PPL said it formed a joint venture with Blackstone Infrastructure on July 15, 2025 to build, own and operate new gas-fired, combined-cycle generation stations that will power data centers under long-term energy services agreements (ESAs).

8-KRegulation FD DisclosureFiled Jul 17, 2025Period of report Jul 15, 2025Summary published (UTC) Oct 15, 2026

Key points

AI summary

PPL said it formed a joint venture with Blackstone Infrastructure on July 15, 2025 to build, own and operate new gas-fired, combined-cycle generation stations that will power data centers under long-term energy services agreements (ESAs).
Blackstone Infrastructure said PPL holds 51% of the joint venture and Blackstone Infrastructure holds 49%. The company said joint venture expenses and distributions will be shared in line with those ownership stakes. The company said no ESAs with hyperscalers have been signed yet and that PPL Electric Utilities and other regulated subsidiaries are not part of the joint venture.
PPL said data center interest in the PPL Electric Utilities service territory has reached more than 60 gigawatts (GW), with more than 13 GW in advanced stages of planning. PPL estimated a 6 GW generation shortfall within the next 5 to 6 years if all 13 GW come online, which it said represents an investment need of about $15 billion.
PPL said new natural gas plants will require the successful execution of ESAs with hyperscalers and that the joint venture has secured multiple land parcels. The company also said the joint venture does not reduce the need for additional action to address underlying resource adequacy concerns, including passage of pending Pennsylvania legislation that would allow utilities to own and operate generation again.

Summary

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Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

PPL and Blackstone Infrastructure form joint venture for Pennsylvania gas generation

PPL said it formed a joint venture with Blackstone Infrastructure on July 15, 2025 to build, own and operate new gas-fired, combined-cycle generation stations that will power data centers under long-term energy services agreements (ESAs).

Source · Based on the filing body and exhibits

Ownership structure and status of ESAs

Blackstone Infrastructure said PPL holds 51% of the joint venture and Blackstone Infrastructure holds 49%. The company said joint venture expenses and distributions will be shared in line with those ownership stakes. The company said no ESAs with hyperscalers have been signed yet and that PPL Electric Utilities and other regulated subsidiaries are not part of the joint venture.

Source · Based on the filing body and exhibits

Data center demand in PPL Electric Utilities territory

PPL said data center interest in the PPL Electric Utilities service territory has reached more than 60 gigawatts (GW), with more than 13 GW in advanced stages of planning. PPL estimated a 6 GW generation shortfall within the next 5 to 6 years if all 13 GW come online, which it said represents an investment need of about $15 billion.

Source · Based on the filing body and exhibits

Construction conditions and company views on legislation

PPL said new natural gas plants will require the successful execution of ESAs with hyperscalers and that the joint venture has secured multiple land parcels. The company also said the joint venture does not reduce the need for additional action to address underlying resource adequacy concerns, including passage of pending Pennsylvania legislation that would allow utilities to own and operate generation again.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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