Rhode Island Energy gets approval for $326M spending plan to improve networks

Rhode Island Energy got approval from the Rhode Island Public Utilities Commission to spend $326 million to improve the safety and reliability of the state’s electric and gas networks.

The planned spending includes approximately $300 million in capital investments, with $132 million earmarked for electric costs and $168 million allocated for gas. It also includes $26 million in operating costs for vegetation management, restoration paving on gas main replacement projects, system inspections and other work. This is for the 12-month period from April 1 to March 31, 2025.

“These investments are critical to maintaining and improving the safety and reliability of electricity and gas service for our customers in Rhode Island and help to enable the clean energy transition in the state, where Rhode Island has some of the most progressive clean energy transition goals in the nation,” said Vincent Sorgi, president and CEO of PPL Corp., which owns Rhode Island Energy. Rhode Island Energy provides energy services to nearly 800,000 customers across Rhode Island.

Also, PPL today reaffirmed its 2024 earnings forecast range of $1.63 to $1.75 per share, with a midpoint of $1.69 per share. It also reaffirmed its projected annual earnings per share growth of 6 percent to 8 percent through at least 2027. In addition, the company reaffirmed its $14.3 billion capital investment plan for 2024 through 2027.