PPL Corp. suffered storm harm at its Kentucky operations on March 3, however the utility’s earnings forecasts won’t be affected.
The Allentown-based firm mentioned in a U.S. Securities and Trade Fee submitting Wednesday that subsidiaries Louisville Fuel and Electrical, and Kentucky Utilities, “sustained harm from extraordinary storms.”
Kentucky Governor Andy Beshear declared a state of emergency within the state Friday because the storm hit, with excessive winds and a twister.
Within the PPL submitting, the corporate estimated restore prices from wind and rain of $80 million to $100 million, with a last quantity not sure till all repairs are full.
The storm affected 380,000 electrical energy clients, with service to 16,000 not again as of Wednesday. PPL mentioned about 3,300 energy traces have been down, together with 700 utility poles.
PPL mentioned the harm won’t “considerably have an effect on its enterprise outlook” and the corporate reaffirmed its 2023 earnings forecast given in February. On Feb. 17, the corporate forecast 2023 earnings of $1.50 to $1.65 per share. The corporate has additionally mentioned {that a} billing drawback affecting some Pennsylvania clients won’t have an effect on earnings.
Shares within the utility are traded on the New York Inventory Trade below the ticker image PPL. Shares have been buying and selling at $26.99 round 11 a.m. Wednesday.