PPL is a regulated utility holding company serving approximately 3.5 million electricity and natural gas customers across Pennsylvania, Kentucky, Virginia, and Rhode Island. PPL operates exclusively in regulated markets — its utilities are monopolies or near-monopolies in their respective service territories. PPL reports three segments: Kentucky Regulated (LG&E and KU), Pennsylvania Regulated (PPL Electric), and Rhode Island Regulated (Rhode Island Energy). The Kentucky segment is unique in that PPL owns and operates generation assets — coal, gas, hydro, and solar — to supply its customers, while Pennsylvania and Rhode Island are deregulated electricity markets where PPL operates purely as a transmission and distribution utility. PPL also distributes natural gas in Kentucky and Rhode Island. PPL's business model is straightforward: regulators set rates designed to recover operating costs and provide a return on invested capital, so earnings grow as PPL invests in its networks and expands its rate base, which stood at roughly $29B at year-end 2025 and is projected to grow at approximately 10.3% annually through 2029. PPL's $23B capital plan for 2026-2029 focuses on grid hardening and modernization, plus new gas generation in Kentucky to replace retiring coal plants. A key near-term growth driver is data center demand, particularly in Pennsylvania, where PPL Electric has approximately 25 GW of projects in advanced stages. PPL also has a joint venture with Blackstone Infrastructure to build contracted gas generation in Pennsylvania to serve data center load, though this is not yet included in PPL's financial plan.