PPL Corporation And Blackstone: The Data Center JV Investors Are Watching!

PPL Corporation reported first quarter 2026 GAAP earnings of $0.60 per share, increasing from $0.56 per share in the same period of 2025. Adjusted ongoing earnings improved by $0.03 per share to $0.63. The company reaffirmed its full-year 2026 ongoing earnings guidance between $1.90 and $1.98 per share, with a midpoint of $1.94, and maintained long-term financial targets including 6% to 8% annual EPS growth and annual dividend growth of 4% to 6%. The outlook benefits from approximately $5.1 billion planned capital investments in 2026 and a projected $23 billion through 2029, driving a 10.3% average annual rate base growth. The capital plan excludes potential investments from a joint venture (JV) with Blackstone Infrastructure. Regulatory developments include a constructive settlement for PPL Electric Utilities’ Pennsylvania distribution base rate case, resulting in less than a 4% bill increase across customer classes after a decade without a rate case.