ALLENTOWN, Pa., May 25, 2016 /PRNewswire/ -- PPL Corporation
(NYSE: PPL) is poised to deliver strong earnings growth, a
competitive dividend and long-term value for shareowners as it
invests in a smarter, cleaner energy future, the company told
shareowners Wednesday (5/25) at PPL's annual meeting in
Allentown, Pa.
"In 2015, we invested more than $3.5
billion in infrastructure improvements," said William H. Spence, PPL's chairman, president and
Chief Executive Officer. "Over the next five years, we plan to
invest an additional $16 billion to
make the energy grid more reliable, resilient and secure, to
advance a cleaner energy mix, and to incorporate new
technology."
Spence said the company's focus on reliability includes
hardening its systems and better protecting them against weather
and other elements. It includes building new substations and power
lines that offer greater flexibility to move power when trouble
strikes. It also includes incorporating smart grid technology that
can sense power outages as they happen and, within minutes,
automatically restore service to many customers before repairs are
made.
"These investments in the energy grid are already making a
significant difference," Spence said, highlighting as examples the
record reliability performance of its United Kingdom operations in 2015 and a 30
percent drop in outages for PPL Electric Utilities customers in
Pennsylvania.
He said the company is also investing in a cleaner energy future
by helping customers save energy – about 3 billion kilowatt-hours
annually; leading the way, according to U.K. regulators, in
connecting renewable energy to the grid to advance U.K. carbon
reduction goals; and taking steps to enhance the mix of energy
sources in Kentucky, where PPL
owns regulated generation. Those steps included completing the
retirement of 800 megawatts of coal-fired generation in 2015 and
replacing it with a cleaner burning natural-gas-fired power plant,
as well as breaking ground on a new solar power plant and
announcing plans to offer onsite solar generation for
businesses.
Last, but not least, Spence said the company is also investing
in new technology to improve service and operate more efficiently.
Examples include drones for power line inspections, electric-lift
bucket trucks and mobile-friendly tools to provide outage
information to customers. In addition, he said PPL is investing in
the communities where it does business, donating more than
$12 million to support community
programs in 2015.
Bolstered by its investments in the future, Spence said the
company continues to expect compound annual earnings growth of 5 to
6 percent through 2018.
"With a low-risk business plan, we are poised to deliver
competitive earnings growth and dividends going forward," he told
the audience, adding that he believes PPL's best days are
ahead.
During the meeting, PPL shareowners also elected nine directors
to one-year terms, approved 2015 compensation for executive
officers named in the company's proxy statement, approved the
company's 2016 short-term incentive compensation plan, approved the
amendment of the company's articles of incorporation to increase
the number of authorized shares of common stock, and ratified the
appointment of Deloitte & Touche LLP as the company's
independent registered public accounting firm for 2016. Visit the
Board of Directors page at www.pplweb.com for background on the
directors elected Wednesday.
Shareowners also considered and rejected a shareowner proposal
to assess and report on the deployment of distributed generation
resources.
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. The company and
its 13,000 employees are dedicated to providing exceptional
customer service and reliability and delivering superior value for
shareowners. To learn more, visit www.pplweb.com.
Management utilizes "Earnings from ongoing operations" as a
non-GAAP financial measure, and it should not be considered as an
alternative to reported earnings, or net income, which is an
indicator of operating performance determined in accordance with
GAAP. PPL believes that earnings from ongoing operations is useful
and meaningful to investors because it provides management's view
of PPL's earnings performance as another criterion in making
investment decisions. PPL's management also uses earnings from
ongoing operations in measuring certain corporate performance
goals. Other companies may use different measures to present
financial performance.
Statements contained in the presentations at this meeting,
including statements with respect to future earnings, cash flows,
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