Commission File
Number
|
Registrant; State of Incorporation;
Address and Telephone Number
|
IRS Employer
Identification No.
|
1-11459
|
PPL Corporation
(Exact name of Registrant as specified in its charter)
(Pennsylvania)
Two North Ninth Street
Allentown, PA 18101-1179
(610) 774-5151
|
23-2758192
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits
|
||||
99.1 -
|
Press Release, dated August 5, 2011, announcing PPL’s financial results for the quarter ended June 30, 2011, and other business matters.
|
||||
99.2 -
|
Slides to be used on the August 5, 2011 webcast among members of PPL’s senior management and financial analysts.
|
PPL CORPORATION
|
|||
By:
|
/s/ Vincent Sorgi
|
||
Vincent Sorgi
Vice President and Controller
|
Contacts:
|
For news media – George Biechler, 610-774-5997
|
For financial analysts – Joseph P. Bergstein, 610-774-5609
|
·
|
U.K. acquisition and permanent financing completed in second quarter
|
·
|
Company on track to achieve earnings forecast for 2011
|
2nd Quarter
|
|||
2011
|
2010
|
% Change
|
|
Reported Earnings
|
$196
|
$85
|
+131%
|
Reported Earnings per Share
|
$0.35
|
$0.22
|
+59%
|
Earnings from Ongoing Operations
|
$253
|
$239
|
+6%
|
Per Share Earnings from Ongoing Operations
|
$0.45
|
$0.62
|
-27%
|
2nd Quarter
|
Year to Date
|
|||||||||||||||
Per share
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Earnings from ongoing operations
|
||||||||||||||||
Kentucky Regulated
|
$
|
0.06
|
$
|
-
|
$
|
0.20
|
$
|
-
|
||||||||
International Regulated
|
0.21
|
0.15
|
0.37
|
0.35
|
||||||||||||
Pennsylvania Regulated
|
0.06
|
0.04
|
0.17
|
0.14
|
||||||||||||
Supply
|
0.12
|
0.43
|
0.52
|
1.07
|
||||||||||||
Total
|
$
|
0.45
|
$
|
0.62
|
$
|
1.26
|
$
|
1.56
|
||||||||
Special items
|
||||||||||||||||
Kentucky Regulated
|
$
|
-
|
$
|
-
|
$ |
-
|
$
|
-
|
||||||||
International Regulated (a)
|
(0.14
|
)
|
-
|
|
(0.19
|
)
|
-
|
|||||||||
Pennsylvania Regulated
|
-
|
-
|
-
|
-
|
||||||||||||
Supply
|
0.04
|
(0.35
|
)
|
0.07
|
(0.63
|
)
|
||||||||||
Other (b)
|
-
|
(0.05
|
)
|
-
|
(0.05
|
)
|
||||||||||
Total
|
$
|
(0.10
|
)
|
$
|
(0.40
|
)
|
$
|
(0.12
|
)
|
$
|
(0.68
|
)
|
||||
Reported earnings
|
||||||||||||||||
Kentucky Regulated
|
$
|
0.06
|
$
|
-
|
$
|
0.20
|
$
|
-
|
||||||||
International Regulated (a)
|
0.07
|
0.15
|
0.18
|
0.35
|
||||||||||||
Pennsylvania Regulated
|
0.06
|
0.04
|
0.17
|
0.14
|
||||||||||||
Supply
|
0.16
|
0.08
|
0.59
|
0.44
|
||||||||||||
Other (b)
|
-
|
(0.05
|
)
|
-
|
(0.05
|
)
|
||||||||||
Total
|
$
|
0.35
|
$
|
0.22
|
$
|
1.14
|
$
|
0.88
|
Earnings
|
2011
(Forecast)
|
2010
(Actual)
|
||
(per share)
|
midpoint
|
|||
Kentucky Regulated
|
$0.41
|
$0.06
|
*
|
|
International Regulated
|
0.87
|
0.53
|
||
Pennsylvania Regulated
|
0.29
|
0.27
|
||
Supply
|
1.06
|
2.27
|
||
Total
|
$2.63
|
$3.13
|
·
|
Energy-related economic activity (as discussed below).
|
·
|
Foreign currency-related economic hedges.
|
·
|
Gains and losses on sales of assets not in the ordinary course of business.
|
·
|
Impairment charges (including impairments of securities in the company’s nuclear decommissioning trust funds).
|
·
|
Workforce reduction and other restructuring impacts.
|
·
|
Acquisition-related costs and charges.
|
·
|
Other charges or credits that are, in management’s view, not reflective of the company’s ongoing operations.
|
PPL CORPORATION AND SUBSIDIARIES
|
||||||||
CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)
|
||||||||
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets (Unaudited)
|
||||||||
(Millions of Dollars)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
||
|
|
|
|
2011 (b)
|
|
2010
|
||
Assets
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
1,269
|
|
$
|
925
|
||
Short-term investments
|
|
|
|
|
|
163
|
||
Price risk management assets - current
|
|
|
1,467
|
|
|
1,918
|
||
Assets held for sale
|
|
|
|
|
|
374
|
||
Other current assets
|
|
|
2,628
|
|
|
2,808
|
||
Investments
|
|
|
726
|
|
|
693
|
||
Property, Plant and Equipment
|
|
|
|
|
|
|
||
|
Regulated utility plant - electric and gas
|
|
|
22,572
|
|
|
15,994
|
|
|
Less: Accumulated depreciation - regulated utility plant
|
|
|
3,290
|
|
|
3,037
|
|
|
|
Regulated utility plant - electric and gas, net
|
|
|
19,282
|
|
|
12,957
|
|
Non-regulated property, plant and equipment
|
|
|
11,446
|
|
|
11,146
|
|
|
Less: Accumulated depreciation - non-regulated property, plant and equipment
|
|
|
5,535
|
|
|
5,440
|
|
|
|
Non-regulated property, plant and equipment, net
|
|
|
5,911
|
|
|
5,706
|
|
Construction work in progress
|
|
|
1,415
|
|
|
2,160
|
|
|
Property, Plant and Equipment, net
|
|
|
26,608
|
|
|
20,823
|
|
Regulatory assets - noncurrent
|
|
|
1,200
|
|
|
1,180
|
||
Goodwill and other intangibles
|
|
|
5,268
|
|
|
2,727
|
||
Price risk management assets - noncurrent
|
|
|
665
|
|
|
655
|
||
Other noncurrent assets
|
|
|
706
|
|
|
571
|
||
Total Assets
|
|
$
|
40,537
|
|
$
|
32,837
|
||
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
||
Short-term debt
|
|
$
|
431
|
|
$
|
694
|
||
Price risk management liabilities - current
|
|
|
817
|
|
|
1,144
|
||
Other current liabilities
|
|
|
3,345
|
|
|
3,376
|
||
Long-term debt
|
|
|
17,532
|
|
|
12,161
|
||
Deferred income taxes and investment tax credits
|
|
|
3,696
|
|
|
2,800
|
||
Price risk management liabilities - noncurrent
|
|
|
443
|
|
|
470
|
||
Accrued pension obligations
|
|
|
1,015
|
|
|
1,496
|
||
Regulatory liabilities - noncurrent
|
|
|
1,023
|
|
|
1,031
|
||
Other noncurrent liabilities
|
|
|
1,316
|
|
|
1,187
|
||
Common stock and additional paid-in capital
|
|
|
6,780
|
|
|
4,607
|
||
Earnings reinvested
|
|
|
4,306
|
|
|
4,082
|
||
Accumulated other comprehensive loss
|
|
|
(435)
|
|
|
(479)
|
||
Noncontrolling interests
|
|
|
268
|
|
|
268
|
||
Total Liabilities and Equity
|
|
$
|
40,537
|
|
$
|
32,837
|
(a)
|
The Financial Statements in this news release have been condensed and summarized for purposes of this presentation. Please refer to PPL Corporation’s periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.
|
(b)
|
June 30, 2011 balances include the preliminary purchase price allocation associated with the acquisition of WPD Midlands on April 1, 2011.
|
PPL CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Income (Unaudited)
|
|||||||||||||||
(Millions of Dollars, Except Share Data)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
|
|
|
|
2011 (a)
|
|
2010 (b)
|
|
2011 (a)
|
|
2010 (b)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Utility (c)
|
|
$
|
1,484
|
|
$
|
692
|
|
$
|
3,020
|
|
$
|
1,706
|
||
|
Unregulated retail electric and gas (c)
|
|
|
181
|
|
|
101
|
|
|
328
|
|
|
205
|
||
|
Wholesale energy marketing
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Realized
|
|
|
732
|
|
|
1,231
|
|
|
1,770
|
|
|
2,590
|
|
|
|
Unrealized economic activity (c)
|
|
|
(44)
|
|
|
(666)
|
|
|
13
|
|
|
(242)
|
|
|
Net energy trading margins
|
|
|
10
|
|
|
5
|
|
|
21
|
|
|
16
|
||
|
Energy-related businesses
|
|
|
126
|
|
|
110
|
|
|
247
|
|
|
204
|
||
|
Total Operating Revenues
|
|
|
2,489
|
|
|
1,473
|
|
|
5,399
|
|
|
4,479
|
||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Fuel (c)
|
|
|
414
|
|
|
258
|
|
|
889
|
|
|
488
|
|
|
|
Energy purchases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
|
|
|
434
|
|
|
737
|
|
|
1,105
|
|
|
1,746
|
|
|
|
Unrealized economic activity (c)
|
|
|
(109)
|
|
|
(445)
|
|
|
(127)
|
|
|
118
|
|
|
Other operation and maintenance
|
|
|
723
|
|
|
419
|
|
|
1,306
|
|
|
863
|
|
|
Depreciation
|
|
|
237
|
|
|
125
|
|
|
445
|
|
|
249
|
||
|
Taxes, other than income
|
|
|
75
|
|
|
53
|
|
|
148
|
|
|
125
|
||
|
Energy-related businesses
|
|
|
120
|
|
|
100
|
|
|
233
|
|
|
188
|
||
|
Total Operating Expenses
|
|
|
1,894
|
|
|
1,247
|
|
|
3,999
|
|
|
3,777
|
||
Operating Income
|
|
|
595
|
|
|
226
|
|
|
1,400
|
|
|
702
|
|||
Other Income (Expense) - net
|
|
|
(34)
|
|
|
|
|
|
(39)
|
|
|
8
|
|||
Other-Than-Temporary Impairments
|
|
|
|
|
|
3
|
|
|
1
|
|
|
3
|
|||
Interest Expense
|
|
|
264
|
|
|
131
|
|
|
438
|
|
|
242
|
|||
Income from Continuing Operations Before Income Taxes
|
|
|
297
|
|
|
92
|
|
|
922
|
|
|
465
|
|||
Income Taxes
|
|
|
96
|
|
|
7
|
|
|
319
|
|
|
133
|
|||
Income from Continuing Operations After Income Taxes
|
|
|
201
|
|
|
85
|
|
|
603
|
|
|
332
|
|||
Income (Loss) from Discontinued Operations (net of income taxes)
|
|
|
(1)
|
|
|
7
|
|
|
2
|
|
|
15
|
|||
Net Income
|
|
|
200
|
|
|
92
|
|
|
605
|
|
|
347
|
|||
Net Income Attributable to Noncontrolling Interests
|
|
|
4
|
|
|
7
|
|
|
8
|
|
|
12
|
|||
Net Income Attributable to PPL Corporation
|
|
$
|
196
|
|
$
|
85
|
|
$
|
597
|
|
$
|
335
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Attributable to PPL Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Income from Continuing Operations After Income Taxes
|
|
$
|
197
|
|
$
|
78
|
|
$
|
595
|
|
$
|
320
|
||
|
Income (Loss) from Discontinued Operations (net of income taxes)
|
|
|
(1)
|
|
|
7
|
|
|
2
|
|
|
15
|
||
|
Net Income
|
|
$
|
196
|
|
$
|
85
|
|
$
|
597
|
|
$
|
335
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock - Basic (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Earnings from Ongoing Operations
|
|
$
|
0.45
|
|
$
|
0.62
|
|
$
|
1.26
|
|
$
|
1.56
|
||
|
Special Items
|
|
|
(0.10)
|
|
|
(0.40)
|
|
|
(0.12)
|
|
|
(0.68)
|
||
|
Net Income Available to PPL Corporation Common Shareowners
|
|
$
|
0.35
|
|
$
|
0.22
|
|
$
|
1.14
|
|
$
|
0.88
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock - Diluted (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Earnings from Ongoing Operations
|
|
$
|
0.45
|
|
$
|
0.62
|
|
$
|
1.26
|
|
$
|
1.56
|
||
|
Special Items
|
|
|
(0.10)
|
|
|
(0.40)
|
|
|
(0.12)
|
|
|
(0.68)
|
||
|
Net Income Available to PPL Corporation Common Shareowners
|
|
$
|
0.35
|
|
$
|
0.22
|
|
$
|
1.14
|
|
$
|
0.88
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average Shares of Common Stock Outstanding (in
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Basic
|
|
|
561,652
|
|
|
381,896
|
|
|
522,897
|
|
|
379,810
|
||
|
Diluted
|
|
|
562,019
|
|
|
382,075
|
|
|
523,184
|
|
|
380,034
|
(a)
|
2011 includes activity for LKE, which was acquired on November 1, 2010, and for WPD Midlands, which was acquired on April 1, 2011. Consistent with PPL’s policy, the results of operations of WPD Midlands are generally consolidated on a one-month lag.
|
(b)
|
Certain amounts from 2010 have been reclassified to conform to the current year presentation.
|
(c)
|
Includes energy-related contracts to hedge future cash flows that are not eligible for hedge accounting, or where hedge accounting is not elected.
|
(d)
|
Earnings in 2011 and 2010 were impacted by several special items, as described in the text and tables of this news release. Earnings from ongoing operations excludes the impact of these special items.
|
PPL CORPORATION AND SUBSIDIARIES
|
|||||||||
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|||||||||
(Millions of Dollars)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
||||
|
|
|
|
|
2011 (a)
|
|
2010
|
||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|||
|
Net income
|
|
$
|
605
|
|
$
|
347
|
||
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
||
|
|
Depreciation
|
|
|
446
|
|
|
258
|
|
|
|
Amortization
|
|
|
126
|
|
|
87
|
|
|
|
Defined benefit plans - expense
|
|
|
71
|
|
|
51
|
|
|
|
Defined benefit plans - funding
|
|
|
(550)
|
|
|
(345)
|
|
|
|
Deferred income taxes and investment tax credits
|
|
|
337
|
|
|
(63)
|
|
|
|
Unrealized (gains) losses on derivatives, and other hedging activities
|
|
|
(165)
|
|
|
344
|
|
|
|
Provision for Montana hydroelectric litigation
|
|
|
7
|
|
|
59
|
|
|
Change in current assets and current liabilities
|
|
|
|
|
|
|
||
|
|
Counterparty collateral
|
|
|
(258)
|
|
|
98
|
|
|
|
Other
|
|
|
173
|
|
|
(344)
|
|
|
Other operating activities
|
|
|
22
|
|
|
80
|
||
|
|
|
Net cash provided by operating activities
|
|
|
814
|
|
|
572
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|||
|
Expenditures for property, plant and equipment
|
|
|
(1,003)
|
|
|
(624)
|
||
|
Proceeds from the sale of certain non-core generation facilities
|
|
|
381
|
|
|
|
||
|
Proceeds from the sale of the Long Island generation business
|
|
|
|
|
|
124
|
||
|
Acquisition of WPD Midlands
|
|
|
(5,763)
|
|
|
|
||
|
Other investing activities
|
|
|
86
|
|
|
42
|
||
|
|
|
Net cash provided by (used in) investing activities
|
|
|
(6,299)
|
|
|
(458)
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|||
|
Issuance of long-term debt
|
|
|
4,350
|
|
|
1,747
|
||
|
Issuance of common stock
|
|
|
2,266
|
|
|
2,410
|
||
|
Payment of common stock dividends
|
|
|
(340)
|
|
|
(263)
|
||
|
Redemption of preferred stock of a subsidiary
|
|
|
|
|
|
(54)
|
||
|
Debt issuance and credit facility costs
|
|
|
(72)
|
|
|
(76)
|
||
|
Net increase (decrease) in short-term debt
|
|
|
(321)
|
|
|
(158)
|
||
|
Other financing activities
|
|
|
(36)
|
|
|
(11)
|
||
|
|
|
Net cash provided by (used in) financing activities
|
|
|
5,847
|
|
|
3,595
|
Effect of Exchange Rates on Cash and Cash Equivalents
|
|
|
(18)
|
|
|
(5)
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
|
344
|
|
|
3,704
|
|||
Cash and Cash Equivalents at Beginning of Period
|
|
|
925
|
|
|
801
|
|||
Cash and Cash Equivalents at End of Period
|
|
$
|
1,269
|
|
$
|
4,505
|
(a)
|
2011 includes activity for LKE, which was acquired on November 1, 2010, and for WPD Midlands, which was acquired on April 1, 2011. Consistent with PPL’s policy, the cash flows of WPD Midlands are generally consolidated on a one-month lag.
|
Key Indicators (Unaudited)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Months Ended
|
||
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
||
Financial
|
|
|
|
|
|
2011
|
|
2010
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share
|
|
|
|
|
|
$ 1.40
|
|
$ 1.39
|
||||||
Book value per share (a)
|
|
|
|
|
|
$ 18.45
|
|
$ 16.46
|
||||||
Market price per share (a)
|
|
|
|
|
|
$ 27.83
|
|
$ 24.95
|
||||||
Dividend yield (a)
|
|
|
|
|
|
5.0%
|
|
5.6%
|
||||||
Dividend payout ratio (b)
|
|
|
|
|
|
59%
|
|
104%
|
||||||
Dividend payout ratio - earnings from ongoing operations (b) (c)
|
|
|
|
|
|
50%
|
|
53%
|
||||||
Price/earnings ratio (a)(b)
|
|
|
|
|
|
11.7
|
|
18.6
|
||||||
Price/earnings ratio - earnings from ongoing operations (a) (b) (c)
|
|
|
|
|
|
9.9
|
|
9.6
|
||||||
Return on average common equity
|
|
|
|
|
|
13.59%
|
|
8.65%
|
||||||
Return on average common equity - earnings from ongoing operations (c)
|
|
|
|
|
|
15.41%
|
|
16.16%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) End of period.
|
|
|
|
|
||||||||||
(b) Based on diluted earnings per share.
|
|
|
|
|
||||||||||
(c) Calculated using earnings from ongoing operations, which excludes the impact of special items, as described in the text and tables of
|
||||||||||||||
|
this news release.
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating - Domestic & International Electricity Sales (Unaudited)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended June 30,
|
|
6 Months Ended June 30,
|
||||||||
|
|
|
|
|
|
|
|
Percent
|
|
|
|
|
|
Percent
|
(GWh)
|
|
2011
|
|
2010
|
|
Change
|
|
2011
|
|
2010
|
|
Change
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Retail Delivered (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
PPL Electric Utilities
|
|
8,717
|
|
8,383
|
|
4.0%
|
|
19,190
|
|
18,669
|
|
2.8%
|
|
|
LKE
|
|
7,261
|
|
|
|
|
|
15,193
|
|
|
|
|
|
|
|
Total
|
|
15,978
|
|
8,383
|
|
90.6%
|
|
34,383
|
|
18,669
|
|
84.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Retail Supplied (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
PPL EnergyPlus
|
|
2,203
|
|
2,165
|
|
1.8%
|
|
4,148
|
|
4,631
|
|
(10.4%)
|
|
|
LKE
|
|
7,261
|
|
|
|
|
|
15,193
|
|
|
|
|
|
|
|
Total
|
|
9,464
|
|
2,165
|
|
337.1%
|
|
19,341
|
|
4,631
|
|
317.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Delivered
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
United Kingdom (c)
|
|
13,780
|
|
6,594
|
|
109.0%
|
|
21,325
|
|
14,203
|
|
50.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Wholesale
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
PPL EnergyPlus - East (d)
|
|
10,130
|
|
16,010
|
|
(36.7%)
|
|
24,255
|
|
33,203
|
|
(26.9%)
|
|
|
PPL EnergyPlus - West
|
|
2,333
|
|
2,688
|
|
(13.2%)
|
|
4,841
|
|
5,449
|
|
(11.2%)
|
|
|
LKE
|
|
756
|
|
|
|
|
|
1,705
|
|
|
|
|
|
|
|
Total
|
|
13,219
|
|
18,698
|
|
(29.3%)
|
|
30,801
|
|
38,652
|
|
(20.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents GWh delivered and billed to retail customers.
|
||||||||||||||
(b) Represents GWh supplied by PPL EnergyPlus to PPL Electric Utilities as PLR, and to other retail customers in Pennsylvania, New
|
||||||||||||||
|
Jersey and Montana. Also includes GWh supplied by LKE to retail customers in Kentucky, Virginia and Tennessee.
|
|||||||||||||
(c) Includes electricity delivered by WPD Midlands since the April 1, 2011 date of acquisition.
|
||||||||||||||
(d) Represents GWh generated plus GWh sold under full-requirement sales contracts. The change for the 6 months ended June 30 was
|
||||||||||||||
|
primarily due to less full requirement sales contracts in 2011.
|
Reconciliation of Segment Earnings from Ongoing Operations to Reported Earnings (Diluted)
|
||||||||||||||||
(After Tax)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Quarter 2011
|
|
(millions of dollars)
|
||||||||||||||
|
|
|
Kentucky
|
|
International
|
|
Pennsylvania
|
|
|
|
|
|||||
|
|
|
Regulated
|
|
Regulated
|
|
Regulated
|
|
Supply
|
|
Total
|
|||||
Earnings from Ongoing Operations
|
|
$
|
31
|
|
$
|
118
|
|
$
|
36
|
|
$
|
68
|
|
$
|
253
|
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy-related economic activity
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
(3)
|
|
Foreign currency-related economic hedges
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
Sales of assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-core generation facilities
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
(2)
|
WPD Midlands acquisition-related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 Bridge Facility costs
|
|
|
|
|
|
(25)
|
|
|
|
|
|
|
|
|
(25)
|
|
Foreign currency loss on 2011 Bridge Facility
|
|
|
|
|
|
(39)
|
|
|
|
|
|
|
|
|
(39)
|
|
Net hedge gains
|
|
|
|
|
|
43
|
|
|
|
|
|
|
|
|
43
|
|
Hedge ineffectiveness
|
|
|
|
|
|
(9)
|
|
|
|
|
|
|
|
|
(9)
|
|
U.K. stamp duty tax
|
|
|
|
|
|
(21)
|
|
|
|
|
|
|
|
|
(21)
|
|
Other acquisition-related costs
|
|
|
|
|
|
(30)
|
|
|
|
|
|
|
|
|
(30)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montana hydroelectric litigation
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(1)
|
|
Litigation settlement - spent nuclear fuel storage
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
29
|
Total Special Items
|
|
|
|
|
|
(80)
|
|
|
|
|
|
23
|
|
|
(57)
|
|
Reported Earnings
|
|
$
|
31
|
|
$
|
38
|
|
$
|
36
|
|
$
|
91
|
|
$
|
196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share)
|
|||||||||||||
|
|
|
Kentucky
|
|
International
|
|
Pennsylvania
|
|
|
|
|
|||||
|
|
|
Regulated
|
|
Regulated
|
|
Regulated
|
|
Supply
|
|
Total
|
|||||
Earnings from Ongoing Operations
|
|
$
|
0.06
|
|
$
|
0.21
|
|
$
|
0.06
|
|
$
|
0.12
|
|
$
|
0.45
|
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy-related economic activity
|
|
|
|
|
|
|
|
|
|
|
|
(0.01)
|
|
|
(0.01)
|
|
WPD Midlands acquisition-related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 Bridge Facility costs
|
|
|
|
|
|
(0.04)
|
|
|
|
|
|
|
|
|
(0.04)
|
|
Foreign currency loss on 2011 Bridge Facility
|
|
|
|
|
|
(0.07)
|
|
|
|
|
|
|
|
|
(0.07)
|
|
Net hedge gains
|
|
|
|
|
|
0.08
|
|
|
|
|
|
|
|
|
0.08
|
|
Hedge ineffectiveness
|
|
|
|
|
|
(0.02)
|
|
|
|
|
|
|
|
|
(0.02)
|
|
U.K. stamp duty tax
|
|
|
|
|
|
(0.04)
|
|
|
|
|
|
|
|
|
(0.04)
|
|
Other acquisition-related costs
|
|
|
|
|
|
(0.05)
|
|
|
|
|
|
|
|
|
(0.05)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation settlement - spent nuclear fuel storage
|
|
|
|
|
|
|
|
|
|
|
|
0.05
|
|
|
0.05
|
Total Special Items
|
|
|
|
|
|
(0.14)
|
|
|
|
|
|
0.04
|
|
|
(0.10)
|
|
Reported Earnings
|
|
$
|
0.06
|
|
$
|
0.07
|
|
$
|
0.06
|
|
$
|
0.16
|
|
$
|
0.35
|
Reconciliation of Segment Earnings from Ongoing Operations to Reported Earnings (Diluted)
|
||||||||||||||||
(After Tax)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date June 30, 2011
|
|
(millions of dollars)
|
||||||||||||||
|
|
|
Kentucky
|
|
International
|
|
Pennsylvania
|
|
|
|
|
|||||
|
|
|
Regulated
|
|
Regulated
|
|
Regulated
|
|
Supply
|
|
Total
|
|||||
Earnings from Ongoing Operations
|
|
$
|
106
|
|
$
|
193
|
|
$
|
88
|
|
$
|
273
|
|
$
|
660
|
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy-related economic activity
|
|
|
|
|
|
|
|
|
|
|
|
14
|
|
|
14
|
|
Sales of assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-core generation facilities
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
(3)
|
Impairments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emission allowances
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(1)
|
|
Renewable energy credits
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
(2)
|
|
Adjustments - nuclear decommissioning trust investments
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
1
|
WPD Midlands acquisition-related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 Bridge Facility costs
|
|
|
|
|
|
(30)
|
|
|
|
|
|
|
|
|
(30)
|
|
Foreign currency loss on 2011 Bridge Facility
|
|
|
|
|
|
(39)
|
|
|
|
|
|
|
|
|
(39)
|
|
Net hedge gains
|
|
|
|
|
|
39
|
|
|
|
|
|
|
|
|
39
|
|
Hedge ineffectiveness
|
|
|
|
|
|
(9)
|
|
|
|
|
|
|
|
|
(9)
|
|
U.K. stamp duty tax
|
|
|
|
|
|
(21)
|
|
|
|
|
|
|
|
|
(21)
|
|
Other acquisition-related costs
|
|
|
|
|
|
(40)
|
|
|
|
|
|
|
|
|
(40)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montana hydroelectric litigation
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(1)
|
|
Litigation settlement - spent nuclear fuel storage
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
29
|
Total Special Items
|
|
|
|
|
|
(100)
|
|
|
|
|
|
37
|
|
|
(63)
|
|
Reported Earnings
|
|
$
|
106
|
|
$
|
93
|
|
$
|
88
|
|
$
|
310
|
|
$
|
597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share)
|
|||||||||||||
|
|
|
Kentucky
|
|
International
|
|
Pennsylvania
|
|
|
|
|
|||||
|
|
|
Regulated
|
|
Regulated
|
|
Regulated
|
|
Supply
|
|
Total
|
|||||
Earnings from Ongoing Operations
|
|
$
|
0.20
|
|
$
|
0.37
|
|
$
|
0.17
|
|
$
|
0.52
|
|
$
|
1.26
|
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy-related economic activity
|
|
|
|
|
|
|
|
|
|
|
|
0.01
|
|
|
0.01
|
|
WPD Midlands acquisition-related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 Bridge Facility costs
|
|
|
|
|
|
(0.06)
|
|
|
|
|
|
|
|
|
(0.06)
|
|
Foreign currency loss on 2011 Bridge Facility
|
|
|
|
|
|
(0.07)
|
|
|
|
|
|
|
|
|
(0.07)
|
|
Net hedge gains
|
|
|
|
|
|
0.08
|
|
|
|
|
|
|
|
|
0.08
|
|
Hedge ineffectiveness
|
|
|
|
|
|
(0.02)
|
|
|
|
|
|
|
|
|
(0.02)
|
|
U.K. stamp duty tax
|
|
|
|
|
|
(0.04)
|
|
|
|
|
|
|
|
|
(0.04)
|
|
Other acquisition-related costs
|
|
|
|
|
|
(0.08)
|
|
|
|
|
|
|
|
|
(0.08)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation settlement - spent nuclear fuel storage
|
|
|
|
|
|
|
|
|
|
|
|
0.06
|
|
|
0.06
|
Total Special Items
|
|
|
|
|
|
(0.19)
|
|
|
|
|
|
0.07
|
|
|
(0.12)
|
|
Reported Earnings
|
|
$
|
0.20
|
|
$
|
0.18
|
|
$
|
0.17
|
|
$
|
0.59
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Segment Earnings from Ongoing Operations to Reported Earnings (Diluted)
|
||||||||||||||||
(After Tax)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Quarter 2010
|
|
(millions of dollars)
|
||||||||||||||
|
|
|
International
|
|
Pennsylvania
|
|
|
|
Unallocated
|
|
|
|||||
|
|
|
Regulated
|
|
Regulated
|
|
Supply
|
|
Costs
|
|
Total
|
|||||
Earnings from Ongoing Operations
|
|
$
|
59
|
|
$
|
16
|
|
$
|
164
|
|
|
|
|
$
|
239
|
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy-related economic activity
|
|
|
|
|
|
|
|
|
(54)
|
|
|
|
|
|
(54)
|
|
Foreign currency-related economic hedges
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Sales of assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sundance indemnification
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
Impairments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emission allowances
|
|
|
|
|
|
|
|
|
(5)
|
|
|
|
|
|
(5)
|
LKE acquisition-related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetization of certain full-requirement sales contracts
|
|
|
|
|
|
|
|
|
(75)
|
|
|
|
|
|
(75)
|
|
2010 Bridge Facility costs
|
|
|
|
|
|
|
|
|
|
|
$
|
(13)
|
|
|
(13)
|
|
Other acquisition-related costs
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
|
|
(6)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montana hydroelectric litigation
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
(1)
|
Total Special Items
|
|
|
(1)
|
|
|
|
|
|
(134)
|
|
|
(19)
|
|
|
(154)
|
|
Reported Earnings
|
|
$
|
58
|
|
$
|
16
|
|
$
|
30
|
|
$
|
(19)
|
|
$
|
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share)
|
|||||||||||||
|
|
|
International
|
|
Pennsylvania
|
|
|
|
Unallocated
|
|
|
|||||
|
|
|
Regulated
|
|
Regulated
|
|
Supply
|
|
Costs
|
|
Total
|
|||||
Earnings from Ongoing Operations
|
|
$
|
0.15
|
|
$
|
0.04
|
|
$
|
0.43
|
|
|
|
|
$
|
0.62
|
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy-related economic activity
|
|
|
|
|
|
|
|
|
(0.14)
|
|
|
|
|
|
(0.14)
|
|
Impairments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emission allowances
|
|
|
|
|
|
|
|
|
(0.01)
|
|
|
|
|
|
(0.01)
|
LKE acquisition-related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetization of certain full-requirement sales contracts
|
|
|
|
|
|
|
|
|
(0.20)
|
|
|
|
|
|
(0.20)
|
|
2010 Bridge Facility costs
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.03)
|
|
|
(0.03)
|
|
Other acquisition-related costs
|
|
|
|
|
|
|
|
|
|
|
|
(0.02)
|
|
|
(0.02)
|
Total Special Items
|
|
|
|
|
|
|
|
|
(0.35)
|
|
|
(0.05)
|
|
|
(0.40)
|
|
Reported Earnings
|
|
$
|
0.15
|
|
$
|
0.04
|
|
$
|
0.08
|
|
$
|
(0.05)
|
|
$
|
0.22
|
Reconciliation of Segment Earnings from Ongoing Operations to Reported Earnings (Diluted)
|
||||||||||||||||
(After Tax)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date June 30, 2010
|
|
(millions of dollars)
|
||||||||||||||
|
|
|
International
|
|
Pennsylvania
|
|
|
|
Unallocated
|
|
|
|||||
|
|
|
Regulated
|
|
Regulated
|
|
Supply
|
|
Costs
|
|
Total
|
|||||
Earnings from Ongoing Operations
|
|
$
|
135
|
|
$
|
53
|
|
$
|
408
|
|
|
|
|
$
|
596
|
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy-related economic activity
|
|
|
|
|
|
|
|
|
(119)
|
|
|
|
|
|
(119)
|
|
Foreign currency-related economic hedges
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Sales of assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sundance indemnification
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
Impairments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emission allowances
|
|
|
|
|
|
|
|
|
(7)
|
|
|
|
|
|
(7)
|
LKE acquisition-related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetization of certain full-requirement sales contracts
|
|
|
|
|
|
|
|
|
(75)
|
|
|
|
|
|
(75)
|
|
2010 Bridge Facility costs
|
|
|
|
|
|
|
|
|
|
|
$
|
(13)
|
|
|
(13)
|
|
Other acquisition-related costs
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
|
|
(6)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montana hydroelectric litigation
|
|
|
|
|
|
|
|
|
(33)
|
|
|
|
|
|
(33)
|
|
Health care reform - tax impact
|
|
|
|
|
|
|
|
|
(8)
|
|
|
|
|
|
(8)
|
Total Special Items
|
|
|
(1)
|
|
|
|
|
|
(241)
|
|
|
(19)
|
|
|
(261)
|
|
Reported Earnings
|
|
$
|
134
|
|
$
|
53
|
|
$
|
167
|
|
$
|
(19)
|
|
$
|
335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share)
|
|||||||||||||
|
|
|
International
|
|
Pennsylvania
|
|
|
|
Unallocated
|
|
|
|||||
|
|
|
Regulated
|
|
Regulated
|
|
Supply
|
|
Costs
|
|
Total
|
|||||
Earnings from Ongoing Operations
|
|
$
|
0.35
|
|
$
|
0.14
|
|
$
|
1.07
|
|
|
|
|
$
|
1.56
|
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy-related economic activity
|
|
|
|
|
|
|
|
|
(0.30)
|
|
|
|
|
|
(0.30)
|
|
Impairments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emission allowances
|
|
|
|
|
|
|
|
|
(0.02)
|
|
|
|
|
|
(0.02)
|
LKE acquisition-related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetization of certain full-requirement sales contracts
|
|
|
|
|
|
|
|
|
(0.20)
|
|
|
|
|
|
(0.20)
|
|
2010 Bridge Facility costs
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.03)
|
|
|
(0.03)
|
|
Other acquisition-related costs
|
|
|
|
|
|
|
|
|
|
|
|
(0.02)
|
|
|
(0.02)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montana hydroelectric litigation
|
|
|
|
|
|
|
|
|
(0.09)
|
|
|
|
|
|
(0.09)
|
|
Health care reform - tax impact
|
|
|
|
|
|
|
|
|
(0.02)
|
|
|
|
|
|
(0.02)
|
Total Special Items
|
|
|
|
|
|
|
|
|
(0.63)
|
|
|
(0.05)
|
|
|
(0.68)
|
|
Reported Earnings
|
|
$
|
0.35
|
|
$
|
0.14
|
|
$
|
0.44
|
|
$
|
(0.05)
|
|
$
|
0.88
|
Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
|
Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
|
|
2nd Quarter
|
|
2010 EPS - Ongoing Earnings
|
|
$0.15
|
Delivery Revenue
|
0.03
|
|
Financing
|
(0.01)
|
|
Income Taxes & Other
|
(0.02)
|
|
Midlands
|
0.16
|
|
Dilution
|
(0.10)
|
|
Total
|
|
0.06
|
2011 EPS - Ongoing Earnings
|
|
$0.21
|
Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
|
|
2nd Quarter
|
|
2010 EPS - Ongoing Earnings
|
|
$0.04
|
Electric Delivery Margins
|
0.03
|
|
O&M
|
0.01
|
|
Income taxes & other
|
0.01
|
|
Dilution
|
(0.03)
|
|
Total
|
|
0.02
|
2011 EPS - Ongoing Earnings
|
|
$0.06
|
Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
|
|
2nd Quarter
|
|
2010 EPS - Ongoing Earnings
|
|
$0.43
|
Margins - East
|
(0.20)
|
|
O&M
|
(0.06)
|
|
Discontinued Operations
|
0.01
|
|
Dilution
|
(0.06)
|
|
Total
|
|
(0.31)
|
2011 EPS - Ongoing Earnings
|
|
$0.12
|
|
|
|
2011(4)
|
|
2012
|
|
2013
|
Baseload
|
|
|
|
|
|
|
|
Expected Generation(1) (Million MWhs)
|
|
|
47.9
|
|
54.7
|
|
54.4
|
East
|
|
|
40.1
|
|
46.2
|
|
46.0
|
West
|
|
|
7.8
|
|
8.5
|
|
8.4
|
|
|
|
|
|
|
|
|
Current Hedges (%)
|
|
|
98%
|
|
97%
|
|
69%
|
East
|
|
|
99%
|
|
98%
|
|
69%
|
West
|
|
|
97%
|
|
95%
|
|
72%
|
|
|
|
|
|
|
|
|
Average Hedged Price (Energy Only) ($/MWh)(2) (3)
|
|
|
|
|
|
|
|
East
|
|
|
$57
|
|
$54-55
|
|
$53-56
|
West
|
|
|
$54
|
|
$53-54
|
|
$50-51
|
|
|
|
|
|
|
|
|
Current Coal Hedges (%)
|
|
|
100%
|
|
96%
|
|
88%
|
East
|
|
|
100%
|
|
95%
|
|
91%
|
West
|
|
|
100%
|
|
100%
|
|
79%
|
|
|
|
|
|
|
|
|
Average Hedged Consumed Coal Price (Delivered $/Ton)
|
|
|
|
|
|
|
|
East
|
|
|
$73-74
|
|
$76-80
|
|
(5)
|
West
|
|
|
$23-27
|
|
$23-29
|
|
$23-30
|
|
|
|
|
|
|
|
|
Intermediate/Peaking
|
|
|
|
|
|
|
|
Expected Generation(1) (Million MWhs)
|
|
|
7.6
|
|
6.2
|
|
6.3
|
Current Hedges (%)
|
|
|
87%
|
|
32%
|
|
19%
|
(1)
|
24-hour average.
|
(2)
|
NYMEX and TZ6NNY forward gas prices on 6/30/2011.
|
(3)
|
Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas
price. |
|
2009
|
2010
|
2011
|
||
Cash from Operations
|
$1,852
|
|
$2,034
|
|
$2,020
|
Increase (Decrease) in cash due to:
|
|
|
|
|
|
Capital Expenditures
|
(1,265)
|
|
(1,644)
|
|
(2,805)
|
Sale of Assets
|
84
|
|
161
|
|
384
|
Other Investing Activities - Net
|
(71)
|
|
(20)
|
|
111
|
Free Cash Flow before Dividends
|
$ 600
|
|
$ 531
|
|
$ (290)
|
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