PPL Corporation (NYSE:PPL) Q4 2022 Earnings Call Transcript

And so, our outlook for Rhode Island remains very positive, as we execute the plan, and I certainly expect to see growth there in 2024. As far as the O&M savings that we’re projecting for 2023, the $50 million to $60 million, those come predominantly from Pennsylvania and Kentucky for the same reason I talked about in Rhode Island. We’re still working our way off those TSAs. So until we’re on our systems and processes, we can’t really drive O&M savings there through the transition period.

Neil Kalton: Okay. Understood. And do you think by 2025, we’re going to be earning close to the allowed there, or is — it might take a little bit more?

Joe Bergstein: I think, 25% is certainly a normal year. We’ll be off the TSAs by that period, sometime in 2024. So we get a clean year in 2025. It will have been some time since the last rate case there. I think National Grid’s last rate case was 2018. So we certainly expect to see an improvement in ROEs. We may need a rate case following that. But I think we’ll continue to work through the plan and execute what we have in store there and see where we are. But we feel — again, we feel good about the growth prospects in Rhode Island.

Neil Kalton: Got it. Thank you.

Joe Bergstein: Yes.

Vince Sorgi: Thanks, Neil.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Vince Sorgi for any closing remarks.

Vince Sorgi: Thanks, everybody, for joining us. I just want to reiterate, again, really pleased with our 2022 results where we ultimately came in, what we accomplished in 2022 to set us up for 2023 and beyond and just, really remain confident in our ability to deliver on what we’ve laid out for you all. And I can tell you the entire management team is aligned around the new strategy, and we’re really looking forward to delivering it. So, with that, hopefully, we’ll see you guys on some of the conference circuits or on MDRs and look forward to chatting with you then.

Operator: The conference has now concluded. Thank you for attending today’s presentation and you may now disconnect.