Good morning and welcome to the PPL Corporation Annual Meeting of Shareowners. Copies of the PPL Corporation Proxy Statement, Annual Report, and Rules of Conduct are available at the links on the meeting site. If you experience any technical issues, we strongly encourage you to check your internet connection, close and restart your browser, or try another internet browser. The presentation today may include forward-looking statements based on current available information, which involve risks and uncertainties. The presentation may also refer to non-GAAP measures when discussing the company's financial results and earnings forecast. Before we begin, please take note of PPL's cautionary statement and non-GAAP information posted on the meeting site. I would now like to turn the meeting over to Craig Rogerson, Independent Chair of the Board of Directors of PPL Corporation. Please go ahead, Mr. Rogerson.
Good morning. I'm Craig Rogerson, and I serve as the Independent Chair of the PPL Board of Directors and will preside over today's meeting. It is my pleasure to welcome you to our 2025 Annual Meeting of Shareowners. We are pleased to again hold our Annual Meeting of Shareowners in a virtual format to increase access and participation. The virtual format offers an efficient means to host the meeting, allows our shareowners to attend the meeting from any location, and affords shareowners the same rights as if the meeting were held in person. This includes the ability to vote your shares electronically during the meeting and ask questions in accordance with our rules of conduct.
I'm joined today by PPL's Corporate Leadership Council, including Vince Sorgi, President and Chief Executive Officer; Joe Bergstein, Executive Vice President and Chief Financial Officer; Wendy Stark, Executive Vice President, Utilities and Chief Legal Officer; Angie Gosman, Executive Vice President and Chief Human Resources Officer; Dean Del Vecchio, Executive Vice President and Chief Technology and Innovation Officer; Loni Bellar, Executive Vice President, Engineering, Construction, and Generation; and Dave Bonenberger, Executive Vice President and Chief Operating Officer, Utilities. Jeff Jankowski, Vice President, Corporate Secretary, and Deputy General Counsel Corporate, will serve as Secretary of today's meeting. The heads of our major operating subsidiaries are on the phone with us today also. Joining today's meeting, we have our Judge of Election and representatives from Deloitte & Touche LLP, our independent registered public accounting firm.
Finally, I would like to introduce our fellow members of the Board of Directors who are joining Vince and me on today's call.
They are Art Beattie, Retired Executive Vice President, Chief Financial Officer, and Chief Risk Officer of Southern Company, Raja Rajamannar, Chief Marketing and Communications Officer and President of Healthcare for Mastercard Incorporated, Heather Redman, Co-Founder and Managing Partner for Flying Fish Partners, Linda Sullivan, Retired Chief Financial Officer and Executive Vice President of American Water Works Company Incorporated, Nitika Van Olsen, Retired Financial and Risk Executive of Bank of America and Citigroup, Keith Williamson, President and Director of the Centene Foundation and former Executive Vice President, Secretary and General Counsel of Centene Corporation, Phoebe Wood, Chief Executive Officer of Curtley Wood, a board advisory firm, principal of Companies Wood, and retired Vice Chairman and Chief Financial Officer of Brown-Forman Corporation, and Armando Zagalo de Lima, Retired Executive Vice President of Xerox Corporation. I am pleased to call the meeting to order.
The polls are now open and will close after the presentation of the last proposal. Only shareholders who held shares as of March 4th, 2025, the record date for this meeting, are entitled to vote shares. If you have already voted your shares, there is no need to vote again. If you would like to vote your shares or change your vote, you may do so until we close the polls by following the instructions on your screen. At today's meeting, we will first conduct the business portion, which involves three management proposals and one shareholder proposal as described in the proxy statement. After the polls close for voting on these proposals, Vince Sorgi will provide an update of the company's performance and business strategy.
If we experience a technical malfunction or other disruption that is not resolved within a reasonable time, then as Chair of the meeting, I may deem the official business complete, the polls closed, and the meeting adjourned. Following Vince's presentation, we'll return to the question- and- answer session and answer the questions submitted on the annual meeting website. Shareholders may enter their control number to log into the annual meeting website and may ask a question at any time during the meeting by navigating to the Ask a Question field and clicking Submit. We will conduct the meeting consistent with the rules of conduct posted on the PPL website and available through the link at the lower right corner of your screen. Now let's move ahead with our meeting. At this time, we will appoint a Judge of Election for today's meeting.
Tracy Oates, or her delegate from Broadridge, will serve as our Judge of Election. I will now ask Jeff Jankowski to confirm the notice and quorum and to present the business matter of the meeting. Jeff, please go ahead.
Thank you, Craig. I've been informed that notice of this meeting was properly mailed to the shareholders of the company. Our Judge of Election has taken the oath and has informed me that sufficient shares are represented at this meeting in person or by proxy, and therefore a quorum is present. I will now present the matters to be voted on. The first proposal to be considered at this meeting is the election of the 10 directors nominated by the Board of Directors as disclosed in our proxy statement. The Board recommends a vote for each of the nominees. Proposal two is an advisory vote to approve compensation of the named executive officers as disclosed in our proxy statement. The Board recommends a vote for this proposal.
Proposal three is the request by the company to ratify the audit committee's appointment of Deloitte & Touche LLP as the independent registered public accounting firm of PPL and its subsidiaries for 2025. We are pleased to have representatives of Deloitte & Touche with us on the phone today. The board recommends a vote for this proposal. The fourth and last item of business is the shareholder proposal regarding the independent evaluation of greenhouse gas reduction targets. This proposal was submitted by the Comptroller of the City of New York on behalf of the New York City Teachers' Retirement System, the New York City Employees' Retirement System, and the New York City Police Pension Fund. In order to allow time for the question- and- answer session, we have allocated three minutes to the presentation of the shareholder proposal.
We will now play a prerecorded statement from Jamie Stader, representative of the shareholder proponent, to present a proposal. Operator, please play the statement from Jamie Stader at this time.
Mr. Chairman and fellow shareholders, good morning. I am presenting proposal number four on behalf of the New York City Controller. The Controller serves as the custodian, investment advisor, and a trustee for the five New York City retirement systems. The three systems that submitted proposal four are long-term institutional investors of PPL. Proposal four simply requests that PPL disclose an evaluation conducted by an independent third party of the alignment of its short and medium-term greenhouse gas emissions reduction targets relative to the Paris Agreement's goals. This request also includes an assessment of the methodology PPL used to set its targets. This proposal does not ask for an evaluation of the company's climate strategy, for the company to revise its emissions reduction targets, or for an assessment relative to a specific framework or alignment pathway.
Since PPL set its interim targets, investors have become increasingly concerned about the company's assertions that its targets are constructed using sound methodology and are, in fact, aligned with the Paris Agreement's goals. PPL's assessment of its targets' alignment fails to reflect that to meet global climate objectives, the electricity sector in developed countries must decarbonize at a faster rate than other sectors. According to the Transition Pathway Initiative's comparison to North American benchmarks, the carbon intensity of PPL's published 2035 target may be as much as 6.6 times the level consistent with limiting global temperature rise to below two-degree outcomes. When the Paris alignment of PPL's targets are assessed relative to other widely used measures of alignment, including 97 individual 1.5-degree scenarios from the IPCC Working Group III Climate Mitigation Report, the discrepancy between PPL's targets and a 1.5-degree aligned target remains in all cases.
Despite the company's current work supporting the creation of industry-led target-setting methodology, the company has not committed to third-party evaluation of its targets. Finally and importantly, the proposal is not prescriptive. The request for assessment and evaluation does not require that the company select any specific third party to perform the work or mandate that the third-party evaluator use any particular methodology. It only requires that the third party be independent. Therefore, we urge shareholders to support this proposal.
Thank you. The Board of Directors has considered your proposal. For the reasons stated in the proxy statement, the board recommends a vote against this proposal.
Thank you, Jeff. If you have not yet voted your shares or if you wish to change your vote, you may now vote by clicking on the Vote Here button on your screen. We will now pause to allow shareholders to vote. Thank you for voting. I now declare the polls closed. Next on our agenda is a brief business update from PPL CEO Vince Sorgi.
Thank you, Craig, and thank you to everyone who joined us today for PPL's annual meeting of shareholders. I'm proud to represent the more than 6,600 employees who work hard every day to provide essential energy service to our customers. Our employees are among the best in the business. They care about our customers and each other. Every day, they are driving our progress to become the best utility in the U.S. Together, we have completed a dramatic transformation of PPL over the past few years. We've brought together a strong, experienced, and talented leadership team aligned around our vision and mission. We have set a bold strategy to create the utilities of the future. We've restructured our teams to improve service, make our grid more reliable and resilient, and advance a cleaner energy mix while keeping energy affordable for our customers.
We've built a top-tier balance sheet, providing us with substantial financial flexibility that gives PPL a strategic advantage. We have stepped up our engagement with a wide range of stakeholders to power economic development, support the rapid rise in data center interest, strengthen resource adequacy, and create the conditions we need for long-term success on behalf of our customers, communities, and shareowners. We have demonstrated the courage and ability to adapt, act decisively, and adopt changes that benefit all of our stakeholders. In my remarks today, I'll highlight our progress and recap our prior year performance. I'll address our strategy to grow PPL and advance a cleaner energy future while keeping energy safe, reliable, and affordable. I'll close with a few thoughts on PPL's future, our business outlook, and our commitment to you, our shareowners.
First, providing electricity and natural gas safely, reliably, and affordably to our 3.6 million customers is always our top priority. We delivered on that commitment again last year. We maintain top quartile transmission and distribution reliability in Kentucky, Pennsylvania, and Rhode Island. At our Kentucky utilities, our only utilities at which we generate power, our generation fleet was once again among the nation's best for reliability. We achieved these goals even as our crews were called on time and time again to restore power for customers during some of the worst storms in our company's history. Throughout 2024, we completed more than $3 billion in planned infrastructure improvements to strengthen our grid against more frequent and severe storms, to speed restoration and recovery when outages do occur, and to advance a safe, reliable, and cleaner energy mix.
Across PPL, our teams continue to identify and drive efficiencies to help keep energy affordable. We recognize that on average, every dollar of O&M we save is about $8 that we can invest in infrastructure upgrades without increasing customer bills. Last year, we achieved annual O&M savings of about $130 million from a 2021 baseline. At an eight-to-one ratio, that helps us self-fund over $1 billion in capital investments. Affordability will remain a key focus of ours moving forward. In fact, it is central to our utility of the future strategy. We will continue to engage with a wide range of stakeholders to identify opportunities that support energy affordability, whether we are responsible for those opportunities or not. Shifting to our financial performance and shareowner returns, we continue to build on our track record of success for shareowners in 2024.
We achieved our targeted 6-8% earnings per share growth. We increased our common stock dividend in 2024 by more than 7%. We maintained a strong balance sheet that supports our robust infrastructure investments to improve service. We also advanced our approved generation replacement strategy in Kentucky. This included retiring 300 MW of coal-fired generation, breaking ground on a highly efficient 645 MW natural gas-fired power plant, and advancing the development of 240 MW of new company-owned solar, as well as 125 MW of battery storage. These investments will support a reliable, affordable, and cleaner energy mix. In addition, we remain committed to advancing economic development that creates jobs and adds tax revenues in our communities. This includes data center development in Pennsylvania and Kentucky that is key to America's competitiveness and national security.
We engaged extensively with key stakeholders to build a sense of urgency around strengthening resource adequacy and helping to protect customers from price volatility and reliability concerns. We provided strong community support that extends beyond the essential energy we provide. Our company and our affiliated foundations contributed more than $14 million in 2024 to organizations and programs working to improve quality of life and help communities thrive. Last but not least, PPL stock price increased by nearly 20% in 2024, placing us among the best-performing regulated utility stocks in the U.S. last year. In summary, I'm proud of what we accomplished in 2024. In 2025, we're not taking our foot off the gas. Across PPL, we are continuing to advance and accelerate our strategy to create the utilities of the future, utilities that are innovative, agile, efficient, and powered by cutting-edge technology.
We're continuing to strengthen the reliability and resiliency of our electric and gas networks to protect against current and future weather and storms. We're advancing a cleaner energy future affordably and reliably. Beyond the generation investments that I highlighted earlier and are already underway, we filed a request with the Kentucky Public Service Commission earlier this year to add two new natural gas-fired power plants and 400 MW of additional battery storage to address unprecedented demand growth in Kentucky. We'll continue to drive further operational efficiencies to help keep energy affordable, building on our success in previous years. We're identifying new opportunities to deploy artificial intelligence and other advanced technologies to inform decision-making, optimize asset planning and maintenance, and better manage supply and demand on the grid. We have tremendous opportunities in this area to transform the customer experience and reduce costs as well.
We're focused on empowering our customers by developing new and expanded digital solutions to improve service and make it easier and more convenient for our customers to interact with us. We're developing and empowering our employees, not just to survive in an ever-changing energy landscape, but to thrive in it. This includes providing new tools and technology to improve the employee experience, as well as providing new development programs and opportunities for our employees. This is what our utility of the future strategy is all about. I'm as convinced as ever that it's the right strategy for the right time. In closing, the state of our business is strong and getting stronger. While we've achieved a modest premium valuation for our shareholders, we are confident there is still more room to go.
Our updated business plan supports stable, predictable 6%-8% annual earnings and dividend growth through at least 2028. We plan to invest $20 billion from 2025- 2028 to continue to strengthen reliability, advance a cleaner energy future, and improve service for our 3.6 million customers. As we look ahead, we're excited about what the future holds for PPL. We've reshaped our company and positioned it to embrace opportunities and thrive. We're steadfast in our commitment to delivering value for all of our stakeholders. Thank you for your continued investment in PPL. That concludes my business update. I'll now turn the call back over to Craig.
Thank you, Vince. Now I'll ask the Judge of Election to submit her report.
Mr. Chair, the Judge of Election of the 2025 Annual Meeting of Shareowners of PPL Corporation hereby provides the following preliminary voting results for each of the matters presented at the meeting. The individuals listed in the company's proxy statement as nominees for directors each received more than 576 million votes, and that nominees Arthur P. Beattie, Raja Rajamannar, Heather Redman, Craig A. Rogerson, Vincent Sorgi, Linda G. Sullivan, Nitika Van Olsen, Keith H. Williamson, Phoebe A. Wood, and Armando Zagallo de Lima have been duly elected directors of the company to hold office until the next annual meeting of shareholders. The Judge of Election reports that the company's proposal to approve the compensation of named executive officers has been approved by shareowners receiving more than 570 million votes.
The Judge of Election reports that the action of the Board of Directors in the appointment of Deloitte & Touche LLP as independent registered public accounting firm for the year ending December 31, 2025, has been duly ratified. The Judge of Election also reports that the shareholder proposal regarding independent evaluation of greenhouse gas reduction targets was not approved by shareowners receiving fewer than 43 million votes.
Thank you very much for your report and for assisting us today. We will be reporting the final vote results in a Form 8-K to be filed within four business days. I'd like to ask to take your questions now. As a reminder, shareholders who would like to ask a question may do so by navigating to the Ask a Question field of the virtual meeting website. As noted in our rules of conduct, we ask that each question be limited to a single topic and be succinct. We have allotted approximately 20 minutes to answer questions today. Any questions pertinent to the meeting and not answered during this time will be posted with answers on our website as soon as practicable and will remain available until one week after posting. Ryan Hill, Vice President of Corporate Communications, will read questions submitted by shareowners. Ryan, do we have any questions?
Thank you, Craig. We've received several questions. The first is, and this is one I know we've received in past meetings as well, it deals with the size of PPL's board. Specifically, why do we have so many directors?
Thanks, Ryan. I do recall a similar question or two in the past. Honestly, the answer really hasn't changed much. Bottom line, there's really nothing out of the ordinary about the size of our board. On average, the boards of Fortune 500 companies have about 11 members, give or take. We have 10 on PPL's board, 9 of whom are independent. Again, nothing exceptional about the number of directors we have. That said, it also holds true as well when you compare it to our peers in the utility sector. At the end of the day, we have a great mix of engaged and independent directors here at PPL. We have an excellent blend of experience, skills, and diverse perspectives that oversee the company's continued growth and success.
The board has worked toward ongoing refreshment, bringing in newer directors who complement the longer-term directors who have helped to lead the company through its various stages of transformation over the last decade. This allows for new perspectives and supports continuity. Lastly, our board has the right size to serve on our five standing board committees and, importantly, to populate the committees with directors who have the right mix of skills and perspectives. As always, our governance, nominating, and sustainability committee will continue to regularly review the board's size and skill sets and make adjustments if we feel it's in the best interest of our shareholders.
Thanks, Craig. Our next question also deals with numbers. In this case, the question is, why does PPL employ so many contractors?
Vince, why don't you take this one?
Sure. Thanks, Craig. Look, I'd say I don't think there's really anything extraordinary about our use of contractors, as is the case with many businesses. We rely on a combination of both employees and contractors to meet the needs of our customers and complete all of the planned. In our case, we have a lot of unplanned work that we need to do. Contractors can be particularly useful when we need either specialized expertise or skills, or we're looking at seasonal work, we're completing some short-term projects, or it really just gives us the flexibility to scale up and scale down quickly as the needs of the business change. We are really proud to provide excellent jobs to the thousands of employees across the communities that we serve.
We are also pleased to be able to provide opportunities for contractors as well, many of whom are also from our communities. Ultimately, whether it is an employee doing a particular job for us or a contractor supporting our efforts, we hold our contractors accountable to the same high expectations and standards that we do for our employees. At the end of the day, it is all about best positioning the company to deliver energy safely, reliably, and affordably for our customers. I do not think there is anything extraordinary in our use of contractors, but they clearly enable us to help meet the needs of our customers.
Thanks, Vince. Our next question is about tariffs. Specifically, what impact will the Trump administration's tariff initiatives have on the partnership between PPL and Elliott Group subsidiary Wind Grid?
Vince, why don't you take this one as well?
Sure. Let me start with a little bit of background just in the event that some of our listeners are not familiar with Wind Grid. What the shareowner is referencing is an announcement that we made back in late 2022. At the time, there were a number of New England states that were launching really a joint effort and initiative to explore solutions for connecting offshore wind projects to the grid in a reliable and cost-effective way. In response to that, we had engaged with Wind Grid, which is a subsidiary of a Belgian company, Elliott Group. We agreed to work together to propose some innovative transmission solutions to achieve the desired results of that RFP, if you will. In essence, what we were working towards was a mesh offshore transmission network.
This is where multiple offshore wind farms would be able to connect to a common substation offshore, and then we would bring that power onshore in very strategic locations. That would, in essence, reduce significantly the overall cost of offshore wind in New England. The Elliott Group, just by way of background, has been a global pioneer in developing offshore grid solutions in Europe. Today, we remain in close contact with Wind Grid. We are prepared to participate in future offshore transmission opportunities should they arise in New England. That said, the short-term outlook for offshore wind is not nearly as positive as it once was. That was the case prior to any tariffs being announced and discussed, as really the economics for offshore wind projects had soured a bit for a number of reasons, including interest rates and supply chain issues. It clearly remains challenging today.
One of President Trump's first executive orders basically paused the approval and the permitting of both onshore and offshore wind projects. More specific to the shareholder's question, tariffs will also likely affect the pricing and timing of any offshore wind projects, as the largest companies in this space are predominantly outside of the U.S. and would likely be subject to those tariffs. However, I would just reiterate, should the economics and the political environment change around offshore wind, we remain well-positioned with Wind Grid to have the combined skills, talent, and experience to deliver these innovative solutions for the residents of New England. We will have to see how this really progresses.
Thanks, Vince. Our next question is about nuclear power.
The shareowner asks, how does PPL support the development of nuclear and fusion power, and is the electric distribution system adaptable to transition to either of these energy sources?
Vince, it's probably best for you to address this one as well.
Sure, Craig. Thanks for the question. Let me just start as an industry. We have generally committed to achieving net zero carbon emissions by 2050, and that is PPL's goal as well. I will say getting there will not be easy, right? It is going to require an all-of-the-above technology approach, particularly as PPL and the nation more broadly face what we are seeing right now, which is unprecedented growth in electricity demand. Just as an example, in our Pennsylvania service territory alone, we have nearly 11 GW of data center load in advanced stages of planning, over 60 GW in total of interest in our grid in Pennsylvania. By comparison, our current peak demand is only 7.5 GW. Essentially, we are talking about the potential for demand growth within the next decade exceeding what it took us over 100 years to build.
If you couple that with demand growth from greater electrification of various sectors of the economy, whether that's building heat or electric vehicles, various industries, you're talking about a huge challenge. In addition to intermittent resources like solar and wind, I think nuclear power will absolutely need to play a role. This is both traditional nuclear resources as well as new technologies like the advanced small modular nuclear reactors that are being developed as we speak. For starters, nuclear power is carbon-free. It's highly efficient. Unlike renewables, nuclear power plants operate continuously. They provide a very stable and reliable source of power every minute of every day. In addition to nuclear, I would say natural gas will also need to play an essential role as we replace the aging coal fleet in this country over the coming years and decades.
Like nuclear, natural gas provides a very stable, reliable source of power as well around the clock. The replacement of coal-fired power plants with these efficient combined- cycle natural gas plants is really what the primary source of carbon reductions in our industry have been to date. Beyond nuclear and natural gas, increased renewables, both at the utility scale level as well as private sources like rooftop solar, they will be important. They will absolutely be critically important, particularly when you compare renewables with energy storage. As we see demand grow, developing and accelerating and commercializing new technologies like carbon capture, sequestration, or long-duration energy storage, all of those things will be key as well. With that as a backdrop in returning to the question of nuclear specifically, new nuclear faces some significant hurdles and cost challenges.
It really stems from the high initial capital costs, the lengthy construction timelines, and the potential for significant cost overruns, which we've seen plague the sector. These factors make it really difficult to secure competitive financing and, I would say, fully realize nuclear energy's potential. I think you'll likely need to see government involvement in the form of loan guarantees, potentially equity guarantees, production tax credits, public-private partnerships. It could be other steps in order to really de-risk these types of investments. When we talk about de-risking, that's de-risking them for our customers as well as our shareowners. The bottom line is this, though, right? Barring some dramatic policy shifts, I think we're a ways off from the industry really embracing a nuclear renaissance in the country.
Having said that, there is general consensus in the industry that nuclear has to play a key role in the generation build in the country. Perhaps we will see that dramatic shift required to make it happen. In the meantime, and as part of our all-of-the-above R&D approach that we have here at PPL, we're focused on preparing for the potential that technologies such as small modular nuclear reactors eventually become more cost-competitive. For example, we continue to partner with the Department of Energy, the Electric Power Research Institute, and with X-energy, which is one of the new nuclear design engineering firms, to determine whether nuclear energy is a viable option at any of our Kentucky locations as we think about our future resource planning in Kentucky.
As for fusion, while I think we're a long way from commercial viability, I can say there's a lot of money going into nuclear fusion R&D right now. The challenge to date has been just simply producing more energy than it takes to create the fusion reaction. While this isn't really something that we at PPL are focused on, it certainly would be a game changer if we can make nuclear fusion commercially viable. That's not just for our industry, but for various industries. As for the grid and its capability of supporting nuclear technology, the answer to that is absolutely yes. In fact, we've been supporting nuclear technology successfully for decades now.
Thanks, Vince. Our next question focuses on wildfires, with the shareholder noting that utilities are being held liable for wildfires in other parts of the country and pointing out that recent wildfires in states like PA and New Jersey remind us that eastern portions of the country can be vulnerable as well. The question is this: How is PPL addressing the growing risk of wildfires caused by power line issues? What is being done to mitigate risk, to be prepared to react, and to train employees on all levels?
Thanks for that question. I can tell you that our board, our executive leadership team, and basically employees at all levels of PPL have been active in addressing risks related to wildfires. It's a topic we talk about regularly at the board meetings. Vince, why don't you touch upon some of the steps we've already taken?
Yeah, thanks, Craig. As you noted, this has been a topic that we've been laser-focused on since the devastating fires that took place in Lahaina in Hawaii. While wildfire risks are generally low throughout our service territories, the shareholder is spot on in that no area is immune. For our part, we take nothing for granted when it comes to employee and public safety. Last year, we developed and we implemented a wildfire mitigation plan for all of our utilities. Specifically, we adopted public safety power shutoff policies. We updated our emergency response and training plans. We developed internal communication protocols for use when wildfire risk increases in any of our territories. We also drafted proactive stakeholder communications for use in wildfire emergencies. These are with fire companies, EMS services, etc.
In addition, we updated our capital plans with additional projects specifically designed to mitigate wildfire risk. That would include rebuilding hundreds of miles of power lines to new wildfire hardened standards, even undergrounding certain wires in areas of our service territory where we deem there to be some more risk. Our mitigation plan for wildfires was informed by benchmarking with the utilities out West who have experienced this on a much greater scale. We have also discussed our protocols and our plans with industry trade groups, and we have also used FEMA's National Risk Index. I will say, though, we have tailored our plans based on the characteristics of our specific territories and the risks that we see in our territories.
We have already had cases where we have implemented our new plans due to wildfires not caused by any of our equipment, but in our service territories, albeit those fires were very small in size and scope, but they were a great opportunity for us to use our new plans and test them and even continue to improve them. We are always focused on ways that we can enhance safety for our employees and the public, and that will clearly continue whether it is wildfires or other matters of business.
Thank you, Vince. Craig, we do not have any additional questions.
Great. Thanks, Ryan. With that being the case, that's our last question, and the Q&A portion of our meeting is concluded. I thank all of you for participating in today's meeting and for your continued support of PPL Corporation. The meeting is now adjourned.
This concludes today's meeting. You may now disconnect.