PPL Corp Announces Rhode Island Rate Case Decision, Reaffirms Guidance

PPL Corp. filed an 8-K detailing the outcome of a significant regulatory proceeding for its subsidiary, The Narragansett Electric Company (d/b/a Rhode Island Energy or "RIE"). The Rhode Island Public Utilities Commission ("RIPUC") issued decisions in RIE's base distribution rate case, which was initially filed in November 2025.

Key Outcomes of the Rate Case:

• Revenue Increases: The RIPUC authorized annual revenue increases of $44.1 million for electric services and $93.7 million for gas services.
• Return on Equity (ROE): The commission approved a 9.275% return on equity.
• Capital Structure: A debt-to-equity ratio of 48% debt to 52% equity was authorized.
• Rate Effective Date: The approved rate changes will become effective on September 1, 2026.

Hold Harmless Commitment Resolution: The filing also addressed RIE's commitment to shield customers from certain tax impacts related to PPL's 2022 acquisition. The RIPUC authorized an alternative proposal which RIE accepted, resulting in approximately $170 million in total bill credits to be issued to customers between October 2026 and September 2027. This resolution fully satisfies RIE's obligation.

Financial Outlook: Critically, PPL reaffirmed its previously disclosed 2026 ongoing earnings per share forecast and its long-term earnings growth targets. This reaffirmation signals to investors that the regulatory outcome was within the company's expectations and does not negatively alter its financial trajectory. The decision provides important regulatory clarity for PPL's operations in Rhode Island.