ALLENTOWN, Pa.- PPL Corporation is making progress in a joint venture it formed with New York’s Blackstone Infrastructure to build, own, and operate new power plants in Pennsylvania.

Invitium Energy, of which PPL holds a 51% stake, expects to ink one or more commercial agreements by the end of 2026, said Vincent Sorgi, PPL’s president and chief executive officer, during a recent earnings conference call.

In addition, the joint venture has secured land sites capable of supporting 8 gigawatts (GW) to 14 GW of new generation capacity.

PPL has not disclosed specifics about where those sites are in Pennsylvania, nor has it offered any more details about the pending commercial agreements.

PPL Electric is not involved in the joint venture, because Pennsylvania law currently prohibits regulated utilities from owning generation facilities in the Keystone State.

Significant earnings from the partnership with Blackstone aren’t expected until 2031, Sorgi said.

Surging demand

It will come as no surprise to anyone following recent headlines that interest from data center developers who want to set up shop in Pennsylvania continues to grow.

According to a website that tracks data center proposals, there are currently 84 preliminary, proposed, and expanding existing data center sites in all of Pennsylvania.

“Against the backdrop of increasing national scrutiny around data center development, our Pennsylvania service territory continues to stand out because of its strong transmission reliability and access, proximity to major demand centers, and disciplined customer protections,” Sorgi said.

PPL Electric’s data center pipeline grew to 31.8 GW (up more than 12% from 28.3 GW) in advanced stages of planning in the second quarter of 2026, with over 11 GW under signed electric service agreements and more than 6.5 GW under construction. That marked the 10th consecutive quarter of increases.

Second quarter earnings

PPL Corporation reported second-quarter 2026 earnings from ongoing operations (non-GAAP) of $247 million, or $0.33 per share, compared with $240 million, or $0.32 per share, a year ago.

PPL has reaffirmed its 2026 ongoing earnings forecast range of $1.90 to $1.98 per share with a midpoint of $1.94 per share.

When looking specifically at PPL Electric, reported earnings in the second quarter of 2026 decreased by $0.02 per share compared with a year ago. 

Rate hikes

During his remarks, Sorgi noted that PPL expects stronger earnings growth in the second half of the year, supported by rate increases in both Pennsylvania and Rhode Island.

Coming into 2026, the company had base rate case proceedings underway in all three of its primary jurisdictions: Pennsylvania; Kentucky, where PPL owns Louisville Gas and Electric Company and Kentucky Utilities Company; and Rhode Island, where PPL owns Rhode Island Energy. The Kentucky request is still pending.

In Pennsylvania, new rates took effect July 1, with residential customers hit with an increase of more than 3%. Still, “PPL Electric’s delivery rates remain nearly 20% below the latest published state average,” Sorgi said. 

In the markets

Shares of PPL Corporation (NYSE: PPL) are flat since the start of the year, trading at $35.33 Wednesday afternoon.

The company has a market capitalization of $26.54 billion.