This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PPL's Kentucky subsidiaries (LG&E and KU) operate a generation fleet that is approximately 79% coal-fired, 20% natural gas, and 1% renewable — among the most carbon-intensive in the U.S. utility sector. The company is building 1.3 GW of new gas-fired generation capacity (Brown Unit 12 and Mill Creek Unit 6), partly to serve data center load. The transition path is coal-to-gas, not coal-to-clean.
Coal plant retirements are slipping. Mill Creek Unit 2 was pushed from 2027 to approximately 2031 by the Kentucky Public Service Commission. Ghent Unit 2 and Brown Unit 3 retirements were deferred indefinitely. PPL has no Science Based Targets initiative commitment. InfluenceMap assesses PPL as "broadly misaligned with Paris Agreement pathways."
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.