On March 19, 2026, the Federal Energy Regulatory Commission (FERC) issued Opinion No. 594, which addresses longstanding complaints regarding the return on equity (ROE) for New England transmission owners (NETOs) under the ISO New England tariff. The FERC adopted a new methodology for determining ROE, setting NETOs' base ROE at 9.57%, with a maximum including incentives not to exceed 12.09%, retroactive to October 16, 2014. This decision also mandates refunds with interest for certain periods affected by the ruling. The order specifically impacts Rhode Island Energy (RIE), a wholly-owned subsidiary of PPL Corporation. PPL and RIE are currently evaluating their next steps, which may include coordinating with other NETOs and potentially appealing the order. However, PPL does not anticipate that the order's components will materially affect its operations or financial condition. The company reaffirms its projected 2026 earnings forecast range of $1.90 to $1.98 per share, with an annual earnings growth target of 6% to 8%, expecting to be near the top end of this range through at least 2029.

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