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Washington, D.C. 20549

 

 

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

Date of Report (Date of earliest event reported):  December 22, 2023

 

Commission File Number			Registrant; State of Incorporation; Address and Telephone Number												IRS Employer Identification No.
1-11459			PPL Corporation												23-2758192
			(Exact name of Registrant as specified in its charter)
			Pennsylvania
			Two North Ninth Street
			Allentown,						PA			18101-1179
			(610)			774-5151
1-905			PPL Electric Utilities Corporation												23-0959590
			(Exact name of Registrant as specified in its charter)
			Pennsylvania
			Two North Ninth Street
			Allentown,						PA			18101-1179
			(610)			774-5151

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

On December 22, 2023, PPL Corporation ("PPL") announced that it has entered into a settlement agreement ("Settlement Agreement") with Talen Montana, LLC and affiliated entities ("Talen") to resolve all claims made by Talen in Talen Montana, LLC et al. v. PPL Corp. et al, Adv. No 22-09001 pending before the U.S. Bankruptcy Court for the Southern District of Texas and arising out of the June 2015 spinoff of PPL Energy Supply, which was renamed Talen. Prior developments in the litigation covered by the Settlement Agreement are discussed in PPL's previously filed annual reports on Form 10-K and quarterly reports on Form 10-Q. Under the terms of the agreement, PPL will pay Talen $115 million and Talen will dismiss all claims against PPL. PPL entered into the Settlement Agreement to avoid the continued cost and uncertainty of litigation that began in two courts in Montana more than five years ago, with Talen initially seeking more than $900 million tied to proceeds from PPL's 2014 sale of hydroelectric assets in Montana.

The payment is expected to be recorded as a "special item" and excluded from PPL's and its subsidiaries' earnings from ongoing operations.

Statements contained in this news release are "forward-looking statements" within the meaning of the federal securities laws. Although PPL believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: asset or business acquisitions and dispositions; the novel coronavirus pandemic or other pandemic health events or other catastrophic events and their effect on financial markets, economic conditions and our businesses; market demand for energy in our service territories; weather conditions affecting customer energy usage and operating costs; the effect of any business or industry restructuring; the profitability and liquidity of PPL and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; any impact of severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL and its subsidiaries; the outcome of litigation against PPL and its subsidiaries; stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL and its subsidiaries; political, regulatory or economic conditions in jurisdictions where PPL or its subsidiaries conduct business, including any potential effects of threatened or actual cyberattack, terrorism, or war or other hostilities; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL and its subsidiaries. Any such forward-looking statements should be considered in conjunction with factors and other matters discussed in PPL's most recently filed Annual Report on Form 10-K and other reports on file with the Securities and Exchange Commission.

 

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

 

  

Dated:  December 22, 2023