ALLENTOWN, Pa., May 18, 2022
/PRNewswire/ -- PPL Corporation (NYSE:PPL) has strategically
repositioned itself for long-term growth and success, is eager to
showcase its strengths following a year of transition, and is
focused on driving significant value for customers and shareowners,
PPL President and Chief Executive Officer Vince Sorgi told shareowners today during PPL's
annual meeting, which was held virtually.
In his message to shareowners, Sorgi outlined the progress PPL
has made over the past year in strategically repositioning the
company. This included achieving exceptional value of nearly
$11 billion with the sale of PPL's
former U.K. utility business in June
2021 and announcing the planned acquisition of The
Narragansett Electric Company, Rhode
Island's primary electric and gas utility.
In addition, he recapped PPL's success in delivering excellent
operations in 2021. This included achieving top-quartile
reliability, award-winning customer satisfaction and near-record
safety performance across PPL's utilities while investing more than
$2 billion to build smarter, more
dynamic and more resilient energy networks.
He also highlighted the company's work over the past year to
strengthen its clean energy strategy. This included setting a new
goal to achieve net-zero carbon emissions by 2050, committing to
not burn unabated coal by 2050, and announcing $50 million in new investments to support clean
energy research and development.
Looking forward, Sorgi said the company remains focused on
completing the acquisition and integration of Narragansett
Electric.
"With the sale of our U.K. operations, we have eliminated the
risk associated with foreign operations," said Sorgi. "We've
shifted PPL from a defensive posture to a position of strength,
with one of the strongest balance sheets in the U.S. utility sector
capable of supporting growth without the need for equity issuances
for the foreseeable future. And importantly, we've created much
greater financial flexibility for PPL to invest in a sustainable
energy future."
At the same time, Sorgi said PPL remains focused on creating the
utilities of the future through continued investments in smart grid
technology and innovation. "The investments we've made have
strengthened reliability, improved customer satisfaction and
supported efficient operation for our customers, and we believe the
best is yet to come," said Sorgi.
Lastly, he said the company looks forward to introducing a new
PPL to shareowners at an investor day shortly following the close
of the Rhode Island
acquisition.
"The new PPL will be a financially strong, innovative,
high-performing utility operator that is poised to lead the clean
energy transition in the regions we serve while keeping energy
safe, reliable and affordable," said Sorgi. "It will be an
outstanding collection of U.S. utilities built for the future. And
it will be structured to marry PPL's track record of excellent
operations with compelling shareowner returns."
In addition to Sorgi's business update, PPL's annual meeting
included action on several management proposals. During the
meeting, PPL shareowners elected nine directors to one-year terms,
approved 2021 compensation for executive officers named in the
company's proxy statement and ratified the appointment of Deloitte
& Touche LLP as PPL's independent registered public accounting
firm for 2022.
To learn more about PPL, visit www.pplweb.com.
About PPL
PPL Corporation
(NYSE:PPL), based in Allentown, Pennsylvania, is a leading U.S.
energy company focused on providing electricity and natural gas
safely, reliably and affordably to 2.5 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.
Statements contained in this news release, including
statements with respect to future earnings, performance 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 these
statements. Any forward-looking statements should be considered in
light of the factors and other matters discussed in "Item 1A. Risk
Factors" and "Item 7. Combined Management's Discussion and Analysis
of Financial Condition and Results of Operations" in PPL
Corporation's 2021 Annual Report on 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:
Andy Ludwig, 610-774-3389
|
|
|
View original
content:https://www.prnewswire.com/news-releases/ppl-corporation-holds-2022-annual-meeting-of-shareowners-301550336.html
SOURCE PPL Corporation