Rhode Island Energy Secures $326M for Infrastructure Upgrades

The Facts -

PPL Corporation's subsidiary, Rhode Island Energy, has been given approval by the Rhode Island Public Utilities Commission to invest $326 million during the fiscal year 2024-2025 to enhance the state's electric and gas infrastructure. The approved expenditure includes around $300 million in capital investments, which will be used to improve the safety and reliability of the state's energy networks. PPL has also reaffirmed its earnings forecast for 2024, expecting to see a 6% to 8% growth in earnings per share through at least 2027, along with a $14.3bn capital investment plan spanning from 2024 to 2027.

Approval for Significant Energy Infrastructure Investment in Rhode Island

PPL Corporation's subsidiary, Rhode Island Energy, has obtained the green light from the Rhode Island Public Utilities Commission for a substantial $326 million investment in the state's gas and electric infrastructure for the fiscal year starting April 1, 2024.

This unanimous approval aims to boost the safety and reliability of Rhode Island's energy networks. It includes about $300 million in capital investments for electric and gas infrastructures along with $26 million for essential maintenance activities, emphasizing the company's commitment to reliable and safe energy services.

These investments are crucial for Rhode Island's ambitious clean energy transition goals, according to Vincent Sorgi, President, and CEO of PPL. Adhering to the company's financial forecasts, PPL maintains its projected earnings range of $1.63 to $1.75 per share for 2024 and reveals a $14.3 billion capital investment plan from 2024 to 2027.

As a key entity in the PPL family, Rhode Island Energy serves approximately 800,000 customers across Rhode Island. PPL Corporation, known for its high-performing utilities, is invested in building smarter, more resilient power grids while advancing sustainable energy solutions.

InvestingPro: PPL Corporation's Market Performance and Investment Potential

PPL Corporation's recent approval for infrastructure investment fortifies its service reliability and backs Rhode Island's clean energy initiatives. Here's what data and tips from InvestingPro reveal about the company's financial standing:

• • The corporation holds a steady market capitalization of $20.35 billion, reflecting its significant role in the energy sector.

• • Its P/E ratio is at 21.9 based on Q4 2023 data, revealing investor perspectives on its earnings.

• • With a dividend yield of 3.75%, PPL continues to reward shareholders for the 54th consecutive year.

For a deeper analysis of PPL Corporation, visit https://www.investing.com/pro/PPL. Use the coupon code PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription.

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