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PPL IR new PPL Corporation Reports Third - Quarter 2021 Earnings - Remains on track to close on acquisition of Narragansett Electric by March 2022 . - Updates capital allocation priorities post sale of U.K. business : at least $ 1 billion to be invested in additional regulated utility capital investments through 2025 ; additional $ 500 million allocated to share repurchases , increasing target for 2021 share repurchases to $ 1 billion . ALLENTOWN , Pa . , Nov. 4 , 2021 / PRNewswire / -- PPL Corporation ( NYSE : PPL ) on Thursday ( 11/4 ) announced third - quarter 2021 reported earnings ( GAAP ) of $ 207 million , or $ 0.27 per share , compared with third - quarter 2020 reported earnings of $ 281 million , or $ 0.37 per share . PPL reported a net loss of $ 1.61 billion , or $ 2.10 per share , for the first nine months of 2021 , compared with reported earnings of $ 1.18 billion , or $ 1.53 per share , for the first nine months of 2020 . Adjusting for special items , third - quarter 2021 earnings from ongoing operations ( non - GAAP ) were $ 277 million , or $ 0.36 per share , compared with $ 228 million , or $ 0.30 per share , a year ago . Earnings from ongoing operations for the first nine months of 2021 were $ 643 million , or $ 0.83 per share , compared with $ 593 million , or $ 0.77 per share , for the first nine months of 2020 . Special items in the third quarter included a loss on the early extinguishment of debt . Special items for the first nine months of 2021 included the above factor , as well as a U.K. tax rate change and a non - cash net loss from discontinued operations primarily due to the realization of accumulated other comprehensive losses associated with the U.K. utility business . " As we delivered electricity safely , reliably and affordably for our customers in the third quarter , we also continued to position PPL for long - term growth and success , " said Vincent Sorgi , PPL president and chief executive officer . " We secured the fourth of five regulatory approvals required for our planned acquisition of The Narragansett Electric Company in Rhode Island , " said Sorgi . " We identified new opportunities to deploy capital in our Pennsylvania and Kentucky utilities to drive value for our customers . And we took additional steps to support a clean energy transition , expanding support for solar in Kentucky , launching a new carbon capture initiative and joining an industry coalition to support the adoption of electric vehicles . " In advancing the company's planned acquisition of Narragansett Electric , PPL secured Federal Energy Regulatory Commission approval for the transaction in September . The company remains focused on securing the final approval from the Rhode Island Division of Public Utilities and Carriers in order to close on the transaction by March 2022 . In advancing its broader strategic repositioning , PPL said it also continues to evaluate the best uses for the remaining proceeds from the sale of its U.K. utility business , which was completed on June 14 and resulted in net cash proceeds of $ 10.4 billion after taxes and fees . PPL used $ 3.9 billion of the sale proceeds this summer to reduce $ 3.5 billion of outstanding debt and strengthen its balance sheet . The company plans to use an additional $ 3.8 billion to acquire Narragansett Electric and had previously announced a share repurchase program targeting $ 500 million by year - end . Today , PPL announced that based on its assessment to date , it plans to invest at least an additional $ 1 billion in incremental infrastructure investment opportunities in its regulated utility businesses through 2025 to support grid modernization , strengthen resiliency and advance a sustainable energy future . The company continues to assess its business plans for additional opportunities . In addition , PPL also announced an update to its planned share repurchase program , increasing the targeted repurchases to approximately $ 1 billion by year - end . Through Oct. 31 , the company had completed $ 550 million of share repurchases . Associated with PPL's strategic repositioning , the company also reiterated its plan to target a dividend payout ratio of 60 % to 65 % post acquisition of Narragansett Electric , with future dividend growth in line with earnings per share growth . Based on regulatory approvals received to date and the current procedural schedule for the final remaining approval in Rhode Island , the company said it expects to update its quarterly dividend to align with this payout target following the Jan. 3 , 2022 dividend payment . This is consistent with the expected transaction closing in March 2022. The company's actual dividends will be determined by PPL's Board of Directors . In other notable developments , PPL remained focused on advancing its clean energy strategy in the third quarter . In September , the company joined the Electric Highway Coalition , a partnership of 17 U.S. utilities established to support the development of a seamless network of rapid electric vehicle charging stations connecting major highway systems . In addition , PPL's Louisville Gas and Electric and Kentucky Utilities subsidiaries announced a new partnership with the University of Kentucky Center for Applied Energy Research to study the capture of carbon dioxide emissions at natural gas combined cycle power plants . More recently , PPL's Kentucky utilities announced on Oct. 13 that they had filed agreements with the Kentucky Public Service Commission to provide a combined 125 megawatts of solar power to several major Kentucky businesses and institutions . Under the renewable power purchase agreements , PPL's Kentucky utilities will procure power for the businesses and institutions from a new solar facility to be built in western Kentucky . Third - Quarter 2021 Earnings Details As discussed in this news release , reported earnings are calculated in accordance with U.S. Generally Accepted Accounting Principles ( GAAP ) . " Earnings from ongoing operations " is a non - GAAP financial measure that is adjusted for special items . See the tables at the end of this news release for a reconciliation of reported earnings ( net income ) to earnings from ongoing operations , including an itemization of special items . ( Dollars in millions , except for per - share amounts ) Reported earnings Reported earnings per share Earnings from ongoing operations Earnings from ongoing operations per share * NM : Not meaningful Per share Reported earnings Kentucky Regulated Pennsylvania Regulated Corporate and Other Discontinued Operations Total Special items ( expense ) benefit $ 2021 $ 207 $ 0.27 Third - Quarter 2021 Earnings by Segment 2021 2021 $ 277 $ 0.36 3rd Quarter 0.21 0.16 ( 0.10 ) $ 0.27 2020 3rd Quarter 2020 $ 281 $ 0.37 3rd Quarter 2021 3rd Quarter 2020 $ 228 $ 0.30 $ 0.17 0.17 ( 0.19 ) 0.22 $ 0.37 2020 2021 Year to Date $ 0.51 0.43 ( 1.10 ) ( 1.94 ) $ ( 2.10 ) Change ( 26 ) % ( 27 ) % Change 21 % 20 % 2021 2021 $ ( 1,614 ) ( 2.10 ) $ Year to Date $ $ 2020 $ 0.43 0.48 ( 0.29 ) 0.91 $ 1.53 2020 2021 643 0.83 Year to Date 2020 $ 1,179 $ 1.53 Year to Date 2020 593 0.77 $ $ Change NM * NM * Change 8 % 8 %