PPL Corp. invested $2.4 billion in improvements in 2023 as part of the company's goal of becoming a "utility of the future."
The Allentown-based company's 2023 Sustainability Report was posted Thursday, highlighting progress on safety, reliability, the environment, community engagement, and corporate governance.
"I'm very proud of what our PPL team accomplished in 2023," Chief Executive Officer and President Vincent Sorgi said in a company statement. "Our commitment to responsible business practices guides our efforts as we pursue a cleaner energy future" while serving customers and rewarding shareholders.
PPL remains on target to move to cleaner sources of energy and reach its goal of net-zero carbon emissions by 2050, Sorgi said. Carbon dioxide is a greenhouse gas that has been linked to climate change.
The 87-page report is posted on PPL's website.
Each of the company's utilities was in the top quartile of reliability, according to the report. On the financial side, $2.4 billion in infrastructure spending was completed on time and under budget, while the company cut $75 million in operation and maintenance savings.
The company engaged in research during the year to promote clean-energy technologies as part of the net-zero goal, and donated $13.6 million in the communities where it operates.
Also in 2023, the Pennsylvania Public Utility Commission proposed a $17 million settlement after a billing problem that affected PPL electricity customers for months. The PUC said the penalty included a $1 million fine and $16 million in costs that PPL would absorb.
PPL operates in Pennsylvania, Kentucky and Rhode Island. It serves about 3.6 million customers and employs 6,600 people.
The utility faces different challenges in different states. Rhode Island has set ambitious environmental goals, while in Kentucky, some state lawmakers have objected to PPL's plan to shut coal-burning plants.
Shares in the company are traded on the New York Stock Exchange under the ticker symbol PPL. The closing price Thursday was $26.62, giving the company a market capitalization of $19.6 billion.
In the last 52 weeks, PPL shares have traded as high as $29.04 and as low as $22.20.
Jeff Ward
WFMZ.com Reporter
