Collaboration focuses on feasibility to add small nuclear reactors in Kentucky

LOUISVILLE, Ky. and ROCKVILLE, Md., April 30, 2026 /PRNewswire/ -- Louisville Gas and Electric Company ("LG&E") and Kentucky Utilities ("KU") Company, subsidiaries of PPL Corporation (NYSE:PPL), and X-energy, Inc. (NASDAQ:XE) ("X-energy"), a leading designer of advanced nuclear reactor technology and manufacturer of advanced nuclear fuels, are collaborating to explore deploying X-energy's Xe-100 small modular reactor (SMR) in Kentucky to meet growing energy demand across the Commonwealth with long-term, reliable, clean energy. The companies have begun early project feasibility activities and will explore opportunities for SMR deployments to support long-term grid reliability across the Commonwealth, and large load customers, including data centers.

This collaboration follows recent significant interest in nuclear energy in the Bluegrass State as a reliable option for baseload power generation, designed to be available at any time and in all conditions. In 2024, the Commonwealth formed the Kentucky Nuclear Energy Development Authority, a non-regulatory agency seeking to support the nuclear energy ecosystem in Kentucky, and the Kentucky Public Service Commission opened a case in 2025 to investigate nuclear energy, including how Kentucky would regulate nuclear development.

In April of this year, Governor Andy Beshear signed into law the Nuclear Reactor Site Readiness Pilot Program passed by the General Assembly, which includes a $75-million grant initiative to support nuclear site feasibility studies, applications for early site and construction permitting, and licensing. Three projects will be selected to receive up to $25 million each. In addition, this legislation allows a regulated utility to apply to the Public Service Commission for the recovery of costs, which are not covered in the existing rates of the utility, that have been incurred in applying for such permitting and licensing for sites in the Commonwealth.

"We appreciate Governor Beshear, the General Assembly and the Kentucky Public Service Commission prioritizing nuclear energy in the Commonwealth to help ensure we maintain and build upon our strong competitive energy advantage with reliable and affordable power," said John R. Crockett III, President for LG&E and KU. "On the heels of the Nuclear Reactor Site Readiness Pilot Program being signed into law this month, we're proud to work with X-energy to explore bringing nuclear energy to Kentucky to support the significant pipeline of new projects in our service territories where large load customers can support the cost structure. We have an all-of-the-above approach to our power generation fleet that's among the most reliable in the nation. This collaboration will explore whether nuclear energy fits into our long-term plans. The X-energy Xe-100 reactor is one of the Gen 4 nuclear SMRs being developed in the U.S. today and is one of the safest nuclear designs on the market today. We look forward to working with X-energy and hyperscalers on this effort and the prospect of participating in the new pilot program."

J. Clay Sell, Chief Executive Officer of X-energy, said, "Kentucky's energy leadership and skilled workforce create a strong foundation for evaluating advanced nuclear deployment. This collaboration allows us to explore how the Xe-100 can support the Commonwealth's growing electricity demands while strengthening grid reliability and creating economic opportunity across the region."

About X-energy's SMR Technology

Small modular reactors are advanced nuclear energy systems designed to generate clean, safe, reliable energy through a smaller, more flexible design than traditional nuclear plants. SMRs can be factory-built, and assembled on-site to simplify construction, and are designed with intrinsic safety characteristics that enable greater siting flexibility as compared to large light-water reactors.

X-energy's Xe-100 SMR is an 80 MWe high-temperature gas-cooled reactor that can be deployed in either four- or twelve-unit plants depending on grid requirements: a four-unit plant delivers 320 MWe for regional utilities and large load customers, while a twelve-unit plant provides gigawatt-scale power for larger metropolitan areas and hyperscale infrastructure. Each reactor is capable of coming online independently upon completion. This allows end users to phase in capacity one unit at a time, aligning new generation with demand growth and matching power supply to real-world load expansion.

X-energy is currently developing more than 11 GW of new nuclear capacity across projects in the United States and United Kingdom, including partnerships with Dow Chemical, Amazon, and Centrica.

Visit lge-ku.com/investments to learn more about all the ways LG&E and KU are investing in their systems to continue powering Kentucky's economic growth momentum and provide safe, reliable and affordable service for customers.

About LG&E and KU

Louisville Gas and Electric Company and Kentucky Utilities Company, part of the PPL Corporation (NYSE:PPL) and its companies, are regulated utilities that serve nearly 1.4 million customers and have consistently ranked among the best companies for customer service in the United States. LG&E serves 336,000 natural gas and 443,000 electric customers in Louisville and 16 surrounding counties. KU serves 581,000 customers in 77 Kentucky counties and 28,000 in five counties in Virginia. More information is available at www.lge-ku.com and www.pplweb.com.

About X-energy

X-energy, Inc. is a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver clean, safe, reliable energy that meets the demands of the modern economy. X-energy's simplified, modular, and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear.

Forward-Looking Statements

This press release contains forward-looking statements regarding our business. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. You should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results is more fully detailed under the caption "Risk Factors" in our Form S-1 filed with the Securities and Exchange Commission, which is available on our Investor Relations website at https://investors.x-energy.com/ and on the SEC website at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

For more information:

Contact the LG&E and KU 24/7 media hotline at (502) 627-4999.

X-energy:

Robert McEntyre, Corporate Communications

media@x-energy.com

(240) 673-6565

Patricia Gil, Investor Relations

investors@x-energy.com

(301) 558-3040

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SOURCE LG&E and KU

LG&E and KU collaborate with X-energy to explore nuclear energy