Today, we announced the first-quarter reported net loss of $2.39 per share.
This reflects special item net losses of $2.67 per share, primarily related to reporting WPD's discontinued operations this quarter.
Adjusting for special items, first-quarter earnings from ongoing operations were $0.28 per share, compared with $0.27 per share a year ago.
This advanced grid that we've built at PPL Electric Utilities uniquely positions us to partner with the state of Rhode Island in support of their ambitious decarbonization goals of net zero by 2050, and potentially driving toward 100% renewable energy by 2030.
The settlements proposed a combined revenue increase of $217 million for LG&E and KU with an allowed base ROE of 9.55%.
They include LG&E and KU'S proposed $53 million economic release store credit to help mitigate the impact of the rate adjustments until mid-2022.
This adjustment reduces the requested revenue increases by approximately $70 million.
As we announced in January, Mill Creek Unit 1 is expected to retire in 2024.
These units represent a combined 1,000 megawatts of coal-fired generating capacity.
The total amount of these costs was about $0.01 per share for the quarter.
Finally, we experienced lower O&M expense of about $0.01 per share in Pennsylvania during the first quarter compared to 2020.
Results were $0.02 per share higher than our comparable results in Q1 2020.
Results at corporate and other were $0.01 lower compared to a year ago, driven primarily by higher interest expense from the additional debt we issued at the start of the pandemic to ensure we had adequate liquidity to navigate the uncertainty.
We're on pace to close our strategic transactions within the expected time frames while making good progress on the integration and transition planning for Narragansett Electric.

Summary:
Today, we announced the first-quarter reported net loss of $2.39 per share.
Adjusting for special items, first-quarter earnings from ongoing operations were $0.28 per share, compared with $0.27 per share a year ago.
We're on pace to close our strategic transactions within the expected time frames while making good progress on the integration and transition planning for Narragansett Electric.