PPL Corporation is a regulated electric and natural gas utility serving customers across Pennsylvania, Kentucky and Rhode Island, delivering energy under rates approved by state utility regulators in each state. As a regulated utility, its earnings are tied to a rate of return approved by regulators on the capital it invests in its electric grid and gas distribution infrastructure, providing predictable earnings in exchange for accepting limits on customer rates. PPL has focused its strategy on regulated utility operations across its multi-state footprint, having sold international and other non-core assets over the years to concentrate more narrowly on domestic regulated utility businesses. The company's growth is tied to the rate base expansion it can achieve through regulator-approved infrastructure investment, including grid modernization, across its Pennsylvania, Kentucky and Rhode Island service territories.