PPL Corporation Form 8K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): August 31,
2006
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Commission
File
Number
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Registrant;
State of Incorporation;
Address
and Telephone Number
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IRS
Employer
Identification
No.
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1-11459
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PPL
Corporation
(Exact
name of Registrant as specified in its charter)
(Pennsylvania)
Two
North Ninth Street
Allentown,
PA 18101-1179
(610)
774-5151
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23-2758192
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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:
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Section
7 - Regulation FD
Item
7.01 Regulation FD Disclosure
Members
of senior management of PPL Corporation ("PPL" or the "Company") will discuss
the Company’s corporate strategy and general business outlook with investors and
financial analysts at the Lehman Brothers CEO Energy/Power Conference in New
York City on September 6, 2006.
During
this discussion, it is expected that PPL will reaffirm its previously announced
earnings forecasts of (i) $2.20 to $2.30 per share in earnings from ongoing
operations for 2006, (ii) $2.30 to $2.40 per share in earnings for 2007, and
(iii) an 11 percent compound annual growth rate in earnings per share through
2010 which, based on 2005 per share earnings from ongoing operations of $2.08,
equates to a 2010 earnings forecast of about $3.50 per share. The
Company’s 2006 forecast of earnings from ongoing operations excludes the impact
of four previously announced unusual items: the $0.03 per share after-tax credit
related to an increase in the expected recovery of PPL’s claims in the Enron
bankruptcy; the $0.05 per share after-tax charge related to the sale of PPL’s 50
percent interest in the Griffith power plant in Arizona; the $0.01 per share
after-tax credit for a reduction in projected off-site remediation costs of
the ash basin leak at the Martins Creek power plant in eastern Pennsylvania; and
the $0.01 per share after-tax charge for the full impairment of PPL’s synfuel
assets. Accordingly, the Company’s 2006 forecast of reported earnings is $2.18
to $2.28 per share.
In
addition to the discussion at the Lehman Brothers conference referenced above,
representatives of PPL will be talking with analysts and investors during
various meetings and discussions during September 2006. Unless it publicly
discloses otherwise, PPL expects that during these meetings and discussions
it
will reaffirm its earnings forecasts.
The
information to be discussed at the Lehman Brothers conference will be available on
September 5, 2006 on the Investor Center page of the Company’s Web site at
www.pplweb.com. To the extent that the Company makes any other formal presentations during this period,
any additional information provided in those presentations also will be made
available on the Investor Center page of the Company’s Web site.
"Earnings
from ongoing operations" excludes the impact of unusual items. Earnings from
ongoing operations should not be considered as an alternative to net income,
or
reported earnings, which is an indicator of operating performance determined
in
accordance with generally accepted accounting principles (GAAP). PPL believes
that earnings from ongoing operations, although a non-GAAP measure, is also
useful and meaningful to investors because it provides them with the company's
underlying earnings performance as another criterion in making their investment
decisions. PPL's management also uses earnings from ongoing operations in
measuring certain corporate performance goals. Other companies may use different
measures to present financial performance.
Statements
made in this Form 8-K, including statements with respect to future earnings,
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 involve 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: market demand and prices for energy, capacity and
fuel; market prices for crude oil and the potential impact on synthetic fuel
operations, synthetic fuel purchases from third parties and the phase-out of
synthetic fuel tax credits; weather conditions affecting generation production,
customer energy usage and operating costs; competition in retail and wholesale
power markets; liquidity of wholesale power markets; the effect of any business
or industry restructuring; the profitability and liquidity of PPL and its
subsidiaries, including access to capital markets and credit facilities; new
accounting requirements or new interpretations or applications of existing
requirements; operation and availability of generation facilities and operating
costs; transmission and distribution system conditions and operating costs;
current and future environmental conditions and requirements and the related
costs of compliance, including environmental capital expenditures and emission
allowance and other expenses; significant delays in the planned installation
of
pollution control equipment at PPL’s coal-fired generating units in Pennsylvania
due to weather conditions, contractor performance or other reasons; market
prices of commodity inputs for ongoing capital expenditures; development of
new
projects, markets and technologies; performance of new ventures; asset
acquisitions and dispositions; political, regulatory or economic conditions
in
states, regions or countries where PPL or its subsidiaries conduct business;
any
impact of hurricanes or other severe weather on PPL’s business, including any
impact on fuel prices; receipt of necessary governmental permits, approvals
and
rate relief; new state, federal or foreign legislation, including new tax
legislation; state, federal and foreign regulatory developments; any impact
of
state, federal or foreign investigations applicable to PPL and its subsidiaries
and the energy industry; capital markets conditions, including changes in
interest rates, and decisions regarding capital structure; stock price
performance of PPL; the market prices of equity securities and the impact on
pension costs and resultant cash funding requirements for defined benefit
pension plans; securities and credit ratings; foreign currency exchange rates;
the outcome of litigation against PPL and its subsidiaries; potential effects
of
threatened or actual terrorism or war or other hostilities; and the commitments
and liabilities of PPL and its subsidiaries. Any such forward-looking statements
should be considered in light of such important factors and in conjunction
with
PPL's Form 10-K and other reports on file with the Securities and Exchange
Commission.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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PPL
CORPORATION
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By:
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/s/
Matt Simmons
Matt
Simmons
Vice
President and Controller
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Dated: August
31, 2006