PPL Corporation: J.P. Morgan Natural Resources Conference Takeaways

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PPL Corporation: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

PPL Corporation Overweight

PPL, PPL US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$36.29

PPL Corporation President & CEO, Vince Sorgi, and IR Vice President, Andrew

Ludwig, hosted meetings this week at the J.P. Morgan Natural Resources Conference.

Please see below for some quick takeaways.

Net Takeaways: POSITIVE. With a PA settlement approval in hand and PJM Head of North America Power,

bilateral contracting progressing, we heard a very confident messaging on a bullish Utilities, Midstream, LNG, and

Nuclear

PPL outlook. We await a possible Genco JV contracting announcement by year-end,

which could occur imminently or over subsequent months. Here, talking points Jeremy Tonet, CFA AC

affirmed multiple projects in the hopper, including both hyperscalers and other data (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

center developers. On the regulatory front, PPL set out to demonstrate its

Diana Niles

differentiated position in PA, speaking to strong state stakeholder relationships. We

(1-212) 622-3328

believe the company’s operating track record, effective DSIC usage, filing cadence, diana.niles@jpmorgan.com

and recently approved settlement largely de-risk PA regulatory exposure. Aidan C Kelly

Conversations circled around a potential CPCN filing in KY, where PPL described (1-212) 622-4912

any project announcement beyond the 525MW Campground site as upside. We leave aidan.x.kelly@jpmchase.com

our PPL meetings reinvigorated in the company’s bullish outlook across regulated Eli Jossen, CFA

operations and the Genco JV. (1-212) 622-4113

eli.jossen@jpmchase.com