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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE

As required by Item 402(v) of Regulation S-K, we are providing the following information on the relationship between Compensation Actually Paid (CAP) and PPL’s performance for our NEOs, including our principal executive officer. CAP is defined by the SEC and is not used by the People and Compensation Committee in its pay-for-performance assessments. See the Compensation Discussion and Analysis section for a discussion of PPL’s compensation philosophy, practices and programs.

PPL’s executive compensation programs are structured to promote a strong pay for performance culture. As noted in the CD&A, 86% of the CEO’s 2023 target compensation was “at-risk” and 72% was performance based. In June 2020, William H. Spence retired from his position as CEO, therefore he is included in the Pay versus Performance Tables as our former CEO. Mr. Sorgi was promoted to the position of President and CEO effective June 1, 2020.

In 2021, PPL reported GAAP Net Income losses for the year that were non-cash in nature and primarily related to the sale of the U.K. utility business in June 2021 and certain tax changes in the U.K. Excluding the accounting effect of these one-time events, PPL’s operating businesses and PPL on a consolidated basis had strong financial and operational performance in 2021.

Based on our approach to align executive pay closely with performance, PPL’s CAP is directionally aligned with PPL’s Corporate EPS, total shareowner return (TSR), and return on equity. For example, the CEO CAP is approximately 11% lower than SCT while PPL’s TSR declined by approximately 9% over the same period. See the table below for more details followed by a description of the relationship between CAP and select performance metrics.

PAY VERSUS PERFORMANCE TABLE


Year	SCT Total		Comp Actually		SCT Total		Comp Actually Paid to		Average SCT Total for		Average Comp Actually Paid		Value of initial fixed $100 investment based on:				Net Income		Corporate
	for CEO		Paid to CEO(1)(4)		for Former CEO		Former CEO(4)		Non-CEO NEOs(2)		to Non-CEO NEOs(2)(4)		Company TSR		Peer Group TSR(3)		(millions)		EPS(5)
2023	$	11,969,556	$	10,652,416					$	3,034,235	$	2,396,766	$	91	$	107	$	740	$	1.60
2022		9,146,575		9,088,623						2,706,259		2,888,926		95		117		756		1.41
2021		11,356,481		11,504,637						3,976,822		3,779,539		94		116		(1,480)		1.02
2020		7,774,443		5,057,638	$	9,926,113	$	569,444		3,743,503		1,635,344		84		99		1,469		2.49

Current CEO Compensation Reconciliation Footnotes

(1)

Summary Compensation Table, or SCT, Totals and CAP Totals for CEO include Mr. Sorgi, President and Chief Executive Officer. A reconciliation of total compensation from the Summary Compensation Table to CAP for our CEO and additional related information is provided in the following tables:


Year	SCT Total for CEO		Total Equity Adjustment(a)		Total Pension Benefit Adjustment(b)		CAP Total for CEO		Total Adjustment		Equity Driven	Pension Driven
2023	$	11,969,556	$	419,654	$	(1,736,794)	$	10,652,416	$	(1,317,140)	19%	81%
2022		9,146,575		(129,755)		71,803		9,088,623		(57,952)	64%	36%
2021		11,356,481		1,778,997		(1,630,841)		11,504,637		148,156	52%	48%
2020		7,774,443		(1,160,073)		(1,556,732)		5,057,638		(2,716,805)	43%	57%

(a) The following provides the adjustments for equity compensation:


Year	SCT Total		Deduct: Value of Stock Awards in SCT		Add: FYE Fair Value of Unvested Stock Awards Granted during FY		Add: Year Over Year Change in Fair Value of Prior Unvested Stock Awards from Prior Years		Add: Change in Fair Value of Stock Awards from Prior Years that Vested in FY		Equity Value Included in CAP		Total Equity Adjustment
2023	$	11,969,556	$	6,442,931	$	6,618,974	$	277,368	$	(33,757)	$	6,862,585	$	419,654
2022		9,146,575		5,926,933		6,576,826		(222,115)		(557,533)		5,797,178		(129,755)
2021		11,356,481		5,111,866		6,926,098		120,260		(155,495)		6,890,863		1,778,997
2020		7,774,443		3,514,187		3,653,495		(820,292)		(479,089)		2,354,114		(1,160,073)

(b) The following provides the adjustments for pension and defined benefit plan compensation:


Year	SCT Total		Deduct: SCT Aggregate Change in Value of Accumulated Benefits Under Defined Benefit Pension Plans		Add: Aggregate Value of the Service Cost Attributable to CEO Under the Defined Benefit Pension Plan for Services during FY and Prior Service Cost of Benefits Granted in a Defined Benefit Pension Plan Amendment Attributable to CEO for Services in Years Prior to Amendment		Total Pension Benefit Adjustment
2023	$	11,969,556	$	2,198,654	$	461,860	$	(1,736,794)
2022		9,146,575		—		71,803		71,803
2021		11,356,481		2,361,092		730,251		(1,630,841)
2020		7,774,443		1,940,207		383,475		(1,556,732)

Non-CEO NEO Average Compensation Reconciliation Footnotes

(2) Average SCT Totals and Average CAP Totals for Non-CEO NEOs include:

•

for 2020, Mr. Bergstein; Paul W. Thompson, former President and CEO of LKE; Joanne H. Raphael, former Executive Vice President, General Counsel and Corporate Secretary; and Gregory N. Dudkin, former President of PPL Electric

•

for 2021, Mr. Bergstein, Mr. Dudkin, former Chief Operating Officer, Mr. Thompson, Ms. Stark and Philip Swift, former Chief Executive of Western Power Distribution

•

for 2022, Mr. Bergstein, Mr. Dudkin, Ms. Stark and Mr. Crockett

•

for 2023, Mr. Bergstein, Mr. Sullivan, Ms. Stark, Mr. Crockett and Ms. Raymond

A reconciliation of average total compensation from the SCT to CAP for our non-CEO NEOs and additional related information is provided in the following tables:


Year	SCT Total for non-CEO NEOs		Total Equity Adjustment(a)		Total Pension Benefit Adjustment(b)		CAP Total for non-CEO NEOs		Total Adjustment		Equity Driven	Pension Driven
2023	$	3,034,235	$	(462,044)	$	(1,206,616)	$	2,396,766	$	(1,668,660)	28%	72%
2022		2,706,259		23,558		159,109		2,888,926		182,667	13%	87%
2021		3,976,822		253,256		(450,539)		3,779,539		(197,283)	36%	64%
2020		3,743,503		(812,826)		(1,295,333)		1,635,344		(2,108,159)	39%	61%

(a) The following provides the adjustments for equity compensation:


Year	SCT Total		Deduct: Value of Stock and Option Awards in SCT		Add: FYE Fair Value of Unvested Stock Awards Granted during FY		Add: Year Over Year Change in Fair Value of Unvested Stock Awards from Prior Years		Add: Change in Fair Value of Stock Awards from Prior Years that Vested in FY		Add: Average Prior Year End Fair Value of Awards from Prior Years Forfeited in Covered Year		Add: Value of Dividends or other Earnings Paid on Stock Awards not Otherwise Reflected in Fair Value(i)		Equity Value Included in CAP		Total Equity Adjustment
2023	$	3,034,235	$	1,385,421	$	1,167,912	$	(3,010)	$	(29,606)	$	(212,855)	$	936	$	923,377	$	(462,044)
2022		2,706,259		1,431,279		1,588,222		(45,074)		(89,392)				1,082		1,454,837		23,558
2021		3,976,822		1,115,932		1,289,371		26,497		52,120				1,199		1,369,187		253,256
2020		3,743,503		1,108,663		1,016,334		(422,772)		(298,929)				1,204		295,837		(812,826)

(i) Certain non-CEO NEOs received cash dividends for awards granted under the applicable plan.

(b) The following provides the adjustments for pension and defined benefit plan compensation:


Year	SCT Total		Deduct: SCT Aggregate Change in Value of Accumulated Benefits Under Defined Benefits Pension Plans		Add: Aggregate Value of the Service Cost Attributable to NEOs Under the Defined Benefit Pension Plan for Services during FY and Prior Service Cost of Benefits Granted in a Defined Benefit Pension Plan Amendment Attributable to NEOs for Services in Years Prior to Amendment		Total Pension Benefit Adjustment
2023	$	3,034,235	$	1,275,015	$	68,400	$	(1,206,616)
2022		2,706,259		—		159,109		159,109
2021		3,976,822		588,280		137,741		(450,539)
2020		3,743,503		1,462,632		167,299		(1,295,333)

(3)

TSR assumes $100 invested on December 31, 2019, including reinvestment of dividends. Peer TSR represents the EEI Index of Investor-owned Electric Utilities, which is the index used to show performance in our Annual Report.

(4)

In calculating CAP, PPL calculated the fair value (or change in fair value) of outstanding, vested and forfeited equity awards in accordance with SEC rules for CAP and computed in a manner consistent with the methodology for financial reporting purposes consistent with U.S. generally accepted accounting principles. For restricted stock units, CAP values are based on a closing price on applicable year-end date(s) or, in the case of vesting dates, the actual vesting price. For performance units (excluding TSR Awards), CAP values are based on the same valuation methodology as restricted stock unit awards above except year-end values are multiplied times the probability of achievement as of each such date. For TSR-based performance units, the fair value is calculated by a Monte Carlo simulation model that considers a correlation coefficient, expected stock volatility and expected life as of the applicable year-end date(s). For more information about the assumptions used to value awards on their grant date, see the “Grants of Plan-Based Awards During 2023” table on page 65. For more information about the reported value for future achievement of outstanding performance-based awards, see the “Outstanding Equity Awards at Fiscal Year End 2023” table on page 66.

(5)

Corporate EPS as adjusted for compensation purposes. See page 41 for more information on Corporate EPS and its use in our short-term incentive plans.

Company Selected Measure Name

Corporate EPS

Named Executive Officers, Footnote

Average SCT Totals and Average CAP Totals for Non-CEO NEOs include:

•

for 2021, Mr. Bergstein, Mr. Dudkin, former Chief Operating Officer, Mr. Thompson, Ms. Stark and Philip Swift, former Chief Executive of Western Power Distribution

•

for 2022, Mr. Bergstein, Mr. Dudkin, Ms. Stark and Mr. Crockett

•

for 2023, Mr. Bergstein, Mr. Sullivan, Ms. Stark, Mr. Crockett and Ms. Raymond

Peer Group Issuers, Footnote

Peer TSR represents the EEI Index of Investor-owned Electric Utilities, which is the index used to show performance in our Annual Report.

Adjustment To PEO Compensation, Footnote

(1)


Year	SCT Total for CEO		Total Equity Adjustment(a)		Total Pension Benefit Adjustment(b)		CAP Total for CEO		Total Adjustment		Equity Driven	Pension Driven
2023	$	11,969,556	$	419,654	$	(1,736,794)	$	10,652,416	$	(1,317,140)	19%	81%
2022		9,146,575		(129,755)		71,803		9,088,623		(57,952)	64%	36%
2021		11,356,481		1,778,997		(1,630,841)		11,504,637		148,156	52%	48%
2020		7,774,443		(1,160,073)		(1,556,732)		5,057,638		(2,716,805)	43%	57%

(a) The following provides the adjustments for equity compensation:


Year	SCT Total		Deduct: Value of Stock Awards in SCT		Add: FYE Fair Value of Unvested Stock Awards Granted during FY		Add: Year Over Year Change in Fair Value of Prior Unvested Stock Awards from Prior Years		Add: Change in Fair Value of Stock Awards from Prior Years that Vested in FY		Equity Value Included in CAP		Total Equity Adjustment
2023	$	11,969,556	$	6,442,931	$	6,618,974	$	277,368	$	(33,757)	$	6,862,585	$	419,654
2022		9,146,575		5,926,933		6,576,826		(222,115)		(557,533)		5,797,178		(129,755)
2021		11,356,481		5,111,866		6,926,098		120,260		(155,495)		6,890,863		1,778,997
2020		7,774,443		3,514,187		3,653,495		(820,292)		(479,089)		2,354,114		(1,160,073)

(b) The following provides the adjustments for pension and defined benefit plan compensation:


Year	SCT Total		Deduct: SCT Aggregate Change in Value of Accumulated Benefits Under Defined Benefit Pension Plans		Add: Aggregate Value of the Service Cost Attributable to CEO Under the Defined Benefit Pension Plan for Services during FY and Prior Service Cost of Benefits Granted in a Defined Benefit Pension Plan Amendment Attributable to CEO for Services in Years Prior to Amendment		Total Pension Benefit Adjustment
2023	$	11,969,556	$	2,198,654	$	461,860	$	(1,736,794)
2022		9,146,575		—		71,803		71,803
2021		11,356,481		2,361,092		730,251		(1,630,841)
2020		7,774,443		1,940,207		383,475		(1,556,732)

Non-PEO NEO Average Total Compensation Amount

$ 3,034,235

$ 2,706,259

$ 3,976,822

$ 3,743,503

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,396,766

2,888,926

3,779,539

1,635,344

Adjustment to Non-PEO NEO Compensation Footnote

(2) Average SCT Totals and Average CAP Totals for Non-CEO NEOs include:

•

for 2021, Mr. Bergstein, Mr. Dudkin, former Chief Operating Officer, Mr. Thompson, Ms. Stark and Philip Swift, former Chief Executive of Western Power Distribution

•

for 2022, Mr. Bergstein, Mr. Dudkin, Ms. Stark and Mr. Crockett

•

for 2023, Mr. Bergstein, Mr. Sullivan, Ms. Stark, Mr. Crockett and Ms. Raymond

A reconciliation of average total compensation from the SCT to CAP for our non-CEO NEOs and additional related information is provided in the following tables:


Year	SCT Total for non-CEO NEOs		Total Equity Adjustment(a)		Total Pension Benefit Adjustment(b)		CAP Total for non-CEO NEOs		Total Adjustment		Equity Driven	Pension Driven
2023	$	3,034,235	$	(462,044)	$	(1,206,616)	$	2,396,766	$	(1,668,660)	28%	72%
2022		2,706,259		23,558		159,109		2,888,926		182,667	13%	87%
2021		3,976,822		253,256		(450,539)		3,779,539		(197,283)	36%	64%
2020		3,743,503		(812,826)		(1,295,333)		1,635,344		(2,108,159)	39%	61%

(a) The following provides the adjustments for equity compensation:


Year	SCT Total		Deduct: Value of Stock and Option Awards in SCT		Add: FYE Fair Value of Unvested Stock Awards Granted during FY		Add: Year Over Year Change in Fair Value of Unvested Stock Awards from Prior Years		Add: Change in Fair Value of Stock Awards from Prior Years that Vested in FY		Add: Average Prior Year End Fair Value of Awards from Prior Years Forfeited in Covered Year		Add: Value of Dividends or other Earnings Paid on Stock Awards not Otherwise Reflected in Fair Value(i)		Equity Value Included in CAP		Total Equity Adjustment
2023	$	3,034,235	$	1,385,421	$	1,167,912	$	(3,010)	$	(29,606)	$	(212,855)	$	936	$	923,377	$	(462,044)
2022		2,706,259		1,431,279		1,588,222		(45,074)		(89,392)				1,082		1,454,837		23,558
2021		3,976,822		1,115,932		1,289,371		26,497		52,120				1,199		1,369,187		253,256
2020		3,743,503		1,108,663		1,016,334		(422,772)		(298,929)				1,204		295,837		(812,826)

(i) Certain non-CEO NEOs received cash dividends for awards granted under the applicable plan.

(b) The following provides the adjustments for pension and defined benefit plan compensation:


Year	SCT Total		Deduct: SCT Aggregate Change in Value of Accumulated Benefits Under Defined Benefits Pension Plans		Add: Aggregate Value of the Service Cost Attributable to NEOs Under the Defined Benefit Pension Plan for Services during FY and Prior Service Cost of Benefits Granted in a Defined Benefit Pension Plan Amendment Attributable to NEOs for Services in Years Prior to Amendment		Total Pension Benefit Adjustment
2023	$	3,034,235	$	1,275,015	$	68,400	$	(1,206,616)
2022		2,706,259		—		159,109		159,109
2021		3,976,822		588,280		137,741		(450,539)
2020		3,743,503		1,462,632		167,299		(1,295,333)

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

List of Company Selected Measures


The following table highlights PPL’s performance measures that are most closely tied to executive compensation as reported in the Pay vs. Performance Table above. See page 41 for more information on Corporate EPS, TSA Execution and Operational Goals and how they are utilized in our short-term incentive plans and Annex A for a reconciliation of financial measures presented in accordance with GAAP to non-GAAP measures used for compensation. See page 41 for more information on how TSR, EG, and ESG are utilized in our LTI plans.			Most Important Performance Measures (alphabetical ranking)
			Corporate Earnings Per Share
			Earnings Growth
			Environmental, Social and Governance
			Operational Goals
			Relative Total Shareowner Return
			TSA Execution