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PPL CORPORATION

(PPL)
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PPL : LG&E plans to pass energy savings on to customers beginning Feb. 1

01/13/2023 | 04:20pm EDT

(LOUISVILLE, Ky.) - Exactly three weeks ago temperatures in Louisville plunged to subzero levels with powerful wind that made the cold that much more biting. But since then, temperatures have been on the rise and the warmer weather is expected to translate into lower bills for Louisville Gas and Electric Company's natural gas customers.

With the National Oceanic Atmospheric Administration predicting above-normal temperatures for many parts of the nation, including Kentucky, for February, March, and April, wholesale natural gas costs - which have risen sharply and stayed volatile over the last two years - are trending lower in response to a reduction in the demand for natural gas.

As LG&E prepares to purchase natural gas to serve customers in the upcoming quarter, the utility has requested permission from its regulator, the Kentucky Public Service Commission, to reduce the associated line item on gas customer bills.

"Purchasing fuel to serve our customers at the lowest cost is among our top priorities and a part of our regular system planning," said LG&E Vice President of Gas Operations Tom Jessee. "We know that higher natural gas market prices have made managing bills more challenging for customers and we're pleased to help provide them some much-needed relief."

The lower costs would go into effect on Feb. 1. Once in place, an LG&E gas customer using 60 CcF (or 6,000 cubic feet) could see a gas cost savings of about 16% on their bill, compared to the current quarter.

Here to help

LG&E wants customers to know we're here to help. As we work to help reduce costs for customers, the utility also offers various resources to assist customers having difficulty managing their bill:

###

Louisville Gas and Electric Company and Kentucky Utilities Company, part of the PPL Corporation (NYSE: PPL) family of companies, are regulated utilities that serve more than 1.3 million customers and have consistently ranked among the best companies for customer service in the United States. LG&E serves 333,000 natural gas and 429,000 electric customers in Louisville and 16 surrounding counties. KU serves 566,000 customers in 77 Kentucky counties and five counties in Virginia. More information is available at www.lge-ku.com and www.pplweb.com.

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PPL Corporation published this content on 13 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2023 21:19:04 UTC.


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Financials (USD)
Sales 2023 7 583 M - -
Net income 2023 1 136 M - -
Net Debt 2023 14 361 M - -
P/E ratio 2023 17,0x
Yield 2023 3,56%
Capitalization 19 861 M 19 861 M -
EV / Sales 2023 4,51x
EV / Sales 2024 4,41x
Nbr of Employees 6 527
Free-Float 95,5%
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Number of Analysts 13
Last Close Price 26,96 $
Average target price 31,25 $
Spread / Average Target 15,9%
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Managers and Directors
Vincent Sorgi President, Chief Executive Officer & Director
Joseph P. Bergstein Chief Financial Officer & Executive Vice President
Craig A. Rogerson Independent Chairman
Francis X. Sullivan Chief Operating Officer & Executive Vice President
Steven D Phillips Global Chief Compliance Officer & Vice President
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