Utility Rate Regulation (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Current Regulatory Assets:
Rate adjustment mechanisms	$	100	$	95	$	—	$	—	$	—	$	—	$	—	$	—
Renewable energy certificates	27		14		—		—		—		—		—		—
Storm damage expense rider	35		68		35		68		—		—		—		—
Gas supply clause	15		3		—		—		15		3		—		—
Transmission service charge	63		44		—		27		—		—		—		—
DSIC	9		8		9		8		—		—		—		—
TCJA customer refund and recovery	38		21		38		21		—		—		—		—
ISR deferral	7		22		—		—		—		—		—		—
Other	18		45		8		9		9		5		—		1
Total current regulatory assets	$	312	$	320	$	90	$	133	$	24	$	8	$	—	$	1
Noncurrent Regulatory Assets:
Defined benefit plans	$	964	$	967	$	479	$	473	$	216	$	226	$	148	$	149
Plant outage costs	24		30		—		—		5		7		19		23
Net metering	160		147		—		—		—		—		—		—
Environmental cost recovery	96		96		—		—		—		—		—		—
Storm costs	111		113		41		22		24		20		38		29
Unamortized loss on debt	19		20		3		3		8		9		6		6
Terminated interest rate swaps	48		53		—		—		28		31		20		22
Accumulated cost of removal of utility plant	168		173		168		173		—		—		—		—
AROs	272		280		—		—		76		75		196		205
RAR	78		83		—		—		78		83		—		—
Gas line inspections	24		24		—		—		22		22		2		2
Advanced metering infrastructure	37		28		—		—		19		14		18		14
Other	57		46		12		2		9		4		11		8
Total noncurrent regulatory assets	$	2,058	$	2,060	$	703	$	673	$	485	$	491	$	458	$	458

	PPL				PPL Electric				LG&E				KU
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Current Regulatory Liabilities:
Generation supply charge	$	45	$	52	$	45	$	52	$	—	$	—	$	—	$	—
ECR	7		12		—		—		4		6		3		6
Transmission formula rate	30		1		9		—		—		—		—		—
Rate adjustment mechanisms	71		71		—		—		—		—		—		—
Energy efficiency	25		25		—		—		—		—		—		—
DSM	24		17		—		—		9		7		15		10
Revenue decoupling mechanism	40		10		—		—		—		—		—		—
Other	49		35		17		5		1		1		6		6
Total current regulatory liabilities	$	291	$	223	$	71	$	57	$	14	$	14	$	24	$	22
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	1,037	$	1,022	$	—	$	—	$	328	$	314	$	411	$	408
Net deferred taxes	1,825		1,899		713		739		422		439		476		498
Defined benefit plans	310		294		114		100		24		24		67		65
Terminated interest rate swaps	52		54		—		—		26		27		26		27
Energy efficiency	29		16		—		—		—		—		—		—
Other	69		50		—		—		12		11		19		11
Total noncurrent regulatory liabilities	$	3,322	$	3,335	$	827	$	839	$	812	$	815	$	999	$	1,009