Utility Rate Regulation (Tables)

3 Months Ended

Mar. 31, 2025

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
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Current Regulatory Assets:
Rate adjustment mechanisms	$	74	$	95	$	—	$	—	$	—	$	—	$	—	$	—
Renewable energy certificates	16		14		—		—		—		—		—		—
Storm damage expense rider	46		68		46		68		—		—		—		—
Gas supply clause	23		3		—		—		23		3		—		—
Transmission service charge	35		44		—		27		—		—		—		—
Transmission formula rate	13		14		3		2		—		—		—		—
DSIC	9		8		9		8		—		—		—		—
TCJA customer refund and recovery	28		21		28		21		—		—		—		—
ISR deferral	10		22		—		—		—		—		—		—
Gas line tracker	5		4		—		—		5		4		—		—
Other	15		27		8		7		3		1		—		1
Total current regulatory assets	$	274	$	320	$	94	$	133	$	31	$	8	$	—	$	1

	PPL				PPL Electric				LG&E				KU
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Noncurrent Regulatory Assets:
Defined benefit plans	$	962	$	967	$	472	$	473	$	223	$	226	$	147	$	149
Plant outage costs	29		30		—		—		7		7		22		23
Net metering	147		147		—		—		—		—		—		—
Environmental cost recovery	96		96		—		—		—		—		—		—
Storm costs	116		113		41		22		22		20		36		29
Unamortized loss on debt	20		20		3		3		9		9		6		6
Terminated interest rate swaps	51		53		—		—		30		31		21		22
Accumulated cost of removal of utility plant	165		173		165		173		—		—		—		—
AROs	278		280		—		—		76		75		202		205
Retired asset recovery	83		83		—		—		83		83		—		—
Gas line inspections	24		24		—		—		22		22		2		2
Advanced metering infrastructure	31		28		—		—		15		14		16		14
Other	47		46		4		2		4		4		8		8
Total noncurrent regulatory assets	$	2,049	$	2,060	$	685	$	673	$	491	$	491	$	460	$	458

	PPL				PPL Electric				LG&E				KU
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Current Regulatory Liabilities:
Generation supply charge	$	45	$	52	$	45	$	52	$	—	$	—	$	—	$	—
Environmental cost recovery	9		12		—		—		4		6		5		6
Rate adjustment mechanisms	63		71		—		—		—		—		—		—
Energy efficiency	24		25		—		—		—		—		—		—
DSM	24		17		—		—		10		7		14		10
Revenue decoupling mechanism	40		10		—		—		—		—		—		—
Deferred revenue	25		—		—		—		—		—		—		—
Derivative instruments	15		—		—		—		—		—		—		—
Other	29		36		9		5		2		1		7		6
Total current regulatory liabilities	$	274	$	223	$	54	$	57	$	16	$	14	$	26	$	22
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	1,027	$	1,022	$	—	$	—	$	318	$	314	$	409	$	408
Net deferred taxes	1,875		1,899		729		739		434		439		491		498
Defined benefit plans	296		294		106		100		24		24		66		65
Terminated interest rate swaps	54		54		—		—		27		27		27		27
Energy efficiency	28		16		—		—		—		—		—		—
Other	58		50		—		—		11		11		14		11
Total noncurrent regulatory liabilities	$	3,338	$	3,335	$	835	$	839	$	814	$	815	$	1,007	$	1,009