The sale resulted in net cash proceeds of $10.4 billion, which will support the repositioning of PPL as a high-growth U.S.-regulated utility company.
As a reminder, we've earmarked $3.8 billion of those proceeds to acquire Narragansett Electric from National Grid.
We also deployed some of the proceeds to achieve our previously stated objective of strengthening our balance sheet, utilizing $3.9 billion to retire $3.5 billion of outstanding holding company debt which will provide the company with substantial financial flexibility.
On the topic of share repurchases, our board recently authorized the company to repurchase up to $3 billion in PPL common stock.
We currently expect to repurchase about $500 million by year-end, while we continue to assess other opportunities to deploy proceeds to maximize shareowner value.
PPL is fully committed to driving innovation to enable net-zero carbon emissions by 2050.
Based on our latest reviews, we believe we are on a path to achieve 80% emissions reduction by 2040, a full decade ahead of our prior goal.
As a result, in addition to today's announced net-zero emissions goal, we've also accelerated our previous interim goals, now targeting an 80% reduction by 2040 and a 70% reduction by 2035.
Through our participation in the EIP platform, PPL will support up to $50 million in investments aimed at accelerating shift to a low carbon future and driving commercial-scale solutions needed to deliver deep economywide decarbonization.
It's clear that we'll need to advance technology to achieve net-zero emissions by 2050 as we balance the need for affordable, reliable, and sustainable energy for our customers.
Based on these current factors and consistent with our most recent rate case filings in Kentucky, we currently expect to achieve a reduction in our coal-fired capacity of 70% by 2035, 90% by 2040, and 95% by 2050 from our baseline in 2010.
We anticipate having about 550 megawatts of remaining coal-fired generation in 2050 due to our highly efficient and relatively new Trimble County Unit 2 that started commercial operation in 2011.
Our internal view of what it could take to achieve 100% carbon-free generation by 2035 as proposed by the Biden administration using current technologies would create significant affordability issues for our customers.
our new commitment to achieve net-zero carbon emissions by 2050 is backed by the actions that we are and will continue to take to support a low-carbon energy system that is affordable and reliable and provides the time needed for technology to advance.
Effective July 1, the KPSC authorized a combined $199 million increase in annual revenue for LG&E and KU with an allowed base ROE of 9.425% and a 9.35% ROE for the environmental cost recovery and gas line tracker mechanisms.
In addition, the KPSC approved a $53 million economic release or credit that was proposed by LG&E and KU to help mitigate the impact of rate adjustments until mid-2022.
The $350 million capital cost of the proposed AMI investment is not included in the new rates that took effect July 1.
As we announced in January, Mill Creek Unit 1 is expected to retire in 2024.
Mill Creek Unit 2 and EW Brown Unit 3 are expected to be retired in 2028 as they reach the end of their economic useful lives.
These units represent a combined 1,000 megawatts of coal-fired generating capacity.
And before leaving this slide, I would note that in approving the settlement agreements, the commission adjusted the proposed base ROE downward from 9.55% to 9.425% and disallowed the recovery of certain legal costs.
These modifications reduced the annual revenue requirements proposed in the settlements by approximately $20 million.
First, as one of the top utilities in the nation for workforce diversity, and second, as one of the top 50 companies for ESG, determined by several factors, including our programs and practices surrounding talent in the workforce, corporate social responsibility and philanthropy, supplier diversity programs and overall leadership in governance.
Today, we announced second-quarter reported earnings of $0.03 per share.
Adjusting for these special items, second-quarter earnings from ongoing operations were $0.19 per share compared with $0.20 per share a year ago.
Total amount of these costs was about $0.02 per share for the quarter.
Our Pennsylvania-regulated segment results were $0.02 per share lower compared to a year ago.
We also experienced an additional $0.01 decline due to favorable tax-related items recorded in the second quarter of 2020.
Results were $0.01 per share higher than our comparable results in Q2 2020.
Higher interest costs of $0.01 a share related to the corporate debt previously allocated to the Kentucky segment were offset by several factors that were not individually significant.
The result was a total reduction of PPL capital funding debt by about $3.5 billion, which was in line with our previously discussed targets.
Through these actions, we've reduced total holding company debt to about 20% of PPL's total outstanding debt, while effectively clearing all near-term maturities at PPL capital funding through 2025.
In addition to the activity of PPL capital funding, we redeemed at par $250 million at LG&E and KU Energy in July, which was part of our original financing plan for the year in order to simplify the capital structure of the company by eliminating intermediate holding company debt.

Summary:
We currently expect to repurchase about $500 million by year-end, while we continue to assess other opportunities to deploy proceeds to maximize shareowner value.
Based on our latest reviews, we believe we are on a path to achieve 80% emissions reduction by 2040, a full decade ahead of our prior goal.
Today, we announced second-quarter reported earnings of $0.03 per share.
Adjusting for these special items, second-quarter earnings from ongoing operations were $0.19 per share compared with $0.20 per share a year ago.