PPL Corporation (NYSE:PPL) announced today it has executed an agreement with the U.S. Department of Energy (DOE) Office of Clean Energy Demonstrations (OCED) for an award up to $72 million to help fund a groundbreaking carbon dioxide (CO2) capture research and development project at the company's natural gas combined-cycle generation facility in Louisville, Kentucky. OCED awarded PPL with the first tranche of funding – $4.9 million – to begin Phase 1 activities.

The carbon capture project – developed in partnership with the University of Kentucky and others – represents a total investment of more than $100 million and will be hosted at the Cane Run generating station jointly owned and operated by PPL subsidiaries Kentucky Utilities and Louisville Gas and Electric Company. OCED announced in February of this year that the DOE selected the project for award negotiations.