Utility Rate Regulation (Tables)

6 Months Ended

Jun. 30, 2024

Utility Rate Regulation [Line Items]

Regulatory Assets and Liabilities

The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations.

	PPL				PPL Electric				LG&E				KU
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Current Regulatory Assets:
Rate adjustment mechanisms	$	133	$	118	$	—	$	—	$	—	$	—	$	—	$	—
Renewable energy certificates	14		14		—		—		—		—		—		—
Derivative instruments	18		51		—		—		—		—		—		—
Smart meter rider	7		6		7		6		—		—		—		—
Universal service rider	10		—		10		—		—		—		—		—
Storm damage costs	38		12		38		12		—		—		—		—
Fuel adjustment clause	—		4		—		—		—		3		—		—
Transmission service charge	50		43		36		31		—		—		—		—
Transmission formula rate	16		5		—		—		—		—		—		—
Distribution system improvement charge	8		7		8		7		—		—		—		—
Tax Cuts and Jobs Act (over/under)	5		—		5		—		—		—		—		—
Gas line tracker	4		—		—		—		4		—		—		—
Other	32		33		—		1		2		4		1		3
Total current regulatory assets	$	335	$	293	$	104	$	57	$	6	$	7	$	1	$	3
Noncurrent Regulatory Assets:
Defined benefit plans	$	875	$	887	$	417	$	417	$	208	$	217	$	133	$	136
Plant outage costs	34		38		—		—		8		10		26		28
Net metering	141		112		—		—		—		—		—		—
Environmental cost recovery	98		99		—		—		—		—		—		—
Storm costs	111		97		12		—		18		15		17		14
Unamortized loss on debt	22		22		3		3		10		10		7		7
Interest rate swaps	5		7		—		—		5		7		—		—
Terminated interest rate swaps	55		58		—		—		32		34		23		24
Accumulated cost of removal of utility plant	173		178		173		178		—		—		—		—
AROs	286		289		—		—		75		76		211		213
Derivatives instruments	2		8		—		—		—		—		—		—
Gas line inspections	23		21		—		—		21		19		2		2
Advanced metering infrastructure	20		15		—		—		10		7		10		8
Other	44		43		2		—		—		—		7		7
Total noncurrent regulatory assets	$	1,889	$	1,874	$	607	$	598	$	387	$	395	$	436	$	439

	PPL				PPL Electric				LG&E				KU
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Current Regulatory Liabilities:
Generation supply charge	$	72	$	51	$	72	$	51	$	—	$	—	$	—	$	—
Tax Cuts and Jobs Act customer refund	—		5		—		5		—		—		—		—
Act 129 compliance rider	7		15		7		15		—		—		—		—
Transmission formula rate	9		21		7		18		—		—		—		—
Rate adjustment mechanism	79		72		—		—		—		—		—		—
Energy efficiency	25		23		—		—		—		—		—		—
Gas supply clause	—		15		—		—		—		15				—
DSM	10		1		—		—		4		—		6		1
Fuel adjustment clause	6		—		—		—		—		—		6		—
Other	18		22		—		2		1		1		—		—
Total current regulatory liabilities	$	226	$	225	$	86	$	91	$	5	$	16	$	12	$	1
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	1,017	$	996	$	—	$	—	$	312	$	306	$	405	$	399
Power purchase agreement - OVEC	14		19		—		—		10		13		4		6
Net deferred taxes	1,940		1,977		753		763		450		459		510		523
Defined benefit plans	267		252		87		73		20		20		62		59
Terminated interest rate swaps	56		57		—		—		28		29		28		28
Energy efficiency	20		5		—		—		—		—		—		—
Other	36		34		—		—		2		—		4		3
Total noncurrent regulatory liabilities	$	3,350	$	3,340	$	840	$	836	$	822	$	827	$	1,013	$	1,018