Utility Rate Regulation (Tables)

9 Months Ended

Sep. 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
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Current Regulatory Assets:
Rate adjustment mechanisms	$	118	$	118	$	—	$	—	$	—	$	—	$	—	$	—
Renewable energy certificates	15		14		—		—		—		—		—		—
Derivative instruments	20		51		—		—		—		—		—		—
Smart meter rider	7		6		7		6		—		—		—		—
Universal service rider	7		—		7		—		—		—		—		—
Storm damage costs	51		12		51		12		—		—		—		—
Fuel adjustment clause	—		4		—		—		—		3		—		—
Transmission service charge	56		43		34		31		—		—		—		—
Transmission formula rate	15		5		—		—		—		—		—		—
Distribution system improvement charge	8		7		8		7		—		—		—		—
Tax Cuts and Jobs Act (over/under)	9		—		9		—		—		—		—		—
Gas line tracker	4		—		—		—		4		—		—		—
Other	32		33		1		1		1		4		1		3
Total current regulatory assets	$	342	$	293	$	117	$	57	$	5	$	7	$	1	$	3
Noncurrent Regulatory Assets:
Defined benefit plans	$	882	$	887	$	428	$	417	$	205	$	217	$	132	$	136
Plant outage costs	32		38		—		—		8		10		25		28
Net metering	140		112		—		—		—		—		—		—
Environmental cost recovery	97		99		—		—		—		—		—		—
Storm costs	108		97		17		—		19		15		23		14
Unamortized loss on debt	20		22		3		3		9		10		6		7
Interest rate swaps	7		7		—		—		7		7		—		—
Terminated interest rate swaps	54		58		—		—		32		34		22		24
Accumulated cost of removal of utility plant	173		178		173		178		—		—		—		—
AROs	284		289		—		—		75		76		209		213
Derivatives instruments	5		8		—		—		—		—		—		—
Gas line inspections	24		21		—		—		22		19		2		2
Advanced metering infrastructure	24		15		—		—		12		7		12		8
Other	44		43		1		—		—		—		7		7
Total noncurrent regulatory assets	$	1,894	$	1,874	$	622	$	598	$	389	$	395	$	438	$	439

	PPL				PPL Electric				LG&E				KU
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Current Regulatory Liabilities:
Generation supply charge	$	59	$	51	$	59	$	51	$	—	$	—	$	—	$	—
Environmental cost recovery	14		—		—		—		8		—		6		—
Tax Cuts and Jobs Act customer refund	—		5		—		5		—		—		—		—
Act 129 compliance rider	7		15		7		15		—		—		—		—
Transmission formula rate	6		21		3		18		—		—		—		—
Rate adjustment mechanism	87		72		—		—		—		—		—		—
Energy efficiency	25		23		—		—		—		—		—		—
Gas supply clause	—		15		—		—		—		15		—		—
DSM	15		1		—		—		7		—		8		1
Fuel adjustment clause	13		—		—		—		2		—		11		—
Other	20		22		—		2		1		1		1		—
Total current regulatory liabilities	$	246	$	225	$	69	$	91	$	18	$	16	$	26	$	1
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	1,033	$	996	$	—	$	—	$	316	$	306	$	411	$	399
Power purchase agreement - OVEC	12		19		—		—		8		13		4		6
Net deferred taxes	1,923		1,977		750		763		445		459		503		523
Defined benefit plans	280		252		94		73		21		20		63		59
Terminated interest rate swaps	55		57		—		—		28		29		27		28
Energy efficiency	32		5		—		—		—		—		—		—
Other	36		34		—		—		3		—		6		3
Total noncurrent regulatory liabilities	$	3,371	$	3,340	$	844	$	836	$	821	$	827	$	1,014	$	1,018