Financing Activities

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Financing Activities

Credit Arrangements and Short-term Debt

(All Registrants)

The Registrants maintain credit facilities to enhance liquidity, provide credit support and provide a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, the credit facilities and commercial paper programs of PPL Electric, LG&E and KU also apply to PPL. The amounts listed in the borrowed column below are recorded as "Short-term debt" on the Balance Sheets. The following credit facilities were in place at:

	December 31, 2024									December 31, 2023
	Expiration Date	Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (d)		Unused Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (d)
PPL
PPL Capital Funding
Syndicated Credit Facility (a) (b) (c)	Dec 2028	$	1,250	$	—	$	138	$	1,112	$	—	$	390
Bilateral Credit Facility (a) (b)	Feb 2025	100		—		—		100		—		—
Bilateral Credit Facility (a) (b)	Feb 2025	100		—		15		85		—		13
Total PPL Capital Funding Credit Facilities		$	1,450	$	—	$	153	$	1,297	$	—	$	403
PPL Electric
Syndicated Credit Facility (a) (b)	Dec 2028	650		—		1		649		—		511
Total PPL Electric Credit Facilities		$	650	$	—	$	1	$	649	$	—	$	511

	December 31, 2024									December 31, 2023
	Expiration Date	Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (d)		Unused Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (d)
LG&E
Syndicated Credit Facility (a) (b)	Dec 2028	500		—		25		475		—		—
Total LG&E Credit Facilities		$	500	$	—	$	25	$	475	$	—	$	—
KU
Syndicated Credit Facility (a) (b)	Dec 2028	400		—		140		260		—		93
Total KU Credit Facilities		$	400	$	—	$	140	$	260	$	—	$	93

(a)Each company pays customary fees under its respective facility and borrowings generally bear interest at applicable secured overnight financing rates or base rates, plus an applicable margin.

(b)The facilities contain a financial covenant requiring debt to total capitalization not to exceed 70% for PPL Capital Funding, RIE, PPL Electric, LG&E and KU, as calculated in accordance with the facilities and other customary covenants. Additionally, subject to certain conditions, PPL Capital Funding may request that the capacity of one of its bilateral credit facilities expiring in February 2025 be increased by up to $30 million and that the capacity of its syndicated credit facility be increased by up to $400 million. PPL Electric, LG&E and KU may each request up to a $250 million increase in its syndicated credit facility's capacity, subject to regulatory approval of the increased capacity. Participation in any such increase is at the sole discretion of each lender.

(c)Includes a $250 million borrowing sublimit for RIE and a $1 billion sublimit for PPL Capital Funding at December 31, 2024 and 2023. At December 31, 2024, PPL Capital Funding had $138 million of commercial paper outstanding and RIE had no commercial paper outstanding. At December 31, 2023, PPL Capital Funding had $365 million of commercial paper outstanding and RIE had $25 million of commercial paper outstanding. RIE's obligations under the facility are not guaranteed by PPL.

(d)Commercial paper issued reflects the undiscounted face value of the issuance.

(PPL)

In January 2025, PPL Capital Funding amended and restated its existing $1.25 billion syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $1.5 billion.

(PPL and PPL Electric)

In January 2025, PPL Electric amended and restated its existing $650 million syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $750 million.

(PPL and LG&E)

In January 2025, LG&E amended and restated its existing $500 million syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $600 million.

(PPL and KU)

In January 2025, KU amended and restated its existing $400 million syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $600 million.

(All Registrants)

The Registrants maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's credit facilities. The following commercial paper programs were in place at:

	December 31, 2024							December 31, 2023
	Weighted - Average Interest Rate	Capacity		Commercial Paper Issuances (c)		Unused Capacity		Weighted - Average Interest Rate	Commercial Paper Issuances (c)
PPL Capital Funding (a)	4.76%	$	1,350	$	138	$	1,212	5.66%	$	365
RIE (b)		250		—		250		5.72%	25
PPL Electric		650		—		650		5.67%	510
LG&E	4.72%	500		25		475			—
KU	4.71%	400		140		260		5.64%	93
Total		$	3,150	$	303	$	2,847		$	993

(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL.

(b)Issuances under the PPL Capital Funding and RIE commercial paper programs are supported by the PPL Capital Funding syndicated credit facility, which, at December 31, 2024, had a total capacity of $1.25 billion and under which they are both borrowers. PPL Capital Funding’s Commercial paper program is also backed by a separate bilateral credit facility for $100 million. The PPL Capital Funding syndicated credit facility includes a borrowing sublimit for RIE, which at December 31, 2024 was set at $250 million with the remaining $1 billion allocated to PPL Capital Funding. RIE's obligations under the facility are not guaranteed by PPL. The sublimits of each borrower may be decreased or increased at the borrowers’ option up to a prescribed amount such that all borrowings under the syndicated credit facility cannot exceed the size of the credit facility of $1.25 billion.

(c)Commercial paper issued reflects the undiscounted face value of the issuance.

(PPL Electric, LG&E and KU)

See Note 13 for a discussion of intercompany borrowings.

Long-term Debt (All Registrants)

				December 31,
	Weighted-Average Rate (d)		Maturities (d)	2024		2023
PPL
Senior Unsecured Notes	4.34	%	2026 - 2047	$	4,316	$	3,066
Senior Secured Notes/First Mortgage Bonds (a) (b) (c)	4.38	%	2025 - 2053	10,878		10,229
Exchangeable Senior Unsecured Notes	2.88	%	2028	1,000		1,000
Junior Subordinated Notes	7.25	%	2067	480		480
Total Long-term Debt before adjustments				16,674		14,775
Unamortized premium and (discount), net				(57)		(55)
Unamortized debt issuance costs				(114)		(108)
Total Long-term Debt				16,503		14,612
Less current portion of Long-term Debt				551		1
Total Long-term Debt, noncurrent				$	15,952	$	14,611
PPL Electric
Senior Secured Notes/First Mortgage Bonds (a) (b)	4.64	%	2027 - 2053	$	5,299	$	4,649
Total Long-term Debt Before Adjustments				5,299		4,649
Unamortized discount				(42)		(42)
Unamortized debt issuance costs				(43)		(40)
Total Long-term Debt				5,214		4,567
Less current portion of Long-term Debt				—		—
Total Long-term Debt, noncurrent				$	5,214	$	4,567

				December 31,
	Weighted-Average Rate (d)		Maturities (d)	2024		2023
LG&E
Senior Secured Notes/First Mortgage Bonds (a) (c)	4.01	%	2025 - 2049	$	2,489	$	2,489
Total Long-term Debt Before Adjustments				2,489		2,489
Unamortized discount				(4)		(4)
Unamortized debt issuance costs				(14)		(16)
Total Long-term Debt				2,471		2,469
Less current portion of Long-term Debt				300		—
Total Long-term Debt, noncurrent				$	2,171	$	2,469
KU
Senior Secured Notes/First Mortgage Bonds (a) (c)	4.22	%	2025 - 2050	$	3,089	$	3,089
Total Long-term Debt Before Adjustments				3,089		3,089
Unamortized premium				4		5
Unamortized discount				(8)		(9)
Unamortized debt issuance costs				(19)		(21)
Total Long-term Debt				3,066		3,064
Less current portion of Long-term Debt				250		—
Total Long-term Debt, noncurrent				$	2,816	$	3,064

(a)Includes PPL Electric's senior secured and first mortgage bonds that are secured by the lien of PPL Electric's 2001 Mortgage Indenture, which covers substantially all of PPL Electric’s tangible distribution properties and certain of its tangible transmission properties located in Pennsylvania, subject to certain exceptions and exclusions. The carrying value of PPL Electric's property, plant and equipment was approximately $13.3 billion and $12.4 billion at December 31, 2024 and 2023.

Includes LG&E's first mortgage bonds that are secured by the lien of the LG&E 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of LG&E's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity and the storage and distribution of natural gas. The aggregate carrying value of the property subject to the lien was $6.0 billion and $5.9 billion at December 31, 2024 and 2023.

Includes KU's first mortgage bonds that are secured by the lien of the KU 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of KU's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity. The aggregate carrying value of the property subject to the lien was $7.5 billion and $7.3 billion at December 31, 2024 and 2023.

(b)Includes PPL Electric's series of senior secured bonds that secure its obligations to make payments with respect to each series of Pollution Control Bonds that were issued by the LCIDA on behalf of PPL Electric. These senior secured bonds were issued in the same principal amount, contain payment and redemption provisions that correspond to and bear the same interest rate as such Pollution Control Bonds. These senior secured bonds were issued under PPL Electric's 2001 Mortgage Indenture and are secured as noted in (a) above. The tax-exempt revenue bonds are subject to mandatory redemption upon determination that the interest rate on the bonds would be included in the holders' gross income for federal tax purposes.

(c)Includes LG&E's and KU's series of first mortgage bonds that were issued to the respective trustees of tax-exempt revenue bonds to secure its respective obligations to make payments with respect to each series of bonds. The first mortgage bonds were issued in the same principal amounts, contain payment and redemption provisions that correspond to and bear the same interest rate as such tax-exempt revenue bonds. These first mortgage bonds were issued under the LG&E 2010 Mortgage Indenture and the KU 2010 Mortgage Indenture and are secured as noted in (a) above. The related tax-exempt revenue bonds were issued by various governmental entities, principally counties in Kentucky, on behalf of LG&E and KU. The related revenue bond documents allow LG&E and KU to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, term rate of at least one year or, in some cases, an auction rate or a SOFR index rate. At December 31, 2024, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a term rate mode totaled $894 million for PPL, comprised of $538 million and $356 million for LG&E and KU. At December 31, 2024, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $66 million and $33 million for LG&E and KU. These variable rate tax-exempt revenue bonds are subject to tender for purchase by LG&E and KU at the option of the holder and to mandatory tender for purchase by LG&E and KU upon the occurrence of certain events.

(d)The table reflects principal maturities only, based on stated maturities, sinking fund requirements, or earlier put dates, and the weighted-average rates as of December 31, 2024.

The aggregate maturities of long-term debt, based on sinking fund requirements, stated maturities or earlier put dates, for the periods 2025 through 2029 and thereafter are as follows:

	PPL		PPL Electric		LG&E		KU
2025	$	551	$	—	$	300	$	250
2026	904		—		90		164
2027	428		108		260		60
2028	1,350		—		—		—
2029	116		116		—		—
Thereafter	13,325		5,075		1,839		2,615
Total	$	16,674	$	5,299	$	2,489	$	3,089

(PPL)

In March 2024, RIE issued $500 million of 5.35% Senior Notes due 2034. RIE received proceeds of $496 million, net of discounts and underwriting fees, to be used to repay short-term debt and for other general corporate purposes.

In August 2024, PPL Capital Funding issued $750 million of 5.25% Senior Notes due 2034. PPL Capital Funding received proceeds of $741 million, net of discounts and underwriting fees, to be used to repay short-term debt and for other general corporate purposes.

(PPL and PPL Electric)

In January 2024, PPL Electric issued $650 million of 4.85% First Mortgage Bonds due 2034. PPL Electric received proceeds of $644 million, net of discounts and underwriting fees, to be used to repay short-term debt and for other general corporate purposes.

(PPL Electric, LG&E and KU)

See Note 13 for additional information related to intercompany borrowings.

Legal Separateness (All Registrants)

The subsidiaries of PPL are separate legal entities. PPL's subsidiaries are not liable for the debts of PPL. Accordingly, creditors of PPL may not satisfy their debts from the assets of PPL's subsidiaries absent a specific contractual undertaking by a subsidiary to pay PPL's creditors or as required by applicable law or regulation. Similarly, other than PPL's guarantee of PPL Capital Funding's obligations, PPL is not liable for the debts of its subsidiaries, nor are its subsidiaries liable for the debts of one another. Accordingly, creditors of PPL's subsidiaries may not satisfy their debts from the assets of PPL or its other subsidiaries absent a specific contractual undertaking by PPL or its other subsidiaries to pay the creditors or as required by applicable law or regulation.

Similarly, the subsidiaries of PPL Electric are each separate legal entities. These subsidiaries are not liable for the debts of PPL Electric. Accordingly, creditors of PPL Electric may not satisfy its debts from the assets of its subsidiaries absent a specific contractual undertaking by a subsidiary to pay the creditors or as required by applicable law or regulation. Similarly, PPL Electric is not liable for the debts of its subsidiaries, nor are its subsidiaries liable for the debts of one another. Accordingly, creditors of these subsidiaries may not satisfy their debts from the assets of PPL Electric (or its other subsidiaries) absent a specific contractual undertaking by PPL Electric or any such other subsidiary to pay such creditors or as required by applicable law or regulation.

(PPL)

Distributions and Related Restrictions

In November 2024, PPL declared its quarterly common stock dividend, payable January 2, 2025, at 25.75 cents per share (equivalent to $1.03 per annum). On February 13, 2025, PPL announced a quarterly common stock dividend of 27.25 cents per share, payable April 1, 2025, to shareowners of record as of March 10, 2025. Future dividends will be declared at the discretion of the Board of Directors and will depend upon future earnings, cash flows, financial and legal requirements and other factors.

Neither PPL Capital Funding nor PPL may declare or pay any cash dividend or distribution on its capital stock during any period in which PPL Capital Funding defers interest payments on its 2007 Series A Junior Subordinated Notes due 2067. At December 31, 2024, no interest payments were deferred.

(All Registrants)

PPL relies on dividends or loans from its subsidiaries to fund PPL's dividends to its common shareholders. The net assets of certain PPL subsidiaries are subject to legal restrictions. LG&E, KU, PPL Electric and RIE are subject to Section 305(a) of the Federal Power Act, which makes it unlawful for a public utility to make or pay a dividend from any funds "properly included in capital account." The meaning of this limitation has never been clarified under the Federal Power Act. LG&E, KU, PPL Electric and RIE believe, however, that this statutory restriction, as applied to their circumstances, would not be construed or applied by the FERC to prohibit the payment from retained earnings of dividends that are not excessive and are for lawful and legitimate business purposes. In February 2012, LG&E and KU petitioned the FERC requesting authorization to pay dividends in the future based on retained earnings balances calculated without giving effect to the impact of purchase accounting adjustments for PPL's 2010 acquisition of LG&E and KU. In May 2012, the FERC approved the petitions with the further condition that each utility may not pay dividends if such payment would cause its adjusted equity ratio to fall below 30% of total capitalization. Accordingly, at December 31, 2024, net assets of $1.5 billion for LG&E and $2.0 billion for KU were restricted for purposes of paying dividends to LKE, and net assets of $1.8 billion for LG&E and $2.3 billion for KU were available for payment of dividends to LKE. LG&E and KU believe they will not be required to change their current dividend practices as a result of the foregoing requirement. In addition, under Virginia law, KU is prohibited from making loans to affiliates without the prior approval of the VSCC. There are no comparable statutes under Kentucky law applicable to LG&E and KU, or under Pennsylvania law applicable to PPL Electric. However, orders from the KPSC require LG&E and KU to obtain prior consent or approval before lending amounts to PPL.