requirements and the related costs of
compliance; system conditions and operating costs; development of
new projects, markets and technologies; performance of new
ventures; asset or business acquisitions and dispositions; any
impact of severe weather on our business; receipt of necessary
government permits, approvals, rate relief and regulatory cost
recovery; capital market conditions and decisions regarding capital
structure; the impact of state, federal or foreign investigations
applicable to PPL Corporation and its subsidiaries; the outcome of
litigation against PPL Corporation and its subsidiaries; stock
price performance; the market prices of equity securities and the
impact on pension income and resultant cash funding requirements
for defined benefit pension plans; the securities and credit
ratings of PPL Corporation and its subsidiaries; political,
regulatory or economic conditions in states, regions or countries
where PPL Corporation or its subsidiaries conduct business,
including any potential effects of threatened or actual terrorism
or war or other hostilities; British pound sterling to U.S. dollar
exchange rates; new state, federal or foreign legislation,
including new tax legislation; and the commitments and liabilities
of PPL Corporation and its subsidiaries. Any such forward-looking
statements should be considered in light of such important factors
and in conjunction with PPL Corporation's Form 10-K and other
reports on file with the Securities and Exchange
Commission.
Note to Editors: Visit our media website at
www.pplnewsroom.com for additional news and background about PPL
Corporation.
Contacts:
|
For news media – Ryan
Hill, 610-774-5997
|
|
For financial
analysts – Lisa Pammer, 610-774-3316
|
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SOURCE PPL Corporation