Electric utility PPL Corp PPL.N narrowly beat Wall Street estimates for first-quarter adjusted profit on Friday, helped by higher retail rates at its Kentucky regulated segment.

U.S. utilities are pushing to raise electricity rates to pay for infrastructure upgrades, raising concerns over inflated bills for consumers, as power grids come under growing pressure due to extreme weather and rising demand tied to industrial electrification and the rapid expansion of data centers.

• Shares of the company, which generates and delivers electricity to nearly 3.6 million consumers across Pennsylvania, Kentucky and Rhode Island, rose 1.3% to $37.25 in premarket trading.

• The Allentown, Pennsylvania-based utility posted an adjusted profit of 63 cents per share in the quarter ended March 31, compared with analysts' estimates of 62 cents, according to data compiled by LSEG.

• Quarterly earnings at its Kentucky segment rose 16.7% to 35 cents per share.

• CEO Vincent Sorgi said the company remains on track to complete $5.1 billion in infrastructure spending in 2026, focused on modernizing its electric and gas networks and adding new generation capacity in Kentucky, while keeping electricity affordable.

• Utilities have been increasing their capital expenditure budgets as they field massive requests for new power capacity from Big Tech firms scouring the country for viable locations for data centers, which could support complex AI-related tasks.

• PPL reached a settlement in Pennsylvania with most intervening parties in its base-rate case, with administrative law judges recommending approval and a final commission decision expected by end of the second quarter, with new rates effective July 1.

• The company reported operating revenue of $2.77 billion, beating analysts' estimates of $2.66 billion, according to LSEG data.