Regulatory & Political Risk: PPL operates in heavily regulated environments, meaning changes in energy policy, environmental regulations, or adverse rate case outcomes can significantly impact revenue, cost recovery, and profitability.

Operational & Infrastructure Risk: The company faces risks from aging infrastructure, equipment failures, natural disasters (e.g., severe storms, wildfires), and human error, which can lead to service disruptions, increased operational costs, and potential liabilities.

Climate Change & Environmental Risk: Increased frequency and intensity of extreme weather events pose physical risks to infrastructure, while evolving environmental regulations (e.g., carbon emissions targets) necessitate significant capital investment and can increase compliance costs.