(Reuters) - PPL Corp ( PPL ) on Thursday boosted its 2025-2028 infrastructure investment target to $20 billion, an increase of nearly 40% from its prior plan, as it looks to harden its grid from storms and expects increased electrification.

The company plans to invest $4.3 billion in infrastructure investments this year.

The U.S. Energy Information Administration sees power demand in the U.S. reaching record levels this year and the next, driven by higher usage from data centers as well as rising energy needs for heating and transportation in homes and businesses.

From 2024 to 2027, PPL expected to spend $14.3 billion. The new investments are expected to result in 9.8% average annual rate base growth through 2028, up from 6.3% over the prior plan period.

To support the increase, it expects equity needs of $2.5 billion over the plan period.

The Allentown, Pennsylvania-based company also raised its dividend by 6% to $0.2725 per share.

However, profit on an adjusted basis came in at 34 cents per share in the fourth quarter, lower than analysts' estimate of 37 cents, according to data compiled by LSEG.

PPL's shares were down 1% in premarket trading, as the company's operating expenditures also rose nearly 12% from last year.

The company provides electricity and natural gas services to more than 3.5 million customers across its service territories in Kentucky, Pennsylvania and Rhode Island.

PPL forecast 2025 earnings to be in the range of $1.75 to $1.87 per share, higher than last year's $1.67 per share to $1.73 per share range.

It also extended its 6% to 8% annual earnings per share and dividend growth targets through at least 2028.