Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 25, 2014 | |
Document Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'PPL Corp | ' |
Entity Central Index Key | '0000922224 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 631,744,500 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
PPL Energy Supply LLC [Member] | ' | ' |
Document Entity Information [Line Items] | ' | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'PPL ENERGY SUPPLY LLC | ' |
Entity Central Index Key | '0001161976 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
PPL Electric Utilities Corp [Member] | ' | ' |
Document Entity Information [Line Items] | ' | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'PPL ELECTRIC UTILITIES CORP | ' |
Entity Central Index Key | '0000317187 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 66,368,056 |
LG And E And KU Energy LLC [Member] | ' | ' |
Document Entity Information [Line Items] | ' | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'LG&E & KU Energy LLC | ' |
Entity Central Index Key | '0001518339 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Louisville Gas And Electric Co [Member] | ' | ' |
Document Entity Information [Line Items] | ' | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'LOUISVILLE GAS & ELECTRIC CO | ' |
Entity Central Index Key | '0000060549 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 21,294,223 |
Kentucky Utilities Co [Member] | ' | ' |
Document Entity Information [Line Items] | ' | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'KENTUCKY UTILITIES CO | ' |
Entity Central Index Key | '0000055387 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 37,817,878 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Operating Revenues | ' | ' | ||
Utility | $2,162 | $1,950 | ||
Unregulated wholesale energy | -1,429 | 143 | ||
Unregulated retail energy | 349 | 237 | ||
Energy-related businesses | 141 | 127 | ||
Total Operating Revenues | 1,223 | 2,457 | ||
Operation | ' | ' | ||
Fuel | 758 | 529 | ||
Energy purchases | -1,494 | 57 | ||
Other operation and maintenance | 697 | 676 | ||
Depreciation | 305 | 284 | ||
Taxes, other than income | 104 | 96 | ||
Energy-related businesses | 138 | 122 | ||
Total Operating Expenses | 508 | 1,764 | ||
Operating Income (Loss) | 715 | 693 | ||
Other Income (Expense) - net | -23 | 122 | ||
Interest Expense | 264 | 251 | ||
Income (Loss) Before Income Taxes | 428 | 564 | ||
Income Taxes | 112 | 151 | ||
Net Income (Loss) | 316 | 413 | ||
Net Income (Loss) Attributable to Shareowners | 316 | 413 | ||
Amounts Attributable to Shareowners: | ' | ' | ||
Net Income | 316 | 413 | ||
Net Income Available to PPL Common Shareowners: | ' | ' | ||
Basic (in dollars per share) | $0.50 | $0.70 | ||
Diluted (in dollars per share) | $0.49 | $0.65 | ||
Dividends Declared Per Share of Common Stock | $0.37 | $0.37 | ||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | ' | ' | ||
Basic | 630,749 | 582,640 | ||
Diluted | 663,939 | 657,020 | ||
PPL Energy Supply LLC [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Unregulated wholesale energy | -1,429 | 143 | ||
Unregulated retail energy | 351 | 238 | ||
Revenue to affiliates | 27 | 14 | ||
Energy-related businesses | 125 | 113 | ||
Total Operating Revenues | -926 | 508 | ||
Operation | ' | ' | ||
Fuel | 482 | 298 | ||
Energy purchases | -1,804 | -199 | ||
Other operation and maintenance | 258 | 235 | ||
Depreciation | 80 | 78 | ||
Taxes, other than income | 21 | 17 | ||
Energy-related businesses | 124 | 110 | ||
Total Operating Expenses | -839 | 539 | ||
Operating Income (Loss) | -87 | -31 | ||
Other Income (Expense) - net | 6 | 4 | ||
Interest Expense | 34 | 46 | ||
Income (Loss) Before Income Taxes | -115 | -73 | ||
Income Taxes | -49 | -35 | ||
Net Income (Loss) | -66 | -38 | ||
Net Income (Loss) Attributable to Shareowners | -66 | -38 | ||
Amounts Attributable to Shareowners: | ' | ' | ||
Net Income | -66 | -38 | ||
PPL Electric Utilities Corp [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Total Operating Revenues | 592 | 513 | ||
Operation | ' | ' | ||
Energy purchases - realized | 189 | 172 | ||
Energy purchases from affiliates | 27 | 14 | ||
Other operation and maintenance | 134 | 133 | ||
Depreciation | 45 | 43 | ||
Taxes, other than income | 32 | 30 | ||
Total Operating Expenses | 427 | 392 | ||
Operating Income (Loss) | 165 | 121 | ||
Other Income (Expense) - net | 2 | 1 | ||
Interest Expense | 29 | 25 | ||
Income (Loss) Before Income Taxes | 138 | 97 | ||
Income Taxes | 53 | 33 | ||
Net Income (Loss) | 85 | [1] | 64 | [1] |
LG And E And KU Energy LLC [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Total Operating Revenues | 934 | 800 | ||
Operation | ' | ' | ||
Fuel | 277 | 231 | ||
Energy purchases - realized | 124 | 86 | ||
Other operation and maintenance | 206 | 197 | ||
Depreciation | 86 | 82 | ||
Taxes, other than income | 13 | 12 | ||
Total Operating Expenses | 706 | 608 | ||
Operating Income (Loss) | 228 | 192 | ||
Other Income (Expense) - net | -2 | -2 | ||
Interest Expense | 42 | 37 | ||
Income (Loss) Before Income Taxes | 184 | 153 | ||
Income Taxes | 69 | 57 | ||
Net Income (Loss) | 115 | [1] | 96 | [1] |
Louisville Gas And Electric Co [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Retail electric | 442 | 369 | ||
Revenue to affiliates | 37 | 21 | ||
Total Operating Revenues | 479 | 390 | ||
Operation | ' | ' | ||
Fuel | 117 | 96 | ||
Energy purchases - realized | 118 | 80 | ||
Energy purchases from affiliates | 6 | 1 | ||
Other operation and maintenance | 98 | 91 | ||
Depreciation | 38 | 36 | ||
Taxes, other than income | 6 | 6 | ||
Total Operating Expenses | 383 | 310 | ||
Operating Income (Loss) | 96 | 80 | ||
Other Income (Expense) - net | -2 | -1 | ||
Interest Expense | 12 | 10 | ||
Income (Loss) Before Income Taxes | 82 | 69 | ||
Income Taxes | 30 | 25 | ||
Net Income (Loss) | 52 | [2] | 44 | [2] |
Kentucky Utilities Co [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Retail electric | 492 | 431 | ||
Revenue to affiliates | 6 | 1 | ||
Total Operating Revenues | 498 | 432 | ||
Operation | ' | ' | ||
Fuel | 160 | 135 | ||
Energy purchases - realized | 6 | 6 | ||
Energy purchases from affiliates | 37 | 21 | ||
Other operation and maintenance | 98 | 97 | ||
Depreciation | 48 | 46 | ||
Taxes, other than income | 7 | 6 | ||
Total Operating Expenses | 356 | 311 | ||
Operating Income (Loss) | 142 | 121 | ||
Other Income (Expense) - net | ' | -1 | ||
Interest Expense | 19 | 17 | ||
Income (Loss) Before Income Taxes | 123 | 103 | ||
Income Taxes | 46 | 39 | ||
Net Income (Loss) | $77 | [1] | $64 | [1] |
[1] | Net income approximates comprehensive income. | |||
[2] | Net income equals comprehensive income. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net income (loss) | $316 | $413 | ||
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | ' | ' | ||
Foreign currency translation adjustments, net of tax | 131 | -245 | ||
Available-for-sale securities, net of tax | 5 | 23 | ||
Qualifying derivatives, net of tax | -46 | 62 | ||
Reclassifications from accumulated other comprehensive income (loss) - (gains) losses, net of tax expense (benefit): | ' | ' | ||
Available-for-sale securities, net of tax | -1 | -1 | ||
Qualifying derivatives, net of tax | 19 | -80 | ||
Defined benefit plans: | ' | ' | ||
Prior service costs, net of tax | 1 | 1 | ||
Net actuarial loss, net of tax | 27 | 34 | ||
Total other comprehensive income (loss) | 136 | -206 | ||
Comprehensive income (loss) attributable to Shareowners | 452 | 207 | ||
PPL Energy Supply LLC [Member] | ' | ' | ||
Net income (loss) | -66 | -38 | ||
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | ' | ' | ||
Available-for-sale securities, net of tax | 5 | 23 | ||
Reclassifications from accumulated other comprehensive income (loss) - (gains) losses, net of tax expense (benefit): | ' | ' | ||
Available-for-sale securities, net of tax | -1 | -1 | ||
Qualifying derivatives, net of tax | -5 | -30 | ||
Defined benefit plans: | ' | ' | ||
Prior service costs, net of tax | 1 | 1 | ||
Net actuarial loss, net of tax | 1 | 4 | ||
Total other comprehensive income (loss) | 1 | -3 | ||
Comprehensive income (loss) attributable to Shareowners | -65 | -41 | ||
PPL Electric Utilities Corp [Member] | ' | ' | ||
Net income (loss) | 85 | [1] | 64 | [1] |
LG And E And KU Energy LLC [Member] | ' | ' | ||
Net income (loss) | 115 | [1] | 96 | [1] |
Defined benefit plans: | ' | ' | ||
Total other comprehensive income (loss) | -1 | -1 | ||
Louisville Gas And Electric Co [Member] | ' | ' | ||
Net income (loss) | 52 | [2] | 44 | [2] |
Kentucky Utilities Co [Member] | ' | ' | ||
Net income (loss) | 77 | [1] | 64 | [1] |
Defined benefit plans: | ' | ' | ||
Total other comprehensive income (loss) | ($1) | ' | ||
[1] | Net income approximates comprehensive income. | |||
[2] | Net income equals comprehensive income. |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Tax effect of foreign currency translation adjustments arising during the period | $1 | ($6) |
Tax effect of available-for-sale securities arising during the period | -6 | -25 |
Tax effect of qualifying derivatives arising during the period | 25 | -20 |
Tax effect of available-for-sale securities reclassified from accumulated other comprehensive income (loss) | 1 | 1 |
Tax effect of qualifying derivatives reclassified from accumulated other comprehensive income (loss) | -4 | 35 |
Tax effect of prior service costs reclassified from accumulated other comprehensive income (loss) | -1 | -1 |
Tax effect of net actuarial loss reclassified from accumulated other comprehensive income (loss) | -9 | -13 |
PPL Energy Supply LLC [Member] | ' | ' |
Tax effect of available-for-sale securities arising during the period | -6 | -25 |
Tax effect of available-for-sale securities reclassified from accumulated other comprehensive income (loss) | 1 | 1 |
Tax effect of qualifying derivatives reclassified from accumulated other comprehensive income (loss) | 4 | 21 |
Tax effect of prior service costs reclassified from accumulated other comprehensive income (loss) | -1 | -1 |
Tax effect of net actuarial loss reclassified from accumulated other comprehensive income (loss) | ($1) | ($2) |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Cash Flows from Operating Activities | ' | ' | ||
Net income (loss) | $316 | $413 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ' | ' | ||
Depreciation | 305 | 284 | ||
Amortization | 60 | 64 | ||
Defined benefit plans - expense | 21 | 51 | ||
Deferred income taxes and investment tax credits | -26 | 80 | ||
Unrealized (gains) losses on derivatives, and other hedging activities | 241 | 98 | ||
Adjustment to WPD line loss accrual | 65 | ' | ||
Other | 33 | 30 | ||
Change in current assets and current liabilities | ' | ' | ||
Accounts receivable | -185 | -187 | ||
Accounts payable | 93 | -138 | ||
Unbilled revenues | -33 | 137 | ||
Fuel, materials and supplies | 96 | 55 | ||
Prepayments | -70 | -117 | ||
Counterparty collateral | 2 | -64 | ||
Taxes payable | 126 | 122 | ||
Other | -51 | -129 | ||
Other operating activities | ' | ' | ||
Defined benefit plans - funding | -135 | -429 | ||
Other assets | -3 | 33 | ||
Other liabilities | 76 | -59 | ||
Net cash provided by (used in) operating activities | 931 | 244 | ||
Cash Flows from Investing Activities | ' | ' | ||
Expenditures for property, plant and equipment | -892 | -828 | ||
Purchases of nuclear plant decommissioning trust investments | -32 | -28 | ||
Proceeds from the sale of nuclear plant decommissioning trust investments | 27 | 24 | ||
Proceeds from receipt of grants | 56 | 1 | ||
Net (increase) decrease in restricted cash and cash equivalents | -334 | -52 | ||
Other investing activities | -8 | -16 | ||
Net cash provided by (used in) investing activities | -1,183 | -899 | ||
Cash Flows from Financing Activities | ' | ' | ||
Issuance of long-term debt | ' | 450 | ||
Retirement of long-term debt | -239 | -8 | ||
Payment of common stock dividends | -234 | -210 | ||
Net increase (decrease) in short-term debt | 878 | 416 | ||
Other financing activities | -13 | -27 | ||
Net cash provided by (used in) financing activities | 392 | 621 | ||
Effect of Exchange Rates on Cash and Cash Equivalents | 14 | -14 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 154 | -48 | ||
Cash and Cash Equivalents at Beginning of Period | 1,102 | 901 | ||
Cash and Cash Equivalents at End of Period | 1,256 | 853 | ||
PPL Energy Supply LLC [Member] | ' | ' | ||
Cash Flows from Operating Activities | ' | ' | ||
Net income (loss) | -66 | -38 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ' | ' | ||
Depreciation | 80 | 78 | ||
Amortization | 44 | 44 | ||
Defined benefit plans - expense | 8 | 12 | ||
Deferred income taxes and investment tax credits | -121 | -21 | ||
Impairment of assets | 18 | ' | ||
Unrealized (gains) losses on derivatives, and other hedging activities | 229 | 214 | ||
Other | 5 | 5 | ||
Change in current assets and current liabilities | ' | ' | ||
Accounts receivable | -15 | 71 | ||
Accounts payable | 153 | -94 | ||
Unbilled revenues | -92 | 123 | ||
Fuel, materials and supplies | 43 | 11 | ||
Prepayments | -10 | -104 | ||
Counterparty collateral | 2 | -64 | ||
Taxes payable | 53 | 37 | ||
Other | -22 | -14 | ||
Other operating activities | ' | ' | ||
Defined benefit plans - funding | -30 | -105 | ||
Other assets | -5 | 44 | ||
Other liabilities | 2 | -74 | ||
Net cash provided by (used in) operating activities | 276 | 125 | ||
Cash Flows from Investing Activities | ' | ' | ||
Expenditures for property, plant and equipment | -88 | -124 | ||
Purchases of nuclear plant decommissioning trust investments | -32 | -28 | ||
Proceeds from the sale of nuclear plant decommissioning trust investments | 27 | 24 | ||
Proceeds from receipt of grants | 56 | ' | ||
Net (increase) decrease in restricted cash and cash equivalents | -344 | -59 | ||
Other investing activities | -8 | -8 | ||
Net cash provided by (used in) investing activities | -389 | -195 | ||
Cash Flows from Financing Activities | ' | ' | ||
Distributions to member | -654 | -313 | ||
Net increase (decrease) in short-term debt | 970 | 125 | ||
Other financing activities | -1 | -8 | ||
Net cash provided by (used in) financing activities | 315 | -196 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 202 | -266 | ||
Cash and Cash Equivalents at Beginning of Period | 239 | 413 | ||
Cash and Cash Equivalents at End of Period | 441 | 147 | ||
PPL Electric Utilities Corp [Member] | ' | ' | ||
Cash Flows from Operating Activities | ' | ' | ||
Net income (loss) | 85 | [1] | 64 | [1] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ' | ' | ||
Depreciation | 45 | 43 | ||
Amortization | 4 | 5 | ||
Defined benefit plans - expense | 3 | 7 | ||
Deferred income taxes and investment tax credits | 25 | 45 | ||
Other | -14 | -3 | ||
Change in current assets and current liabilities | ' | ' | ||
Accounts receivable | -107 | -87 | ||
Accounts payable | 22 | -34 | ||
Prepayments | -61 | -28 | ||
Other | -1 | -6 | ||
Other operating activities | ' | ' | ||
Defined benefit plans - funding | -19 | -88 | ||
Other assets | 4 | 8 | ||
Other liabilities | 10 | -3 | ||
Net cash provided by (used in) operating activities | -4 | -77 | ||
Cash Flows from Investing Activities | ' | ' | ||
Expenditures for property, plant and equipment | -201 | -189 | ||
Net (increase) decrease in notes receivable from affiliates | 150 | ' | ||
Other investing activities | 9 | -3 | ||
Net cash provided by (used in) investing activities | -42 | -192 | ||
Cash Flows from Financing Activities | ' | ' | ||
Retirement of long-term debt | -10 | ' | ||
Contributions from parent | 65 | 60 | ||
Payment of common stock dividends to parent | -32 | -25 | ||
Net increase (decrease) in short-term debt | 40 | 125 | ||
Net cash provided by (used in) financing activities | 63 | 160 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 17 | -109 | ||
Cash and Cash Equivalents at Beginning of Period | 25 | 140 | ||
Cash and Cash Equivalents at End of Period | 42 | 31 | ||
LG And E And KU Energy LLC [Member] | ' | ' | ||
Cash Flows from Operating Activities | ' | ' | ||
Net income (loss) | 115 | [1] | 96 | [1] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ' | ' | ||
Depreciation | 86 | 82 | ||
Amortization | 6 | 7 | ||
Defined benefit plans - expense | 8 | 17 | ||
Deferred income taxes and investment tax credits | 74 | 45 | ||
Other | -1 | 1 | ||
Change in current assets and current liabilities | ' | ' | ||
Accounts receivable | -50 | -78 | ||
Accounts payable | 22 | 31 | ||
Accounts payable to affiliates | ' | 1 | ||
Unbilled revenues | 36 | ' | ||
Fuel, materials and supplies | 53 | 47 | ||
Taxes payable | -14 | -2 | ||
Accrued interest | 36 | 30 | ||
Other | -24 | -29 | ||
Other operating activities | ' | ' | ||
Defined benefit plans - funding | -38 | -154 | ||
Other assets | ' | 2 | ||
Other liabilities | ' | -11 | ||
Net cash provided by (used in) operating activities | 309 | 85 | ||
Cash Flows from Investing Activities | ' | ' | ||
Expenditures for property, plant and equipment | -272 | -271 | ||
Net (increase) decrease in notes receivable from affiliates | 66 | ' | ||
Net (increase) decrease in restricted cash and cash equivalents | 1 | 4 | ||
Net cash provided by (used in) investing activities | -205 | -267 | ||
Cash Flows from Financing Activities | ' | ' | ||
Contributions from member | 40 | 75 | ||
Distributions to member | -104 | -4 | ||
Net increase (decrease) in notes payable to affiliates | ' | 60 | ||
Net increase (decrease) in short-term debt | -45 | 60 | ||
Net cash provided by (used in) financing activities | -109 | 191 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | -5 | 9 | ||
Cash and Cash Equivalents at Beginning of Period | 35 | 43 | ||
Cash and Cash Equivalents at End of Period | 30 | 52 | ||
Louisville Gas And Electric Co [Member] | ' | ' | ||
Cash Flows from Operating Activities | ' | ' | ||
Net income (loss) | 52 | [2] | 44 | [2] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ' | ' | ||
Depreciation | 38 | 36 | ||
Amortization | 3 | 3 | ||
Defined benefit plans - expense | 2 | 6 | ||
Deferred income taxes and investment tax credits | 6 | 11 | ||
Other | -5 | -5 | ||
Change in current assets and current liabilities | ' | ' | ||
Accounts receivable | -40 | -37 | ||
Accounts payable | 14 | 9 | ||
Accounts payable to affiliates | -7 | -7 | ||
Unbilled revenues | 22 | 1 | ||
Fuel, materials and supplies | 44 | 37 | ||
Taxes payable | 21 | 17 | ||
Other | 5 | 11 | ||
Other operating activities | ' | ' | ||
Defined benefit plans - funding | -9 | -43 | ||
Other liabilities | 2 | 2 | ||
Net cash provided by (used in) operating activities | 148 | 85 | ||
Cash Flows from Investing Activities | ' | ' | ||
Expenditures for property, plant and equipment | -116 | -98 | ||
Net (increase) decrease in restricted cash and cash equivalents | 1 | 4 | ||
Net cash provided by (used in) investing activities | -115 | -94 | ||
Cash Flows from Financing Activities | ' | ' | ||
Contributions from parent | ' | 25 | ||
Payment of common stock dividends to parent | -27 | -19 | ||
Net increase (decrease) in short-term debt | -5 | 15 | ||
Net cash provided by (used in) financing activities | -32 | 21 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 1 | 12 | ||
Cash and Cash Equivalents at Beginning of Period | 8 | 22 | ||
Cash and Cash Equivalents at End of Period | 9 | 34 | ||
Kentucky Utilities Co [Member] | ' | ' | ||
Cash Flows from Operating Activities | ' | ' | ||
Net income (loss) | 77 | [1] | 64 | [1] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ' | ' | ||
Depreciation | 48 | 46 | ||
Amortization | 3 | 4 | ||
Defined benefit plans - expense | 2 | 5 | ||
Deferred income taxes and investment tax credits | 34 | 35 | ||
Other | 2 | 9 | ||
Change in current assets and current liabilities | ' | ' | ||
Accounts receivable | -24 | -31 | ||
Accounts payable | 15 | 32 | ||
Accounts payable to affiliates | 16 | 8 | ||
Unbilled revenues | 14 | -1 | ||
Fuel, materials and supplies | 9 | 10 | ||
Taxes payable | -12 | -17 | ||
Accrued interest | 18 | 15 | ||
Other | -9 | -20 | ||
Other operating activities | ' | ' | ||
Defined benefit plans - funding | -3 | -60 | ||
Other assets | ' | 1 | ||
Other liabilities | 1 | -15 | ||
Net cash provided by (used in) operating activities | 191 | 85 | ||
Cash Flows from Investing Activities | ' | ' | ||
Expenditures for property, plant and equipment | -154 | -172 | ||
Net cash provided by (used in) investing activities | -154 | -172 | ||
Cash Flows from Financing Activities | ' | ' | ||
Contributions from parent | 40 | 50 | ||
Payment of common stock dividends to parent | -37 | -13 | ||
Net increase (decrease) in short-term debt | -40 | 45 | ||
Net cash provided by (used in) financing activities | -37 | 82 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | ' | -5 | ||
Cash and Cash Equivalents at Beginning of Period | 21 | 21 | ||
Cash and Cash Equivalents at End of Period | $21 | $16 | ||
[1] | Net income approximates comprehensive income. | |||
[2] | Net income equals comprehensive income. |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ||
Cash and cash equivalents | $1,256 | $1,102 | ||
Restricted cash and cash equivalents | 416 | 83 | ||
Accounts receivable (less reserve:) | ' | ' | ||
Customer | 1,108 | 923 | ||
Other | 103 | 97 | ||
Unbilled revenues | 874 | 835 | ||
Fuel, materials and supplies | 607 | 702 | ||
Prepayments | 224 | 153 | ||
Deferred income taxes | 342 | 246 | ||
Price risk management assets | 1,087 | 942 | ||
Regulatory assets | 32 | 33 | ||
Other current assets | 45 | 37 | ||
Total Current Assets | 6,094 | 5,153 | ||
Investments | ' | ' | ||
Nuclear plant decommissioning trust funds | 879 | 864 | ||
Other investments | 39 | 43 | ||
Total Investments | 918 | 907 | ||
Property, Plant and Equipment | ' | ' | ||
Regulated utility plant | 28,616 | 27,755 | ||
Less: accumulated depreciation - regulated utility plant | 5,108 | 4,873 | ||
Regulated utility plant, net | 23,508 | 22,882 | ||
Non-regulated property, plant and equipment | ' | ' | ||
Generation | 11,818 | 11,881 | ||
Nuclear fuel | 712 | 591 | ||
Other | 854 | 834 | ||
Less: accumulated depreciation - non-regulated property, plant and equipment | 6,283 | 6,172 | ||
Non-regulated property, plant and equipment, net | 7,101 | 7,134 | ||
Construction work in progress | 3,165 | 3,071 | ||
Property, Plant and Equipment, net | 33,774 | 33,087 | ||
Assets, Noncurrent [Abstract] | ' | ' | ||
Regulatory assets | 1,245 | 1,246 | ||
Goodwill | 4,298 | 4,225 | ||
Other intangibles | 943 | 947 | ||
Price risk management assets | 344 | 337 | ||
Other noncurrent assets | 357 | 357 | ||
Total Other Noncurrent Assets | 7,187 | 7,112 | ||
Total Assets | 47,973 | 46,259 | ||
Current Liabilities | ' | ' | ||
Short-term debt | 1,579 | 701 | ||
Long-term debt due within one year | 304 | 315 | ||
Accounts payable | 1,345 | 1,308 | ||
Taxes | 240 | 114 | ||
Interest | 358 | 325 | ||
Dividends | 236 | 232 | ||
Price risk management liabilities | 1,302 | 829 | ||
Regulatory liabilities | 80 | 90 | ||
Other current liabilities | 932 | 998 | ||
Total Current Liabilities | 6,376 | 4,912 | ||
Long-term Debt | 20,514 | 20,592 | ||
Deferred Credits and Other Noncurrent Liabilities | ' | ' | ||
Deferred income taxes | 4,096 | 3,928 | ||
Investment tax credits | 281 | 342 | ||
Price risk management liabilities | 450 | 415 | ||
Accrued pension obligations | 1,159 | 1,286 | ||
Asset retirement obligations | 701 | 687 | ||
Regulatory liabilities | 1,037 | 1,048 | ||
Other deferred credits and noncurrent liabilities | 642 | 583 | ||
Total Deferred Credits and Other Noncurrent Liabilities | 8,366 | 8,289 | ||
Commitments and Contingent Liabilities | ' | ' | ||
Equity | ' | ' | ||
Common stock | 6 | [1] | 6 | [1] |
Additional paid-in capital | 8,352 | 8,316 | ||
Earnings reinvested | 5,788 | 5,709 | ||
Accumulated other comprehensive income (loss) | -1,429 | -1,565 | ||
Total Stockholders' Equity | 12,717 | 12,466 | ||
Total Liabilities and Equity | 47,973 | 46,259 | ||
PPL Energy Supply LLC [Member] | ' | ' | ||
Current Assets | ' | ' | ||
Cash and cash equivalents | 441 | 239 | ||
Restricted cash and cash equivalents | 412 | 68 | ||
Accounts receivable (less reserve:) | ' | ' | ||
Customer | 232 | 233 | ||
Other | 92 | 97 | ||
Unbilled revenues | 378 | 286 | ||
Accounts receivable from affiliates | 66 | 45 | ||
Fuel, materials and supplies | 315 | 358 | ||
Prepayments | 30 | 20 | ||
Deferred income taxes | 87 | ' | ||
Price risk management assets | 1,080 | 860 | ||
Other current assets | 30 | 27 | ||
Total Current Assets | 3,163 | 2,233 | ||
Investments | ' | ' | ||
Nuclear plant decommissioning trust funds | 879 | 864 | ||
Other investments | 34 | 37 | ||
Total Investments | 913 | 901 | ||
Non-regulated property, plant and equipment | ' | ' | ||
Generation | 11,826 | 11,891 | ||
Nuclear fuel | 712 | 591 | ||
Other | 290 | 288 | ||
Less: accumulated depreciation - non-regulated property, plant and equipment | 6,141 | 6,046 | ||
Non-regulated property, plant and equipment, net | 6,687 | 6,724 | ||
Construction work in progress | 369 | 450 | ||
Property, Plant and Equipment, net | 7,056 | 7,174 | ||
Assets, Noncurrent [Abstract] | ' | ' | ||
Goodwill | 86 | 86 | ||
Other intangibles | 266 | 266 | ||
Price risk management assets | 337 | 328 | ||
Other noncurrent assets | 82 | 86 | ||
Total Other Noncurrent Assets | 771 | 766 | ||
Total Assets | 11,903 | 11,074 | ||
Current Liabilities | ' | ' | ||
Short-term debt | 970 | ' | ||
Long-term debt due within one year | 304 | 304 | ||
Accounts payable | 490 | 393 | ||
Accounts payable to affiliates | 33 | 4 | ||
Taxes | 84 | 31 | ||
Interest | 43 | 22 | ||
Price risk management liabilities | 1,211 | 750 | ||
Other current liabilities | 239 | 278 | ||
Total Current Liabilities | 3,374 | 1,782 | ||
Long-term Debt | 2,220 | 2,221 | ||
Deferred Credits and Other Noncurrent Liabilities | ' | ' | ||
Deferred income taxes | 1,154 | 1,114 | ||
Investment tax credits | 145 | 205 | ||
Price risk management liabilities | 316 | 320 | ||
Accrued pension obligations | 84 | 111 | ||
Asset retirement obligations | 400 | 393 | ||
Other deferred credits and noncurrent liabilities | 131 | 130 | ||
Total Deferred Credits and Other Noncurrent Liabilities | 2,230 | 2,273 | ||
Commitments and Contingent Liabilities | ' | ' | ||
Equity | ' | ' | ||
Accumulated other comprehensive income (loss) | 78 | 77 | ||
Member's Equity | 4,079 | 4,798 | ||
Total Liabilities and Equity | 11,903 | 11,074 | ||
PPL Electric Utilities Corp [Member] | ' | ' | ||
Current Assets | ' | ' | ||
Cash and cash equivalents | 42 | 25 | ||
Accounts receivable (less reserve:) | ' | ' | ||
Customer | 387 | 284 | ||
Other | 9 | 5 | ||
Unbilled revenues | 105 | 116 | ||
Accounts receivable from affiliates | 4 | 4 | ||
Notes receivable from affiliates | ' | 150 | ||
Fuel, materials and supplies | 34 | 35 | ||
Prepayments | 101 | 40 | ||
Deferred income taxes | 82 | 85 | ||
Regulatory assets | 1 | 6 | ||
Other current assets | 10 | 22 | ||
Total Current Assets | 774 | 766 | ||
Property, Plant and Equipment | ' | ' | ||
Regulated utility plant | 6,998 | 6,886 | ||
Less: accumulated depreciation - regulated utility plant | 2,454 | 2,417 | ||
Regulated utility plant, net | 4,544 | 4,469 | ||
Non-regulated property, plant and equipment | ' | ' | ||
Other, net | 1 | 2 | ||
Construction work in progress | 684 | 591 | ||
Property, Plant and Equipment, net | 5,229 | 5,062 | ||
Assets, Noncurrent [Abstract] | ' | ' | ||
Regulatory assets | 770 | 772 | ||
Other intangibles | 214 | 211 | ||
Other noncurrent assets | 35 | 35 | ||
Total Other Noncurrent Assets | 1,019 | 1,018 | ||
Total Assets | 7,022 | 6,846 | ||
Current Liabilities | ' | ' | ||
Short-term debt | 60 | 20 | ||
Long-term debt due within one year | ' | 10 | ||
Accounts payable | 300 | 295 | ||
Accounts payable to affiliates | 88 | 57 | ||
Taxes | 39 | 51 | ||
Interest | 23 | 34 | ||
Regulatory liabilities | 68 | 76 | ||
Other current liabilities | 83 | 82 | ||
Total Current Liabilities | 661 | 625 | ||
Long-term Debt | 2,306 | 2,305 | ||
Deferred Credits and Other Noncurrent Liabilities | ' | ' | ||
Deferred income taxes | 1,439 | 1,399 | ||
Accrued pension obligations | 78 | 96 | ||
Regulatory liabilities | 13 | 15 | ||
Other deferred credits and noncurrent liabilities | 58 | 57 | ||
Total Deferred Credits and Other Noncurrent Liabilities | 1,588 | 1,567 | ||
Commitments and Contingent Liabilities | ' | ' | ||
Equity | ' | ' | ||
Common stock | 364 | [2] | 364 | [2] |
Additional paid-in capital | 1,405 | 1,340 | ||
Earnings reinvested | 698 | 645 | ||
Total Stockholders' Equity | 2,467 | 2,349 | ||
Total Liabilities and Equity | 7,022 | 6,846 | ||
LG And E And KU Energy LLC [Member] | ' | ' | ||
Current Assets | ' | ' | ||
Cash and cash equivalents | 30 | 35 | ||
Accounts receivable (less reserve:) | ' | ' | ||
Customer | 265 | 224 | ||
Other | 27 | 20 | ||
Unbilled revenues | 144 | 180 | ||
Notes receivable from affiliates | 4 | 70 | ||
Fuel, materials and supplies | 225 | 278 | ||
Prepayments | 22 | 21 | ||
Deferred income taxes | 139 | 159 | ||
Regulatory assets | 31 | 27 | ||
Other current assets | 3 | 3 | ||
Total Current Assets | 890 | 1,017 | ||
Property, Plant and Equipment | ' | ' | ||
Regulated utility plant | 8,683 | 8,526 | ||
Less: accumulated depreciation - regulated utility plant | 849 | 778 | ||
Regulated utility plant, net | 7,834 | 7,748 | ||
Non-regulated property, plant and equipment | ' | ' | ||
Other, net | 3 | 3 | ||
Construction work in progress | 1,868 | 1,793 | ||
Property, Plant and Equipment, net | 9,705 | 9,544 | ||
Assets, Noncurrent [Abstract] | ' | ' | ||
Regulatory assets | 475 | 474 | ||
Goodwill | 996 | 996 | ||
Other intangibles | 209 | 221 | ||
Other noncurrent assets | 96 | 98 | ||
Total Other Noncurrent Assets | 1,776 | 1,789 | ||
Total Assets | 12,371 | 12,350 | ||
Current Liabilities | ' | ' | ||
Short-term debt | 200 | 245 | ||
Accounts payable | 341 | 346 | ||
Accounts payable to affiliates | 3 | 3 | ||
Customer deposits | 50 | 50 | ||
Taxes | 25 | 39 | ||
Interest | 59 | 23 | ||
Price risk management liabilities | 4 | 4 | ||
Regulatory liabilities | 12 | 14 | ||
Other current liabilities | 87 | 111 | ||
Total Current Liabilities | 781 | 835 | ||
Long-term Debt | 4,565 | 4,565 | ||
Deferred Credits and Other Noncurrent Liabilities | ' | ' | ||
Deferred income taxes | 1,021 | 965 | ||
Investment tax credits | 134 | 135 | ||
Price risk management liabilities | 36 | 32 | ||
Accrued pension obligations | 119 | 152 | ||
Asset retirement obligations | 251 | 245 | ||
Regulatory liabilities | 1,024 | 1,033 | ||
Other deferred credits and noncurrent liabilities | 240 | 238 | ||
Total Deferred Credits and Other Noncurrent Liabilities | 2,825 | 2,800 | ||
Commitments and Contingent Liabilities | ' | ' | ||
Equity | ' | ' | ||
Member's Equity | 4,200 | 4,150 | ||
Total Liabilities and Equity | 12,371 | 12,350 | ||
Louisville Gas And Electric Co [Member] | ' | ' | ||
Current Assets | ' | ' | ||
Cash and cash equivalents | 9 | 8 | ||
Accounts receivable (less reserve:) | ' | ' | ||
Customer | 118 | 102 | ||
Other | 8 | 9 | ||
Unbilled revenues | 63 | 85 | ||
Accounts receivable from affiliates | 23 | ' | ||
Fuel, materials and supplies | 110 | 154 | ||
Prepayments | 7 | 7 | ||
Regulatory assets | 22 | 17 | ||
Other current assets | 5 | 3 | ||
Total Current Assets | 365 | 385 | ||
Property, Plant and Equipment | ' | ' | ||
Regulated utility plant | 3,475 | 3,383 | ||
Less: accumulated depreciation - regulated utility plant | 364 | 332 | ||
Regulated utility plant, net | 3,111 | 3,051 | ||
Non-regulated property, plant and equipment | ' | ' | ||
Construction work in progress | 680 | 651 | ||
Property, Plant and Equipment, net | 3,791 | 3,702 | ||
Assets, Noncurrent [Abstract] | ' | ' | ||
Regulatory assets | 303 | 303 | ||
Goodwill | 389 | 389 | ||
Other intangibles | 114 | 120 | ||
Other noncurrent assets | 33 | 35 | ||
Total Other Noncurrent Assets | 839 | 847 | ||
Total Assets | 4,995 | 4,934 | ||
Current Liabilities | ' | ' | ||
Short-term debt | 15 | 20 | ||
Accounts payable | 189 | 166 | ||
Accounts payable to affiliates | 17 | 24 | ||
Customer deposits | 24 | 24 | ||
Taxes | 32 | 11 | ||
Interest | 15 | 6 | ||
Price risk management liabilities | 4 | 4 | ||
Regulatory liabilities | 9 | 9 | ||
Other current liabilities | 26 | 32 | ||
Total Current Liabilities | 331 | 296 | ||
Long-term Debt | 1,353 | 1,353 | ||
Deferred Credits and Other Noncurrent Liabilities | ' | ' | ||
Deferred income taxes | 590 | 582 | ||
Investment tax credits | 38 | 38 | ||
Price risk management liabilities | 36 | 32 | ||
Accrued pension obligations | 10 | 19 | ||
Asset retirement obligations | 70 | 68 | ||
Regulatory liabilities | 477 | 482 | ||
Other deferred credits and noncurrent liabilities | 105 | 104 | ||
Total Deferred Credits and Other Noncurrent Liabilities | 1,326 | 1,325 | ||
Commitments and Contingent Liabilities | ' | ' | ||
Equity | ' | ' | ||
Common stock | 424 | [3] | 424 | [3] |
Additional paid-in capital | 1,364 | 1,364 | ||
Earnings reinvested | 197 | 172 | ||
Total Stockholders' Equity | 1,985 | 1,960 | ||
Total Liabilities and Equity | 4,995 | 4,934 | ||
Kentucky Utilities Co [Member] | ' | ' | ||
Current Assets | ' | ' | ||
Cash and cash equivalents | 21 | 21 | ||
Accounts receivable (less reserve:) | ' | ' | ||
Customer | 147 | 122 | ||
Other | 7 | 9 | ||
Unbilled revenues | 81 | 95 | ||
Fuel, materials and supplies | 115 | 124 | ||
Prepayments | 5 | 4 | ||
Regulatory assets | 9 | 10 | ||
Other current assets | 12 | 6 | ||
Total Current Assets | 397 | 391 | ||
Property, Plant and Equipment | ' | ' | ||
Regulated utility plant | 5,208 | 5,143 | ||
Less: accumulated depreciation - regulated utility plant | 485 | 446 | ||
Regulated utility plant, net | 4,723 | 4,697 | ||
Non-regulated property, plant and equipment | ' | ' | ||
Other, net | 1 | 1 | ||
Construction work in progress | 1,185 | 1,139 | ||
Property, Plant and Equipment, net | 5,909 | 5,837 | ||
Assets, Noncurrent [Abstract] | ' | ' | ||
Regulatory assets | 172 | 171 | ||
Goodwill | 607 | 607 | ||
Other intangibles | 95 | 101 | ||
Other noncurrent assets | 56 | 56 | ||
Total Other Noncurrent Assets | 930 | 935 | ||
Total Assets | 7,236 | 7,163 | ||
Current Liabilities | ' | ' | ||
Short-term debt | 110 | 150 | ||
Accounts payable | 140 | 159 | ||
Accounts payable to affiliates | 41 | 25 | ||
Customer deposits | 26 | 26 | ||
Taxes | 21 | 33 | ||
Interest | 29 | 11 | ||
Regulatory liabilities | 3 | 5 | ||
Other current liabilities | 30 | 36 | ||
Total Current Liabilities | 400 | 445 | ||
Long-term Debt | 2,091 | 2,091 | ||
Deferred Credits and Other Noncurrent Liabilities | ' | ' | ||
Deferred income taxes | 699 | 658 | ||
Investment tax credits | 96 | 97 | ||
Accrued pension obligations | 9 | 11 | ||
Asset retirement obligations | 181 | 177 | ||
Regulatory liabilities | 547 | 551 | ||
Other deferred credits and noncurrent liabilities | 90 | 89 | ||
Total Deferred Credits and Other Noncurrent Liabilities | 1,622 | 1,583 | ||
Commitments and Contingent Liabilities | ' | ' | ||
Equity | ' | ' | ||
Common stock | 308 | [4] | 308 | [4] |
Additional paid-in capital | 2,545 | 2,505 | ||
Earnings reinvested | 270 | 230 | ||
Accumulated other comprehensive income (loss) | ' | 1 | ||
Total Stockholders' Equity | 3,123 | 3,044 | ||
Total Liabilities and Equity | $7,236 | $7,163 | ||
[1] | 780,000 shares authorized; 631,417 and 630,321 shares issued and outstanding at March 31, 2014 and December 31, 2013. | |||
[2] | 170,000 shares authorized; 66,368 shares issued and outstanding at March 31, 2014 and December 31, 2013. | |||
[3] | 75,000 shares authorized; 21,294 shares issued and outstanding at March 31, 2014 and December 31, 2013. | |||
[4] | 80,000 shares authorized; 37,818 shares issued and outstanding at March 31, 2014 and December 31, 2013. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data in Thousands, unless otherwise specified | ||
Receivables Net Current [Abstract] | ' | ' |
Accounts receivable reserve for uncollectible accounts | $66 | $64 |
Equity | ' | ' |
Common stock par value | $0.01 | $0.01 |
Common stock shares authorized | 780,000 | 780,000 |
Common stock shares issued | 631,417 | 630,321 |
Common stock shares outstanding | 631,417 | 630,321 |
PPL Energy Supply LLC [Member] | ' | ' |
Receivables Net Current [Abstract] | ' | ' |
Accounts receivable reserve for uncollectible accounts | -21 | -21 |
PPL Electric Utilities Corp [Member] | ' | ' |
Receivables Net Current [Abstract] | ' | ' |
Accounts receivable reserve for uncollectible accounts | -17 | -18 |
Equity | ' | ' |
Common stock no par value | ' | ' |
Common stock shares authorized | 170,000 | 170,000 |
Common stock shares issued | 66,368 | 66,368 |
Common stock shares outstanding | 66,368 | 66,368 |
LG And E And KU Energy LLC [Member] | ' | ' |
Receivables Net Current [Abstract] | ' | ' |
Accounts receivable reserve for uncollectible accounts | -26 | -22 |
Louisville Gas And Electric Co [Member] | ' | ' |
Receivables Net Current [Abstract] | ' | ' |
Accounts receivable reserve for uncollectible accounts | -2 | -2 |
Equity | ' | ' |
Common stock no par value | ' | ' |
Common stock shares authorized | 75,000 | 75,000 |
Common stock shares issued | 21,294 | 21,294 |
Common stock shares outstanding | 21,294 | 21,294 |
Kentucky Utilities Co [Member] | ' | ' |
Receivables Net Current [Abstract] | ' | ' |
Accounts receivable reserve for uncollectible accounts | ($4) | ($4) |
Equity | ' | ' |
Common stock no par value | ' | ' |
Common stock shares authorized | 80,000 | 80,000 |
Common stock shares issued | 37,818 | 37,818 |
Common stock shares outstanding | 37,818 | 37,818 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (USD $) | Total | Common Stock | Additional Paid-in Capital | Earnings Reinvested | Accumulated Other Comprehensive Loss | Non-controlling Interests | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | Louisville Gas And Electric Co [Member] | Louisville Gas And Electric Co [Member] | Louisville Gas And Electric Co [Member] | Louisville Gas And Electric Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | ||||||||||
In Millions, except Share data in Thousands | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock | Members Equity [Member] | Non-controlling Interests | USD ($) | Common Stock | Additional Paid-in Capital | Earnings Reinvested | USD ($) | Members Equity [Member] | USD ($) | Common Stock | Additional Paid-in Capital | Earnings Reinvested | USD ($) | Common Stock | Additional Paid-in Capital | Earnings Reinvested | Accumulated Other Comprehensive Loss | Members Equity [Member] | ||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||
Balance at beginning of period at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,062 | $364 | $1,135 | $563 | ' | ' | $1,810 | $424 | $1,278 | $108 | $2,783 | $308 | $2,348 | $126 | $1 | ' | ||||||||||
Balance at beginning of period at Dec. 31, 2012 | 10,498 | 6 | 6,936 | 5,478 | -1,940 | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at beginning of period at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,786 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at beginning of period - shares at Dec. 31, 2012 | ' | 581,944 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,368 | [2] | ' | ' | ' | ' | ' | 21,294 | [3] | ' | ' | ' | 37,818 | [4] | ' | ' | ' | ' | ||||||
Balance at beginning of period at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 3,848 | ' | 3,830 | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Common stock shares issued | [1],[5] | ' | 1,270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Common stock issued | [5] | 37 | ' | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Stock-based compensation | [6] | 15 | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net income (loss) | 413 | ' | ' | 413 | ' | ' | -38 | ' | -38 | ' | 64 | [7] | ' | ' | 64 | 96 | [7] | ' | 44 | [8] | ' | ' | 44 | 64 | [7] | ' | ' | 64 | ' | ' | ||||||
Dividends, dividend equivalents and distributions | [9] | -215 | ' | ' | -215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Cash dividends declared on common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25 | ' | ' | -25 | ' | ' | -19 | ' | ' | -19 | -13 | ' | ' | -13 | ' | ' | ||||||||||
Distributions to member | ' | ' | ' | ' | ' | ' | -313 | ' | -313 | ' | ' | ' | ' | ' | ' | -4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Contributions from member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Capital Contributions From Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | 60 | ' | ' | ' | 25 | ' | 25 | ' | 50 | ' | 50 | ' | ' | ' | ||||||||||
Other comprehensive income (loss) | -206 | ' | ' | ' | -206 | ' | -3 | ' | -3 | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at end of period at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,161 | 364 | 1,195 | 602 | ' | ' | 1,860 | 424 | 1,303 | 133 | 2,884 | 308 | 2,398 | 177 | 1 | ' | ||||||||||
Balance at end of period at Mar. 31, 2013 | 10,542 | 6 | 6,988 | 5,676 | -2,146 | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at end of period at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,952 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at end of period - shares at Mar. 31, 2013 | ' | 583,214 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,368 | [2] | ' | ' | ' | ' | ' | 21,294 | [3] | ' | ' | ' | 37,818 | [4] | ' | ' | ' | ' | ||||||
Balance at end of period at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | 3,494 | ' | 3,476 | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at beginning of period at Dec. 31, 2013 | 12,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,349 | 364 | 1,340 | 645 | ' | ' | 1,960 | 424 | 1,364 | 172 | 3,044 | 308 | 2,505 | 230 | 1 | ' | ||||||||||
Balance at beginning of period at Dec. 31, 2013 | ' | 6 | 8,316 | 5,709 | -1,565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at beginning of period at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | 4,798 | ' | ' | ' | ' | ' | ' | ' | 4,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at beginning of period - shares at Dec. 31, 2013 | 630,321 | 630,321 | [1] | ' | ' | ' | ' | ' | 66,368 | [2] | ' | ' | 66,368 | ' | ' | ' | ' | ' | 21,294 | 21,294 | [3] | ' | ' | 37,818 | 37,818 | [4] | ' | ' | ' | ' | ||||||
Balance at beginning of period at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 4,798 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Common stock shares issued | [1],[5] | ' | 1,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Common stock issued | [5] | 30 | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Stock-based compensation | [6] | 6 | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net income (loss) | 316 | ' | ' | 316 | ' | ' | -66 | ' | -66 | ' | 85 | [7] | ' | ' | 85 | 115 | [7] | ' | 52 | [8] | ' | ' | 52 | 77 | [7] | ' | ' | 77 | ' | ' | ||||||
Dividends, dividend equivalents and distributions | [9] | -237 | ' | ' | -237 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Cash dividends declared on common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32 | ' | ' | -32 | ' | ' | -27 | ' | ' | -27 | -37 | ' | ' | -37 | ' | ' | ||||||||||
Distributions to member | ' | ' | ' | ' | ' | ' | -654 | ' | -654 | ' | ' | ' | ' | ' | ' | -104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Contributions from member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Capital Contributions From Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65 | ' | 65 | ' | ' | ' | ' | ' | ' | ' | 40 | ' | 40 | ' | ' | ' | ||||||||||
Other comprehensive income (loss) | 136 | ' | ' | ' | 136 | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | -1 | ' | ' | ' | -1 | ' | ||||||||||
Balance at end of period at Mar. 31, 2014 | 12,717 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,467 | 364 | 1,405 | 698 | ' | ' | 1,985 | 424 | 1,364 | 197 | 3,123 | 308 | 2,545 | 270 | ' | ' | ||||||||||
Balance at end of period at Mar. 31, 2014 | ' | 6 | 8,352 | 5,788 | -1,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at end of period at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | 4,079 | ' | ' | ' | ' | ' | ' | ' | 4,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Balance at end of period - shares at Mar. 31, 2014 | 631,417 | 631,417 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 66,368 | 66,368 | [2] | ' | ' | ' | ' | 21,294 | 21,294 | [3] | ' | ' | 37,818 | 37,818 | [4] | ' | ' | ' | ' | ||||||
Balance at end of period at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | $4,079 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | Shares in thousands. Each share entitles the holder to one vote on any question presented at any shareowners' meeting. | |||||||||||||||||||||||||||||||||||
[2] | Shares in thousands. All common shares of PPL Electric stock are owned by PPL. | |||||||||||||||||||||||||||||||||||
[3] | Shares in thousands. All common shares of LG&E stock are owned by LKE. | |||||||||||||||||||||||||||||||||||
[4] | Shares in thousands. All common shares of KU stock are owned by LKE. | |||||||||||||||||||||||||||||||||||
[5] | Each period includes shares of common stock issued through various stock and incentive compensation plans. | |||||||||||||||||||||||||||||||||||
[6] | The three months ended March 31, 2014 and 2013 include $27 million and $28 million of stock-based compensation expense related to new and existing unvested equity awards. These periods also include $(21) million and $(13) million related primarily to the reclassification from "Stock-based compensation" to "Common stock issued" for the issuance of common stock after applicable equity award vesting periods and tax adjustments related to stock-based compensation. | |||||||||||||||||||||||||||||||||||
[7] | Net income approximates comprehensive income. | |||||||||||||||||||||||||||||||||||
[8] | Net income equals comprehensive income. | |||||||||||||||||||||||||||||||||||
[9] | "Earnings reinvested" includes dividends and dividend equivalents on PPL common stock and restricted stock units. |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Integer | Integer | |
Vote per share of PPL's common stock | 1 | 1 |
Stock-based compensation expense related to new and existing unvested equity awards | $27 | $28 |
Reclassifications from Stock-based compensation to Common stock issued | ($21) | ($13) |
Interim_Financial_Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2014 | |
Interim Financial Statements [Abstract] | ' |
Interim Financial Statements | ' |
1. Interim Financial Statements | |
(All Registrants) | |
Capitalized terms and abbreviations appearing in the unaudited combined notes to condensed financial statements are defined in the glossary. Dollars are in millions, except per share data, unless otherwise noted. The specific Registrant to which disclosures are applicable is identified in parenthetical headings in italics above the applicable disclosure or within the applicable disclosure for their related activities and disclosures. Within combined disclosures, amounts are disclosed for any Registrant when significant. | |
The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation in accordance with GAAP are reflected in the condensed financial statements. All adjustments are of a normal recurring nature, except as otherwise disclosed. Each Registrant's Balance Sheet at December 31, 2013 is derived from that Registrant's 2013 audited Balance Sheet. The financial statements and notes thereto should be read in conjunction with the financial statements and notes contained in each Registrant's 2013 Form 10-K. The results of operations for the three months ended March 31, 2014, are not necessarily indicative of the results to be expected for the full year ending December 31, 2014, or other future periods, because results for interim periods can be disproportionately influenced by various factors, developments and seasonal variations. | |
The classification of certain prior period amounts has been changed to conform to the presentation in the March 31, 2014 financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
(All Registrants) | |
The following accounting policy disclosures represent updates to Note 1 in each Registrant's 2013 Form 10-K and should be read in conjunction with those disclosures. | |
Accounts Receivable (PPL, PPL Energy Supply and PPL Electric) | |
In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative suppliers (including PPL EnergyPlus) at a discount, which reflects a provision for uncollectible accounts. The alternative suppliers have no continuing involvement or interest in the purchased accounts receivable. The purchased accounts receivable are initially recorded at fair value using a market approach based on the purchase price paid and are classified as Level 2 in the fair value hierarchy. During the three months ended March 31, 2014, PPL Electric purchased $362 million of accounts receivable from unaffiliated third parties and $105 million from PPL EnergyPlus. During the three months ended March 31, 2013, PPL Electric purchased $259 million of accounts receivable from unaffiliated third parties and $77 million from PPL EnergyPlus. | |
New Accounting Guidance Adopted (All Registrants) | |
Accounting for Obligations Resulting from Joint and Several Liability Arrangements | |
Effective January 1, 2014, the Registrants retrospectively adopted accounting guidance for the recognition, measurement and disclosure of certain obligations resulting from joint and several liability arrangements when the amount of the obligation is fixed at the reporting date. If the obligation is determined to be in the scope of this guidance, it will be measured as the sum of the amount the reporting entity agreed to pay on the basis of its arrangements among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires additional disclosures for these obligations. | |
The adoption of this guidance did not have a significant impact on the Registrants. | |
Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity | |
Effective January 1, 2014, PPL prospectively adopted accounting guidance that requires a cumulative translation adjustment to be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. For the step acquisition of previously held equity method investments that are foreign entities, this guidance clarifies that the amount of accumulated other comprehensive income that is reclassified and included in the calculation of a gain or loss shall include any foreign currency translation adjustment related to that previously held investment. | |
The initial adoption of this guidance did not have a significant impact on PPL; however, the impact in future periods could be material. | |
Presentation of Unrecognized Tax Benefits When Net Operating Loss Carryforwards, Similar Tax Losses, or Tax Credit Carryforwards Exist | |
Effective January 1, 2014, the Registrants prospectively adopted accounting guidance that requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. | |
The adoption of this guidance did not have a significant impact on the Registrants. |
Segment_and_Related_Informatio
Segment and Related Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment and Related Information [Abstract] | ' | ||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||
3. Segment and Related Information | |||||||||||||||||
(PPL) | |||||||||||||||||
See Note 2 in PPL's 2013 Form 10-K for a discussion of reportable segments and related information. | |||||||||||||||||
Financial data for the segments and reconciliation to PPL's consolidated results for the periods ended March 31 are: | |||||||||||||||||
Three Months | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income Statement Data | |||||||||||||||||
Revenues from external customers | |||||||||||||||||
U.K. Regulated | $ | 648 | $ | 648 | |||||||||||||
Kentucky Regulated | 934 | 800 | |||||||||||||||
Pennsylvania Regulated | 591 | 512 | |||||||||||||||
Supply (a) | -953 | 494 | |||||||||||||||
Corporate and Other | 3 | 3 | |||||||||||||||
Total | $ | 1,223 | $ | 2,457 | |||||||||||||
Intersegment electric revenues | |||||||||||||||||
Supply | $ | 27 | $ | 14 | |||||||||||||
Net Income Attributable to PPL Shareowners | |||||||||||||||||
U.K. Regulated | $ | 206 | $ | 313 | |||||||||||||
Kentucky Regulated | 107 | 85 | |||||||||||||||
Pennsylvania Regulated | 85 | 64 | |||||||||||||||
Supply (a) | -75 | -46 | |||||||||||||||
Corporate and Other | -7 | -3 | |||||||||||||||
Total | $ | 316 | $ | 413 | |||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance Sheet Data | |||||||||||||||||
Assets | |||||||||||||||||
U.K. Regulated | $ | 16,535 | $ | 15,895 | |||||||||||||
Kentucky Regulated | 12,037 | 12,016 | |||||||||||||||
Pennsylvania Regulated | 7,022 | 6,846 | |||||||||||||||
Supply | 12,237 | 11,408 | |||||||||||||||
Corporate and Other (b) | 142 | 94 | |||||||||||||||
Total assets | $ | 47,973 | $ | 46,259 | |||||||||||||
(a) Includes unrealized gains and losses from economic activity. See Note 14 for additional information. | |||||||||||||||||
(b) Primarily consists of unallocated items, including cash, PP&E and the elimination of inter-segment transactions. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
4. Earnings Per Share | ||||||||||||||||
(PPL) | ||||||||||||||||
Basic EPS is computed by dividing income available to PPL common shareowners by the weighted-average number of common shares outstanding during the applicable period. Diluted EPS is computed by dividing income available to PPL common shareowners by the weighted-average number of common shares outstanding, increased by incremental shares that would be outstanding if potentially dilutive non-participating securities were converted to common shares as calculated using the Treasury Stock method or the If-Converted Method, as applicable. Incremental non-participating securities that have a dilutive impact are detailed in the table below. | ||||||||||||||||
Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the periods ended March 31 used in the EPS calculation are: | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Income (Numerator) | ||||||||||||||||
Net income attributable to PPL shareowners | $ | 316 | $ | 413 | ||||||||||||
Less amounts allocated to participating securities | 2 | 2 | ||||||||||||||
Net income available to PPL common shareowners - Basic | 314 | 411 | ||||||||||||||
Plus interest charges (net of tax) related to Equity Units (a) | 9 | 15 | ||||||||||||||
Net income available to PPL common shareowners - Diluted | $ | 323 | $ | 426 | ||||||||||||
Shares of Common Stock (Denominator) | ||||||||||||||||
Weighted-average shares - Basic EPS | 630,749 | 582,640 | ||||||||||||||
Add incremental non-participating securities: | ||||||||||||||||
Share-based payment awards | 1,511 | 810 | ||||||||||||||
Equity Units (a) | 31,679 | 71,990 | ||||||||||||||
Forward sale agreements | 1,580 | |||||||||||||||
Weighted-average shares - Diluted EPS | 663,939 | 657,020 | ||||||||||||||
Basic EPS | ||||||||||||||||
Net Income Available to PPL common shareowners | $ | 0.5 | $ | 0.7 | ||||||||||||
Diluted EPS | ||||||||||||||||
Net Income Available to PPL common shareowners | $ | 0.49 | $ | 0.65 | ||||||||||||
(a) The If-Converted Method has been applied to the Equity Units prior to settlement. See Note 7 for additional information on the 2011 Equity Units, including the issuance of PPL common stock on May 1, 2014 to settle the 2011 Purchase Contracts. | ||||||||||||||||
For the periods ended March 31, PPL issued common stock related to stock-based compensation plans, ESOP and DRIP as follows (in thousands): | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Stock-based compensation plans (a) | 1,096 | 446 | ||||||||||||||
ESOP | 275 | |||||||||||||||
DRIP | 549 | |||||||||||||||
(a) Includes stock options exercised, vesting of restricted stock and restricted stock units and conversion of stock units granted to directors. | ||||||||||||||||
For the periods ended March 31, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Stock options | 2,540 | 6,589 | ||||||||||||||
Performance units | 206 | |||||||||||||||
Restricted stock units | 123 | 116 |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Income Taxes [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
5. Income Taxes | ||||||||||||||||
Reconciliations of income taxes for the periods ended March 31 are: | ||||||||||||||||
(PPL) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 150 | $ | 197 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 2 | 3 | ||||||||||||||
Impact of lower U.K. income tax rates | -45 | -38 | ||||||||||||||
U.S. income tax on foreign earnings - net of foreign tax credit | 11 | 2 | ||||||||||||||
Federal income tax credits, excluding foreign tax credit | -1 | -4 | ||||||||||||||
Amortization of investment tax credit | -2 | -3 | ||||||||||||||
Depreciation not normalized | -2 | -3 | ||||||||||||||
Other | -1 | -3 | ||||||||||||||
Total increase (decrease) | -38 | -46 | ||||||||||||||
Total income taxes | $ | 112 | $ | 151 | ||||||||||||
(PPL Energy Supply) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income (Loss) Before Income Taxes at statutory tax rate - 35% | $ | -40 | $ | -26 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | -9 | -6 | ||||||||||||||
Federal income tax credits | -1 | -3 | ||||||||||||||
Other | 1 | |||||||||||||||
Total increase (decrease) | -9 | -9 | ||||||||||||||
Total income taxes | $ | -49 | $ | -35 | ||||||||||||
(PPL Electric) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 48 | $ | 34 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 8 | 5 | ||||||||||||||
Federal and state tax reserve adjustments | -2 | |||||||||||||||
Depreciation not normalized | -2 | -3 | ||||||||||||||
Other | -1 | -1 | ||||||||||||||
Total increase (decrease) | 5 | -1 | ||||||||||||||
Total income taxes | $ | 53 | $ | 33 | ||||||||||||
(LKE) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 64 | $ | 54 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 7 | 5 | ||||||||||||||
Other | -2 | -2 | ||||||||||||||
Total increase (decrease) | 5 | 3 | ||||||||||||||
Total income taxes | $ | 69 | $ | 57 | ||||||||||||
(LG&E) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 29 | $ | 24 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 3 | 3 | ||||||||||||||
Other | -2 | -2 | ||||||||||||||
Total increase (decrease) | 1 | 1 | ||||||||||||||
Total income taxes | $ | 30 | $ | 25 | ||||||||||||
(KU) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 43 | $ | 36 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 4 | 4 | ||||||||||||||
Other | -1 | -1 | ||||||||||||||
Total increase (decrease) | 3 | 3 | ||||||||||||||
Total income taxes | $ | 46 | $ | 39 |
Utility_Rate_Regulation
Utility Rate Regulation | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Utility Rate Regulation | ' | ||||||||||||||||||||
6. Utility Rate Regulation | |||||||||||||||||||||
(All Registrants except PPL Energy Supply) | |||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
(a) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. | |||||||||||||||||||||
Regulatory Matters | |||||||||||||||||||||
U.K. Activities (PPL) | |||||||||||||||||||||
Ofgem Review of Line Loss Calculation | |||||||||||||||||||||
In March 2014, Ofgem issued its final decision on the DPCR4 line loss incentives and penalties mechanism. As a result, WPD increased its existing liability by $65 million for over-recovery of line losses with a reduction to "Utility" revenue on the Statement of Income. The total recorded liability at March 31, 2014 was $115 million, nearly all of which will be refunded to customers from April 1, 2015 through March 31, 2019. The recorded liability at December 31, 2013 was $74 million. Other activity impacting the liability included reductions in the liability that have been included in tariffs during the first quarter of 2014 and foreign exchange movements. PPL is considering what, if any, recourse may be available to seek review of the final decision. | |||||||||||||||||||||
Kentucky Activities (PPL, LKE, LG&E and KU) | |||||||||||||||||||||
CPCN Filings | |||||||||||||||||||||
In January 2014, LG&E and KU filed an application for a CPCN with the KPSC requesting approval to build a NGCC generating unit at KU's Green River generating site and a solar generating facility at the E. W. Brown generating site. The proceeding is currently in the discovery phase and a hearing is scheduled for July 2014. In April 2014, LG&E and KU filed a motion to hold further proceedings in abeyance for up to 90 days in order to allow the companies to assess the potential impact of certain events on their future capacity needs, including the recent receipt of termination notices to be generally effective in 2019 from certain KU municipal wholesale customers. See "Federal Matters - FERC Formula Rates" below for additional information relating to the municipal wholesale customers. | |||||||||||||||||||||
Pennsylvania Activities (PPL and PPL Electric) | |||||||||||||||||||||
Storm Damage Expense Rider | |||||||||||||||||||||
In its December 28, 2012 final rate case order, the PUC directed PPL Electric to file a proposed Storm Damage Expense Rider (SDER). In March 2013, PPL Electric filed its proposed SDER with the PUC and, as part of that filing, requested recovery of the 2012 qualifying storm costs related to Hurricane Sandy. PPL Electric proposed that the SDER become effective January 1, 2013 at a zero rate with qualifying storm costs incurred in 2013 and the 2012 Hurricane Sandy costs included in rates effective January 1, 2014. As of December 31, 2013, PPL Electric had a $14 million regulatory liability balance for amounts expected to be refunded to customers for revenues collected to cover storm costs in excess of actual storm costs incurred during 2013. On April 3, 2014, the PUC issued a final order approving the SDER. The SDER will be effective January 1, 2015 and will initially include actual storm costs compared to collections from December 2013 through November 2014. As a result of the order, PPL Electric reduced its regulatory liability by $12 million. Also, as part of the order, PPL Electric can recover Hurricane Sandy storm damage costs through the SDER over a three-year period beginning January 2015. See "Storm Costs" below for additional information on Hurricane Sandy costs. | |||||||||||||||||||||
Storm Costs | |||||||||||||||||||||
In February 2013, PPL Electric received an order from the PUC granting permission to defer qualifying costs in excess of insurance recoveries associated with Hurricane Sandy. At March 31, 2014 and December 31, 2013, $29 million was included on the Balance Sheets as a regulatory asset. | |||||||||||||||||||||
Act 129 | |||||||||||||||||||||
Act 129 requires Pennsylvania Electric Distribution Companies (EDCs) to meet specified goals for reduction in customer electricity usage and peak demand by specified dates. EDCs not meeting the requirements of Act 129 are subject to significant penalties. | |||||||||||||||||||||
Under Act 129, EDCs must file an energy efficiency and conservation plan (EE&C Plan) with the PUC and contract with conservation service providers to implement all or a portion of the EE&C Plan. EDCs are able to recover the costs (capped at 2.0% of the EDC's 2006 revenue) of implementing their EE&C Plans. In October 2009, the PUC approved PPL Electric's Phase I EE&C Plan ending May 31, 2013. | |||||||||||||||||||||
Phase I of Act 129 required EDCs to reduce overall electricity consumption by 1.0% by May 2011 and by 3.0% by May 2013, and reduce peak demand by 4.5% by May 2013. The overall consumption reduction is measured against PUC-forecasted consumption for the twelve months ended May 31, 2010. The peak demand reduction was required to occur for the 100 hours of highest demand, which is determined by actual demand reduction during the June 2012 through September 2012 period. The PUC issued an Order on March 20, 2014 determining that PPL Electric met all of its Phase I EE&C compliance requirements. | |||||||||||||||||||||
Under Act 129 the PUC was required to evaluate the costs and benefits of the EE&C program by November 30, 2013 and adopt additional reductions if the benefits of the program exceed the costs. In August 2012, after receiving input from stakeholders, the PUC issued a Final Implementation Order establishing a three-year Phase II program, ending May 31, 2016, with individual consumption reduction targets for each EDC. PPL Electric's Phase II reduction target is 2.1% of the total energy consumption forecasted by the PUC for the twelve months ended May 31, 2010. The PUC did not establish demand reduction targets for the Phase II program. PPL Electric began its PUC-approved Phase II Plan implementation on June 1, 2013. In November 2013, PPL Electric filed 40 modifications to its Phase II Plan which contains programs designed to meet PPL Electric's target of reducing total energy consumption by 2.1%. On March 6, 2014, the PUC issued an order approving the revised EE&C Plan with minor modifications related to training. | |||||||||||||||||||||
Act 129 also requires Default Service Providers (DSP) to provide electricity generation supply service to customers pursuant to a PUC-approved default service procurement plan through auctions, requests for proposal and bilateral contracts at the sole discretion of the DSP. Act 129 requires a mix of spot market purchases, short-term contracts and long-term contracts (4 to 20 years), with long-term contracts limited to 25% of load unless otherwise approved by the PUC. A DSP is able to recover the costs associated with its default service procurement plan. | |||||||||||||||||||||
In January 2013, the PUC approved PPL Electric's DSP procurement plan for the period June 1, 2013 through May 31, 2015. On April 18, 2014, PPL Electric filed a new DSP procurement plan with the PUC for the period June 1, 2015 through May 31, 2017. This filing is pending before the PUC. | |||||||||||||||||||||
Smart Meter Rider | |||||||||||||||||||||
Act 129 also requires installation of smart meters for new construction, upon the request of consumers and at their cost, or on a depreciation schedule not exceeding 15 years. Under Act 129, EDCs are able to recover the costs of providing smart metering technology. All of PPL Electric's metered customers currently have advanced meters installed at their service locations capable of many of the functions required under Act 129. PPL Electric continues to conduct pilot projects to evaluate additional applications of its current advanced metering technology pursuant to the requirements of Act 129. PPL Electric recovers the cost of its pilot projects through a cost recovery mechanism, the Smart Meter Rider (SMR). In August 2013, PPL Electric filed with the PUC an annual report describing the actions it was taking under its Smart Meter Plan during 2013 and its planned actions for 2014. PPL Electric also submitted revised SMR charges that became effective January 1, 2014. PPL Electric will submit its final Smart Meter Plan by June 30, 2014. | |||||||||||||||||||||
Distribution System Improvement Charge | |||||||||||||||||||||
Act 11 authorizes the PUC to approve two specific ratemaking mechanisms: the use of a fully projected future test year in base rate proceedings and, subject to certain conditions, the use of a DSIC. Such alternative ratemaking procedures and mechanisms provide opportunity for accelerated cost-recovery and, therefore, are important to PPL Electric as it begins a period of significant capital investment to maintain and enhance the reliability of its delivery system, including the replacement of aging distribution assets. In August 2012, the PUC issued a Final Implementation Order adopting procedures, guidelines and a model tariff for the implementation of Act 11. Act 11 requires utilities to file an LTIIP as a prerequisite to filing for recovery through the DSIC. The LTIIP is mandated to be a five- to ten-year plan describing projects eligible for inclusion in the DSIC. | |||||||||||||||||||||
In September 2012, PPL Electric filed its LTIIP describing projects eligible for inclusion in the DSIC and in an order entered on May 23, 2013, the PUC approved PPL Electric's proposed DSIC with an initial rate effective July 1, 2013, subject to refund after hearings. The PUC also assigned four technical recovery calculation issues to the Office of Administrative Law Judge for hearing and preparation of a recommended decision. The case remains pending before the PUC. | |||||||||||||||||||||
Federal Matters | |||||||||||||||||||||
FERC Formula Rates (PPL and PPL Electric) | |||||||||||||||||||||
Transmission rates are regulated by the FERC. PPL Electric's transmission revenues are billed in accordance with a FERC-approved PJM open access transmission tariff that utilizes a formula-based rate recovery mechanism. The formula rate is calculated, in part, based on financial results as reported in PPL Electric's annual FERC Form 1 filed under the FERC's Uniform System of Accounts. | |||||||||||||||||||||
PPL Electric initiated its formula rate 2012, 2011 and 2010 Annual Updates. Each update was subsequently challenged by a group of municipal customers, whose challenges were opposed by PPL Electric. Between 2011 and 2013, numerous hearings before the FERC and settlement conferences were convened in an attempt to resolve these matters. Beginning in the second half of 2013, PPL Electric and the group of municipal customers exchanged confidential settlement proposals. PPL and PPL Electric cannot predict the outcome of the foregoing proceedings, which remain pending before the FERC. | |||||||||||||||||||||
FERC Formula Rates (LKE and KU) | |||||||||||||||||||||
In September 2013, KU filed an application with the FERC to adjust the formula rate under which KU provides wholesale requirements power sales to 12 municipal customers. Among other changes, the application requests an amended formula whereby KU would charge cost-based rates with a subsequent true-up to actual costs, replacing the current formula which does not include a true-up. KU's application proposed an authorized return on equity of 10.7%. Certain elements, including the new formula rate, became effective April 23, 2014 subject to refund. In April 2014, FERC accepted a motion filed by KU requesting a delay until mid-June of the effectiveness of other elements, including updated termination notice periods, new credit and uncollectible charge provisions. Also in April 2014, nine municipalities submitted notices of termination, under the original notice period provisions, to cease taking power under the wholesale requirements contracts, such terminations to be effective in 2019, except in the case of one municipality with a conditional 2017 effective date. The parties are continuing settlement negotiations. KU cannot currently predict the outcome of the proceeding or related matters. | |||||||||||||||||||||
PPL Electric Utilities Corp [Member] | ' | ||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Utility Rate Regulation | ' | ||||||||||||||||||||
6. Utility Rate Regulation | |||||||||||||||||||||
(All Registrants except PPL Energy Supply) | |||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
(a) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. | |||||||||||||||||||||
Regulatory Matters | |||||||||||||||||||||
U.K. Activities (PPL) | |||||||||||||||||||||
Ofgem Review of Line Loss Calculation | |||||||||||||||||||||
In March 2014, Ofgem issued its final decision on the DPCR4 line loss incentives and penalties mechanism. As a result, WPD increased its existing liability by $65 million for over-recovery of line losses with a reduction to "Utility" revenue on the Statement of Income. The total recorded liability at March 31, 2014 was $115 million, nearly all of which will be refunded to customers from April 1, 2015 through March 31, 2019. The recorded liability at December 31, 2013 was $74 million. Other activity impacting the liability included reductions in the liability that have been included in tariffs during the first quarter of 2014 and foreign exchange movements. PPL is considering what, if any, recourse may be available to seek review of the final decision. | |||||||||||||||||||||
Kentucky Activities (PPL, LKE, LG&E and KU) | |||||||||||||||||||||
CPCN Filings | |||||||||||||||||||||
In January 2014, LG&E and KU filed an application for a CPCN with the KPSC requesting approval to build a NGCC generating unit at KU's Green River generating site and a solar generating facility at the E. W. Brown generating site. The proceeding is currently in the discovery phase and a hearing is scheduled for July 2014. In April 2014, LG&E and KU filed a motion to hold further proceedings in abeyance for up to 90 days in order to allow the companies to assess the potential impact of certain events on their future capacity needs, including the recent receipt of termination notices to be generally effective in 2019 from certain KU municipal wholesale customers. See "Federal Matters - FERC Formula Rates" below for additional information relating to the municipal wholesale customers. | |||||||||||||||||||||
Pennsylvania Activities (PPL and PPL Electric) | |||||||||||||||||||||
Storm Damage Expense Rider | |||||||||||||||||||||
In its December 28, 2012 final rate case order, the PUC directed PPL Electric to file a proposed Storm Damage Expense Rider (SDER). In March 2013, PPL Electric filed its proposed SDER with the PUC and, as part of that filing, requested recovery of the 2012 qualifying storm costs related to Hurricane Sandy. PPL Electric proposed that the SDER become effective January 1, 2013 at a zero rate with qualifying storm costs incurred in 2013 and the 2012 Hurricane Sandy costs included in rates effective January 1, 2014. As of December 31, 2013, PPL Electric had a $14 million regulatory liability balance for amounts expected to be refunded to customers for revenues collected to cover storm costs in excess of actual storm costs incurred during 2013. On April 3, 2014, the PUC issued a final order approving the SDER. The SDER will be effective January 1, 2015 and will initially include actual storm costs compared to collections from December 2013 through November 2014. As a result of the order, PPL Electric reduced its regulatory liability by $12 million. Also, as part of the order, PPL Electric can recover Hurricane Sandy storm damage costs through the SDER over a three-year period beginning January 2015. See "Storm Costs" below for additional information on Hurricane Sandy costs. | |||||||||||||||||||||
Storm Costs | |||||||||||||||||||||
In February 2013, PPL Electric received an order from the PUC granting permission to defer qualifying costs in excess of insurance recoveries associated with Hurricane Sandy. At March 31, 2014 and December 31, 2013, $29 million was included on the Balance Sheets as a regulatory asset. | |||||||||||||||||||||
Act 129 | |||||||||||||||||||||
Act 129 requires Pennsylvania Electric Distribution Companies (EDCs) to meet specified goals for reduction in customer electricity usage and peak demand by specified dates. EDCs not meeting the requirements of Act 129 are subject to significant penalties. | |||||||||||||||||||||
Under Act 129, EDCs must file an energy efficiency and conservation plan (EE&C Plan) with the PUC and contract with conservation service providers to implement all or a portion of the EE&C Plan. EDCs are able to recover the costs (capped at 2.0% of the EDC's 2006 revenue) of implementing their EE&C Plans. In October 2009, the PUC approved PPL Electric's Phase I EE&C Plan ending May 31, 2013. | |||||||||||||||||||||
Phase I of Act 129 required EDCs to reduce overall electricity consumption by 1.0% by May 2011 and by 3.0% by May 2013, and reduce peak demand by 4.5% by May 2013. The overall consumption reduction is measured against PUC-forecasted consumption for the twelve months ended May 31, 2010. The peak demand reduction was required to occur for the 100 hours of highest demand, which is determined by actual demand reduction during the June 2012 through September 2012 period. The PUC issued an Order on March 20, 2014 determining that PPL Electric met all of its Phase I EE&C compliance requirements. | |||||||||||||||||||||
Under Act 129 the PUC was required to evaluate the costs and benefits of the EE&C program by November 30, 2013 and adopt additional reductions if the benefits of the program exceed the costs. In August 2012, after receiving input from stakeholders, the PUC issued a Final Implementation Order establishing a three-year Phase II program, ending May 31, 2016, with individual consumption reduction targets for each EDC. PPL Electric's Phase II reduction target is 2.1% of the total energy consumption forecasted by the PUC for the twelve months ended May 31, 2010. The PUC did not establish demand reduction targets for the Phase II program. PPL Electric began its PUC-approved Phase II Plan implementation on June 1, 2013. In November 2013, PPL Electric filed 40 modifications to its Phase II Plan which contains programs designed to meet PPL Electric's target of reducing total energy consumption by 2.1%. On March 6, 2014, the PUC issued an order approving the revised EE&C Plan with minor modifications related to training. | |||||||||||||||||||||
Act 129 also requires Default Service Providers (DSP) to provide electricity generation supply service to customers pursuant to a PUC-approved default service procurement plan through auctions, requests for proposal and bilateral contracts at the sole discretion of the DSP. Act 129 requires a mix of spot market purchases, short-term contracts and long-term contracts (4 to 20 years), with long-term contracts limited to 25% of load unless otherwise approved by the PUC. A DSP is able to recover the costs associated with its default service procurement plan. | |||||||||||||||||||||
In January 2013, the PUC approved PPL Electric's DSP procurement plan for the period June 1, 2013 through May 31, 2015. On April 18, 2014, PPL Electric filed a new DSP procurement plan with the PUC for the period June 1, 2015 through May 31, 2017. This filing is pending before the PUC. | |||||||||||||||||||||
Smart Meter Rider | |||||||||||||||||||||
Act 129 also requires installation of smart meters for new construction, upon the request of consumers and at their cost, or on a depreciation schedule not exceeding 15 years. Under Act 129, EDCs are able to recover the costs of providing smart metering technology. All of PPL Electric's metered customers currently have advanced meters installed at their service locations capable of many of the functions required under Act 129. PPL Electric continues to conduct pilot projects to evaluate additional applications of its current advanced metering technology pursuant to the requirements of Act 129. PPL Electric recovers the cost of its pilot projects through a cost recovery mechanism, the Smart Meter Rider (SMR). In August 2013, PPL Electric filed with the PUC an annual report describing the actions it was taking under its Smart Meter Plan during 2013 and its planned actions for 2014. PPL Electric also submitted revised SMR charges that became effective January 1, 2014. PPL Electric will submit its final Smart Meter Plan by June 30, 2014. | |||||||||||||||||||||
Distribution System Improvement Charge | |||||||||||||||||||||
Act 11 authorizes the PUC to approve two specific ratemaking mechanisms: the use of a fully projected future test year in base rate proceedings and, subject to certain conditions, the use of a DSIC. Such alternative ratemaking procedures and mechanisms provide opportunity for accelerated cost-recovery and, therefore, are important to PPL Electric as it begins a period of significant capital investment to maintain and enhance the reliability of its delivery system, including the replacement of aging distribution assets. In August 2012, the PUC issued a Final Implementation Order adopting procedures, guidelines and a model tariff for the implementation of Act 11. Act 11 requires utilities to file an LTIIP as a prerequisite to filing for recovery through the DSIC. The LTIIP is mandated to be a five- to ten-year plan describing projects eligible for inclusion in the DSIC. | |||||||||||||||||||||
In September 2012, PPL Electric filed its LTIIP describing projects eligible for inclusion in the DSIC and in an order entered on May 23, 2013, the PUC approved PPL Electric's proposed DSIC with an initial rate effective July 1, 2013, subject to refund after hearings. The PUC also assigned four technical recovery calculation issues to the Office of Administrative Law Judge for hearing and preparation of a recommended decision. The case remains pending before the PUC. | |||||||||||||||||||||
Federal Matters | |||||||||||||||||||||
FERC Formula Rates (PPL and PPL Electric) | |||||||||||||||||||||
Transmission rates are regulated by the FERC. PPL Electric's transmission revenues are billed in accordance with a FERC-approved PJM open access transmission tariff that utilizes a formula-based rate recovery mechanism. The formula rate is calculated, in part, based on financial results as reported in PPL Electric's annual FERC Form 1 filed under the FERC's Uniform System of Accounts. | |||||||||||||||||||||
PPL Electric initiated its formula rate 2012, 2011 and 2010 Annual Updates. Each update was subsequently challenged by a group of municipal customers, whose challenges were opposed by PPL Electric. Between 2011 and 2013, numerous hearings before the FERC and settlement conferences were convened in an attempt to resolve these matters. Beginning in the second half of 2013, PPL Electric and the group of municipal customers exchanged confidential settlement proposals. PPL and PPL Electric cannot predict the outcome of the foregoing proceedings, which remain pending before the FERC. | |||||||||||||||||||||
FERC Formula Rates (LKE and KU) | |||||||||||||||||||||
In September 2013, KU filed an application with the FERC to adjust the formula rate under which KU provides wholesale requirements power sales to 12 municipal customers. Among other changes, the application requests an amended formula whereby KU would charge cost-based rates with a subsequent true-up to actual costs, replacing the current formula which does not include a true-up. KU's application proposed an authorized return on equity of 10.7%. Certain elements, including the new formula rate, became effective April 23, 2014 subject to refund. In April 2014, FERC accepted a motion filed by KU requesting a delay until mid-June of the effectiveness of other elements, including updated termination notice periods, new credit and uncollectible charge provisions. Also in April 2014, nine municipalities submitted notices of termination, under the original notice period provisions, to cease taking power under the wholesale requirements contracts, such terminations to be effective in 2019, except in the case of one municipality with a conditional 2017 effective date. The parties are continuing settlement negotiations. KU cannot currently predict the outcome of the proceeding or related matters. | |||||||||||||||||||||
LG And E And KU Energy LLC [Member] | ' | ||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Utility Rate Regulation | ' | ||||||||||||||||||||
6. Utility Rate Regulation | |||||||||||||||||||||
(All Registrants except PPL Energy Supply) | |||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
(a) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. | |||||||||||||||||||||
Regulatory Matters | |||||||||||||||||||||
U.K. Activities (PPL) | |||||||||||||||||||||
Ofgem Review of Line Loss Calculation | |||||||||||||||||||||
In March 2014, Ofgem issued its final decision on the DPCR4 line loss incentives and penalties mechanism. As a result, WPD increased its existing liability by $65 million for over-recovery of line losses with a reduction to "Utility" revenue on the Statement of Income. The total recorded liability at March 31, 2014 was $115 million, nearly all of which will be refunded to customers from April 1, 2015 through March 31, 2019. The recorded liability at December 31, 2013 was $74 million. Other activity impacting the liability included reductions in the liability that have been included in tariffs during the first quarter of 2014 and foreign exchange movements. PPL is considering what, if any, recourse may be available to seek review of the final decision. | |||||||||||||||||||||
Kentucky Activities (PPL, LKE, LG&E and KU) | |||||||||||||||||||||
CPCN Filings | |||||||||||||||||||||
In January 2014, LG&E and KU filed an application for a CPCN with the KPSC requesting approval to build a NGCC generating unit at KU's Green River generating site and a solar generating facility at the E. W. Brown generating site. The proceeding is currently in the discovery phase and a hearing is scheduled for July 2014. In April 2014, LG&E and KU filed a motion to hold further proceedings in abeyance for up to 90 days in order to allow the companies to assess the potential impact of certain events on their future capacity needs, including the recent receipt of termination notices to be generally effective in 2019 from certain KU municipal wholesale customers. See "Federal Matters - FERC Formula Rates" below for additional information relating to the municipal wholesale customers. | |||||||||||||||||||||
Pennsylvania Activities (PPL and PPL Electric) | |||||||||||||||||||||
Storm Damage Expense Rider | |||||||||||||||||||||
In its December 28, 2012 final rate case order, the PUC directed PPL Electric to file a proposed Storm Damage Expense Rider (SDER). In March 2013, PPL Electric filed its proposed SDER with the PUC and, as part of that filing, requested recovery of the 2012 qualifying storm costs related to Hurricane Sandy. PPL Electric proposed that the SDER become effective January 1, 2013 at a zero rate with qualifying storm costs incurred in 2013 and the 2012 Hurricane Sandy costs included in rates effective January 1, 2014. As of December 31, 2013, PPL Electric had a $14 million regulatory liability balance for amounts expected to be refunded to customers for revenues collected to cover storm costs in excess of actual storm costs incurred during 2013. On April 3, 2014, the PUC issued a final order approving the SDER. The SDER will be effective January 1, 2015 and will initially include actual storm costs compared to collections from December 2013 through November 2014. As a result of the order, PPL Electric reduced its regulatory liability by $12 million. Also, as part of the order, PPL Electric can recover Hurricane Sandy storm damage costs through the SDER over a three-year period beginning January 2015. See "Storm Costs" below for additional information on Hurricane Sandy costs. | |||||||||||||||||||||
Storm Costs | |||||||||||||||||||||
In February 2013, PPL Electric received an order from the PUC granting permission to defer qualifying costs in excess of insurance recoveries associated with Hurricane Sandy. At March 31, 2014 and December 31, 2013, $29 million was included on the Balance Sheets as a regulatory asset. | |||||||||||||||||||||
Act 129 | |||||||||||||||||||||
Act 129 requires Pennsylvania Electric Distribution Companies (EDCs) to meet specified goals for reduction in customer electricity usage and peak demand by specified dates. EDCs not meeting the requirements of Act 129 are subject to significant penalties. | |||||||||||||||||||||
Under Act 129, EDCs must file an energy efficiency and conservation plan (EE&C Plan) with the PUC and contract with conservation service providers to implement all or a portion of the EE&C Plan. EDCs are able to recover the costs (capped at 2.0% of the EDC's 2006 revenue) of implementing their EE&C Plans. In October 2009, the PUC approved PPL Electric's Phase I EE&C Plan ending May 31, 2013. | |||||||||||||||||||||
Phase I of Act 129 required EDCs to reduce overall electricity consumption by 1.0% by May 2011 and by 3.0% by May 2013, and reduce peak demand by 4.5% by May 2013. The overall consumption reduction is measured against PUC-forecasted consumption for the twelve months ended May 31, 2010. The peak demand reduction was required to occur for the 100 hours of highest demand, which is determined by actual demand reduction during the June 2012 through September 2012 period. The PUC issued an Order on March 20, 2014 determining that PPL Electric met all of its Phase I EE&C compliance requirements. | |||||||||||||||||||||
Under Act 129 the PUC was required to evaluate the costs and benefits of the EE&C program by November 30, 2013 and adopt additional reductions if the benefits of the program exceed the costs. In August 2012, after receiving input from stakeholders, the PUC issued a Final Implementation Order establishing a three-year Phase II program, ending May 31, 2016, with individual consumption reduction targets for each EDC. PPL Electric's Phase II reduction target is 2.1% of the total energy consumption forecasted by the PUC for the twelve months ended May 31, 2010. The PUC did not establish demand reduction targets for the Phase II program. PPL Electric began its PUC-approved Phase II Plan implementation on June 1, 2013. In November 2013, PPL Electric filed 40 modifications to its Phase II Plan which contains programs designed to meet PPL Electric's target of reducing total energy consumption by 2.1%. On March 6, 2014, the PUC issued an order approving the revised EE&C Plan with minor modifications related to training. | |||||||||||||||||||||
Act 129 also requires Default Service Providers (DSP) to provide electricity generation supply service to customers pursuant to a PUC-approved default service procurement plan through auctions, requests for proposal and bilateral contracts at the sole discretion of the DSP. Act 129 requires a mix of spot market purchases, short-term contracts and long-term contracts (4 to 20 years), with long-term contracts limited to 25% of load unless otherwise approved by the PUC. A DSP is able to recover the costs associated with its default service procurement plan. | |||||||||||||||||||||
In January 2013, the PUC approved PPL Electric's DSP procurement plan for the period June 1, 2013 through May 31, 2015. On April 18, 2014, PPL Electric filed a new DSP procurement plan with the PUC for the period June 1, 2015 through May 31, 2017. This filing is pending before the PUC. | |||||||||||||||||||||
Smart Meter Rider | |||||||||||||||||||||
Act 129 also requires installation of smart meters for new construction, upon the request of consumers and at their cost, or on a depreciation schedule not exceeding 15 years. Under Act 129, EDCs are able to recover the costs of providing smart metering technology. All of PPL Electric's metered customers currently have advanced meters installed at their service locations capable of many of the functions required under Act 129. PPL Electric continues to conduct pilot projects to evaluate additional applications of its current advanced metering technology pursuant to the requirements of Act 129. PPL Electric recovers the cost of its pilot projects through a cost recovery mechanism, the Smart Meter Rider (SMR). In August 2013, PPL Electric filed with the PUC an annual report describing the actions it was taking under its Smart Meter Plan during 2013 and its planned actions for 2014. PPL Electric also submitted revised SMR charges that became effective January 1, 2014. PPL Electric will submit its final Smart Meter Plan by June 30, 2014. | |||||||||||||||||||||
Distribution System Improvement Charge | |||||||||||||||||||||
Act 11 authorizes the PUC to approve two specific ratemaking mechanisms: the use of a fully projected future test year in base rate proceedings and, subject to certain conditions, the use of a DSIC. Such alternative ratemaking procedures and mechanisms provide opportunity for accelerated cost-recovery and, therefore, are important to PPL Electric as it begins a period of significant capital investment to maintain and enhance the reliability of its delivery system, including the replacement of aging distribution assets. In August 2012, the PUC issued a Final Implementation Order adopting procedures, guidelines and a model tariff for the implementation of Act 11. Act 11 requires utilities to file an LTIIP as a prerequisite to filing for recovery through the DSIC. The LTIIP is mandated to be a five- to ten-year plan describing projects eligible for inclusion in the DSIC. | |||||||||||||||||||||
In September 2012, PPL Electric filed its LTIIP describing projects eligible for inclusion in the DSIC and in an order entered on May 23, 2013, the PUC approved PPL Electric's proposed DSIC with an initial rate effective July 1, 2013, subject to refund after hearings. The PUC also assigned four technical recovery calculation issues to the Office of Administrative Law Judge for hearing and preparation of a recommended decision. The case remains pending before the PUC. | |||||||||||||||||||||
Federal Matters | |||||||||||||||||||||
FERC Formula Rates (PPL and PPL Electric) | |||||||||||||||||||||
Transmission rates are regulated by the FERC. PPL Electric's transmission revenues are billed in accordance with a FERC-approved PJM open access transmission tariff that utilizes a formula-based rate recovery mechanism. The formula rate is calculated, in part, based on financial results as reported in PPL Electric's annual FERC Form 1 filed under the FERC's Uniform System of Accounts. | |||||||||||||||||||||
PPL Electric initiated its formula rate 2012, 2011 and 2010 Annual Updates. Each update was subsequently challenged by a group of municipal customers, whose challenges were opposed by PPL Electric. Between 2011 and 2013, numerous hearings before the FERC and settlement conferences were convened in an attempt to resolve these matters. Beginning in the second half of 2013, PPL Electric and the group of municipal customers exchanged confidential settlement proposals. PPL and PPL Electric cannot predict the outcome of the foregoing proceedings, which remain pending before the FERC. | |||||||||||||||||||||
FERC Formula Rates (LKE and KU) | |||||||||||||||||||||
In September 2013, KU filed an application with the FERC to adjust the formula rate under which KU provides wholesale requirements power sales to 12 municipal customers. Among other changes, the application requests an amended formula whereby KU would charge cost-based rates with a subsequent true-up to actual costs, replacing the current formula which does not include a true-up. KU's application proposed an authorized return on equity of 10.7%. Certain elements, including the new formula rate, became effective April 23, 2014 subject to refund. In April 2014, FERC accepted a motion filed by KU requesting a delay until mid-June of the effectiveness of other elements, including updated termination notice periods, new credit and uncollectible charge provisions. Also in April 2014, nine municipalities submitted notices of termination, under the original notice period provisions, to cease taking power under the wholesale requirements contracts, such terminations to be effective in 2019, except in the case of one municipality with a conditional 2017 effective date. The parties are continuing settlement negotiations. KU cannot currently predict the outcome of the proceeding or related matters. | |||||||||||||||||||||
Louisville Gas And Electric Co [Member] | ' | ||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Utility Rate Regulation | ' | ||||||||||||||||||||
6. Utility Rate Regulation | |||||||||||||||||||||
(All Registrants except PPL Energy Supply) | |||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
(a) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. | |||||||||||||||||||||
Regulatory Matters | |||||||||||||||||||||
U.K. Activities (PPL) | |||||||||||||||||||||
Ofgem Review of Line Loss Calculation | |||||||||||||||||||||
In March 2014, Ofgem issued its final decision on the DPCR4 line loss incentives and penalties mechanism. As a result, WPD increased its existing liability by $65 million for over-recovery of line losses with a reduction to "Utility" revenue on the Statement of Income. The total recorded liability at March 31, 2014 was $115 million, nearly all of which will be refunded to customers from April 1, 2015 through March 31, 2019. The recorded liability at December 31, 2013 was $74 million. Other activity impacting the liability included reductions in the liability that have been included in tariffs during the first quarter of 2014 and foreign exchange movements. PPL is considering what, if any, recourse may be available to seek review of the final decision. | |||||||||||||||||||||
Kentucky Activities (PPL, LKE, LG&E and KU) | |||||||||||||||||||||
CPCN Filings | |||||||||||||||||||||
In January 2014, LG&E and KU filed an application for a CPCN with the KPSC requesting approval to build a NGCC generating unit at KU's Green River generating site and a solar generating facility at the E. W. Brown generating site. The proceeding is currently in the discovery phase and a hearing is scheduled for July 2014. In April 2014, LG&E and KU filed a motion to hold further proceedings in abeyance for up to 90 days in order to allow the companies to assess the potential impact of certain events on their future capacity needs, including the recent receipt of termination notices to be generally effective in 2019 from certain KU municipal wholesale customers. See "Federal Matters - FERC Formula Rates" below for additional information relating to the municipal wholesale customers. | |||||||||||||||||||||
Pennsylvania Activities (PPL and PPL Electric) | |||||||||||||||||||||
Storm Damage Expense Rider | |||||||||||||||||||||
In its December 28, 2012 final rate case order, the PUC directed PPL Electric to file a proposed Storm Damage Expense Rider (SDER). In March 2013, PPL Electric filed its proposed SDER with the PUC and, as part of that filing, requested recovery of the 2012 qualifying storm costs related to Hurricane Sandy. PPL Electric proposed that the SDER become effective January 1, 2013 at a zero rate with qualifying storm costs incurred in 2013 and the 2012 Hurricane Sandy costs included in rates effective January 1, 2014. As of December 31, 2013, PPL Electric had a $14 million regulatory liability balance for amounts expected to be refunded to customers for revenues collected to cover storm costs in excess of actual storm costs incurred during 2013. On April 3, 2014, the PUC issued a final order approving the SDER. The SDER will be effective January 1, 2015 and will initially include actual storm costs compared to collections from December 2013 through November 2014. As a result of the order, PPL Electric reduced its regulatory liability by $12 million. Also, as part of the order, PPL Electric can recover Hurricane Sandy storm damage costs through the SDER over a three-year period beginning January 2015. See "Storm Costs" below for additional information on Hurricane Sandy costs. | |||||||||||||||||||||
Storm Costs | |||||||||||||||||||||
In February 2013, PPL Electric received an order from the PUC granting permission to defer qualifying costs in excess of insurance recoveries associated with Hurricane Sandy. At March 31, 2014 and December 31, 2013, $29 million was included on the Balance Sheets as a regulatory asset. | |||||||||||||||||||||
Act 129 | |||||||||||||||||||||
Act 129 requires Pennsylvania Electric Distribution Companies (EDCs) to meet specified goals for reduction in customer electricity usage and peak demand by specified dates. EDCs not meeting the requirements of Act 129 are subject to significant penalties. | |||||||||||||||||||||
Under Act 129, EDCs must file an energy efficiency and conservation plan (EE&C Plan) with the PUC and contract with conservation service providers to implement all or a portion of the EE&C Plan. EDCs are able to recover the costs (capped at 2.0% of the EDC's 2006 revenue) of implementing their EE&C Plans. In October 2009, the PUC approved PPL Electric's Phase I EE&C Plan ending May 31, 2013. | |||||||||||||||||||||
Phase I of Act 129 required EDCs to reduce overall electricity consumption by 1.0% by May 2011 and by 3.0% by May 2013, and reduce peak demand by 4.5% by May 2013. The overall consumption reduction is measured against PUC-forecasted consumption for the twelve months ended May 31, 2010. The peak demand reduction was required to occur for the 100 hours of highest demand, which is determined by actual demand reduction during the June 2012 through September 2012 period. The PUC issued an Order on March 20, 2014 determining that PPL Electric met all of its Phase I EE&C compliance requirements. | |||||||||||||||||||||
Under Act 129 the PUC was required to evaluate the costs and benefits of the EE&C program by November 30, 2013 and adopt additional reductions if the benefits of the program exceed the costs. In August 2012, after receiving input from stakeholders, the PUC issued a Final Implementation Order establishing a three-year Phase II program, ending May 31, 2016, with individual consumption reduction targets for each EDC. PPL Electric's Phase II reduction target is 2.1% of the total energy consumption forecasted by the PUC for the twelve months ended May 31, 2010. The PUC did not establish demand reduction targets for the Phase II program. PPL Electric began its PUC-approved Phase II Plan implementation on June 1, 2013. In November 2013, PPL Electric filed 40 modifications to its Phase II Plan which contains programs designed to meet PPL Electric's target of reducing total energy consumption by 2.1%. On March 6, 2014, the PUC issued an order approving the revised EE&C Plan with minor modifications related to training. | |||||||||||||||||||||
Act 129 also requires Default Service Providers (DSP) to provide electricity generation supply service to customers pursuant to a PUC-approved default service procurement plan through auctions, requests for proposal and bilateral contracts at the sole discretion of the DSP. Act 129 requires a mix of spot market purchases, short-term contracts and long-term contracts (4 to 20 years), with long-term contracts limited to 25% of load unless otherwise approved by the PUC. A DSP is able to recover the costs associated with its default service procurement plan. | |||||||||||||||||||||
In January 2013, the PUC approved PPL Electric's DSP procurement plan for the period June 1, 2013 through May 31, 2015. On April 18, 2014, PPL Electric filed a new DSP procurement plan with the PUC for the period June 1, 2015 through May 31, 2017. This filing is pending before the PUC. | |||||||||||||||||||||
Smart Meter Rider | |||||||||||||||||||||
Act 129 also requires installation of smart meters for new construction, upon the request of consumers and at their cost, or on a depreciation schedule not exceeding 15 years. Under Act 129, EDCs are able to recover the costs of providing smart metering technology. All of PPL Electric's metered customers currently have advanced meters installed at their service locations capable of many of the functions required under Act 129. PPL Electric continues to conduct pilot projects to evaluate additional applications of its current advanced metering technology pursuant to the requirements of Act 129. PPL Electric recovers the cost of its pilot projects through a cost recovery mechanism, the Smart Meter Rider (SMR). In August 2013, PPL Electric filed with the PUC an annual report describing the actions it was taking under its Smart Meter Plan during 2013 and its planned actions for 2014. PPL Electric also submitted revised SMR charges that became effective January 1, 2014. PPL Electric will submit its final Smart Meter Plan by June 30, 2014. | |||||||||||||||||||||
Distribution System Improvement Charge | |||||||||||||||||||||
Act 11 authorizes the PUC to approve two specific ratemaking mechanisms: the use of a fully projected future test year in base rate proceedings and, subject to certain conditions, the use of a DSIC. Such alternative ratemaking procedures and mechanisms provide opportunity for accelerated cost-recovery and, therefore, are important to PPL Electric as it begins a period of significant capital investment to maintain and enhance the reliability of its delivery system, including the replacement of aging distribution assets. In August 2012, the PUC issued a Final Implementation Order adopting procedures, guidelines and a model tariff for the implementation of Act 11. Act 11 requires utilities to file an LTIIP as a prerequisite to filing for recovery through the DSIC. The LTIIP is mandated to be a five- to ten-year plan describing projects eligible for inclusion in the DSIC. | |||||||||||||||||||||
In September 2012, PPL Electric filed its LTIIP describing projects eligible for inclusion in the DSIC and in an order entered on May 23, 2013, the PUC approved PPL Electric's proposed DSIC with an initial rate effective July 1, 2013, subject to refund after hearings. The PUC also assigned four technical recovery calculation issues to the Office of Administrative Law Judge for hearing and preparation of a recommended decision. The case remains pending before the PUC. | |||||||||||||||||||||
Federal Matters | |||||||||||||||||||||
FERC Formula Rates (PPL and PPL Electric) | |||||||||||||||||||||
Transmission rates are regulated by the FERC. PPL Electric's transmission revenues are billed in accordance with a FERC-approved PJM open access transmission tariff that utilizes a formula-based rate recovery mechanism. The formula rate is calculated, in part, based on financial results as reported in PPL Electric's annual FERC Form 1 filed under the FERC's Uniform System of Accounts. | |||||||||||||||||||||
PPL Electric initiated its formula rate 2012, 2011 and 2010 Annual Updates. Each update was subsequently challenged by a group of municipal customers, whose challenges were opposed by PPL Electric. Between 2011 and 2013, numerous hearings before the FERC and settlement conferences were convened in an attempt to resolve these matters. Beginning in the second half of 2013, PPL Electric and the group of municipal customers exchanged confidential settlement proposals. PPL and PPL Electric cannot predict the outcome of the foregoing proceedings, which remain pending before the FERC. | |||||||||||||||||||||
FERC Formula Rates (LKE and KU) | |||||||||||||||||||||
In September 2013, KU filed an application with the FERC to adjust the formula rate under which KU provides wholesale requirements power sales to 12 municipal customers. Among other changes, the application requests an amended formula whereby KU would charge cost-based rates with a subsequent true-up to actual costs, replacing the current formula which does not include a true-up. KU's application proposed an authorized return on equity of 10.7%. Certain elements, including the new formula rate, became effective April 23, 2014 subject to refund. In April 2014, FERC accepted a motion filed by KU requesting a delay until mid-June of the effectiveness of other elements, including updated termination notice periods, new credit and uncollectible charge provisions. Also in April 2014, nine municipalities submitted notices of termination, under the original notice period provisions, to cease taking power under the wholesale requirements contracts, such terminations to be effective in 2019, except in the case of one municipality with a conditional 2017 effective date. The parties are continuing settlement negotiations. KU cannot currently predict the outcome of the proceeding or related matters. | |||||||||||||||||||||
Kentucky Utilities Co [Member] | ' | ||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Utility Rate Regulation | ' | ||||||||||||||||||||
6. Utility Rate Regulation | |||||||||||||||||||||
(All Registrants except PPL Energy Supply) | |||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
(a) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. | |||||||||||||||||||||
Regulatory Matters | |||||||||||||||||||||
U.K. Activities (PPL) | |||||||||||||||||||||
Ofgem Review of Line Loss Calculation | |||||||||||||||||||||
In March 2014, Ofgem issued its final decision on the DPCR4 line loss incentives and penalties mechanism. As a result, WPD increased its existing liability by $65 million for over-recovery of line losses with a reduction to "Utility" revenue on the Statement of Income. The total recorded liability at March 31, 2014 was $115 million, nearly all of which will be refunded to customers from April 1, 2015 through March 31, 2019. The recorded liability at December 31, 2013 was $74 million. Other activity impacting the liability included reductions in the liability that have been included in tariffs during the first quarter of 2014 and foreign exchange movements. PPL is considering what, if any, recourse may be available to seek review of the final decision. | |||||||||||||||||||||
Kentucky Activities (PPL, LKE, LG&E and KU) | |||||||||||||||||||||
CPCN Filings | |||||||||||||||||||||
In January 2014, LG&E and KU filed an application for a CPCN with the KPSC requesting approval to build a NGCC generating unit at KU's Green River generating site and a solar generating facility at the E. W. Brown generating site. The proceeding is currently in the discovery phase and a hearing is scheduled for July 2014. In April 2014, LG&E and KU filed a motion to hold further proceedings in abeyance for up to 90 days in order to allow the companies to assess the potential impact of certain events on their future capacity needs, including the recent receipt of termination notices to be generally effective in 2019 from certain KU municipal wholesale customers. See "Federal Matters - FERC Formula Rates" below for additional information relating to the municipal wholesale customers. | |||||||||||||||||||||
Pennsylvania Activities (PPL and PPL Electric) | |||||||||||||||||||||
Storm Damage Expense Rider | |||||||||||||||||||||
In its December 28, 2012 final rate case order, the PUC directed PPL Electric to file a proposed Storm Damage Expense Rider (SDER). In March 2013, PPL Electric filed its proposed SDER with the PUC and, as part of that filing, requested recovery of the 2012 qualifying storm costs related to Hurricane Sandy. PPL Electric proposed that the SDER become effective January 1, 2013 at a zero rate with qualifying storm costs incurred in 2013 and the 2012 Hurricane Sandy costs included in rates effective January 1, 2014. As of December 31, 2013, PPL Electric had a $14 million regulatory liability balance for amounts expected to be refunded to customers for revenues collected to cover storm costs in excess of actual storm costs incurred during 2013. On April 3, 2014, the PUC issued a final order approving the SDER. The SDER will be effective January 1, 2015 and will initially include actual storm costs compared to collections from December 2013 through November 2014. As a result of the order, PPL Electric reduced its regulatory liability by $12 million. Also, as part of the order, PPL Electric can recover Hurricane Sandy storm damage costs through the SDER over a three-year period beginning January 2015. See "Storm Costs" below for additional information on Hurricane Sandy costs. | |||||||||||||||||||||
Storm Costs | |||||||||||||||||||||
In February 2013, PPL Electric received an order from the PUC granting permission to defer qualifying costs in excess of insurance recoveries associated with Hurricane Sandy. At March 31, 2014 and December 31, 2013, $29 million was included on the Balance Sheets as a regulatory asset. | |||||||||||||||||||||
Act 129 | |||||||||||||||||||||
Act 129 requires Pennsylvania Electric Distribution Companies (EDCs) to meet specified goals for reduction in customer electricity usage and peak demand by specified dates. EDCs not meeting the requirements of Act 129 are subject to significant penalties. | |||||||||||||||||||||
Under Act 129, EDCs must file an energy efficiency and conservation plan (EE&C Plan) with the PUC and contract with conservation service providers to implement all or a portion of the EE&C Plan. EDCs are able to recover the costs (capped at 2.0% of the EDC's 2006 revenue) of implementing their EE&C Plans. In October 2009, the PUC approved PPL Electric's Phase I EE&C Plan ending May 31, 2013. | |||||||||||||||||||||
Phase I of Act 129 required EDCs to reduce overall electricity consumption by 1.0% by May 2011 and by 3.0% by May 2013, and reduce peak demand by 4.5% by May 2013. The overall consumption reduction is measured against PUC-forecasted consumption for the twelve months ended May 31, 2010. The peak demand reduction was required to occur for the 100 hours of highest demand, which is determined by actual demand reduction during the June 2012 through September 2012 period. The PUC issued an Order on March 20, 2014 determining that PPL Electric met all of its Phase I EE&C compliance requirements. | |||||||||||||||||||||
Under Act 129 the PUC was required to evaluate the costs and benefits of the EE&C program by November 30, 2013 and adopt additional reductions if the benefits of the program exceed the costs. In August 2012, after receiving input from stakeholders, the PUC issued a Final Implementation Order establishing a three-year Phase II program, ending May 31, 2016, with individual consumption reduction targets for each EDC. PPL Electric's Phase II reduction target is 2.1% of the total energy consumption forecasted by the PUC for the twelve months ended May 31, 2010. The PUC did not establish demand reduction targets for the Phase II program. PPL Electric began its PUC-approved Phase II Plan implementation on June 1, 2013. In November 2013, PPL Electric filed 40 modifications to its Phase II Plan which contains programs designed to meet PPL Electric's target of reducing total energy consumption by 2.1%. On March 6, 2014, the PUC issued an order approving the revised EE&C Plan with minor modifications related to training. | |||||||||||||||||||||
Act 129 also requires Default Service Providers (DSP) to provide electricity generation supply service to customers pursuant to a PUC-approved default service procurement plan through auctions, requests for proposal and bilateral contracts at the sole discretion of the DSP. Act 129 requires a mix of spot market purchases, short-term contracts and long-term contracts (4 to 20 years), with long-term contracts limited to 25% of load unless otherwise approved by the PUC. A DSP is able to recover the costs associated with its default service procurement plan. | |||||||||||||||||||||
In January 2013, the PUC approved PPL Electric's DSP procurement plan for the period June 1, 2013 through May 31, 2015. On April 18, 2014, PPL Electric filed a new DSP procurement plan with the PUC for the period June 1, 2015 through May 31, 2017. This filing is pending before the PUC. | |||||||||||||||||||||
Smart Meter Rider | |||||||||||||||||||||
Act 129 also requires installation of smart meters for new construction, upon the request of consumers and at their cost, or on a depreciation schedule not exceeding 15 years. Under Act 129, EDCs are able to recover the costs of providing smart metering technology. All of PPL Electric's metered customers currently have advanced meters installed at their service locations capable of many of the functions required under Act 129. PPL Electric continues to conduct pilot projects to evaluate additional applications of its current advanced metering technology pursuant to the requirements of Act 129. PPL Electric recovers the cost of its pilot projects through a cost recovery mechanism, the Smart Meter Rider (SMR). In August 2013, PPL Electric filed with the PUC an annual report describing the actions it was taking under its Smart Meter Plan during 2013 and its planned actions for 2014. PPL Electric also submitted revised SMR charges that became effective January 1, 2014. PPL Electric will submit its final Smart Meter Plan by June 30, 2014. | |||||||||||||||||||||
Distribution System Improvement Charge | |||||||||||||||||||||
Act 11 authorizes the PUC to approve two specific ratemaking mechanisms: the use of a fully projected future test year in base rate proceedings and, subject to certain conditions, the use of a DSIC. Such alternative ratemaking procedures and mechanisms provide opportunity for accelerated cost-recovery and, therefore, are important to PPL Electric as it begins a period of significant capital investment to maintain and enhance the reliability of its delivery system, including the replacement of aging distribution assets. In August 2012, the PUC issued a Final Implementation Order adopting procedures, guidelines and a model tariff for the implementation of Act 11. Act 11 requires utilities to file an LTIIP as a prerequisite to filing for recovery through the DSIC. The LTIIP is mandated to be a five- to ten-year plan describing projects eligible for inclusion in the DSIC. | |||||||||||||||||||||
In September 2012, PPL Electric filed its LTIIP describing projects eligible for inclusion in the DSIC and in an order entered on May 23, 2013, the PUC approved PPL Electric's proposed DSIC with an initial rate effective July 1, 2013, subject to refund after hearings. The PUC also assigned four technical recovery calculation issues to the Office of Administrative Law Judge for hearing and preparation of a recommended decision. The case remains pending before the PUC. | |||||||||||||||||||||
Federal Matters | |||||||||||||||||||||
FERC Formula Rates (PPL and PPL Electric) | |||||||||||||||||||||
Transmission rates are regulated by the FERC. PPL Electric's transmission revenues are billed in accordance with a FERC-approved PJM open access transmission tariff that utilizes a formula-based rate recovery mechanism. The formula rate is calculated, in part, based on financial results as reported in PPL Electric's annual FERC Form 1 filed under the FERC's Uniform System of Accounts. | |||||||||||||||||||||
PPL Electric initiated its formula rate 2012, 2011 and 2010 Annual Updates. Each update was subsequently challenged by a group of municipal customers, whose challenges were opposed by PPL Electric. Between 2011 and 2013, numerous hearings before the FERC and settlement conferences were convened in an attempt to resolve these matters. Beginning in the second half of 2013, PPL Electric and the group of municipal customers exchanged confidential settlement proposals. PPL and PPL Electric cannot predict the outcome of the foregoing proceedings, which remain pending before the FERC. | |||||||||||||||||||||
FERC Formula Rates (LKE and KU) | |||||||||||||||||||||
In September 2013, KU filed an application with the FERC to adjust the formula rate under which KU provides wholesale requirements power sales to 12 municipal customers. Among other changes, the application requests an amended formula whereby KU would charge cost-based rates with a subsequent true-up to actual costs, replacing the current formula which does not include a true-up. KU's application proposed an authorized return on equity of 10.7%. Certain elements, including the new formula rate, became effective April 23, 2014 subject to refund. In April 2014, FERC accepted a motion filed by KU requesting a delay until mid-June of the effectiveness of other elements, including updated termination notice periods, new credit and uncollectible charge provisions. Also in April 2014, nine municipalities submitted notices of termination, under the original notice period provisions, to cease taking power under the wholesale requirements contracts, such terminations to be effective in 2019, except in the case of one municipality with a conditional 2017 effective date. The parties are continuing settlement negotiations. KU cannot currently predict the outcome of the proceeding or related matters. |
Financing_Activities
Financing Activities | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Financing Activities [Abstract] | ' | ||||||||||||||||||||||||||
Financing Activities | ' | ||||||||||||||||||||||||||
7. 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 Energy Supply, PPL Electric, LKE, LG&E and KU also apply to PPL and the credit facilities and commercial paper programs of LG&E and KU also apply to LKE. The amounts borrowed below are recorded as "Short-term debt" on the Balance Sheets. The following credit facilities were in place at: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Letters of | Letters of | ||||||||||||||||||||||||||
Credit | Credit | ||||||||||||||||||||||||||
and | and | ||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||
Expiration | Paper | Unused | Paper | ||||||||||||||||||||||||
Date | Capacity | Borrowed | Issued | Capacity | Borrowed | Issued | |||||||||||||||||||||
PPL | |||||||||||||||||||||||||||
U.K. | |||||||||||||||||||||||||||
PPL WW Syndicated | |||||||||||||||||||||||||||
Credit Facility | Dec. 2016 | £ | 210 | £ | 98 | £ | 112 | £ | 103 | ||||||||||||||||||
WPD (South West) | |||||||||||||||||||||||||||
Syndicated Credit Facility | Jan. 2017 | 245 | 245 | ||||||||||||||||||||||||
WPD (East Midlands) | |||||||||||||||||||||||||||
Syndicated Credit Facility | Apr. 2016 | 300 | 300 | ||||||||||||||||||||||||
WPD (West Midlands) | |||||||||||||||||||||||||||
Syndicated Credit Facility | Apr. 2016 | 300 | 300 | ||||||||||||||||||||||||
Uncommitted Credit Facilities | 88 | £ | 5 | 83 | £ | 5 | |||||||||||||||||||||
Total U.K. Credit Facilities (a) | £ | 1,143 | £ | 98 | £ | 5 | £ | 1,040 | £ | 103 | £ | 5 | |||||||||||||||
U.S. | |||||||||||||||||||||||||||
PPL Capital Funding | |||||||||||||||||||||||||||
Syndicated Credit Facility (b) | Nov. 2018 | $ | 300 | $ | 185 | $ | 115 | $ | 270 | ||||||||||||||||||
Bilateral Credit Facility | Mar. 2015 | 150 | 150 | ||||||||||||||||||||||||
Total PPL Capital Funding Credit Facilities | $ | 450 | $ | 185 | $ | 265 | $ | 270 | |||||||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||
Syndicated Credit Facility (b) | Nov. 2017 | $ | 3,000 | $ | 350 | $ | 730 | $ | 1,920 | $ | 29 | ||||||||||||||||
Letter of Credit Facility | Mar. 2015 | 150 | 91 | 59 | 138 | ||||||||||||||||||||||
Uncommitted Credit Facilities | 175 | 77 | 98 | 77 | |||||||||||||||||||||||
Total PPL Energy Supply Credit Facilities | $ | 3,325 | $ | 350 | $ | 898 | $ | 2,077 | $ | 244 | |||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||
Syndicated Credit Facility | Oct. 2017 | $ | 300 | $ | 61 | $ | 239 | $ | 21 | ||||||||||||||||||
LKE | |||||||||||||||||||||||||||
Syndicated Credit Facility (b) | Oct. 2018 | $ | 75 | $ | 75 | $ | 75 | ||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||
Syndicated Credit Facility | Nov. 2017 | $ | 500 | $ | 15 | $ | 485 | $ | 20 | ||||||||||||||||||
KU | |||||||||||||||||||||||||||
Syndicated Credit Facility | Nov. 2017 | $ | 400 | $ | 110 | $ | 290 | $ | 150 | ||||||||||||||||||
Letter of Credit Facility | May-16 | 198 | 198 | 198 | |||||||||||||||||||||||
Total KU Credit Facilities | $ | 598 | $ | 308 | $ | 290 | $ | 348 | |||||||||||||||||||
(a) PPL WW's amounts borrowed at March 31, 2014 and December 31, 2013 were USD-denominated borrowings of $164 million and $166 million, which equated to £98 million and £103 million at the time of borrowings and bore interest at 1.86% and 1.87%. At March 31, 2014, the unused capacity under the U.K. credit facilities was $1.7 billion. | |||||||||||||||||||||||||||
(b) At March 31, 2014, interest rates on outstanding borrowings were 1.79% for PPL Capital Funding and 1.66% for PPL Energy Supply and LKE. At December 31, 2013, interest rates on outstanding borrowings were 1.79% for PPL Capital Funding and 1.67% for LKE. | |||||||||||||||||||||||||||
PPL Energy Supply, PPL Electric, LG&E and KU maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs, as necessary. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's Syndicated Credit Facility. The following commercial paper programs were in place at: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Weighted - | Commercial | Weighted - | Commercial | ||||||||||||||||||||||||
Average | Paper | Unused | Average | Paper | |||||||||||||||||||||||
Interest Rate | Capacity | Issuances | Capacity | Interest Rate | Issuances | ||||||||||||||||||||||
PPL Energy Supply | 0.48% | $ | 750 | $ | 620 | $ | 130 | ||||||||||||||||||||
PPL Electric | 0.33% | 300 | 60 | 240 | 0.23% | $ | 20 | ||||||||||||||||||||
LG&E | 0.27% | 350 | 15 | 335 | 0.29% | 20 | |||||||||||||||||||||
KU | 0.29% | 350 | 110 | 240 | 0.32% | 150 | |||||||||||||||||||||
Total | $ | 1,750 | $ | 805 | $ | 945 | $ | 190 | |||||||||||||||||||
(PPL and PPL Energy Supply) | |||||||||||||||||||||||||||
PPL Energy Supply maintains a $500 million Facility Agreement expiring June 2017, that provides PPL Energy Supply the ability to request up to $500 million of committed letter of credit capacity at fees to be agreed upon at the time of each request, based on certain market conditions. At March 31, 2014, PPL Energy Supply had not requested any capacity for the issuance of letters of credit under this arrangement. | |||||||||||||||||||||||||||
PPL Energy Supply, PPL EnergyPlus, PPL Montour and PPL Brunner Island maintain an $800 million secured energy marketing and trading facility, whereby PPL EnergyPlus will receive credit to be applied to satisfy collateral posting obligations related to its energy marketing and trading activities with counterparties participating in the facility. The credit amount is guaranteed by PPL Energy Supply, PPL Montour and PPL Brunner Island. PPL Montour and PPL Brunner Island have granted liens on their respective generating facilities to secure any amount they may owe under their guarantees. The facility expires in November 2018, but is subject to automatic one-year renewals under certain conditions. There were no secured obligations outstanding under this facility at March 31, 2014. | |||||||||||||||||||||||||||
(PPL Electric and LKE) | |||||||||||||||||||||||||||
See Note 11 for discussion of intercompany borrowings. | |||||||||||||||||||||||||||
Long-term Debt and Equity Securities (PPL) | |||||||||||||||||||||||||||
2011 Equity Units | |||||||||||||||||||||||||||
In March 2014, PPL Capital Funding remarketed $978 million of 4.32% Junior Subordinated Notes due 2019 that were originally issued in April 2011 as a component of PPL's 2011 Equity Units. In connection with the remarketing, PPL Capital Funding retired $228 million of the 4.32% Junior Subordinated Notes due 2019 and issued $350 million of 2.189% Junior Subordinated Notes due 2017 and $400 million of 3.184% Junior Subordinated Notes due 2019. Simultaneously, the newly issued notes were exchanged for $350 million of 3.95% Senior Notes due 2024 and $400 million of 5.00% Senior Notes due 2044. The transaction was accounted for as a debt extinguishment, resulting in a $(9) million gain (loss) on extinguishment of the Junior Subordinated Notes, recorded to "Interest Expense" on the Statement of Income. Except for the $228 million retirement of the 4.32% Junior Subordinated Notes and fees related to the transactions, the activity was non-cash and was excluded from the Statement of Cash Flows for the three months ended March 31, 2014. Additionally, on May 1, 2014, PPL issued 31.7 million shares of common stock at $30.86 per share to settle the 2011 Purchase Contracts. PPL received net cash proceeds of $978 million, which will be used to repay short-term debt and for general corporate purposes. | |||||||||||||||||||||||||||
Distributions (PPL) | |||||||||||||||||||||||||||
In February 2014, PPL declared its quarterly common stock dividend, payable April 1, 2014, at 37.25 cents per share (equivalent to $1.49 per annum). Future dividends, declared at the discretion of the Board of Directors, will be dependent upon future earnings, cash flows, financial and legal requirements and other factors. |
Acquisitions_Development_and_D
Acquisitions, Development and Divestitures | 3 Months Ended |
Mar. 31, 2014 | |
Acquisitions Development And Divestitures [Abstract] | ' |
Acquisitions, Development and Divestitures | ' |
8. Acquisitions, Development and Divestitures | |
(All Registrants) | |
The Registrants from time to time evaluate opportunities for potential acquisitions, divestitures and development projects. Development projects are reexamined based on market conditions and other factors to determine whether to proceed with the projects, sell, cancel or expand them, execute tolling agreements or pursue other options. Any resulting transactions may impact future financial results. See Note 8 in the 2013 Form 10-K for additional information. | |
Development | |
Hydroelectric Expansion Project (PPL and PPL Energy Supply) | |
In January 2014, the U.S. Department of Treasury awarded $56 million for Specified Energy Property in Lieu of Tax Credits for the Rainbow hydroelectric redevelopment project in Great Falls, Montana. PPL Energy Supply accepted and accounted for the receipt of the grant in 2014. PPL Energy Supply was required to recapture $60 million of investment tax credits previously recorded related to the Rainbow project as a result of the grant receipt. The impact on the financial statements of accounting for the grant receipt and recapture of investment tax credits was not significant for the three months ended March 31, 2014, and will not be significant in future periods. | |
Regional Transmission Line Expansion Plan (PPL and PPL Electric) | |
Susquehanna-Roseland Project | |
PPL Electric's construction activities have been underway on the 101-mile Pennsylvania transmission line project since 2012. The line is expected to be completed before the peak summer demand period of 2015. At March 31, 2014, PPL Electric's estimate of the project costs was $630 million. At March 31, 2014 and December 31, 2013, $458 million and $377 million of costs were capitalized and are included on the Balance Sheets primarily in "Construction work in progress." | |
Other (PPL and PPL Energy Supply) | |
Montana Hydro Sale Agreement | |
In September 2013, PPL Montana executed a definitive agreement to sell to NorthWestern its hydroelectric generating facilities located in Montana (with a generation capacity of 633 MW) for $900 million in cash, subject to certain adjustments. The sale, which is not expected to close before the second half of 2014, includes 11 hydroelectric power facilities and related assets. In April 2014, the U.S. Department of Justice and Federal Trade Commission granted early termination of PPL Montana's and NorthWestern's notifications under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The sale remains subject to closing conditions, including receipt of regulatory approvals by the FERC and the Montana Public Service Commission and certain third-party consents. Due to the uncertainties related to certain of these conditions as of March 31, 2014, the sale did not meet the applicable accounting criteria for the assets and liabilities included in the transaction to be classified as held for sale on the balance sheet. |
Defined_Benefits
Defined Benefits | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Defined Benefits [Abstract] | ' | ||||||||||||||||||||
Defined Benefits | ' | ||||||||||||||||||||
9. Defined Benefits | |||||||||||||||||||||
(All Registrants except PPL Electric and KU) | |||||||||||||||||||||
Certain net periodic defined benefit costs are applied to accounts that are further distributed between capital and expense, including certain costs allocated to applicable subsidiaries for plans sponsored by PPL Services and LKE. Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL, PPL Energy Supply, LKE and LG&E for the periods ended March 31. The U.K. pension benefits apply to PPL only. | |||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||
U.S. | U.K. | ||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
PPL | |||||||||||||||||||||
Service cost | $ | 26 | $ | 31 | $ | 18 | $ | 18 | $ | 3 | $ | 4 | |||||||||
Interest cost | 59 | 54 | 88 | 81 | 8 | 7 | |||||||||||||||
Expected return on plan assets | -74 | -74 | -130 | -118 | -6 | -6 | |||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 5 | 6 | |||||||||||||||||||
Actuarial (gain) loss | 7 | 20 | 33 | 38 | 1 | ||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 23 | $ | 37 | $ | 9 | $ | 19 | $ | 5 | $ | 6 | |||||||||
PPL Energy Supply | |||||||||||||||||||||
Service cost | $ | 1 | $ | 2 | |||||||||||||||||
Interest cost | 2 | 2 | |||||||||||||||||||
Expected return on plan assets | -2 | -3 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Actuarial (gain) loss | 1 | ||||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 2 | |||||||||||||||||
LKE | |||||||||||||||||||||
Service cost | $ | 6 | $ | 7 | $ | 1 | $ | 1 | |||||||||||||
Interest cost | 17 | 16 | 2 | 2 | |||||||||||||||||
Expected return on plan assets | -20 | -21 | -1 | -1 | |||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | 1 | 1 | |||||||||||||||||
Actuarial (gain) loss | 3 | 8 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 7 | $ | 11 | $ | 3 | $ | 3 | |||||||||||||
LG&E | |||||||||||||||||||||
Service cost | $ | 1 | |||||||||||||||||||
Interest cost | $ | 4 | 3 | ||||||||||||||||||
Expected return on plan assets | -5 | -5 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | |||||||||||||||||||
Actuarial (gain) loss | 1 | 3 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 3 | |||||||||||||||||
(All Registrants except PPL) | |||||||||||||||||||||
In addition to the specific plans they sponsor, PPL Energy Supply subsidiaries are also allocated costs of defined benefit plans sponsored by PPL Services, and LG&E is allocated costs of defined benefit plans sponsored by LKE based on their participation in those plans, which management believes are reasonable. PPL Electric and KU do not directly sponsor any defined benefit plans. PPL Electric is allocated costs of defined benefit plans sponsored by PPL Services, and KU is allocated costs of defined benefit plans sponsored by LKE based on their participation in those plans, which management believes are reasonable. For the periods ended March 31, PPL Services allocated the following net periodic defined benefit costs to PPL Energy Supply subsidiaries and PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU. | |||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
PPL Energy Supply | $ | 7 | $ | 11 | |||||||||||||||||
PPL Electric | 5 | 9 | |||||||||||||||||||
LG&E | 2 | 3 | |||||||||||||||||||
KU | 3 | 4 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Commitments and Contingencies [Abstract] | ' | ||||||
Commitments and Contingencies | ' | ||||||
10. Commitments and Contingencies | |||||||
Energy Purchase Commitments | |||||||
(PPL Electric) | |||||||
See Note 11 for information on the power supply agreements between PPL EnergyPlus and PPL Electric. | |||||||
Legal Matters | |||||||
(All Registrants) | |||||||
PPL and its subsidiaries are involved in legal proceedings, claims and litigation in the ordinary course of business. PPL and its subsidiaries cannot predict the outcome of such matters, or whether such matters may result in material liabilities, unless otherwise noted. | |||||||
WKE Indemnification (PPL and LKE) | |||||||
See footnote (h) to the table in "Guarantees and Other Assurances" below for information on an LKE indemnity relating to its former WKE lease, including related legal proceedings. | |||||||
(PPL and PPL Energy Supply) | |||||||
Sierra Club Litigation | |||||||
On March 6, 2013, the Sierra Club and the Montana Environmental Information Center (MEIC) filed a complaint in the U.S. District Court, District of Montana, Billings Division against PPL Montana and the other Colstrip Steam Electric Station (Colstrip) co-owners: Avista Corporation, Puget Sound Energy, Portland General Electric Company, Northwestern Energy and Pacific Corp. PPL Montana operates Colstrip on behalf of the co-owners. The suit alleges certain violations of the Clean Air Act, including New Source Review, Title V and opacity requirements and listed 39 separate claims for relief. The complaint requests injunctive relief and civil penalties on average of $36,000 per day per violation, including a request that the owners remediate environmental damage and that $100,000 of the civil penalties be used for beneficial mitigation projects. | |||||||
On July 27, 2013, the Sierra Club and MEIC filed an additional Notice, identifying additional plant projects that are alleged not to be in compliance with the Clean Air Act. On September 27, 2013, the plaintiffs filed an amended complaint. This amended complaint drops all claims regarding pre-2001 plant projects, as well as the plaintiffs' Title V and opacity claims. It does, however, add claims with respect to a number of post-2000 plant projects, which effectively increased the number of projects subject to the litigation by about 40. PPL Montana and the other Colstrip Owners filed a motion to dismiss the amended complaint on October 11, 2013. The court has not yet ruled on this motion. In April 2014, trial as to liability in this matter was re-scheduled to June 2015. A trial date with respect to remedies, if there is a finding of liability, has not been scheduled. PPL Montana believes it and the other co-owners have numerous defenses to the allegations set forth in this complaint and will vigorously assert the same. PPL Montana cannot predict the ultimate outcome of this matter at this time. | |||||||
(PPL, LKE and LG&E) | |||||||
Cane Run Environmental Claims | |||||||
On December 16, 2013, six residents, on behalf of themselves and others similarly situated, filed a class action complaint against LG&E and PPL in the U.S. District Court for the Western District of Kentucky for alleged violations of the Clean Air Act and RCRA. In addition, these plaintiffs assert common law claims of nuisance, trespass, and negligence. These plaintiffs seek injunctive relief and civil penalties that would accrue to governmental agencies, plus costs and attorney fees, for the alleged statutory violations. Under the common law claims, these plaintiffs seek monetary compensation and punitive damages for property damage and diminished property values for a class consisting of residents within four miles of the plant. In their individual capacities, these plaintiffs seek compensation for alleged adverse health effects. During 2014, PPL, LKE and LG&E have filed certain motions to dismiss that are pending before the court. PPL, LKE and LG&E cannot predict the outcome of this matter or the potential impact on operations of the Cane Run plant. LG&E has previously announced that it anticipates retiring the coal-fired units at Cane Run before the end of 2015. | |||||||
Mill Creek Environmental Claims | |||||||
In March 2014, LG&E received a notice of intent from the Sierra Club informing various federal and state agencies of its intent to file a citizen suit for alleged violations of the Clean Water Act. The claimants allege that various discharges at the Mill Creek plant constitute permit violations and state that it will seek civil penalties, injunctive relief and attorney's fees. PPL, LKE and LG&E cannot predict the outcome of this matter or the potential impact on the operations of the Mill Creek plant. | |||||||
Regulatory Issues | |||||||
(All Registrants except PPL Energy Supply) | |||||||
See Note 6 for information on regulatory matters related to utility rate regulation. | |||||||
(PPL, PPL Energy Supply and PPL Electric) | |||||||
New Jersey Capacity Legislation | |||||||
In January 2011, New Jersey enacted a law that intervenes in the wholesale capacity market exclusively regulated by the FERC (the Act). To create incentives for the development of new, in-state electricity generation facilities, the Act implements a long-term capacity agreement pilot program (LCAPP). The Act requires New Jersey utilities to pay a guaranteed fixed price for wholesale capacity, imposed by the New Jersey Board of Public Utilities (BPU), to certain new generators participating in PJM, with the ultimate costs of that guarantee to be borne by New Jersey ratepayers. PPL believes the intent and effect of the LCAPP is to encourage the construction of new generation in New Jersey even when, under the FERC-approved PJM economic model, such new generation would not be economic. The Act could depress capacity prices in PJM in the short term, impacting PPL Energy Supply's revenues, and harm the long-term ability of the PJM capacity market to encourage necessary generation investment throughout PJM. | |||||||
In February 2011, PPL and several other generating companies and utilities filed a complaint in U.S. District Court in New Jersey challenging the Act on the grounds that it violates well-established principles under the Supremacy and Commerce clauses of the U.S. Constitution and requesting declaratory and injunctive relief barring implementation of the Act by the BPU Commissioners. In October 2013, the U.S. District Court in New Jersey issued a decision finding the Act unconstitutional under the Supremacy Clause on the grounds that it infringes upon the FERC's exclusive authority to regulate the wholesale sale of electricity in interstate commerce. The decision has been appealed to the U.S. Court of Appeals for the Third Circuit by CPV Power Development, Inc., Hess Newark, LLC and the State of New Jersey and oral argument was held on March 27, 2014. PPL, PPL Energy Supply and PPL Electric cannot predict the outcome of this proceeding or the economic impact on their businesses or operations, or the markets in which they transact business. | |||||||
Maryland Capacity Order | |||||||
In April 2012, the Maryland Public Service Commission (MD PSC) ordered three electric utilities in Maryland to enter into long-term contracts to support the construction of new electricity generating facilities in Maryland, specifically a 661 MW natural gas-fired combined-cycle generating facility to be owned by CPV Maryland, LLC. PPL believes the intent and effect of the action by the MD PSC is to encourage the construction of new generation in Maryland even when, under the FERC-approved PJM economic model, such new generation would not be economic. The MD PSC action could depress capacity prices in PJM in the short term, impacting PPL Energy Supply's revenues, and harm the long-term ability of the PJM capacity market to encourage necessary generation investment throughout PJM. | |||||||
In April 2012, PPL and several other generating companies filed a complaint in U.S. District Court in Maryland challenging the MD PSC order on the grounds that it violates well-established principles under the Supremacy and Commerce clauses of the U.S. Constitution, and requested declaratory and injunctive relief barring implementation of the order by the MD PSC Commissioners. In September 2013, the U.S. District Court in Maryland issued a decision finding the MD PSC order unconstitutional under the Supremacy Clause on the grounds that it infringes upon the FERC's exclusive authority to regulate the wholesale sale of electricity in interstate commerce. The decision has been appealed to the U.S. Court of Appeals for the Fourth Circuit by CPV Power Development, Inc. and the State of Maryland. Oral argument has been scheduled for May 13, 2014. PPL, PPL Energy Supply, and PPL Electric cannot predict the outcome of this proceeding or the economic impact on their businesses or operations, or the markets in which they transact business. | |||||||
Pacific Northwest Markets (PPL and PPL Energy Supply) | |||||||
Through its subsidiaries, PPL Energy Supply made spot market bilateral sales of power in the Pacific Northwest during the period from December 2000 through June 2001. Several parties subsequently claimed refunds at FERC as a result of these sales. In June 2003, the FERC terminated proceedings to consider whether to order refunds for spot market bilateral sales made in the Pacific Northwest, including sales made by PPL Montana, during the period December 2000 through June 2001. In August 2007, the U.S. Court of Appeals for the Ninth Circuit reversed the FERC's decision and ordered the FERC to consider additional evidence. In October 2011, FERC initiated proceedings to consider additional evidence. In July 2012, PPL Montana and the City of Tacoma, one of the two parties claiming refunds at FERC, reached a settlement whereby PPL Montana paid $75 thousand to resolve the City of Tacoma's $23 million claim. The settlement does not resolve the remaining claim outstanding at March 31, 2014 by the City of Seattle for approximately $50 million. Hearings before a FERC Administrative Law Judge regarding the City of Seattle's refund claims were completed in October 2013 and briefing was completed in January 2014. On March 28, 2014, the Administrative Law Judge issued an extensive opinion denying the City of Seattle's complaint against PPL Montana. The Administrative Law Judge's opinion will be reviewed by FERC. | |||||||
Although PPL and its subsidiaries believe they have not engaged in any improper trading or marketing practices affecting the Pacific Northwest markets, PPL and PPL Energy Supply cannot predict the outcome of the above-described proceedings or whether any subsidiaries will be the subject of any additional governmental investigations or named in other lawsuits or refund proceedings. Consequently, PPL and PPL Energy Supply cannot estimate a range of reasonably possible losses, if any, related to this matter. | |||||||
(All Registrants) | |||||||
FERC Market-Based Rate Authority | |||||||
In 1998, the FERC authorized LG&E, KU and PPL EnergyPlus to make wholesale sales of electricity and related products at market-based rates. In those orders, the FERC directed LG&E, KU and PPL EnergyPlus, respectively, to file an updated market analysis within three years after the order, and every three years thereafter. Since then, periodic market-based rate filings with the FERC have been made by LG&E, KU, PPL EnergyPlus, PPL Electric, PPL Montana and most of PPL Generation's subsidiaries. In December 2013, PPL and these subsidiaries filed market-based rate updates for the Eastern and Western regions. PPL cannot predict the ultimate outcome of these update filings at this time. | |||||||
Electricity - Reliability Standards | |||||||
The NERC is responsible for establishing and enforcing mandatory reliability standards (Reliability Standards) regarding the bulk power system. The FERC oversees this process and independently enforces the Reliability Standards. | |||||||
The Reliability Standards have the force and effect of law and apply to certain users of the bulk power electricity system, including electric utility companies, generators and marketers. Under the Federal Power Act, the FERC may assess civil penalties of up to $1 million per day, per violation, for certain violations. | |||||||
LG&E, KU, PPL Electric and certain subsidiaries of PPL Energy Supply monitor their compliance with the Reliability Standards and continue to self-report potential violations of certain applicable reliability requirements and submit accompanying mitigation plans, as required. The resolution of a number of potential violations is pending. Any Regional Reliability Entity (including RFC or SERC) determination concerning the resolution of violations of the Reliability Standards remains subject to the approval of the NERC and the FERC. | |||||||
In the course of implementing their programs to ensure compliance with the Reliability Standards by those PPL affiliates subject to the standards, certain other instances of potential non-compliance may be identified from time to time. The Registrants cannot predict the outcome of these matters, and cannot estimate a range of reasonably possible losses, if any. | |||||||
As previously reported, in October 2012, the FERC initiated its consideration of proposed changes to Reliability Standards to address the impacts of Geomagnetic Disturbances on the reliable operation of the bulk-power system, which might, among other things, lead to a requirement to install equipment that blocks geomagnetically induced currents on implicated transformers. On May 16, 2013, FERC issued Order No. 779, requiring NERC to submit two types of Reliability Standards for FERC's approval. The first type would require certain owners and operators of the nation's electricity infrastructure, such as the Registrants, to develop and implement operational procedures to mitigate the effects of Geomagnetic Disturbances on the bulk-power system. This NERC proposed standard was filed by NERC with FERC for approval in January 2014, with a comment due date of March 24, 2014. The second type is to require owners and operators of the bulk-power system to assess certain Geomagnetic Disturbance events and develop and implement plans to protect the bulk-power system from those events and must be filed by NERC with FERC for approval by January 22, 2015. The Registrants may be required to make significant expenditures in new equipment or modifications to their facilities to comply with the new requirements. The Registrants are unable to predict the amount of any expenditures that may be required as a result of the adoption of any Reliability Standards for Geomagnetic Disturbances. | |||||||
Environmental Matters - Domestic | |||||||
(All Registrants) | |||||||
Due to the environmental issues discussed below or other environmental matters, it may be necessary for the Registrants to modify, curtail, replace or cease operation of certain facilities or performance of certain operations to comply with statutes, regulations and other requirements of regulatory bodies or courts. In addition, legal challenges to new environmental permits or rules add to the uncertainty of estimating the future cost impact of these permits and rules. | |||||||
LG&E and KU are entitled to recover, through the ECR mechanism, certain costs of complying with the Clean Air Act, as amended, and those federal, state or local environmental requirements which are applicable to coal combustion wastes and by-products from facilities that generate electricity from coal in accordance with approved compliance plans. Costs not covered by the ECR mechanism for LG&E and KU and all such costs for PPL Electric are subject to rate recovery before the companies' respective state regulatory authorities, or the FERC, if applicable. Because PPL Electric does not own any generating plants, its exposure to related environmental compliance costs is reduced. As PPL Energy Supply is not a rate-regulated entity, it cannot seek to recover environmental compliance costs through the mechanism of rate recovery. PPL, PPL Electric, LKE, LG&E and KU can provide no assurances as to the ultimate outcome of future environmental or rate proceedings before regulatory authorities. | |||||||
(All Registrants except PPL Electric) | |||||||
Air | |||||||
CSAPR (formerly Clean Air Transport Rule) and CAIR | |||||||
In July 2011, the EPA adopted the CSAPR. The CSAPR replaced the EPA's previous CAIR which was invalidated in July 2008 by the U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit Court). CAIR subsequently was effectively reinstated by the D.C. Circuit Court in December 2008, pending finalization of the CSAPR. Like CAIR, CSAPR targeted sources in the eastern U.S. and would have required reductions in sulfur dioxide and nitrogen oxides in two phases (2012 and 2014). | |||||||
In December 2011, the D.C. Circuit Court stayed implementation of the CSAPR and left CAIR in effect pending a final decision on the validity of the rule. In August 2012, the D.C. Circuit Court issued a ruling invalidating CSAPR, remanding the rule to the EPA for further action, and leaving CAIR in place during the interim. In June 2013, the U.S. Supreme Court granted the EPA's petition for review of the D.C. Circuit Court's August 2012 decision. On April 29, 2014, the U.S. Supreme Court reversed and remanded the D.C. Circuit Court's August 2012 decision which may result in new or revised emission reduction requirements, including the possible replacement of the CAIR program with CSAPR, depending on future determinations by the EPA and the courts. PPL, PPL Energy Supply, LKE, LG&E and KU cannot currently predict the outcome of further regulatory and legal proceedings. | |||||||
The Kentucky fossil-fueled generating plants meet the CAIR sulfur dioxide emission requirements by utilizing sulfur dioxide allowances (including banked allowances and optimizing existing controls). To meet the CAIR standards for nitrogen oxide under the CAIR, the Kentucky companies will need to buy allowances and/or make operational changes. LG&E and KU do not currently anticipate that the costs of meeting these reinstated CAIR standards will be significant. | |||||||
PPL Energy Supply's Pennsylvania fossil-fueled generating plants meet the CAIR sulfur dioxide emission requirements with the existing scrubbers that were placed in service in 2008 and 2009. To meet the CAIR standards for nitrogen oxides, PPL Energy Supply will need to buy allowances and/or make operational changes, the costs of which are not anticipated to be significant. | |||||||
National Ambient Air Quality Standards | |||||||
In 2008, the EPA revised the National Ambient Air Quality Standard for ozone. As a result of EPA's new ozone standard, states in the ozone transport region (OTR), including Pennsylvania, are required by the Clean Air Act to impose additional reductions in nitrogen oxide emissions based upon reasonably available control technologies. The PADEP has issued a draft rule requiring reasonable reductions. However, the proposal is being challenged as too lenient by other OTR states and environmental groups. The PADEP may impose more stringent emission limits than those set forth in the proposed rule which could have a significant impact on PPL Energy Supply's Pennsylvania coal plants. | |||||||
In December 2012, the EPA issued final rules that strengthen the fine particulate standards. Under the final rules, states and the EPA have until 2015 to identify non-attainment areas, and states have until 2020 to achieve attainment for those areas. | |||||||
In 2010, the EPA finalized a new one-hour standard for sulfur dioxide and required states to identify areas that meet those standards and areas that are in non-attainment. In July 2013, the EPA finalized non-attainment designations for parts of the country, including part of Yellowstone County in Montana (Billings area) and part of Jefferson County in Kentucky. Attainment must be achieved by 2018. States are working on designations for other areas. PPL, PPL Energy Supply, LKE, LG&E and KU anticipate that some of the measures required for compliance with the CAIR, or the MATS, or the Regional Haze requirements (as discussed below), such as upgraded or new sulfur dioxide scrubbers at certain plants and, in the case of LG&E and KU, the previously announced retirement of coal-fired generating units at the Cane Run, Green River and Tyrone plants, will help to achieve compliance with the new one-hour sulfur dioxide standard. If additional reductions were to be required, the financial impact could be significant. The short-term impact on the Corette plant from the EPA's final designation of part of Yellowstone County in Montana as non-attainment (as noted above) is not expected to be significant, as PPL Energy Supply previously announced its intent to place the plant in long-term reserve status beginning in April 2015. | |||||||
Until final non-attainment designations and consequent compliance plans for sulfur dioxide and particulate matter are developed by the EPA and state or local agencies, PPL, PPL Energy Supply, LKE, LG&E and KU cannot predict the impact of the new standards. | |||||||
MATS | |||||||
In May 2011, the EPA published a proposed regulation requiring stringent reductions of mercury and other hazardous air pollutants from power plants. In February 2012, the EPA published the final rule, known as the MATS, with an effective date of April 2012. The rule, which was challenged by industry groups and states, was upheld by the D.C. Circuit Court in April 2014. The rule provides for a three-year compliance deadline with the potential for a one-year extension as provided under the statute. LG&E, KU and PPL Energy Supply have received compliance extensions for certain plants and are considering extension requests for other plants as well. | |||||||
At the time the MATS rule was proposed, LG&E and KU filed requests with the KPSC for environmental cost recovery based on their expected need to install environmental controls including chemical additive and fabric-filter baghouses to remove air pollutants. Recovery of the cost of certain controls was granted by the KPSC in December 2011. LG&E's and KU's anticipated retirement of certain coal-fired electricity generating units located at Cane Run and Green River is in response to MATS and other environmental regulations. LG&E and KU are continuing to assess whether any revisions of their approved compliance plans will be necessary. | |||||||
With respect to PPL Energy Supply's Pennsylvania plants, PPL Energy Supply believes that installation of chemical additive systems may be necessary at certain coal-fired plants, the capital cost of which is not expected to be significant. PPL Energy Supply continues to analyze the potential impact of MATS on operating costs. With respect to PPL Energy Supply's Montana plants, modifications to the air pollution controls installed on Colstrip may be required, the cost of which is not expected to be significant. For the Corette plant, PPL Energy Supply announced in September 2012 its intention, beginning in April 2015, to place the plant in long-term reserve status, suspending the plant's operation due to expected market conditions and the costs to comply with the MATS requirements. The Corette plant was determined to be impaired in December 2013. See Note 18 in PPL's and PPL Energy Supply's 2013 Form 10-K for additional information. | |||||||
PPL Energy Supply, LG&E and KU are continuing to conduct in-depth reviews of the MATS, including the potential implications to scrubber wastewater discharges. See the discussion of effluent limitations guidelines and standards below. | |||||||
Regional Haze and Visibility | |||||||
The EPA's regional haze programs were developed under the Clean Air Act to eliminate man-made visibility degradation by 2064. Under the programs, states are required to make reasonable progress every decade, through the application, among other things, of Best Available Retrofit Technology (BART) on power plants commissioned between 1962 and 1977. | |||||||
The primary power plant emissions affecting visibility are sulfur dioxide, nitrogen oxides and particulates. To date, the focus of regional haze activity has been the western U.S. because the EPA had determined that the regional trading program in the eastern U.S. under CSAPR satisfies BART requirements to reduce sulfur dioxide and nitrogen oxides. Although the D.C. Circuit Court's August 2012 decision to vacate and remand CSAPR has been reversed by the U.S. Supreme Court, future decisions by EPA and the courts will determine whether power plants located in the eastern U.S., including PPL's plants in Pennsylvania and Kentucky, will be subject to additional reductions in sulfur dioxide and nitrogen oxides as required by BART. In addition, LG&E's Mill Creek Units 3 and 4 are required to reduce sulfuric acid mist emissions because they were determined to have a significant regional haze impact. These reductions are required in the regional haze state implementation plan that the Kentucky Division for Air Quality submitted to the EPA. LG&E is currently installing sorbent injection technology to comply with these reductions, the costs of which are not expected to be significant. | |||||||
In Montana, the EPA Region 8 developed the regional haze plan as the MDEQ declined to develop a BART state implementation plan. The EPA finalized the Federal Implementation Plan (FIP) for Montana in September 2012. The final FIP assumed no additional controls for Corette or Colstrip Units 3 and 4, but proposed tighter limits for Corette and Colstrip Units 1 and 2. PPL Energy Supply expects to meet these tighter permit limits at Corette without any significant changes to operations, although other requirements have led to the planned suspension of operations at Corette beginning in April 2015 (see "MATS" discussion above). Under the final FIP, Colstrip Units 1 and 2 may require additional controls, including the possible installation of an SNCR and other technology, to meet more stringent nitrogen oxides and sulfur dioxide limits. The cost of these potential additional controls, if required, could be significant. Both PPL and environmental groups have appealed the final FIP to the U.S. Court of Appeals for the Ninth Circuit. | |||||||
New Source Review (NSR) | |||||||
The EPA has continued its NSR enforcement efforts targeting coal-fired generating plants. The EPA has asserted that modification of these plants has increased their emissions and, consequently, that they are subject to stringent NSR requirements under the Clean Air Act. In April 2009, PPL received EPA information requests for its Montour and Brunner Island plants, and PPL and the EPA have exchanged certain information regarding this matter. In January 2009, PPL, PPL Energy Supply and other companies that own or operate the Keystone plant in Pennsylvania received a notice of violation from the EPA alleging that certain projects were undertaken without proper NSR compliance. In May and November 2012, PPL Montana received information requests from the EPA regarding projects undertaken during a Spring 2012 maintenance outage at Colstrip Unit 1. In September 2012, PPL Montana received an information request from the MDEQ regarding Colstrip Unit 1 and other projects. These matters remain open. PPL and PPL Energy Supply cannot predict the outcome of these matters, and cannot estimate a range of reasonably possible losses, if any. | |||||||
In August 2007, LG&E received information requests for the Mill Creek and Trimble County plants, and KU received requests for the Ghent plant, but they have received no further communications from the EPA since providing their responses. PPL, LKE, LG&E and KU cannot predict the outcome of these matters, and cannot estimate a range of reasonably possible losses, if any. | |||||||
States and environmental groups also have commenced litigation alleging violations of the NSR regulations by coal-fired generating plants across the nation. See "Legal Matters" above for information on a lawsuit filed by environmental groups in March 2013 against PPL Montana and other owners of Colstrip. | |||||||
If PPL subsidiaries are found to have violated NSR regulations by significantly increasing pollutants through a major plant modification, PPL, PPL Energy Supply, LKE, LG&E and KU would, among other things, be required to meet stringent permit limits reflecting Best Available Control Technology (BACT) for pollutants meeting the National Ambient Air Quality Standards (NAAQS) in the area and reflecting Lowest Achievable Emission Rates for pollutants not meeting the NAAQS in the area. The costs to meet such limits, including installation of technology at certain units, could be significant. | |||||||
TC2 Air Permit (PPL, LKE, LG&E and KU) | |||||||
The Sierra Club and other environmental groups petitioned the Kentucky Environmental and Public Protection Cabinet to overturn the air permit issued for the TC2 baseload coal-fired generating unit, but the agency upheld the permit in an order issued in September 2007. In response to subsequent petitions by environmental groups, the EPA ordered certain non-material changes to the permit which, in January 2010, were incorporated into a final revised permit issued by the Kentucky Department for Air Quality. In March 2010, the environmental groups petitioned the EPA to object to the revised state permit. Until the EPA issues a final ruling on the pending petition and all available appeals are exhausted, PPL, LKE, LG&E and KU cannot predict the outcome of this matter or the potential impact on plant operations, including increased capital costs, if any. | |||||||
(All Registrants) | |||||||
Climate Change | |||||||
As a result of the April 2007 U.S. Supreme Court decision that the EPA has authority under the Clean Air Act to regulate GHG emissions from new motor vehicles, in April 2010, the EPA and the U.S. Department of Transportation issued new light-duty vehicle emissions standards that applied beginning with 2012 model year vehicles. The EPA also clarified that this standard, beginning in 2011, authorized regulation of GHG emissions from stationary sources under the NSR and Title V operating permit provisions of the Clean Air Act. As a result, any new sources or major modifications to existing GHG sources causing a net significant emissions increase now require adherence to the BACT permit limits for GHGs. The rules were challenged and, in June 2012, the D.C. Circuit Court upheld the EPA's regulations. In December 2012, the D.C. Circuit Court denied petitions for rehearing pertaining to its June 2012 opinion. On October 15, 2013, the U.S. Supreme Court granted certiorari for several petitions to decide whether the NSR provisions of the Clean Air Act require the EPA to regulate GHG emissions from stationary sources, such as power plants. The oral argument was held on February 24, 2014, and the decision is pending. | |||||||
In June 2013, President Obama released his Climate Action Plan that reiterates the goal of reducing greenhouse gas emissions in the U.S. "in the range of" 17% below 2005 levels by 2020 through such actions as regulating power plant emissions, promoting increased use of renewables and clean energy technology, and establishing tighter energy efficiency standards. Also, by Presidential Memorandum, the EPA was directed to issue a revised proposal for new power plants (a prior proposal was issued in 2012) by September 20, 2013, with a final rule in a timely fashion thereafter, and to issue proposed standards for existing plants by June 1, 2014 with a final rule to be issued by June 1, 2015. The EPA was further directed to require that states develop implementation plans for existing plants by June 2016. Regulation of GHG emissions from existing plants could have a significant industry-wide impact depending on the structure and stringency of the final rule and the state implementation plans. The Administration's increase in its estimate of the "social cost of carbon" (which is used to calculate benefits associated with proposed regulations) from $23.80 to $38 per metric ton in 2015 may also lead to more costly regulatory requirements; the White House Office of Management and Budget has opened this issue for public comment. Additionally, the Climate Action Plan requirements related to preparing the U.S. for the impacts of climate change could affect PPL and others in the industry as modifications to electricity delivery systems to improve the ability to withstand major storms may be needed in order to meet those requirements. | |||||||
The EPA issued its revised proposal for new sources on September 20, 2013 as directed by the White House. This proposal was published in the Federal Register on January 8, 2014. The comment period on the proposal closes on May 9, 2014. Unlike the EPA's prior proposal, the EPA's revised proposal established separate emission standards for coal and gas units based on the application of different technologies. The coal standard is based on the application of partial carbon capture and sequestration technology, but because this technology is not presently commercially available, the revised proposal effectively precludes the construction of new coal plants. The standard for NGCC power plants is the same as the EPA proposed in 2012 and is not continuously achievable. | |||||||
At the regional level, ten northeastern states have been participating in a cap-and-trade program called the Regional Greenhouse Gas Initiative (RGGI). The program commenced in January 2009 and covers electric power plants greater than 25 MW. The program calls for a 10% reduction in carbon dioxide emissions from these plants by 2019 compared to 2005 levels. Pennsylvania has not stated an intention to join the RGGI, but enacted the Pennsylvania Climate Change Act of 2008 (PCCA). The PCCA established a Climate Change Advisory Committee to advise the PADEP on the development of a Climate Change Action Plan. In December 2013, the Advisory Committee issued an updated Climate Change Action Report and identified specific actions that could result in reducing GHG emissions by 30% by 2020. The report recognized some legislative initiatives that were enacted since 2009 that facilitated reductions in GHG emissions and made a number of legislative recommendations that include amending the PA AEPS Act to include additional waste-to-energy facilities, providing incentives for coal mine methane usage, providing incentives for alternative fuel vehicles and addressing the long-term viability issues of carbon capture and sequestration. | |||||||
The PADEP submitted to the EPA a GHG white paper on April 10, 2014 regarding the regulation of carbon dioxide emissions under Section 111(d) of the Clean Air Act. The PADEP expects to achieve reductions required under the EPA's expected rules by increasing efficiency at existing plants and/or reducing generation. The PADEP specifically excludes energy efficiency projects not associated with existing sources (such as DSM and Act 129 programs) from consideration for crediting toward the program. The PADEP also suggests an exemption for burning waste coal and coal bed methane. | |||||||
In November 2008, the Governor of Kentucky issued a comprehensive energy plan including non-binding targets aimed at promoting improved energy efficiency, development of alternative energy, development of carbon capture and sequestration projects, and other actions to reduce GHG emissions. In December 2009, the Kentucky Climate Action Plan Council was established to develop an action plan addressing potential GHG reductions and related measures. In November 2011, the Council issued a final report to the Secretary of Kentucky's Energy and Environment Cabinet for his consideration. The final report acknowledged that the recommendations would require additional review and analysis prior to implementation, and that many of the recommendations would likely require, in part, further legislative or regulatory actions. The impact of any such plan is not now determinable, but the costs to comply with the plan could be significant. | |||||||
A number of lawsuits have been filed asserting common law claims including nuisance, trespass and negligence against various companies with GHG emitting plants and, although the decided cases to date have not sustained claims brought on the basis of these theories of liability, the law remains unsettled on these claims. In September 2009, the U.S. Court of Appeals for the Second Circuit in the case of AEP v. Connecticut reversed a federal district court's decision and ruled that several states and public interest groups, as well as the City of New York, could sue five electric utility companies under federal common law for allegedly causing a public nuisance as a result of their emissions of GHGs. In June 2011, the U.S. Supreme Court overturned the Second Circuit and held that such federal common law claims were displaced by the Clean Air Act and regulatory actions of the EPA. In addition, in Comer v. Murphy Oil (Comer case), the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit) declined to overturn a district court ruling that plaintiffs did not have standing to pursue state common law claims against companies that emit GHGs. The complaint in the Comer case named the previous indirect parent of LKE as a defendant based upon emissions from the Kentucky plants. In January 2011, the Supreme Court denied a petition to reverse the Fifth Circuit's ruling. In May 2011, the plaintiffs in the Comer case filed a substantially similar complaint in federal district court in Mississippi against 87 companies, including KU and three other indirect subsidiaries of LKE, under a Mississippi statute that allows the re-filing of an action in certain circumstances. In March 2012, the Mississippi federal district court granted defendants' motions to dismiss the state common law claims. Plaintiffs appealed to the U.S. Court of Appeals for the Fifth Circuit, and in May 2013, the Fifth Circuit affirmed the district court's dismissal of the case. Additional litigation in federal and state courts over such issues is continuing. PPL, LKE and KU cannot predict the outcome of these lawsuits or estimate a range of reasonably possible losses, if any. | |||||||
Renewable Energy Legislation | |||||||
There has been interest in renewable energy legislation at both the state and federal levels. Federal legislation on renewable energy is not expected to be enacted this year. In Pennsylvania, bills were introduced calling for an increase in Alternative Energy Portfolio Standard (AEPS) Tier 1 obligations and to create a $25 million permanent funding program for solar generation. Bills (SB 1171 and HB 100) were also introduced to add natural gas as a qualified AEPS resource, and another bill (HB 1912) would repeal the AEPS Act entirely. All these bills remain in committee and are unlikely to advance. A bill adding new hydropower to Montana's renewable portfolio standard was enacted with an effective date of October 1, 2013. An interim legislative committee in Montana is reviewing the state's Renewable Portfolio Standard (RPS). PPL and PPL Energy Supply cannot predict at this time whether the committee will recommend any changes to existing laws. In Maryland, bills have been introduced in the 2014 session to double the state's RPS requirement from 20% to 40% and provide exceptions for specific types of energy sources. In New Jersey, a bill (S-1475) has been introduced to increase the current RPS standard to 30% from Class I sources by 2020. PPL and PPL Energy Supply are unable to predict the outcome of this legislation at this time. | |||||||
The Registrants believe there are financial, regulatory and logistical uncertainties related to the implementation of renewable energy mandates that will need to be resolved before the impact of such requirements on them can be estimated. Such uncertainties, among others, include the need to provide back-up supply to augment intermittent renewable generation, potential generation over-supply and downward pressure on energy prices that could result from such renewable generation and back-up, impacts to PJM's capacity market and the need for substantial changes to transmission and distribution systems to accommodate renewable energy sources. These uncertainties are not directly addressed by proposed legislation. PPL and PPL Energy Supply cannot predict at this time the effect on their competitive plants' future competitive position, results of operation, cash flows and financial position of renewable energy mandates that may be adopted, although the costs to implement and comply with any such requirements could be significant. | |||||||
Water/Waste | |||||||
Coal Combustion Residuals (CCRs) (All Registrants except PPL Electric) | |||||||
In June 2010, the EPA proposed two approaches to regulating the disposal and management of CCRs (as either hazardous or non-hazardous) under the RCRA. CCRs include fly ash, bottom ash and sulfur dioxide scrubber wastes. Regulating CCRs as a hazardous waste under Subtitle C of the RCRA would materially increase costs and result in early retirements of many coal-fired plants, as it would require plants to retrofit their operations to comply with full hazardous waste requirements for the generation of CCRs and associated waste waters through generation, transportation and disposal. This would also have a negative impact on the beneficial use of CCRs and could eliminate existing markets for CCRs. The EPA's proposed approach to regulate CCRs as non-hazardous waste under Subtitle D of the RCRA would mainly affect disposal and most significantly affect any wet disposal operations. Under this approach, many of the current markets for beneficial uses would not be affected. Currently, PPL expects that several of its plants in Kentucky and Montana could be significantly impacted by the EPA's proposed non-hazardous waste regulations, as these plants are using surface impoundments for management and disposal of CCRs. | |||||||
The EPA has issued information requests on CCR management practices at numerous plants throughout the power industry as it considers whether or not to regulate CCRs as hazardous waste. PPL has provided information on CCR management practices at most of its plants in response to the EPA's requests. In addition, the EPA has conducted follow-up inspections to evaluate the structural stability of CCR management facilities at several PPL plants and PPL has implemented or is implementing certain actions in response to recommendations from these inspections. | |||||||
The EPA is continuing to evaluate the unprecedented number of comments it received on its June 2010 proposed regulations. In October 2011, the EPA issued a Notice of Data Availability (NODA) requesting comments on selected documents it received during the comment period for the proposed regulations. On September 20, 2013, in response to the proposed Effluent Limitation Guidelines, PPL submitted comments on the proposed CCR regulations. Also, on September 3, 2013, PPL commented on a second CCR NODA seeking comment on additional information related to the EPA's proposal. | |||||||
A coalition of environmental groups and two CCR recycling companies have filed lawsuits against the EPA seeking a deadline for final rulemaking and, in settlement of that litigation, the EPA has agreed to issue its final rulemaking on the Subtitle D option addressed above by the end of 2014. | |||||||
In July 2013, the U.S. House of Representatives passed House Bill H.R. 2218, the Coal Residuals and Reuse Management Act of 2013, which would preempt the EPA from issuing final CCR regulations and would set non-hazardous CCR standards under RCRA and authorize state permit programs. It remains uncertain whether similar legislation will be passed by the U.S. Senate. PPL, PPL Energy Supply, LKE, LG&E and KU cannot predict at this time the final requirements of the EPA's CCR regulations or potential changes to the RCRA and what impact they would have on their facilities, but the financial and operational impact is expected to be material if CCRs are regulated as hazardous waste and significant if regulated as non-hazardous. | |||||||
Trimble County Landfill Permit (PPL, LKE, LG&E and KU) | |||||||
In May 2011, LG&E submitted an application for a special waste landfill permit to handle coal combustion residuals generated at the Trimble County plant. After extensive review of the permit application in May 2013, the Kentucky Division of Waste Management denied the permit application on the grounds that the proposed facility would violate the Kentucky Cave Protection Act because it would eliminate an on-site karst feature considered to be a cave. After assessing additional options for managing coal combustion residuals, in January 2014, LG&E submitted to the Kentucky Division of Waste Management a landfill permit application for an alternate site adjacent to the plant. PPL, LKE, LG&E and KU are unable to determine the potential impact of this matter until a landfill permit is issued and any resulting legal challenges are concluded. | |||||||
Seepages and Groundwater Infiltration - Pennsylvania, Montana and Kentucky | |||||||
(All Registrants except PPL Electric) | |||||||
Seepages or groundwater infiltration have been detected at active and retired wastewater basins and landfills at various PPL, PPL Energy Supply, LKE, LG&E and KU plants. PPL, PPL Energy Supply, LKE, LG&E and KU have completed or are completing assessments of seepages or groundwater infiltration at various facilities and have completed or are working with agencies to respond to notices of violations and implement assessment or abatement measures, where required or applicable. A range of reasonably possible losses cannot currently be estimated. | |||||||
(PPL and PPL Energy Supply) | |||||||
In August 2012, PPL Montana entered into an Administrative Order on Consent (AOC) with the MDEQ which establishes a comprehensive process to investigate and remediate groundwater seepage impacts related to the wastewater facilities at the Colstrip power plant. The AOC requires that within five years, PPL Montana provide financial assurance to the MDEQ for the costs associated with closure and future monitoring of the waste-water treatment facilities. PPL Montana cannot predict at this time if the actions required under the AOC will create the need to adjust the existing ARO related to these facilities. | |||||||
In September 2012, Earthjustice filed an affidavit pursuant to Montana's Major Facility Siting Act (MFSA) that sought review of the AOC by Montana's Board of Environmental Review (BER) on behalf of the Sierra Club, the MEIC, and the National Wildlife Federation. In September 2012, PPL Montana filed an election with the BER to have this proceeding conducted in Montana state district court as contemplated by the MFSA. In October 2012, Earthjustice filed a petition for review of the AOC in the Montana state district court in Rosebud County. This matter was stayed in December 2012. In April 2014, Earthjustice filed a motion for leave to amend the petition for review and to lift the stay. | |||||||
(All Registrants except PPL Electric) | |||||||
Clean Water Act | |||||||
The EPA published its proposed rule under 316(b) for existing facilities in April 2011. The EPA has been evaluating the comments it received to the proposed rule and meeting with industry groups to discuss options. The proposed rule contains two requirements to reduce impact to aquatic organisms at cooling water intake structures. The first requires all existing facilities to meet standards for the reduction of mortality of aquatic organisms that become trapped against water intake screens (impingement) regardless of the levels of mortality actually occurring or the cost to achieve the standards. The second requirement is to determine and install the best technology available to reduce mortality of aquatic organisms pulled through a plant's cooling water system (entrainment). A form of cost-benefit analysis is allowed for this second requirement involving a site-specific evaluation based on nine factors, including impacts to energy delivery reliability and the remaining useful life of the plant. The final rule is expected by May 16, 2014. Until the final rule is issued, PPL, PPL Energy Supply, LKE, LG&E and KU cannot estimate a range of reasonably possible costs, if any, that would be required to comply with such a regulation. | |||||||
Effluent Limitations Guidelines (ELGs) and Standards | |||||||
In June 2013, the EPA published proposed regulations to revise discharge limitations for steam electric generation wastewater permits. The proposed limitations are based on the EPA review of available treatment technologies and their capacity for reducing pollutants and include new requirements for fly ash and bottom ash transport water and metal cleaning waste waters, as well as new limits for scrubber wastewater and landfill leachate. The EPA's proposed ELG regulations contain requirements that would affect the inspection and operation of CCR facilities, if finalized. The EPA has indicated that it will coordinate these regulations with the regulation of CCRs discussed above. The proposal contains alternative approaches, some of which could significantly impact PPL's coal-fired plants. PPL, PPL Energy Supply, LKE, LG&E and KU worked with industry groups to comment on the proposed regulation on September 20, 2013. The EPA has agreed to a new deadline for the final rule of September 30, 2015. At the present time, PPL, PPL Energy Supply, LKE, LG&E and KU are unable to predict the outcome of this matter or estimate a range of reasonably possible costs, but the costs could be significant. Pending finalization of the ELGs, certain states (including Pennsylvania and Kentucky) and environmental groups are proposing more stringent technology-based limits in permit renewals. Depending on the final limits imposed, the costs of compliance could be significant and costs could be imposed ahead of federal timelines. | |||||||
Other Issues | |||||||
(All Registrants) | |||||||
The EPA is reassessing its polychlorinated biphenyls (PCB) regulations under the Toxic Substance Control Act, which currently allow certain PCB articles to remain in use. In April 2010, the EPA issued an Advanced Notice of Proposed Rulemaking for changes to these regulations. This rulemaking could lead to a phase-out of all or some PCB-containing equipment. The EPA is planning to propose the revised regulations in November 2014. PCBs are found, in varying degrees, in all of the Registrants' operations. The Registrants cannot predict at this time the outcome of these proposed EPA regulations and what impact, if any, they would have on their facilities, but the costs could be significant. | |||||||
On April 21, 2014, the EPA and the U.S. Army Corps of Engineers (Army Corps) published the proposed rule defining waters of the United States (WOTUS) that could significantly expand the federal government's interpretation of what constitutes WOTUS subject to regulation under the Clean Water Act. The comment deadline is July 21, 2014. If the definition is expanded as proposed by the EPA and the Army Corps, permits and other regulatory requirements may be imposed for many matters presently not covered (including vegetation management for transmission lines and activities affecting storm water conveyances and wetlands), the implications of which could be significant. Any eventual expansion of this interpretation cannot reliably be estimated at this time but would not be expected to have a material financial impact on the registrants. | |||||||
(PPL and PPL Energy Supply) | |||||||
A subsidiary of PPL Energy Supply has investigated alternatives to exclude fish from the discharge channel at its Brunner Island plant. In June 2012, a Consent Order and Agreement (COA) was signed allowing the subsidiary to study a change in a cooling tower operational method that may keep fish from entering the channel. The COA required a retrofit of impingement control technology at the intakes to the cooling towers, at a cost that would have been significant. Based on the results of the first year of study, the PADEP has suggested closing the COA and writing a new COA to resolve the issue. PPL is in negotiations with the agency at this time. PPL and PPL Energy Supply cannot predict at this time the outcome of the proposed new COA and what impact, if any, it would have on their facilities, but the costs could be significant. | |||||||
(PPL, LKE, LG&E and KU) | |||||||
In May 2010, the Kentucky Waterways Alliance and other environmental groups filed a petition with the Kentucky Energy and Environment Cabinet challenging the Kentucky Pollutant Discharge Elimination System permit issued in April 2010, which covers water discharges from the Trimble County plant. In November 2010, the Cabinet issued a final order upholding the permit. In December 2010, the environmental groups appealed the order to the Trimble Circuit Court, but the case was subsequently transferred to the Franklin Circuit Court. In September 2013, the court reversed the Cabinet order upholding the permit and remanded the permit to the agency for further proceedings. In October 2013, LG&E filed a notice of appeal with the Kentucky Court of Appeals. PPL, LKE, LG&E and KU are unable to predict the outcome of this matter or estimate a range of reasonably possible losses, if any. | |||||||
Superfund and Other Remediation (All Registrants) | |||||||
PPL Electric is potentially responsible for costs at several sites listed by the EPA under the federal Superfund program, including the Columbia Gas Plant site, the Metal Bank site and the Ward Transformer site. Clean-up actions have been or are being undertaken at all of these sites, the costs of which have not been significant to PPL Electric. However, should the EPA require different or additional measures in the future, or should PPL Electric's share of costs at multi-party sites increase substantially more than currently expected, the costs could be significant. | |||||||
PPL Electric, LG&E and KU are remediating or have completed the remediation of several sites that were not addressed under a regulatory program such as Superfund, but for which PPL Electric, LG&E and KU may be liable for remediation. These include a number of former coal gas manufacturing plants in Pennsylvania and Kentucky previously owned or operated or currently owned by predecessors or affiliates of PPL Electric, LG&E and KU. There are additional sites, formerly owned or operated by PPL Electric, LG&E and KU predecessors or affiliates, for which PPL Electric, LG&E and KU lack information on current site conditions and are therefore unable to predict what, if any, potential liability they may have. | |||||||
Depending on the outcome of investigations at sites where investigations have not begun or been completed or developments at sites for which PPL Electric, LG&E and KU currently lack information, the costs of remediation and other liabilities could be material. PPL, PPL Electric, LKE, LG&E and KU cannot estimate a range of reasonably possible losses, if any, related to these matters. | |||||||
The EPA is evaluating the risks associated with polycyclic aromatic hydrocarbons and naphthalene, chemical by-products of coal gas manufacturing. As a result of the EPA's evaluation, individual states may establish stricter standards for water quality and soil cleanup. This could require several PPL subsidiaries to take more extensive assessment and remedial actions at former coal gas manufacturing plants. PPL, PPL Electric, LKE, LG&E and KU cannot estimate a range of reasonably possible losses, if any, related to these matters. | |||||||
From time to time, PPL Energy Supply, PPL Electric, LG&E and KU undertake remedial action in response to notices of violations, spills or other releases at various on-site and off-site locations, negotiate with the EPA and state and local agencies regarding actions necessary for compliance with applicable requirements, negotiate with property owners and other third parties alleging impacts from PPL's operations and undertake similar actions necessary to resolve environmental matters which arise in the course of normal operations. Based on analyses to date, resolution of these environmental matters is not expected to have a significant adverse impact on these Registrants' operations. | |||||||
Future cleanup or remediation work at sites currently under review, or at sites not currently identified, may result in significant additional costs for the Registrants. | |||||||
Environmental Matters - WPD (PPL) | |||||||
WPD's distribution businesses are subject to environmental regulatory and statutory requirements. PPL believes that WPD has taken and continues to take measures to comply with the applicable laws and governmental regulations for the protection of the environment. | |||||||
Other | |||||||
Nuclear Insurance (PPL and PPL Energy Supply) | |||||||
The Price-Anderson Act is a United States Federal law which governs liability-related issues and ensures the availability of funds for public liability claims arising from an incident at any of the U.S. licensed nuclear facilities. It also seeks to limit the liability of nuclear reactor owners for such claims from any single incident. Effective September 10, 2013, the liability limit per incident is $13.6 billion for such claims which is funded by insurance coverage from American Nuclear Insurers and an industry assessment program. | |||||||
Under the industry assessment program, in the event of a nuclear incident at any of the reactors covered by The Price-Anderson Act as amended, PPL Susquehanna could be assessed up to $255 million per incident, payable at $38 million per year. | |||||||
Additionally, PPL Susquehanna purchases property insurance programs from NEIL, an industry mutual insurance company of which PPL Susquehanna is a member. Effective April 1, 2014, facilities at the Susquehanna plant are insured against property damage losses up to $2.0 billion. PPL Susquehanna also purchases an insurance program that provides coverage for the cost of replacement power during prolonged outages of nuclear units caused by certain specified conditions. | |||||||
Under the NEIL property and replacement power insurance programs, PPL Susquehanna could be assessed retrospective premiums in the event of the insurers' adverse loss experience. This maximum assessment is $46 million. | |||||||
Pennsylvania Coal Plants (PPL and PPL Energy Supply) | |||||||
PPL Energy Supply believes its competitive coal-fired generation assets in Pennsylvania are well positioned to meet current environmental requirements based on prior and planned investments. However, the current levels of energy and capacity prices in PJM, as well as management's forward view of these prices using its fundamental pricing models, continue to challenge the recoverability of PPL Energy Supply's investment in its Pennsylvania coal-fired generation assets. In the fourth quarter of 2013, management tested the Brunner Island and Montour plants for impairment and concluded neither was impaired as of December 31, 2013. The recoverability test was very sensitive to forward energy and capacity price assumptions, as well as forecasted operation and maintenance and capital spending. Therefore, a further decline in forecasted long-term energy or capacity prices or changes in environmental laws requiring additional capital or operation and maintenance expenditures, could negatively impact PPL Energy Supply's operations of these facilities and potentially result in future impairment charges for some or all of the carrying value of these plants. There were no events or changes in circumstances that indicated a recoverability test was required in the first quarter of 2014. However, PPL Energy Supply will be closely monitoring the PJM capacity auction results in May 2014, which could require a recoverability test to be performed in the second quarter of 2014. The carrying value of the Pennsylvania coal-fired generation assets was $2.6 billion as of March 31, 2014 ($1.4 billion for Brunner Island and $1.2 billion for Montour). | |||||||
Labor Unions (PPL, PPL Energy Supply and PPL Electric) | |||||||
On May 11, 2014, PPL's, PPL Energy Supply's and PPL Electric's bargaining agreement with its largest IBEW local expires. The agreement covers approximately 20% of PPL's, 24% of PPL Energy Supply's and 63% of PPL Electric's total workforce. Negotiations on a new agreement commenced in January 2014 and are continuing. PPL, PPL Energy Supply and PPL Electric cannot predict the outcome of these negotiations. If there were to be a work stoppage, a significant disruption of operations could occur which could have an adverse financial impact. To help mitigate such risks, PPL, PPL Energy Supply and PPL Electric have been making preparations to maintain critical services. | |||||||
Guarantees and Other Assurances | |||||||
(All Registrants) | |||||||
In the normal course of business, the Registrants enter into agreements that provide financial performance assurance to third parties on behalf of certain subsidiaries. Such agreements include, for example, guarantees, stand-by letters of credit issued by financial institutions and surety bonds issued by insurance companies. These agreements are entered into primarily to support or enhance the creditworthiness attributed to a subsidiary on a stand-alone basis or to facilitate the commercial activities in which these subsidiaries engage. | |||||||
(PPL) | |||||||
PPL fully and unconditionally guarantees all of the debt securities of PPL Capital Funding. | |||||||
(All Registrants) | |||||||
The table below details guarantees provided as of March 31, 2014. "Exposure" represents the estimated maximum potential amount of future payments that could be required to be made under the guarantee. The probability of expected payment/performance under each of these guarantees is remote except for "WPD guarantee of pension and other obligations of unconsolidated entities" and "Indemnification of lease termination and other divestitures." The total recorded liability at March 31, 2014 and December 31, 2013, was $26 million for PPL and $19 million for LKE. For reporting purposes, on a consolidated basis, all guarantees of PPL Energy Supply (other than the letters of credit), PPL Electric, LKE, LG&E and KU also apply to PPL, and all guarantees of LG&E and KU also apply to LKE. | |||||||
Exposure at | Expiration | ||||||
March 31, 2014 | Date | ||||||
PPL | |||||||
Indemnifications related to the WPD Midlands acquisition | (a) | ||||||
WPD indemnifications for entities in liquidation and sales of assets | $ | 12 | (b) | 2017 - 2018 | |||
WPD guarantee of pension and other obligations of unconsolidated entities | 128 | (c) | |||||
PPL Energy Supply | |||||||
Letters of credit issued on behalf of affiliates | 30 | (d) | 2014 - 2015 | ||||
Indemnifications for sales of assets | 250 | (e) | 2025 | ||||
Guarantee of a portion of a divested unconsolidated entity's debt | 22 | (f) | 2018 | ||||
PPL Electric | |||||||
Guarantee of inventory value | 32 | (g) | 2017 | ||||
LKE | |||||||
Indemnification of lease termination and other divestitures | 301 | (h) | 2021 - 2023 | ||||
LG&E and KU | |||||||
LG&E and KU guarantee of shortfall related to OVEC | (i) | ||||||
(a) Indemnifications related to certain liabilities, including a specific unresolved tax issue and those relating to properties and assets owned by the seller that were transferred to WPD Midlands in connection with the acquisition. A cross indemnity has been received from the seller on the tax issue. The maximum exposure and expiration of these indemnifications cannot be estimated because the maximum potential liability is not capped and the expiration date is not specified in the transaction documents. | |||||||
(b) Indemnification to the liquidators and certain others for existing liabilities or expenses or liabilities arising during the liquidation process. The indemnifications are limited to distributions made from the subsidiary to its parent either prior or subsequent to liquidation or is not explicitly stated in the agreements. The indemnifications generally expire two to seven years subsequent to the date of dissolution of the entities. The exposure noted only includes those cases where the agreements provide for specific limits. | |||||||
In connection with their sales of various businesses, WPD and its affiliates have provided the purchasers with indemnifications that are standard for such transactions, including indemnifications for certain pre-existing liabilities and environmental and tax matters or have agreed to continue their obligations under existing third-party guarantees, either for a set period of time following the transactions or upon the condition that the purchasers make reasonable efforts to terminate the guarantees. Finally, WPD and its affiliates remain secondarily responsible for lease payments under certain leases that they have assigned to third parties. | |||||||
(c) Relates to certain obligations of discontinued or modified electric associations that were guaranteed at the time of privatization by the participating members. Costs are allocated to the members and can be reallocated if an existing member becomes insolvent. At March 31, 2014, WPD has recorded an estimated discounted liability for which the expected payment/performance is probable. Neither the expiration date nor the maximum amount of potential payments for certain obligations is explicitly stated in the related agreements, and as a result, the exposure has been estimated. | |||||||
(d) Standby letter of credit arrangements under PPL Energy Supply's credit facilities for the purposes of protecting various third parties against nonperformance by PPL. This is not a guarantee by PPL on a consolidated basis. | |||||||
(e) Indemnifications are governed by the specific sales agreement and include breach of the representations, warranties and covenants, and liabilities for certain other matters. PPL Energy Supply's maximum exposure with respect to certain indemnifications and the expiration of the indemnifications cannot be estimated because the maximum potential liability is not capped by the transaction documents and the expiration date is based on the applicable statute of limitations. The exposure and expiration date noted is based on those cases in which the agreements provide for specific limits. | |||||||
(f) Relates to a guarantee of one-third of the divested entity's debt. The purchaser provided a cross-indemnity, secured by a lien on the purchaser's stock of the divested entity. The exposure noted reflects principal only. | |||||||
(g) A third party logistics firm provides inventory procurement and fulfillment services. The logistics firm has title to the inventory, however, upon termination of the contracts, PPL Electric has guaranteed to purchase any remaining inventory that has not been used or sold. | |||||||
(h) LKE provides certain indemnifications, the most significant of which relate to the termination of the WKE lease in July 2009. These guarantees cover the due and punctual payment, performance and discharge by each party of its respective present and future obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under the WKE Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a cumulative maximum exposure of $200 million. Certain items such as government fines and penalties fall outside the cumulative cap. LKE has contested the applicability of the indemnification requirement relating to one matter presented by a counterparty under this guarantee. Another guarantee with a maximum exposure of $100 million covering other indemnifications expires in 2023. In May 2012, LKE's indemnitee received an arbitration panel's decision affecting this matter, which granted LKE's indemnitee certain rights of first refusal to purchase excess power at a market-based price rather than at an absolute fixed price. In January 2013, LKE's indemnitee commenced a proceeding in the Kentucky Court of Appeals appealing the December 2012 order of the Henderson Circuit Court, confirming the arbitration award. A decision in the appellate matter may occur during 2014. LKE believes its indemnification obligations in this matter remain subject to various uncertainties, including potential for additional legal challenges regarding the arbitration decision as well as future prices, availability and demand for the subject excess power. LKE continues to evaluate various legal and commercial options with respect to this indemnification matter. The ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum; however, LKE is not aware of formal claims under such indemnities made by any party at this time. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of such indemnification circumstances, but does not currently expect such outcomes to result in significant losses above the amounts recorded. | |||||||
(i) Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement and decommissioning costs, as well as any shortfall from amounts currently included within a demand charge designed and currently expected to cover these costs over the term of the contract. The maximum exposure and the expiration date of these potential obligations are not presently determinable. See “Energy Purchase Commitments” and “Guarantees and Other Assurances” in Note 15 in PPL's, LKE's, LG&E's and KU's 2013 Form 10-K for additional information on the OVEC power purchase contract. | |||||||
The Registrants provide other miscellaneous guarantees through contracts entered into in the normal course of business. These guarantees are primarily in the form of indemnification or warranties related to services or equipment and vary in duration. The amounts of these guarantees often are not explicitly stated, and the overall maximum amount of the obligation under such guarantees cannot be reasonably estimated. Historically, no significant payments have been made with respect to these types of guarantees and the probability of payment/performance under these guarantees is remote. | |||||||
PPL, on behalf of itself and certain of its subsidiaries, maintains insurance that covers liability assumed under contract for bodily injury and property damage. The coverage provides maximum aggregate coverage of $225 million. This insurance may be applicable to obligations under certain of these contractual arrangements. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
PPL Energy Supply LLC [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
11. Related Party Transactions | |||||||||||||
PLR Contracts/Purchase of Accounts Receivable (PPL Energy Supply and PPL Electric) | |||||||||||||
PPL Electric holds competitive solicitations for PLR generation supply. PPL EnergyPlus has been awarded a portion of the PLR generation supply through these competitive solicitations. The sales and purchases between PPL EnergyPlus and PPL Electric are included in the Statements of Income as "Unregulated wholesale energy to affiliate" by PPL Energy Supply and as "Energy purchases from affiliate" by PPL Electric. | |||||||||||||
Under the standard Default Service Supply Master Agreement for the solicitation process, PPL Electric requires all suppliers to post collateral once credit exposures exceed defined credit limits. PPL EnergyPlus is required to post collateral with PPL Electric: (a) when the market price of electricity to be delivered by PPL EnergyPlus exceeds the contract price for the forecasted quantity of electricity to be delivered and (b) this market price exposure exceeds a contractual credit limit. Based on the current credit rating of PPL Energy Supply, as guarantor, PPL EnergyPlus' credit limit was $20 million at March 31, 2014. In no instance is PPL Electric required to post collateral to suppliers under these supply contracts. | |||||||||||||
PPL Electric's customers may choose an alternative supplier for their generation supply. See Note 2 for additional information regarding PPL Electric's purchases of accounts receivable from alternative suppliers, including PPL EnergyPlus. | |||||||||||||
At March 31, 2014, PPL Energy Supply had a net credit exposure of $29 million from PPL Electric from its commitment as a PLR supplier and from the sale of its accounts receivable to PPL Electric. | |||||||||||||
Support Costs (All Registrants except PPL) | |||||||||||||
Both PPL Services and LKS provide the respective PPL and LKE subsidiaries with administrative, management and support services. Where applicable, the costs of these services are charged to the respective subsidiaries as direct support costs. General costs that cannot be directly attributed to a specific subsidiary are allocated and charged to the respective subsidiaries as indirect support costs. PPL Services uses a three-factor methodology that includes the subsidiaries' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 | |||||||||||
LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. | |||||||||||||
Intercompany Borrowings | |||||||||||||
(PPL Electric) | |||||||||||||
A PPL Electric subsidiary periodically holds revolving demand notes from certain affiliates. At March 31, 2014, there was no balance outstanding. At December 31, 2013, $150 million was outstanding and was reflected in “Notes receivable from affiliate” on the Balance Sheet. The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at December 31, 2013, was 1.92%. Interest earned on these revolving facilities was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
(LKE) | |||||||||||||
LKE maintains a $225 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rate on borrowings is equal to one-month LIBOR plus a spread. There were no balances outstanding at March 31, 2014 and December 31, 2013. | |||||||||||||
LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. At March 31, 2014 and December 31, 2013, $4 million and $70 million were outstanding and were reflected in "Notes receivable from affiliates" on the Balance Sheets. The interest rate on the loan based on the PPL affiliate's credit rating is currently equal to one-month LIBOR plus a spread. The interest rates on the outstanding borrowing at March 31, 2014 and December 31, 2013 were 2.16% and 2.17%. Interest income on this note was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
Other (All Registrants except PPL and LKE) | |||||||||||||
See Note 9 for discussions regarding intercompany allocations associated with defined benefits. | |||||||||||||
PPL Electric Utilities Corp [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
11. Related Party Transactions | |||||||||||||
PLR Contracts/Purchase of Accounts Receivable (PPL Energy Supply and PPL Electric) | |||||||||||||
PPL Electric holds competitive solicitations for PLR generation supply. PPL EnergyPlus has been awarded a portion of the PLR generation supply through these competitive solicitations. The sales and purchases between PPL EnergyPlus and PPL Electric are included in the Statements of Income as "Unregulated wholesale energy to affiliate" by PPL Energy Supply and as "Energy purchases from affiliate" by PPL Electric. | |||||||||||||
Under the standard Default Service Supply Master Agreement for the solicitation process, PPL Electric requires all suppliers to post collateral once credit exposures exceed defined credit limits. PPL EnergyPlus is required to post collateral with PPL Electric: (a) when the market price of electricity to be delivered by PPL EnergyPlus exceeds the contract price for the forecasted quantity of electricity to be delivered and (b) this market price exposure exceeds a contractual credit limit. Based on the current credit rating of PPL Energy Supply, as guarantor, PPL EnergyPlus' credit limit was $20 million at March 31, 2014. In no instance is PPL Electric required to post collateral to suppliers under these supply contracts. | |||||||||||||
PPL Electric's customers may choose an alternative supplier for their generation supply. See Note 2 for additional information regarding PPL Electric's purchases of accounts receivable from alternative suppliers, including PPL EnergyPlus. | |||||||||||||
At March 31, 2014, PPL Energy Supply had a net credit exposure of $29 million from PPL Electric from its commitment as a PLR supplier and from the sale of its accounts receivable to PPL Electric. | |||||||||||||
Support Costs (All Registrants except PPL) | |||||||||||||
Both PPL Services and LKS provide the respective PPL and LKE subsidiaries with administrative, management and support services. Where applicable, the costs of these services are charged to the respective subsidiaries as direct support costs. General costs that cannot be directly attributed to a specific subsidiary are allocated and charged to the respective subsidiaries as indirect support costs. PPL Services uses a three-factor methodology that includes the subsidiaries' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 | |||||||||||
LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. | |||||||||||||
Intercompany Borrowings | |||||||||||||
(PPL Electric) | |||||||||||||
A PPL Electric subsidiary periodically holds revolving demand notes from certain affiliates. At March 31, 2014, there was no balance outstanding. At December 31, 2013, $150 million was outstanding and was reflected in “Notes receivable from affiliate” on the Balance Sheet. The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at December 31, 2013, was 1.92%. Interest earned on these revolving facilities was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
(LKE) | |||||||||||||
LKE maintains a $225 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rate on borrowings is equal to one-month LIBOR plus a spread. There were no balances outstanding at March 31, 2014 and December 31, 2013. | |||||||||||||
LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. At March 31, 2014 and December 31, 2013, $4 million and $70 million were outstanding and were reflected in "Notes receivable from affiliates" on the Balance Sheets. The interest rate on the loan based on the PPL affiliate's credit rating is currently equal to one-month LIBOR plus a spread. The interest rates on the outstanding borrowing at March 31, 2014 and December 31, 2013 were 2.16% and 2.17%. Interest income on this note was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
Other (All Registrants except PPL and LKE) | |||||||||||||
See Note 9 for discussions regarding intercompany allocations associated with defined benefits. | |||||||||||||
LG And E And KU Energy LLC [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
11. Related Party Transactions | |||||||||||||
PLR Contracts/Purchase of Accounts Receivable (PPL Energy Supply and PPL Electric) | |||||||||||||
PPL Electric holds competitive solicitations for PLR generation supply. PPL EnergyPlus has been awarded a portion of the PLR generation supply through these competitive solicitations. The sales and purchases between PPL EnergyPlus and PPL Electric are included in the Statements of Income as "Unregulated wholesale energy to affiliate" by PPL Energy Supply and as "Energy purchases from affiliate" by PPL Electric. | |||||||||||||
Under the standard Default Service Supply Master Agreement for the solicitation process, PPL Electric requires all suppliers to post collateral once credit exposures exceed defined credit limits. PPL EnergyPlus is required to post collateral with PPL Electric: (a) when the market price of electricity to be delivered by PPL EnergyPlus exceeds the contract price for the forecasted quantity of electricity to be delivered and (b) this market price exposure exceeds a contractual credit limit. Based on the current credit rating of PPL Energy Supply, as guarantor, PPL EnergyPlus' credit limit was $20 million at March 31, 2014. In no instance is PPL Electric required to post collateral to suppliers under these supply contracts. | |||||||||||||
PPL Electric's customers may choose an alternative supplier for their generation supply. See Note 2 for additional information regarding PPL Electric's purchases of accounts receivable from alternative suppliers, including PPL EnergyPlus. | |||||||||||||
At March 31, 2014, PPL Energy Supply had a net credit exposure of $29 million from PPL Electric from its commitment as a PLR supplier and from the sale of its accounts receivable to PPL Electric. | |||||||||||||
Support Costs (All Registrants except PPL) | |||||||||||||
Both PPL Services and LKS provide the respective PPL and LKE subsidiaries with administrative, management and support services. Where applicable, the costs of these services are charged to the respective subsidiaries as direct support costs. General costs that cannot be directly attributed to a specific subsidiary are allocated and charged to the respective subsidiaries as indirect support costs. PPL Services uses a three-factor methodology that includes the subsidiaries' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 | |||||||||||
LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. | |||||||||||||
Intercompany Borrowings | |||||||||||||
(PPL Electric) | |||||||||||||
A PPL Electric subsidiary periodically holds revolving demand notes from certain affiliates. At March 31, 2014, there was no balance outstanding. At December 31, 2013, $150 million was outstanding and was reflected in “Notes receivable from affiliate” on the Balance Sheet. The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at December 31, 2013, was 1.92%. Interest earned on these revolving facilities was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
(LKE) | |||||||||||||
LKE maintains a $225 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rate on borrowings is equal to one-month LIBOR plus a spread. There were no balances outstanding at March 31, 2014 and December 31, 2013. | |||||||||||||
LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. At March 31, 2014 and December 31, 2013, $4 million and $70 million were outstanding and were reflected in "Notes receivable from affiliates" on the Balance Sheets. The interest rate on the loan based on the PPL affiliate's credit rating is currently equal to one-month LIBOR plus a spread. The interest rates on the outstanding borrowing at March 31, 2014 and December 31, 2013 were 2.16% and 2.17%. Interest income on this note was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
Other (All Registrants except PPL and LKE) | |||||||||||||
See Note 9 for discussions regarding intercompany allocations associated with defined benefits. | |||||||||||||
Louisville Gas And Electric Co [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
11. Related Party Transactions | |||||||||||||
PLR Contracts/Purchase of Accounts Receivable (PPL Energy Supply and PPL Electric) | |||||||||||||
PPL Electric holds competitive solicitations for PLR generation supply. PPL EnergyPlus has been awarded a portion of the PLR generation supply through these competitive solicitations. The sales and purchases between PPL EnergyPlus and PPL Electric are included in the Statements of Income as "Unregulated wholesale energy to affiliate" by PPL Energy Supply and as "Energy purchases from affiliate" by PPL Electric. | |||||||||||||
Under the standard Default Service Supply Master Agreement for the solicitation process, PPL Electric requires all suppliers to post collateral once credit exposures exceed defined credit limits. PPL EnergyPlus is required to post collateral with PPL Electric: (a) when the market price of electricity to be delivered by PPL EnergyPlus exceeds the contract price for the forecasted quantity of electricity to be delivered and (b) this market price exposure exceeds a contractual credit limit. Based on the current credit rating of PPL Energy Supply, as guarantor, PPL EnergyPlus' credit limit was $20 million at March 31, 2014. In no instance is PPL Electric required to post collateral to suppliers under these supply contracts. | |||||||||||||
PPL Electric's customers may choose an alternative supplier for their generation supply. See Note 2 for additional information regarding PPL Electric's purchases of accounts receivable from alternative suppliers, including PPL EnergyPlus. | |||||||||||||
At March 31, 2014, PPL Energy Supply had a net credit exposure of $29 million from PPL Electric from its commitment as a PLR supplier and from the sale of its accounts receivable to PPL Electric. | |||||||||||||
Support Costs (All Registrants except PPL) | |||||||||||||
Both PPL Services and LKS provide the respective PPL and LKE subsidiaries with administrative, management and support services. Where applicable, the costs of these services are charged to the respective subsidiaries as direct support costs. General costs that cannot be directly attributed to a specific subsidiary are allocated and charged to the respective subsidiaries as indirect support costs. PPL Services uses a three-factor methodology that includes the subsidiaries' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 | |||||||||||
LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. | |||||||||||||
Intercompany Borrowings | |||||||||||||
(PPL Electric) | |||||||||||||
A PPL Electric subsidiary periodically holds revolving demand notes from certain affiliates. At March 31, 2014, there was no balance outstanding. At December 31, 2013, $150 million was outstanding and was reflected in “Notes receivable from affiliate” on the Balance Sheet. The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at December 31, 2013, was 1.92%. Interest earned on these revolving facilities was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
(LKE) | |||||||||||||
LKE maintains a $225 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rate on borrowings is equal to one-month LIBOR plus a spread. There were no balances outstanding at March 31, 2014 and December 31, 2013. | |||||||||||||
LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. At March 31, 2014 and December 31, 2013, $4 million and $70 million were outstanding and were reflected in "Notes receivable from affiliates" on the Balance Sheets. The interest rate on the loan based on the PPL affiliate's credit rating is currently equal to one-month LIBOR plus a spread. The interest rates on the outstanding borrowing at March 31, 2014 and December 31, 2013 were 2.16% and 2.17%. Interest income on this note was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
Other (All Registrants except PPL and LKE) | |||||||||||||
See Note 9 for discussions regarding intercompany allocations associated with defined benefits. | |||||||||||||
Kentucky Utilities Co [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
11. Related Party Transactions | |||||||||||||
PLR Contracts/Purchase of Accounts Receivable (PPL Energy Supply and PPL Electric) | |||||||||||||
PPL Electric holds competitive solicitations for PLR generation supply. PPL EnergyPlus has been awarded a portion of the PLR generation supply through these competitive solicitations. The sales and purchases between PPL EnergyPlus and PPL Electric are included in the Statements of Income as "Unregulated wholesale energy to affiliate" by PPL Energy Supply and as "Energy purchases from affiliate" by PPL Electric. | |||||||||||||
Under the standard Default Service Supply Master Agreement for the solicitation process, PPL Electric requires all suppliers to post collateral once credit exposures exceed defined credit limits. PPL EnergyPlus is required to post collateral with PPL Electric: (a) when the market price of electricity to be delivered by PPL EnergyPlus exceeds the contract price for the forecasted quantity of electricity to be delivered and (b) this market price exposure exceeds a contractual credit limit. Based on the current credit rating of PPL Energy Supply, as guarantor, PPL EnergyPlus' credit limit was $20 million at March 31, 2014. In no instance is PPL Electric required to post collateral to suppliers under these supply contracts. | |||||||||||||
PPL Electric's customers may choose an alternative supplier for their generation supply. See Note 2 for additional information regarding PPL Electric's purchases of accounts receivable from alternative suppliers, including PPL EnergyPlus. | |||||||||||||
At March 31, 2014, PPL Energy Supply had a net credit exposure of $29 million from PPL Electric from its commitment as a PLR supplier and from the sale of its accounts receivable to PPL Electric. | |||||||||||||
Support Costs (All Registrants except PPL) | |||||||||||||
Both PPL Services and LKS provide the respective PPL and LKE subsidiaries with administrative, management and support services. Where applicable, the costs of these services are charged to the respective subsidiaries as direct support costs. General costs that cannot be directly attributed to a specific subsidiary are allocated and charged to the respective subsidiaries as indirect support costs. PPL Services uses a three-factor methodology that includes the subsidiaries' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 | |||||||||||
LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. | |||||||||||||
Intercompany Borrowings | |||||||||||||
(PPL Electric) | |||||||||||||
A PPL Electric subsidiary periodically holds revolving demand notes from certain affiliates. At March 31, 2014, there was no balance outstanding. At December 31, 2013, $150 million was outstanding and was reflected in “Notes receivable from affiliate” on the Balance Sheet. The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at December 31, 2013, was 1.92%. Interest earned on these revolving facilities was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
(LKE) | |||||||||||||
LKE maintains a $225 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rate on borrowings is equal to one-month LIBOR plus a spread. There were no balances outstanding at March 31, 2014 and December 31, 2013. | |||||||||||||
LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. At March 31, 2014 and December 31, 2013, $4 million and $70 million were outstanding and were reflected in "Notes receivable from affiliates" on the Balance Sheets. The interest rate on the loan based on the PPL affiliate's credit rating is currently equal to one-month LIBOR plus a spread. The interest rates on the outstanding borrowing at March 31, 2014 and December 31, 2013 were 2.16% and 2.17%. Interest income on this note was not significant for the three months ended March 31, 2014 and 2013. | |||||||||||||
Other (All Registrants except PPL and LKE) | |||||||||||||
See Note 9 for discussions regarding intercompany allocations associated with defined benefits. |
Other_Income_Expense_net
Other Income (Expense) - net | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Other Income (Expense) Net [Abstract] | ' | ||||||||||||||
Other Income (Expense) - net | ' | ||||||||||||||
12. Other Income (Expense) - net | |||||||||||||||
(All Registrants) | |||||||||||||||
The breakdown of "Other Income (Expense) - net" for the periods ended March 31 was: | |||||||||||||||
Three Months | |||||||||||||||
2014 | 2013 | ||||||||||||||
PPL | |||||||||||||||
Other Income | |||||||||||||||
Earnings on securities in NDT funds | $ | 6 | $ | 5 | |||||||||||
Interest income | 1 | 1 | |||||||||||||
AFUDC - equity component | 3 | 3 | |||||||||||||
Miscellaneous - Domestic | 2 | 2 | |||||||||||||
Miscellaneous - U.K. | 1 | ||||||||||||||
Total Other Income | 12 | 12 | |||||||||||||
Other Expense | |||||||||||||||
Economic foreign currency exchange contracts (Note 14) | 24 | -119 | |||||||||||||
Charitable contributions | 7 | 4 | |||||||||||||
Miscellaneous - Domestic | 3 | 4 | |||||||||||||
Miscellaneous - U.K. | 1 | 1 | |||||||||||||
Total Other Expense | 35 | -110 | |||||||||||||
Other Income (Expense) - net | $ | -23 | $ | 122 | |||||||||||
The components of "Other Income (Expense) - net" for the three months ended March 31, 2014 and 2013 for PPL Energy Supply, PPL Electric, LKE, LG&E and KU were not significant. |
Fair_Value_Measurements_and_Cr
Fair Value Measurements and Credit Concentration | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurements and Credit Concentration [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements and Credit Concentration | ' | |||||||||||||||||||||||||||||||
13. Fair Value Measurements and Credit Concentration | ||||||||||||||||||||||||||||||||
(All Registrants) | ||||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). A market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and/or a cost approach (generally, replacement cost) are used to measure the fair value of an asset or liability, as appropriate. These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. The fair value of a group of financial assets and liabilities is measured on a net basis. Transfers between levels are recognized at end-of-reporting-period values. During the three months ended March 31, 2014 and 2013, there were no transfers between Level 1 and Level 2. See Note 1 in each Registrant's 2013 Form 10-K for information on the levels in the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||||||||||||||
The assets and liabilities measured at fair value were: | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,256 | $ | 1,256 | $ | 1,102 | $ | 1,102 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (a) | 491 | 491 | 156 | 156 | ||||||||||||||||||||||||||||
Price risk management assets: | ||||||||||||||||||||||||||||||||
Energy commodities | 1,417 | 2 | $ | 1,330 | $ | 85 | 1,188 | 3 | $ | 1,123 | $ | 62 | ||||||||||||||||||||
Interest rate swaps | 9 | 9 | 91 | 91 | ||||||||||||||||||||||||||||
Foreign currency contracts | 5 | 5 | ||||||||||||||||||||||||||||||
Total price risk management assets | 1,431 | 2 | 1,344 | 85 | 1,279 | 3 | 1,214 | 62 | ||||||||||||||||||||||||
NDT funds: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 13 | 13 | 14 | 14 | ||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
U.S. large-cap | 556 | 415 | 141 | 547 | 409 | 138 | ||||||||||||||||||||||||||
U.S. mid/small-cap | 83 | 34 | 49 | 81 | 33 | 48 | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
U.S. Treasury | 95 | 95 | 95 | 95 | ||||||||||||||||||||||||||||
U.S. government sponsored agency | 6 | 6 | 6 | 6 | ||||||||||||||||||||||||||||
Municipality | 80 | 80 | 77 | 77 | ||||||||||||||||||||||||||||
Investment-grade corporate | 41 | 41 | 38 | 38 | ||||||||||||||||||||||||||||
Other | 4 | 4 | 5 | 5 | ||||||||||||||||||||||||||||
Receivables (payables), net | 1 | -1 | 2 | 1 | -1 | 2 | ||||||||||||||||||||||||||
Total NDT funds | 879 | 556 | 323 | 864 | 550 | 314 | ||||||||||||||||||||||||||
Auction rate securities (b) | 16 | 16 | 19 | 19 | ||||||||||||||||||||||||||||
Total assets | $ | 4,073 | $ | 2,305 | $ | 1,667 | $ | 101 | $ | 3,420 | $ | 1,811 | $ | 1,528 | $ | 81 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Price risk management liabilities: | ||||||||||||||||||||||||||||||||
Energy commodities | $ | 1,527 | $ | 1 | $ | 1,458 | $ | 68 | $ | 1,070 | $ | 4 | $ | 1,028 | $ | 38 | ||||||||||||||||
Interest rate swaps | 47 | 47 | 36 | 36 | ||||||||||||||||||||||||||||
Foreign currency contracts | 123 | 123 | 106 | 106 | ||||||||||||||||||||||||||||
Cross-currency swaps | 55 | 55 | 32 | 32 | ||||||||||||||||||||||||||||
Total price risk management liabilities | $ | 1,752 | $ | 1 | $ | 1,683 | $ | 68 | $ | 1,244 | $ | 4 | $ | 1,202 | $ | 38 | ||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 441 | $ | 441 | $ | 239 | $ | 239 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (a) | 429 | 429 | 85 | 85 | ||||||||||||||||||||||||||||
Price risk management assets: | ||||||||||||||||||||||||||||||||
Energy commodities | 1,417 | 2 | $ | 1,330 | $ | 85 | 1,188 | 3 | $ | 1,123 | $ | 62 | ||||||||||||||||||||
Total price risk management assets | 1,417 | 2 | 1,330 | 85 | 1,188 | 3 | 1,123 | 62 | ||||||||||||||||||||||||
NDT funds: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 13 | 13 | 14 | 14 | ||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
U.S. large-cap | 556 | 415 | 141 | 547 | 409 | 138 | ||||||||||||||||||||||||||
U.S. mid/small-cap | 83 | 34 | 49 | 81 | 33 | 48 | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
U.S. Treasury | 95 | 95 | 95 | 95 | ||||||||||||||||||||||||||||
U.S. government sponsored agency | 6 | 6 | 6 | 6 | ||||||||||||||||||||||||||||
Municipality | 80 | 80 | 77 | 77 | ||||||||||||||||||||||||||||
Investment-grade corporate | 41 | 41 | 38 | 38 | ||||||||||||||||||||||||||||
Other | 4 | 4 | 5 | 5 | ||||||||||||||||||||||||||||
Receivables (payables), net | 1 | -1 | 2 | 1 | -1 | 2 | ||||||||||||||||||||||||||
Total NDT funds | 879 | 556 | 323 | 864 | 550 | 314 | ||||||||||||||||||||||||||
Auction rate securities (b) | 13 | 13 | 16 | 16 | ||||||||||||||||||||||||||||
Total assets | $ | 3,179 | $ | 1,428 | $ | 1,653 | $ | 98 | $ | 2,392 | $ | 877 | $ | 1,437 | $ | 78 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Price risk management liabilities: | ||||||||||||||||||||||||||||||||
Energy commodities | $ | 1,527 | $ | 1 | $ | 1,458 | $ | 68 | $ | 1,070 | $ | 4 | $ | 1,028 | $ | 38 | ||||||||||||||||
Total price risk management liabilities | $ | 1,527 | $ | 1 | $ | 1,458 | $ | 68 | $ | 1,070 | $ | 4 | $ | 1,028 | $ | 38 | ||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 42 | $ | 42 | $ | 25 | $ | 25 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (c) | 1 | 1 | 12 | 12 | ||||||||||||||||||||||||||||
Total assets | $ | 43 | $ | 43 | $ | 37 | $ | 37 | ||||||||||||||||||||||||
LKE | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 30 | $ | 30 | $ | 35 | $ | 35 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (d) | 21 | 21 | 22 | 22 | ||||||||||||||||||||||||||||
Total assets | $ | 51 | $ | 51 | $ | 57 | $ | 57 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Price risk management liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 40 | $ | 40 | $ | 36 | $ | 36 | ||||||||||||||||||||||||
Total price risk management liabilities | $ | 40 | $ | 40 | $ | 36 | $ | 36 | ||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 9 | $ | 8 | $ | 8 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (d) | 21 | 21 | 22 | 22 | ||||||||||||||||||||||||||||
Total assets | $ | 30 | $ | 30 | $ | 30 | $ | 30 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Price risk management liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 40 | $ | 40 | $ | 36 | $ | 36 | ||||||||||||||||||||||||
Total price risk management liabilities | $ | 40 | $ | 40 | $ | 36 | $ | 36 | ||||||||||||||||||||||||
KU | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 21 | $ | 21 | $ | 21 | $ | 21 | ||||||||||||||||||||||||
Total assets | $ | 21 | $ | 21 | $ | 21 | $ | 21 | ||||||||||||||||||||||||
(a) Current portion is included in "Restricted cash and cash equivalents" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
(b) Included in "Other investments" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
(c) Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
(d) Included in "Other noncurrent assets" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
A reconciliation of net assets and liabilities classified as Level 3 for the three months ended March 31 is as follows: | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Energy | Auction | Cross- | Energy | Auction | Cross- | |||||||||||||||||||||||||||
Commodities, | Rate | Currency | Commodities, | Rate | Currency | |||||||||||||||||||||||||||
net | Securities | Swaps | Total | net | Securities | Swaps | Total | |||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Balance at beginning of | ||||||||||||||||||||||||||||||||
period | $ | 24 | $ | 19 | $ | 43 | $ | 22 | $ | 16 | $ | 1 | $ | 39 | ||||||||||||||||||
Total realized/unrealized | ||||||||||||||||||||||||||||||||
gains (losses) | ||||||||||||||||||||||||||||||||
Included in earnings | -135 | -135 | -8 | -8 | ||||||||||||||||||||||||||||
Included in OCI (a) | $ | -1 | -1 | 3 | 3 | |||||||||||||||||||||||||||
Sales | -3 | -3 | ||||||||||||||||||||||||||||||
Settlements | 128 | 128 | -1 | -1 | ||||||||||||||||||||||||||||
Transfers into Level 3 | 1 | 1 | ||||||||||||||||||||||||||||||
Transfers out of Level 3 | 1 | 1 | -4 | -4 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 16 | $ | $ | 33 | $ | 14 | $ | 16 | $ | $ | 30 | ||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Balance at beginning of | ||||||||||||||||||||||||||||||||
period | $ | 24 | $ | 16 | $ | 40 | $ | 22 | $ | 13 | $ | 35 | ||||||||||||||||||||
Total realized/unrealized | ||||||||||||||||||||||||||||||||
gains (losses) | ||||||||||||||||||||||||||||||||
Included in earnings | -135 | -135 | -8 | -8 | ||||||||||||||||||||||||||||
Sales | -3 | -3 | ||||||||||||||||||||||||||||||
Settlements | 128 | 128 | -1 | -1 | ||||||||||||||||||||||||||||
Transfers into Level 3 | 1 | 1 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 13 | $ | 30 | $ | 14 | $ | 13 | $ | 27 | ||||||||||||||||||||
(a) "Energy Commodities, net" and "Cross-Currency Swaps" are included in "Qualifying derivatives" and "Auction Rate Securities" are included in "Available-for-sale securities" on the Statements of Comprehensive Income. | ||||||||||||||||||||||||||||||||
The significant unobservable inputs used in and quantitative information about the fair value measurement of assets and liabilities classified as Level 3 are as follows: | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value, net | Range | |||||||||||||||||||||||||||||||
Asset | Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||
(Liability) | Technique | Input(s) | Average) (a) | |||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 13 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (73%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -43 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (83%) | ||||||||||||||||||||||||||||
FTR purchase contracts (d) | 3 | Discounted cash flow | Historical settled prices used to model forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Heat rate options (e) | 44 | Discounted cash flow | Proprietary model used to calculate forward prices | 23% - 59% (44%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 16 | Discounted cash flow | Modeled from SIFMA Index | 61% - 78% (70%) | ||||||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 13 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (73%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -43 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (83%) | ||||||||||||||||||||||||||||
FTR purchase contracts (d) | 3 | Discounted cash flow | Historical settled prices used to model forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Heat rate options (e) | 44 | Discounted cash flow | Proprietary model used to calculate forward prices | 23% - 59% (44%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 13 | Discounted cash flow | Modeled from SIFMA Index | 63% - 78% (71%) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value, net | Range | |||||||||||||||||||||||||||||||
Asset | Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||
(Liability) | Technique | Input(s) | Average) (a) | |||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 36 | Discounted cash flow | Proprietary model used to calculate forward prices | 10% - 100% (86%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -12 | Discounted cash flow | Proprietary model used to calculate forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 19 | Discounted cash flow | Modeled from SIFMA Index | 10% - 80% (63%) | ||||||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 36 | Discounted cash flow | Proprietary model used to calculate forward prices | 10% - 100% (86%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -12 | Discounted cash flow | Proprietary model used to calculate forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 16 | Discounted cash flow | Modeled from SIFMA Index | 10% - 80% (63%) | ||||||||||||||||||||||||||||
(a) For energy commodities and auction rate securities, the range and weighted average represent the percentage of fair value derived from the unobservable inputs. | ||||||||||||||||||||||||||||||||
(b) As the forward price of natural gas increases/(decreases), the fair value of the contracts (decreases)/increases. | ||||||||||||||||||||||||||||||||
(c) As forward market prices increase/(decrease), the fair value of contracts (decreases)/increases. As volumetric assumptions for contracts in a gain position increase/(decrease), the fair value of contracts increases/(decreases). As volumetric assumptions for contracts in a loss position increase/(decrease), the fair value of the contracts (decreases)/increases. | ||||||||||||||||||||||||||||||||
(d) As the forward implied spread increases/(decreases), the fair value of the contracts increases/(decreases). | ||||||||||||||||||||||||||||||||
(e) The proprietary model used to calculate fair value incorporates market heat rates, correlations and volatilities. As the market implied heat rate increases/(decreases), the fair value of the contracts increases/(decreases). | ||||||||||||||||||||||||||||||||
(f) The model used to calculate fair value incorporates an assumption that the auctions will continue to fail. As the modeled forward rates of the SIFMA Index increase/(decrease), the fair value of the securities increases/(decreases). | ||||||||||||||||||||||||||||||||
Net gains and losses on assets and liabilities classified as Level 3 and included in earnings for the periods ended March 31 are reported in the Statements of Income as follows: | ||||||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||||||
Energy Commodities, net | ||||||||||||||||||||||||||||||||
Unregulated | Unregulated | Energy | ||||||||||||||||||||||||||||||
Wholesale Energy | Retail Energy | Purchases | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||||
Total gains (losses) included in earnings | $ | -89 | $ | -2 | $ | -63 | $ | -7 | $ | 17 | $ | 1 | ||||||||||||||||||||
Change in unrealized gains (losses) relating to | ||||||||||||||||||||||||||||||||
positions still held at the reporting date | -13 | -2 | -33 | -7 | 1 | 1 | ||||||||||||||||||||||||||
Price Risk Management Assets/Liabilities - Energy Commodities (PPL and PPL Energy Supply) | ||||||||||||||||||||||||||||||||
Energy commodity contracts are generally valued using the income approach, except for exchange-traded derivative contracts, which are valued using the market approach and are classified as Level 1. Level 2 contracts are valued using inputs which may include quotes obtained from an exchange (where there is insufficient market liquidity to warrant inclusion in Level 1), binding and non-binding broker quotes, prices posted by ISOs or published tariff rates. Furthermore, independent quotes are obtained from the market to validate the forward price curves. Energy commodity contracts include forwards, futures, swaps, options and structured transactions and may be offset with similar positions in exchange-traded markets. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs. In certain instances, these contracts may be valued using models, including standard option valuation models and standard industry models. When the lowest level inputs that are significant to the fair value measurement of a contract are observable, the contract is classified as Level 2. | ||||||||||||||||||||||||||||||||
When unobservable inputs are significant to the fair value measurement, a contract is classified as Level 3. Level 3 contracts are valued using PPL proprietary models which may include significant unobservable inputs such as delivery at a location where pricing is unobservable, delivery dates that are beyond the dates for which independent quotes are available, volumetric assumptions, implied volatilities, implied correlations and market implied heat rates. Forward transactions, including forward transactions classified as Level 3, are analyzed by PPL's Risk Management department, which reports to the Chief Financial Officer (CFO). Accounting personnel, who also report to the CFO, interpret the analysis quarterly to appropriately classify the forward transactions in the fair value hierarchy. Valuation techniques are evaluated periodically. Additionally, Level 2 and Level 3 fair value measurements include adjustments for credit risk based on PPL's own creditworthiness (for net liabilities) and its counterparties' creditworthiness (for net assets). PPL's credit department assesses all reasonably available market information which is used by accounting personnel to calculate the credit valuation adjustment. | ||||||||||||||||||||||||||||||||
In certain instances, energy commodity contracts are transferred between Level 2 and Level 3. The primary reasons for the transfers during 2013 were changes in the availability of market information and changes in the significance of the unobservable inputs utilized in the valuation of the contract. As the delivery period of a contract becomes closer, market information may become available. When this occurs, the model's unobservable inputs are replaced with observable market information. | ||||||||||||||||||||||||||||||||
Price Risk Management Assets/Liabilities - Interest Rate Swaps/Foreign Currency Contracts/Cross-Currency Swaps (PPL, LKE, LG&E and KU) | ||||||||||||||||||||||||||||||||
To manage interest rate risk, PPL, LKE, LG&E and KU use interest rate contracts such as forward-starting swaps, floating-to-fixed swaps and fixed-to-floating swaps. To manage foreign currency exchange risk, PPL uses foreign currency contracts such as forwards, options and cross-currency swaps that contain characteristics of both interest rate and foreign currency contracts. An income approach is used to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., LIBOR and government security rates) and forward foreign currency exchange rates (e.g., GBP), as well as inputs that may not be observable, such as credit valuation adjustments. In certain cases, market information cannot practicably be obtained to value credit risk and therefore internal models are relied upon. These models use projected probabilities of default and estimated recovery rates based on historical observances. When the credit valuation adjustment is significant to the overall valuation, the contracts are classified as Level 3. For PPL, the primary reason for the transfers during 2014 and 2013 was the change in the significance of the credit valuation adjustment. Cross-currency swaps classified as Level 3 are valued by PPL's Treasury department, which reports to the CFO. Accounting personnel, who also report to the CFO, interpret analysis quarterly to classify the contracts in the fair value hierarchy. Valuation techniques are evaluated periodically. | ||||||||||||||||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||||||||||||||||
NDT Funds | ||||||||||||||||||||||||||||||||
The market approach is used to measure the fair value of equity securities held in the NDT funds. | ||||||||||||||||||||||||||||||||
The fair value measurements of equity securities classified as Level 1 are based on quoted prices in active markets. | ||||||||||||||||||||||||||||||||
The fair value measurements of investments in commingled equity funds are classified as Level 2. These fair value measurements are based on firm quotes of net asset values per share, which are not obtained from a quoted price in an active market. | ||||||||||||||||||||||||||||||||
The fair value of debt securities is generally measured using a market approach, including the use of pricing models, which incorporate observable inputs. Common inputs include benchmark yields, reported trades, broker/dealer bid/ask prices, benchmark securities and credit valuation adjustments. When necessary, the fair value of debt securities is measured using the income approach, which incorporates similar observable inputs as well as monthly payment data, future predicted cash flows, collateral performance and new issue data. | ||||||||||||||||||||||||||||||||
Auction Rate Securities | ||||||||||||||||||||||||||||||||
Auction rate securities include Federal Family Education Loan Program guaranteed student loan revenue bonds, as well as various municipal bond issues. The probability of realizing losses on these securities is not significant. | ||||||||||||||||||||||||||||||||
The fair value of auction rate securities is estimated using an income approach that includes readily observable inputs, such as principal payments and discount curves for bonds with credit ratings and maturities similar to the securities, and unobservable inputs, such as future interest rates that are estimated based on the SIFMA Index, creditworthiness, and liquidity assumptions driven by the impact of auction failures. When the present value of future interest payments is significant to the overall valuation, the auction rate securities are classified as Level 3. | ||||||||||||||||||||||||||||||||
Auction rate securities are valued by PPL's Treasury department, which reports to the CFO. Accounting personnel, who also report to the CFO, interpret the analysis quarterly to classify the contracts in the fair value hierarchy. Valuation techniques are evaluated periodically. | ||||||||||||||||||||||||||||||||
Nonrecurring Fair Value Measurements (PPL and PPL Energy Supply) | ||||||||||||||||||||||||||||||||
The following nonrecurring fair value measurement occurred during the three months ended March 31, 2014, resulting in an asset impairment: | ||||||||||||||||||||||||||||||||
Carrying | Fair Value Measurement Using | |||||||||||||||||||||||||||||||
Amount (a) | Level 3 | Loss (b) | ||||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||||
Kerr Dam Project | $ | 47 | $ | 29 | $ | 18 | ||||||||||||||||||||||||||
(a) Represents carrying value before fair value measurement. | ||||||||||||||||||||||||||||||||
(b) The loss on the Kerr Dam Project was recorded in the Supply segment and included in "Other operation and maintenance" on PPL's and PPL Energy Supply's Statement of Income. | ||||||||||||||||||||||||||||||||
The significant unobservable inputs used in and the quantitative information about the nonrecurring fair value measurement of assets and liabilities classified as Level 3 are as follows: | ||||||||||||||||||||||||||||||||
Fair Value, net | Significant | Range | ||||||||||||||||||||||||||||||
Asset | Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||
(Liability) | Technique | Input(s) | Average)(a) | |||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||||
Kerr Dam Project | ||||||||||||||||||||||||||||||||
31-Mar-14 | $ | 29 | Discounted cash flow | Proprietary model used to calculate plant value | 38% (38%) | |||||||||||||||||||||||||||
(a) The range and weighted average represent the percentage of fair value derived from the unobservable inputs. | ||||||||||||||||||||||||||||||||
Kerr Dam Project | ||||||||||||||||||||||||||||||||
As disclosed in Note 11 in PPL's and PPL Energy Supply's 2013 Form 10-K, PPL Montana holds a joint operating license issued for the Kerr Dam Project. The license extends until 2035 and, between 2015 and 2025, the Confederated Salish and Kootenai Tribes of the Flathead Nation (the Tribes) have the option to purchase, hold and operate the Kerr Dam Project. The parties submitted the issue of the appropriate amount of the conveyance price to arbitration in February 2013. In March 2014, the arbitration panel issued its final decision holding that the conveyance price payable by the Tribes to PPL Montana is $18 million. As a result of the decision, PPL Energy Supply performed a recoverability test on the Kerr Dam Project and recorded an impairment charge. PPL Energy Supply performed an internal analysis using an income approach based on discounted cash flows (a proprietary PPL model) to assess the fair value of the Kerr Dam Project. Assumptions used in the PPL proprietary model were the conveyance price, forward energy price curves, forecasted generation, and forecasted operation and maintenance expenditures that were consistent with assumptions used in the business planning process and a market participant discount rate. Through this analysis, PPL Energy Supply determined the fair value of the Kerr Dam Project to be $29 million. | ||||||||||||||||||||||||||||||||
The assets were valued by the PPL Energy Supply Financial Department, which reports to the President of PPL Energy Supply. Accounting personnel, who report to the CFO interpreted the analysis to appropriately classify the assets in the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Financial Instruments Not Recorded at Fair Value (All Registrants) | ||||||||||||||||||||||||||||||||
The carrying amounts of contract adjustment payments related to the 2011 Purchase Contract component of the 2011 Equity Units and long-term debt on the Balance Sheets and their estimated fair values are set forth below. The fair values of these instruments were estimated using an income approach by discounting future cash flows at estimated current cost of funding rates, which incorporate the credit risk of the Registrants. These instruments are classified as Level 2. The effect of third-party credit enhancements is not included in the fair value measurement. | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Contract adjustment payments (a) | $ | 11 | $ | 11 | $ | 21 | $ | 22 | ||||||||||||||||||||||||
Long-term debt | 20,818 | 22,350 | 20,907 | 22,177 | ||||||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Long-term debt | 2,524 | 2,680 | 2,525 | 2,658 | ||||||||||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||
Long-term debt | 2,306 | 2,555 | 2,315 | 2,483 | ||||||||||||||||||||||||||||
LKE | ||||||||||||||||||||||||||||||||
Long-term debt | 4,565 | 4,807 | 4,565 | 4,672 | ||||||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||
Long-term debt | 1,353 | 1,413 | 1,353 | 1,372 | ||||||||||||||||||||||||||||
KU | ||||||||||||||||||||||||||||||||
Long-term debt | 2,091 | 2,238 | 2,091 | 2,155 | ||||||||||||||||||||||||||||
(a) Included in "Other current liabilities" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
The carrying value of short-term debt (including notes between affiliates), when outstanding, approximates fair value due to the variable interest rates associated with the short-term debt and is classified as Level 2. | ||||||||||||||||||||||||||||||||
Credit Concentration Associated with Financial Instruments | ||||||||||||||||||||||||||||||||
(All Registrants) | ||||||||||||||||||||||||||||||||
Contracts are entered into with many entities for the purchase and sale of energy. When NPNS is elected, the fair value of these contracts is not reflected in the financial statements. However, the fair value of these contracts is considered when committing to new business from a credit perspective. See Note 14 for information on credit policies used to manage credit risk, including master netting arrangements and collateral requirements. | ||||||||||||||||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||||||||||||||||
At March 31, 2014, PPL and PPL Energy Supply had credit exposure of $997 million from energy trading partners, excluding exposure from related parties (PPL Energy Supply only) and the effects of netting arrangements, reserves and collateral. As a result of netting arrangements, reserves and collateral, PPL's credit exposure was reduced to $372 million and PPL Energy Supply's credit exposure was reduced to $371 million. The top ten counterparties accounted for $212 million, or 57%, of these exposures. Nine of these counterparties had an investment grade credit rating from S&P or Moody's and accounted for 94% of the top ten exposures. The remaining counterparty has not been rated by S&P or Moody's, but is current on its obligations. See Note 11 for information regarding PPL Energy Supply's related party credit exposure. | ||||||||||||||||||||||||||||||||
(PPL Electric) | ||||||||||||||||||||||||||||||||
PPL Electric is exposed to credit risk under energy supply contracts (including its supply contracts with PPL EnergyPlus); however, its PUC-approved recovery mechanism is anticipated to substantially eliminate this exposure. | ||||||||||||||||||||||||||||||||
(LKE, LG&E and KU) | ||||||||||||||||||||||||||||||||
At March 31, 2014, LKE's, LG&E's and KU's credit exposure was not significant. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | [1] | |||||||||||||||||||||||||||||
14. Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||||
Risk Management Objectives | |||||||||||||||||||||||||||||||
(All Registrants) | |||||||||||||||||||||||||||||||
PPL has a risk management policy approved by the Board of Directors to manage market risk associated with commodities, interest rates on debt issuances and foreign exchange (including price, liquidity and volumetric risk) and credit risk (including non-performance risk and payment default risk). The RMC, comprised of senior management and chaired by the Chief Risk Officer, oversees the risk management function. Key risk control activities designed to ensure compliance with the risk policy and detailed programs include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, VaR analyses, portfolio stress tests, gross margin at risk analyses, sensitivity analyses and daily portfolio reporting, including open positions, determinations of fair value, and other risk management metrics. | |||||||||||||||||||||||||||||||
Market Risk | |||||||||||||||||||||||||||||||
Market risk includes the potential loss that may be incurred as a result of price changes associated with a particular financial or commodity instrument as well as market liquidity and volumetric risks. Forward contracts, futures contracts, options, swaps and structured transactions are utilized as part of risk management strategies to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, volumes of full-requirement sales contracts, basis exposure, interest rates and/or foreign currency exchange rates. Many of the contracts meet the definition of a derivative. All derivatives are recognized on the Balance Sheets at their fair value, unless NPNS is elected. | |||||||||||||||||||||||||||||||
The table below summarizes the market risks that affect PPL and its Subsidiary Registrants. | |||||||||||||||||||||||||||||||
PPL | PPL | ||||||||||||||||||||||||||||||
PPL | Energy Supply | Electric | LKE | LG&E | KU | ||||||||||||||||||||||||||
Commodity price risk (including basis and | |||||||||||||||||||||||||||||||
volumetric risk) | X | X | M | M | M | M | |||||||||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||||||||||
Debt issuances | X | X | M | M | M | M | |||||||||||||||||||||||||
Defined benefit plans | X | X | M | M | M | M | |||||||||||||||||||||||||
NDT securities | X | X | |||||||||||||||||||||||||||||
Equity securities price risk: | |||||||||||||||||||||||||||||||
Defined benefit plans | X | X | M | M | M | M | |||||||||||||||||||||||||
NDT securities | X | X | |||||||||||||||||||||||||||||
Future stock transactions | X | ||||||||||||||||||||||||||||||
Foreign currency risk - WPD investment and | |||||||||||||||||||||||||||||||
earnings | X | ||||||||||||||||||||||||||||||
X =PL and PPL Energy Supply actively mitigate market risks through their risk management programs described above. | |||||||||||||||||||||||||||||||
M =he regulatory environments for PPL's regulated entities, by definition, significantly mitigate market risk. | |||||||||||||||||||||||||||||||
Commodity price risk | |||||||||||||||||||||||||||||||
PPL is exposed to commodity price risk through its domestic subsidiaries as described below. Volumetric risk is significantly mitigated at WPD as a result of the method of regulation in the U.K. | |||||||||||||||||||||||||||||||
PPL Energy Supply is exposed to commodity price risk for energy and energy-related products associated with the sale of electricity from its generating assets and other electricity and gas marketing activities and the purchase of fuel and fuel-related commodities for generating assets, as well as for proprietary trading activities. | |||||||||||||||||||||||||||||||
PPL Electric is exposed to commodity price risk from its obligation as PLR; however, its PUC-approved cost recovery mechanism substantially eliminates its exposure to this risk. PPL Electric also mitigates its exposure to volumetric risk by entering into full-requirement supply agreements to serve its PLR customers. These supply agreements transfer the volumetric risk associated with the PLR obligation to the energy suppliers. | |||||||||||||||||||||||||||||||
LG&E's and KU's rates include certain mechanisms for fuel, gas supply and environmental expenses. These mechanisms generally provide for timely recovery of market price and volumetric fluctuations associated with these expenses. | |||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||
PPL and its subsidiaries are exposed to interest rate risk associated with forecasted fixed-rate and existing floating-rate debt issuances. WPD holds over-the-counter cross currency swaps to limit exposure to market fluctuations on interest and principal payments from changes in foreign currency exchange rates and interest rates. LG&E utilizes over-the-counter interest rate swaps to limit exposure to market fluctuations on floating-rate debt and LG&E and KU utilize forward starting interest rate swaps to hedge changes in benchmark interest rates, when appropriate, in connection with future debt issuances. This risk for PPL Electric, LG&E and KU is significantly mitigated due to recovery mechanisms in place. | |||||||||||||||||||||||||||||||
PPL and its subsidiaries are exposed to interest rate risk associated with debt securities held by defined benefit plans. This risk is significantly mitigated to the extent that the plans are sponsored at, or sponsored on behalf of, the regulated domestic utilities and for certain plans at WPD due to the recovery mechanisms in place. Additionally, PPL Energy Supply is exposed to interest rate risk associated with debt securities held by the NDT. | |||||||||||||||||||||||||||||||
Equity securities price risk | |||||||||||||||||||||||||||||||
PPL and its subsidiaries are exposed to equity securities price risk associated with defined benefit plans. This risk is significantly mitigated at the regulated domestic utilities and for certain plans at WPD due to the recovery mechanisms in place. Additionally, PPL Energy Supply is exposed to equity securities price risk in the NDT funds. | |||||||||||||||||||||||||||||||
PPL is exposed to equity securities price risk from future stock sales and/or purchases. | |||||||||||||||||||||||||||||||
Foreign currency risk | |||||||||||||||||||||||||||||||
PPL is exposed to foreign currency exchange risk primarily associated with its investments and earnings in U.K. affiliates. | |||||||||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||||||||
Credit risk is the potential loss that may be incurred due to a counterparty's non-performance. | |||||||||||||||||||||||||||||||
PPL is exposed to credit risk from "in-the-money" interest rate and foreign currency derivatives with financial institutions, as well as additional credit risk through certain of its subsidiaries, as discussed below. | |||||||||||||||||||||||||||||||
PPL Energy Supply is exposed to credit risk from "in-the-money" commodity derivatives with its energy trading partners, which include other energy companies, fuel suppliers, financial institutions, other wholesale customers and retail customers. | |||||||||||||||||||||||||||||||
The majority of PPL and PPL Energy Supply's credit risk stems from commodity derivatives for multi-year contracts for energy sales and purchases. If PPL Energy Supply's counterparties fail to perform their obligations under such contracts and PPL Energy Supply could not replace the sales or purchases at the same or better prices as those under the defaulted contracts, PPL Energy Supply would incur financial losses. Those losses would be recognized immediately or through lower revenues or higher costs in future years, depending on the accounting treatment for the defaulted contracts. In the event a supplier of LKE (through its subsidiaries LG&E and KU) or PPL Electric defaults on its obligation, those entities would be required to seek replacement power or replacement fuel in the market. In general, incremental costs incurred by these entities would be recoverable from customers in future rates, thus mitigating the financial risk for these entities. | |||||||||||||||||||||||||||||||
PPL and its subsidiaries have credit policies in place to manage credit risk, including the use of an established credit approval process, daily monitoring of counterparty positions and the use of master netting agreements or provisions. These agreements generally include credit mitigation provisions, such as margin, prepayment or collateral requirements. PPL and its subsidiaries may request additional credit assurance, in certain circumstances, in the event that the counterparties' credit ratings fall below investment grade, their tangible net worth falls below specified percentages or their exposures exceed an established credit limit. See Note 13 for credit concentration associated with energy trading partners. | |||||||||||||||||||||||||||||||
Master Netting Arrangements | |||||||||||||||||||||||||||||||
Net derivative positions on the balance sheets are not offset against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. | |||||||||||||||||||||||||||||||
PPL's and PPL Energy Supply's obligation to return counterparty cash collateral under master netting arrangements was $10 million and $9 million at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
PPL Electric, LKE and LG&E had no obligation to return cash collateral under master netting arrangements at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
PPL, LKE and LG&E had posted cash collateral under master netting arrangements of $21 million and $22 million at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
PPL Energy Supply, PPL Electric and KU had not posted any cash collateral under master netting arrangements at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
See "Offsetting Derivative Investments" below for a summary of derivative positions presented in the balance sheets where a right of setoff exists under these arrangements. | |||||||||||||||||||||||||||||||
(PPL and PPL Energy Supply) | |||||||||||||||||||||||||||||||
Commodity Price Risk (Non-trading) | |||||||||||||||||||||||||||||||
Commodity price risk, including basis and volumetric risk, is among PPL's and PPL Energy Supply's most significant risks due to the level of investment that PPL and PPL Energy Supply maintain in their competitive generation assets, as well as the extent of their marketing activities. Several factors influence price levels and volatilities. These factors include, but are not limited to, seasonal changes in demand, weather conditions, available generating assets within regions, transportation/transmission availability and reliability within and between regions, market liquidity, and the nature and extent of current and potential federal and state regulations. | |||||||||||||||||||||||||||||||
PPL Energy Supply maximizes the value of its unregulated wholesale and unregulated retail energy portfolios through the use of non-trading strategies that include sales of competitive baseload generation, optimization of competitive intermediate and peaking generation and marketing activities. | |||||||||||||||||||||||||||||||
PPL Energy Supply has a formal hedging program to economically hedge the forecasted purchase and sale of electricity and related fuels for its competitive baseload generation fleet, which includes 7,369 MW (summer rating) of nuclear, coal and hydroelectric generating capacity. PPL Energy Supply attempts to optimize the overall value of its competitive intermediate and peaking fleet, which includes 3,309 MW (summer rating) of natural gas and oil-fired generation. PPL Energy Supply's marketing portfolio is comprised of full-requirement sales contracts and related supply contracts, retail natural gas and electricity sales contracts and other marketing activities. The strategies that PPL Energy Supply uses to hedge its full-requirement sales contracts include purchasing energy (at a liquid trading hub or directly at the load delivery zone), capacity and RECs in the market and/or supplying the energy, capacity and RECs from its generation assets. | |||||||||||||||||||||||||||||||
PPL and PPL Energy Supply enter into financial and physical derivative contracts, including forwards, futures, swaps and options, to hedge the price risk associated with electricity, natural gas, oil and other commodities. Certain contracts are non-derivatives or NPNS is elected and therefore they are not reflected in the financial statements until delivery. PPL and PPL Energy Supply segregate their non-trading activities into two categories: cash flow hedges and economic activity as discussed below. | |||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||
Certain derivative contracts have qualified for hedge accounting so that the effective portion of a derivative's gain or loss is deferred in AOCI and reclassified into earnings when the forecasted transaction occurs. There were no active cash flow hedges during the three months ended March 31, 2014. At March 31, 2014, the accumulated net unrecognized after-tax gains (losses) that are expected to be reclassified into earnings during the next 12 months were $24 million for PPL and PPL Energy Supply. Cash flow hedges are discontinued if it is no longer probable that the original forecasted transaction will occur by the end of the originally specified time periods and any amounts previously recorded in AOCI are reclassified into earnings once it is determined that the hedge transaction is probable of not occurring. There were no such reclassifications for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, there was no hedge ineffectiveness associated with energy derivatives. | |||||||||||||||||||||||||||||||
Economic Activity | |||||||||||||||||||||||||||||||
Many derivative contracts economically hedge the commodity price risk associated with electricity, natural gas, oil and other commodities but do not receive hedge accounting treatment because they were not eligible for hedge accounting or because hedge accounting was not elected. These derivatives hedge a portion of the economic value of PPL Energy Supply's competitive generation assets and unregulated full-requirement and retail contracts, which are subject to changes in fair value due to market price volatility and volume expectations. Additionally, economic activity also includes the ineffective portion of qualifying cash flow hedges (see "Cash Flow Hedges" above). The derivative contracts in this category that existed at March 31, 2014 range in maturity through 2019. | |||||||||||||||||||||||||||||||
Examples of economic activity may include hedges on sales of baseload generation, certain purchase contracts used to supply full-requirement sales contracts, FTRs or basis swaps used to hedge basis risk associated with the sale of competitive generation or supplying full-requirement sales contracts, Spark Spread hedging contracts, retail electric and natural gas activities, and fuel oil swaps used to hedge price escalation clauses in coal transportation and other fuel-related contracts. PPL Energy Supply also uses options, which include the sale of call options and the purchase of put options tied to a particular generating unit. Since the physical generating capacity is owned, price exposure is generally capped at the price at which the generating unit would be dispatched and therefore does not expose PPL Energy Supply to uncovered market price risk. | |||||||||||||||||||||||||||||||
The unrealized gains (losses) for economic activity for the periods ended March 31 were as follows. | |||||||||||||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||||||||||
Unregulated wholesale energy | $ | -789 | $ | -822 | |||||||||||||||||||||||||||
Unregulated retail energy | -26 | -8 | |||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||
Fuel | -1 | -1 | |||||||||||||||||||||||||||||
Energy purchases | 580 | 634 | |||||||||||||||||||||||||||||
Commodity Price Risk (Trading) | |||||||||||||||||||||||||||||||
PPL Energy Supply has a proprietary trading strategy which is utilized to take advantage of market opportunities. As a result, PPL Energy Supply may at times create a net open position in its portfolio that could result in losses if prices do not move in the manner or direction anticipated. Net energy trading margins, which are included in "Unregulated wholesale energy" on the Statements of Income, were insignificant for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Commodity Volumes | |||||||||||||||||||||||||||||||
At March 31, 2014, the net volumes of derivative (sales)/purchase contracts used in support of the various strategies discussed above were as follows. | |||||||||||||||||||||||||||||||
Volumes (a) | |||||||||||||||||||||||||||||||
Commodity | Unit of Measure | 2014 (b) | 2015 | 2016 | Thereafter | ||||||||||||||||||||||||||
Power | MWh | -27,112,584 | -28,794,377 | 3,496,447 | 14,130,735 | ||||||||||||||||||||||||||
Capacity | MW-Month | -14,918 | -5,120 | 501 | 9 | ||||||||||||||||||||||||||
Gas | MMBtu | 63,248,020 | 14,120,116 | 57,884,707 | 25,814,197 | ||||||||||||||||||||||||||
Coal | Tons | 25,000 | |||||||||||||||||||||||||||||
FTRs | MW-Month | 4,734 | 1,705 | ||||||||||||||||||||||||||||
Oil | Barrels | 156,000 | 436,233 | 331,258 | 279,060 | ||||||||||||||||||||||||||
(a) Volumes for option contracts factor in the probability of an option being exercised and may be less than the notional amount of the option. | |||||||||||||||||||||||||||||||
(b) Represents balance of the current year. | |||||||||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||||||||
(PPL, LKE, LG&E and KU) | |||||||||||||||||||||||||||||||
PPL and its subsidiaries issue debt to finance their operations, which exposes them to interest rate risk. Various financial derivative instruments are utilized to adjust the mix of fixed and floating interest rates in their debt portfolio, adjust the duration of the debt portfolio and lock in benchmark interest rates in anticipation of future financing, when appropriate. Risk limits under PPL's risk management program are designed to balance risk exposure to volatility in interest expense and changes in the fair value of the debt portfolio due to changes in benchmark interest rates. | |||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||
(PPL) | |||||||||||||||||||||||||||||||
Interest rate risks include exposure to adverse interest rate movements for outstanding variable rate debt and for future anticipated financings. Financial interest rate swap contracts that qualify as cash flow hedges may be entered into to hedge floating interest rate risk associated with both existing and anticipated debt issuances. At March 31, 2014, outstanding interest rate swap contracts range in maturity through 2025 for PPL's domestic interest rate swaps. These swaps had an aggregate notional value of $500 million at March 31, 2014. | |||||||||||||||||||||||||||||||
At March 31, 2014, PPL held a notional position in cross-currency interest rate swaps totaling $1.3 billion that range in maturity through 2028 to hedge the interest payments and principal of WPD's U.S. dollar-denominated senior notes. | |||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, hedge ineffectiveness associated with interest rate derivatives was insignificant. | |||||||||||||||||||||||||||||||
Cash flow hedges are discontinued if it is no longer probable that the original forecasted transaction will occur by the end of the originally specified time period and any amounts previously recorded in AOCI are reclassified into earnings once it is determined that the hedged transaction is probable of not occurring. PPL had an insignificant amount reclassified for the three months ended March 31, 2014 associated with discontinued cash flow hedges and no such reclassifications for the three months ended March 31, 2013. | |||||||||||||||||||||||||||||||
At March 31, 2014, the accumulated net unrecognized after-tax gains (losses) on qualifying derivatives that are expected to be reclassified into earnings during the next 12 months were $(12) million. Amounts are reclassified as the hedged interest payments are made. | |||||||||||||||||||||||||||||||
Economic Activity (PPL, LKE and LG&E) | |||||||||||||||||||||||||||||||
LG&E enters into interest rate swap contracts that economically hedge interest payments on variable rate debt. Because realized gains and losses from the swaps, including a terminated swap contract, are recoverable through regulated rates, any subsequent changes in fair value of these derivatives are included in regulatory assets or liabilities until they are realized as interest expense. Realized gains and losses are recognized in "Interest Expense" on the Statements of Income when the underlying interest expense is recorded. At March 31, 2014, LG&E held contracts with a notional amount of $179 million that range in maturity through 2033. | |||||||||||||||||||||||||||||||
Foreign Currency Risk | |||||||||||||||||||||||||||||||
(PPL) | |||||||||||||||||||||||||||||||
PPL is exposed to foreign currency risk, primarily through investments in and earnings of U.K. affiliates. PPL has adopted a foreign currency risk management program designed to hedge certain foreign currency exposures, including firm commitments, recognized assets or liabilities, anticipated transactions and net investments. In addition, PPL enters into financial instruments to protect against foreign currency translation risk of expected earnings. | |||||||||||||||||||||||||||||||
Net Investment Hedges | |||||||||||||||||||||||||||||||
PPL enters into foreign currency contracts on behalf of a subsidiary to protect the value of a portion of its net investment in WPD. The contracts outstanding at March 31, 2014 had a notional amount of £345 million (approximately $549 million based on contracted rates). The settlement dates of these contracts range from May 2014 through December 2015. | |||||||||||||||||||||||||||||||
Additionally, a PPL Global subsidiary that has a U.S. dollar functional currency entered into GBP intercompany loans payable with PPL WEM subsidiaries that have GBP functional currency. The loans qualify as a net investment hedge for the PPL Global subsidiary. As such, the foreign currency gains and losses on the intercompany loans for the PPL Global subsidiary are recorded to the foreign currency translation adjustment component of OCI. At March 31, 2014, the outstanding balances of the intercompany loans were £40 million (approximately $67 million based on spot rates). For the three months ended March 31, 2014 and 2013, PPL recognized an insignificant amount and $5 million of net investment hedge gains (losses) on the intercompany loans in the foreign currency translation adjustment component of OCI. | |||||||||||||||||||||||||||||||
At March 31, 2014, PPL had $(5) million of accumulated net investment hedge after-tax gains (losses) that were included in the foreign currency translation adjustment component of AOCI, compared to an insignificant amount at December 31, 2013. | |||||||||||||||||||||||||||||||
Economic Activity | |||||||||||||||||||||||||||||||
PPL enters into foreign currency contracts on behalf of a subsidiary to economically hedge GBP-denominated anticipated earnings. At March 31, 2014, the total exposure hedged by PPL was approximately £1.8 billion (approximately $3.0 billion based on contracted rates). These contracts had termination dates ranging from April 2014 through October 2016. | |||||||||||||||||||||||||||||||
Accounting and Reporting | |||||||||||||||||||||||||||||||
(All Registrants) | |||||||||||||||||||||||||||||||
All derivative instruments are recorded at fair value on the Balance Sheet as an asset or liability unless NPNS is elected. NPNS contracts for PPL and PPL Energy Supply include certain full-requirement sales contracts, other physical purchase and sales contracts and certain retail energy and physical capacity contracts, and for PPL Electric include certain full-requirement purchase contracts and other physical purchase contracts. Changes in the fair value of derivatives not designated as NPNS are recognized currently in earnings unless specific hedge accounting criteria are met and designated as such, except for the changes in fair values of LG&E's interest rate swaps that are recognized as regulatory assets. See Note 6 for amounts recorded in regulatory assets and regulatory liabilities at March 31, 2014 and December 31, 2013. PPL and PPL Energy Supply have many physical and financial commodity purchases and sales contracts that economically hedge commodity price risk but do not receive hedge accounting treatment. As such, realized and unrealized gains (losses) on these contracts are recorded currently in earnings. Generally each contract is considered a unit of account and PPL and PPL Energy Supply present gains (losses) on physical and financial commodity sales contracts in "Unregulated wholesale energy" or "Unregulated retail energy" and (gains) losses on physical and financial commodity purchase contracts in "Fuel" or "Energy purchases" on the Statements of Income. Certain of the economic hedging strategies employed by PPL Energy Supply utilize a combination of financial purchases and sales contracts which are similarly reported gross as an expense and revenue, respectively, on the Statements of Income. PPL Energy Supply records realized hourly net sales or purchases of physical power with PJM in its Statements of Income as "Unregulated wholesale energy" if in a net sales position and "Energy purchases" if in a net purchase position. | |||||||||||||||||||||||||||||||
See Notes 1 and 19 in each Registrant's 2013 Form 10-K for additional information on accounting policies related to derivative instruments. | |||||||||||||||||||||||||||||||
(PPL) | |||||||||||||||||||||||||||||||
The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets. | |||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Derivatives designated as | Derivatives not designated | Derivatives designated as | Derivatives not designated | ||||||||||||||||||||||||||||
hedging instruments | as hedging instruments | hedging instruments | as hedging instruments | ||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps (b) | $ | 7 | $ | 3 | $ | 4 | $ | 82 | $ | 4 | |||||||||||||||||||||
Cross-currency swaps (b) | 4 | $ | 4 | ||||||||||||||||||||||||||||
Foreign currency | |||||||||||||||||||||||||||||||
contracts | 18 | 62 | 16 | 55 | |||||||||||||||||||||||||||
Commodity contracts | $ | 1,080 | 1,211 | $ | 860 | 750 | |||||||||||||||||||||||||
Total current | 7 | 25 | 1,080 | 1,277 | 82 | 20 | 860 | 809 | |||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps (b) | 2 | 4 | 36 | 9 | 32 | ||||||||||||||||||||||||||
Cross-currency swaps (b) | 51 | 28 | |||||||||||||||||||||||||||||
Foreign currency | |||||||||||||||||||||||||||||||
contracts | 6 | 5 | 37 | 4 | 31 | ||||||||||||||||||||||||||
Commodity contracts | 337 | 316 | 328 | 320 | |||||||||||||||||||||||||||
Total noncurrent | 2 | 61 | 342 | 389 | 9 | 32 | 328 | 383 | |||||||||||||||||||||||
Total derivatives | $ | 9 | $ | 86 | $ | 1,422 | $ | 1,666 | $ | 91 | $ | 52 | $ | 1,188 | $ | 1,192 | |||||||||||||||
(a) Represents the location on the Balance Sheets. | |||||||||||||||||||||||||||||||
(b) Excludes accrued interest, if applicable. | |||||||||||||||||||||||||||||||
The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the three months ended March 31. | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||||||||||
in Income | in Income | ||||||||||||||||||||||||||||||
on Derivative | on Derivative | ||||||||||||||||||||||||||||||
Gain (Loss) | (Ineffective | Gain (Loss) | (Ineffective | ||||||||||||||||||||||||||||
Location of | Reclassified | Portion and | Reclassified | Portion and | |||||||||||||||||||||||||||
Derivative Gain | Gain (Loss) | from AOCI | Amount | from AOCI | Amount | ||||||||||||||||||||||||||
(Loss) Recognized in | Recognized | into Income | Excluded from | into Income | Excluded from | ||||||||||||||||||||||||||
Derivative | OCI (Effective Portion) | in Income | (Effective | Effectiveness | (Effective | Effectiveness | |||||||||||||||||||||||||
Relationships | 2014 | 2013 | on Derivative | Portion) | Testing) | Portion) | Testing) | ||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | -46 | $ | 9 | Interest expense | $ | -5 | $ | 2 | $ | -5 | ||||||||||||||||||||
Cross-currency swaps | -25 | 73 | Other income | ||||||||||||||||||||||||||||
(expense) - net | -29 | 69 | |||||||||||||||||||||||||||||
Commodity contracts | Unregulated | ||||||||||||||||||||||||||||||
wholesale energy | 1 | 67 | $ | 1 | |||||||||||||||||||||||||||
Energy purchases | 7 | -16 | |||||||||||||||||||||||||||||
Depreciation | 1 | ||||||||||||||||||||||||||||||
Total | $ | -71 | $ | 82 | $ | -25 | $ | 2 | $ | 115 | $ | 1 | |||||||||||||||||||
Net Investment Hedges: | |||||||||||||||||||||||||||||||
Foreign currency contracts | $ | -4 | $ | 16 | |||||||||||||||||||||||||||
Derivatives Not Designated as | Location of Gain (Loss) Recognized in | ||||||||||||||||||||||||||||||
Hedging Instruments | Income on Derivative | 2014 | 2013 | ||||||||||||||||||||||||||||
Foreign currency contracts | Other income (expense) - net | $ | -24 | $ | 119 | ||||||||||||||||||||||||||
Interest rate swaps | Interest expense | -2 | -2 | ||||||||||||||||||||||||||||
Commodity contracts | Unregulated wholesale energy (a) | -3,044 | -706 | ||||||||||||||||||||||||||||
Unregulated retail energy | -64 | -7 | |||||||||||||||||||||||||||||
Fuel | -1 | 1 | |||||||||||||||||||||||||||||
Energy purchases (b) | 2,364 | 586 | |||||||||||||||||||||||||||||
Total | $ | -771 | $ | -9 | |||||||||||||||||||||||||||
Derivatives Not Designated as | Location of Gain (Loss) Recognized as | ||||||||||||||||||||||||||||||
Hedging Instruments | Regulatory Liabilities/Assets | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | -4 | $ | 4 | ||||||||||||||||||||||||||
Derivatives Designated as | Location of Gain (Loss) Recognized as | ||||||||||||||||||||||||||||||
Cash Flow Hedges | Regulatory Liabilities/Assets | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory liabilities - noncurrent | $ | 10 | ||||||||||||||||||||||||||||
(a) 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather. | |||||||||||||||||||||||||||||||
(b) 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather. | |||||||||||||||||||||||||||||||
(PPL Energy Supply) | |||||||||||||||||||||||||||||||
The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets. | |||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Derivatives not designated | Derivatives not designated | ||||||||||||||||||||||||||||||
as hedging instruments | as hedging instruments | ||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Commodity contracts | $ | 1,080 | $ | 1,211 | $ | 860 | $ | 750 | |||||||||||||||||||||||
Total current | 1,080 | 1,211 | 860 | 750 | |||||||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Commodity contracts | 337 | 316 | 328 | 320 | |||||||||||||||||||||||||||
Total noncurrent | 337 | 316 | 328 | 320 | |||||||||||||||||||||||||||
Total derivatives | $ | 1,417 | $ | 1,527 | $ | 1,188 | $ | 1,070 | |||||||||||||||||||||||
(a) Represents the location on the Balance Sheets. | |||||||||||||||||||||||||||||||
The following tables present the pre-tax effect of derivative instruments recognized in income or OCI for the three months ended March 31. | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||||||||||
in Income | in Income | ||||||||||||||||||||||||||||||
on Derivative | on Derivative | ||||||||||||||||||||||||||||||
Gain (Loss) | (Ineffective | Gain (Loss) | (Ineffective | ||||||||||||||||||||||||||||
Location of | Reclassified | Portion and | Reclassified | Portion and | |||||||||||||||||||||||||||
Derivative Gain | Gains (Losses) | from AOCI | Amount | from AOCI | Amount | ||||||||||||||||||||||||||
(Loss) Recognized in | Recognized | into Income | Excluded from | into Income | Excluded from | ||||||||||||||||||||||||||
Derivative | OCI (Effective Portion) | in Income | (Effective | Effectiveness | (Effective | Effectiveness | |||||||||||||||||||||||||
Relationships | 2014 | 2013 | on Derivative | Portion) | Testing) | Portion) | Testing) | ||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||||||
Commodity contracts | Unregulated | ||||||||||||||||||||||||||||||
wholesale energy | $ | 1 | $ | 67 | $ | 1 | |||||||||||||||||||||||||
Energy purchases | 7 | -16 | |||||||||||||||||||||||||||||
Depreciation | 1 | ||||||||||||||||||||||||||||||
Total | $ | 9 | $ | 51 | $ | 1 | |||||||||||||||||||||||||
Derivatives Not Designated as | Location of Gain (Loss) Recognized in | ||||||||||||||||||||||||||||||
Hedging Instruments | Income on Derivatives | 2014 | 2013 | ||||||||||||||||||||||||||||
Commodity contracts | Unregulated wholesale energy (a) | $ | -3,044 | $ | -706 | ||||||||||||||||||||||||||
Unregulated retail energy | -64 | -7 | |||||||||||||||||||||||||||||
Fuel | -1 | 1 | |||||||||||||||||||||||||||||
Energy purchases (b) | 2,364 | 586 | |||||||||||||||||||||||||||||
Total | $ | -745 | $ | -126 | |||||||||||||||||||||||||||
(a) 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather. | |||||||||||||||||||||||||||||||
(b) 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather. | |||||||||||||||||||||||||||||||
(LKE) | |||||||||||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory liabilities for the three months ended March 31. | |||||||||||||||||||||||||||||||
Derivatives Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory liabilities - noncurrent | $ | 10 | ||||||||||||||||||||||||||||
(LG&E) | |||||||||||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory liabilities for the three months ended March 31. | |||||||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory liabilities - noncurrent | $ | 5 | ||||||||||||||||||||||||||||
(KU) | |||||||||||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory liabilities for the three months ended March 31. | |||||||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory liabilities - noncurrent | $ | 5 | ||||||||||||||||||||||||||||
(LKE and LG&E) | |||||||||||||||||||||||||||||||
The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. | |||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4 | $ | 4 | |||||||||||||||||||||||||||
Total current | 4 | 4 | |||||||||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps | 36 | 32 | |||||||||||||||||||||||||||||
Total noncurrent | 36 | 32 | |||||||||||||||||||||||||||||
Total derivatives | $ | 40 | $ | 36 | |||||||||||||||||||||||||||
(a) Represents the location on the Balance Sheets. | |||||||||||||||||||||||||||||||
The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the three months ended March 31. | |||||||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | -2 | $ | -2 | ||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | -4 | $ | 4 | ||||||||||||||||||||||||||
(All Registrants except PPL Electric and KU) | |||||||||||||||||||||||||||||||
Offsetting Derivative Instruments | |||||||||||||||||||||||||||||||
PPL, PPL Energy Supply, LKE, LG&E and KU or certain of their subsidiaries have master netting arrangements or similar agreements in place including derivative clearing agreements with futures commission merchants (FCMs) to permit the trading of cleared derivative products on one or more futures exchanges. The clearing arrangements permit an FCM to use and apply any property in its possession as a set off to pay amounts or discharge obligations owed by a customer upon default of the customer and typically do not place any restrictions on the FCM's use of collateral posted by the customer. PPL, PPL Energy Supply, LKE, LG&E and KU and their subsidiaries also enter into agreements pursuant to which they trade certain energy and other products. Under the agreements, upon termination of the agreement as a result of a default or other termination event, the non-defaulting party typically would have a right to setoff amounts owed under the agreement against any other obligations arising between the two parties (whether under the agreement or not), whether matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation. | |||||||||||||||||||||||||||||||
PPL, PPL Energy Supply, LKE, LG&E and KU have elected not to offset derivative assets and liabilities and not to offset net derivative positions against the right to reclaim cash collateral pledged (an asset) or the obligation to return cash collateral received (a liability) under derivatives agreements. The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. | |||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | ||||||||||||||||||||||||||||||
Cash | Cash | ||||||||||||||||||||||||||||||
Derivative | Collateral | Derivative | Collateral | ||||||||||||||||||||||||||||
Gross | Instruments | Received | Net | Gross | Instruments | Pledged | Net | ||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
Treasury Derivatives | 14 | 14 | 225 | 14 | 24 | 187 | |||||||||||||||||||||||||
Total | $ | 1,431 | $ | 1,282 | $ | 8 | $ | 141 | $ | 1,752 | $ | 1,282 | $ | 118 | $ | 352 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
Treasury Derivatives | 91 | 61 | 30 | 174 | 61 | 23 | 90 | ||||||||||||||||||||||||
Total | $ | 1,279 | $ | 973 | $ | 7 | $ | 299 | $ | 1,244 | $ | 973 | $ | 24 | $ | 247 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
Credit Risk-Related Contingent Features | |||||||||||||||||||||||||||||||
Certain derivative contracts contain credit risk-related contingent features which, when in a net liability position, would permit the counterparties to require the transfer of additional collateral upon a decrease in the credit ratings of PPL, PPL Energy Supply, LKE, LG&E and KU or certain of their subsidiaries. Most of these features would require the transfer of additional collateral or permit the counterparty to terminate the contract if the applicable credit rating were to fall below investment grade. Some of these features also would allow the counterparty to require additional collateral upon each downgrade in the credit rating at levels that remain above investment grade. In either case, if the applicable credit rating were to fall below investment grade (i.e., below BBB- for S&P or Fitch, or Baa3 for Moody's), and assuming no assignment to an investment grade affiliate were allowed, most of these credit contingent features require either immediate payment of the net liability as a termination payment or immediate and ongoing full collateralization on derivative instruments in net liability positions. | |||||||||||||||||||||||||||||||
Additionally, certain derivative contracts contain credit risk-related contingent features that require adequate assurance of performance be provided if the other party has reasonable concerns regarding the performance of PPL's obligation under the contract. A counterparty demanding adequate assurance could require a transfer of additional collateral or other security, including letters of credit, cash and guarantees from a creditworthy entity. This would typically involve negotiations among the parties. However, amounts disclosed below represent assumed immediate payment or immediate and ongoing full collateralization for derivative instruments in net liability positions with "adequate assurance" features. | |||||||||||||||||||||||||||||||
At March 31, 2014, the effect of a decrease in credit ratings below investment grade on derivative contracts that contain credit risk-related contingent features and were in a net liability position is summarized as follows: | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | ||||||||||||||||||||||||||||
Aggregate fair value of derivative instruments in a net liability | |||||||||||||||||||||||||||||||
position with credit risk-related contingent features | $ | 339 | $ | 168 | $ | 27 | $ | 27 | |||||||||||||||||||||||
Aggregate fair value of collateral posted on these derivative instruments | 57 | 36 | 21 | 21 | |||||||||||||||||||||||||||
Aggregate fair value of additional collateral requirements in the event of | |||||||||||||||||||||||||||||||
a credit downgrade below investment grade (a) | 363 | 209 | 7 | 7 | |||||||||||||||||||||||||||
(a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. | |||||||||||||||||||||||||||||||
[1] | 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2014 | |
Goodwill [Abstract] | ' |
Goodwill | ' |
15. Goodwill | |
(PPL) | |
The change in the carrying amount of goodwill for the three months ended March 31, 2014 was due to the effect of foreign currency exchange rates on the U.K. Regulated segment. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Asset Retirement Obligations [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligations | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 | ||||||||
Substantially all of the ARO balances are classified as noncurrent at March 31, 2014 and December 31, 2013. | ||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||
The most significant ARO recorded by PPL Energy Supply relates to the decommissioning of the Susquehanna nuclear plant. Assets in the NDT funds are legally restricted for purposes of settling this ARO. See Notes 13 and 17 for additional information on these assets. | ||||||||||||||||||
(PPL, LKE, LG&E and KU) | ||||||||||||||||||
LG&E's and KU's accretion and depreciation expense are recorded as a regulatory asset, such that there is no net earnings impact. | ||||||||||||||||||
PPL Energy Supply LLC [Member] | ' | |||||||||||||||||
Asset Retirement Obligations [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligations | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 | ||||||||
Substantially all of the ARO balances are classified as noncurrent at March 31, 2014 and December 31, 2013. | ||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||
The most significant ARO recorded by PPL Energy Supply relates to the decommissioning of the Susquehanna nuclear plant. Assets in the NDT funds are legally restricted for purposes of settling this ARO. See Notes 13 and 17 for additional information on these assets. | ||||||||||||||||||
(PPL, LKE, LG&E and KU) | ||||||||||||||||||
LG&E's and KU's accretion and depreciation expense are recorded as a regulatory asset, such that there is no net earnings impact. | ||||||||||||||||||
LG And E And KU Energy LLC [Member] | ' | |||||||||||||||||
Asset Retirement Obligations [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligations | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 | ||||||||
Substantially all of the ARO balances are classified as noncurrent at March 31, 2014 and December 31, 2013. | ||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||
The most significant ARO recorded by PPL Energy Supply relates to the decommissioning of the Susquehanna nuclear plant. Assets in the NDT funds are legally restricted for purposes of settling this ARO. See Notes 13 and 17 for additional information on these assets. | ||||||||||||||||||
(PPL, LKE, LG&E and KU) | ||||||||||||||||||
LG&E's and KU's accretion and depreciation expense are recorded as a regulatory asset, such that there is no net earnings impact. | ||||||||||||||||||
Louisville Gas And Electric Co [Member] | ' | |||||||||||||||||
Asset Retirement Obligations [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligations | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 | ||||||||
Substantially all of the ARO balances are classified as noncurrent at March 31, 2014 and December 31, 2013. | ||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||
The most significant ARO recorded by PPL Energy Supply relates to the decommissioning of the Susquehanna nuclear plant. Assets in the NDT funds are legally restricted for purposes of settling this ARO. See Notes 13 and 17 for additional information on these assets. | ||||||||||||||||||
(PPL, LKE, LG&E and KU) | ||||||||||||||||||
LG&E's and KU's accretion and depreciation expense are recorded as a regulatory asset, such that there is no net earnings impact. | ||||||||||||||||||
Kentucky Utilities Co [Member] | ' | |||||||||||||||||
Asset Retirement Obligations [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligations | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 | ||||||||
Substantially all of the ARO balances are classified as noncurrent at March 31, 2014 and December 31, 2013. | ||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||
The most significant ARO recorded by PPL Energy Supply relates to the decommissioning of the Susquehanna nuclear plant. Assets in the NDT funds are legally restricted for purposes of settling this ARO. See Notes 13 and 17 for additional information on these assets. | ||||||||||||||||||
(PPL, LKE, LG&E and KU) | ||||||||||||||||||
LG&E's and KU's accretion and depreciation expense are recorded as a regulatory asset, such that there is no net earnings impact. |
AvailableforSale_Securities
Available-for-Sale Securities | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||
Available-for-Sale Securities [Line Items] | ' | |||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | |||||||||||||||||||||||||||||
17. Available-for-Sale Securities | ||||||||||||||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||||||||||||||
Securities held by the NDT funds and auction rate securities are classified as available-for-sale. Available-for-sale securities are carried on the Balance Sheets at fair value. Unrealized gains and losses on these securities are reported, net of tax, in OCI or are recognized currently in earnings when a decline in fair value is determined to be other-than-temporary. The specific identification method is used to calculate realized gains and losses. | ||||||||||||||||||||||||||||||
The following table shows the amortized cost, the gross unrealized gains and losses recorded in AOCI and the fair value of available-for-sale securities. | ||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Amortized | Unrealized | Unrealized | |||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||
NDT funds: | ||||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13 | $ | 13 | $ | 14 | $ | 14 | ||||||||||||||||||||||
Equity securities | 271 | $ | 368 | 639 | 265 | $ | 363 | 628 | ||||||||||||||||||||||
Debt securities | 218 | 9 | $ | 1 | 226 | 217 | 7 | $ | 3 | 221 | ||||||||||||||||||||
Receivables/payables, net | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||
Total NDT funds | $ | 503 | $ | 377 | $ | 1 | $ | 879 | $ | 497 | $ | 370 | $ | 3 | $ | 864 | ||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||||||||
PPL | $ | 17 | $ | 1 | $ | 16 | $ | 20 | $ | 1 | $ | 19 | ||||||||||||||||||
PPL Energy Supply | 14 | 1 | 13 | 17 | 1 | 16 | ||||||||||||||||||||||||
See Note 13 for details on the securities held by the NDT funds. | ||||||||||||||||||||||||||||||
There were no securities with credit losses at March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||
The following table shows the scheduled maturity dates of debt securities held at March 31, 2014. | ||||||||||||||||||||||||||||||
Maturity | Maturity | Maturity | Maturity | |||||||||||||||||||||||||||
Less Than | 5-Jan | 10-Jun | in Excess | |||||||||||||||||||||||||||
1 Year | Years | Years | of 10 Years | Total | ||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||
Amortized cost | $ | 11 | $ | 88 | $ | 57 | $ | 79 | $ | 235 | ||||||||||||||||||||
Fair value | 11 | 90 | 59 | 82 | 242 | |||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||
Amortized cost | $ | 11 | $ | 88 | $ | 57 | $ | 76 | $ | 232 | ||||||||||||||||||||
Fair value | 11 | 90 | 59 | 79 | 239 | |||||||||||||||||||||||||
The following table shows proceeds from and realized gains and losses on sales of available-for-sale securities for the periods ended March 31. | ||||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||
Proceeds from sales of NDT securities (a) | $ | 27 | $ | 24 | ||||||||||||||||||||||||||
Other proceeds from sales | 3 | |||||||||||||||||||||||||||||
Gross realized gains (b) | 3 | 4 | ||||||||||||||||||||||||||||
Gross realized losses (b) | 1 | 2 | ||||||||||||||||||||||||||||
(a) These proceeds are used to pay income taxes and fees related to managing the trust. Remaining proceeds are reinvested in the trust. | ||||||||||||||||||||||||||||||
(b) Excludes the impact of other-than-temporary impairment charges recognized on the Statements of Income. | ||||||||||||||||||||||||||||||
PPL Energy Supply LLC [Member] | ' | |||||||||||||||||||||||||||||
Available-for-Sale Securities [Line Items] | ' | |||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | |||||||||||||||||||||||||||||
17. Available-for-Sale Securities | ||||||||||||||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||||||||||||||
Securities held by the NDT funds and auction rate securities are classified as available-for-sale. Available-for-sale securities are carried on the Balance Sheets at fair value. Unrealized gains and losses on these securities are reported, net of tax, in OCI or are recognized currently in earnings when a decline in fair value is determined to be other-than-temporary. The specific identification method is used to calculate realized gains and losses. | ||||||||||||||||||||||||||||||
The following table shows the amortized cost, the gross unrealized gains and losses recorded in AOCI and the fair value of available-for-sale securities. | ||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Amortized | Unrealized | Unrealized | |||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||
NDT funds: | ||||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13 | $ | 13 | $ | 14 | $ | 14 | ||||||||||||||||||||||
Equity securities | 271 | $ | 368 | 639 | 265 | $ | 363 | 628 | ||||||||||||||||||||||
Debt securities | 218 | 9 | $ | 1 | 226 | 217 | 7 | $ | 3 | 221 | ||||||||||||||||||||
Receivables/payables, net | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||
Total NDT funds | $ | 503 | $ | 377 | $ | 1 | $ | 879 | $ | 497 | $ | 370 | $ | 3 | $ | 864 | ||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||||||||
PPL | $ | 17 | $ | 1 | $ | 16 | $ | 20 | $ | 1 | $ | 19 | ||||||||||||||||||
PPL Energy Supply | 14 | 1 | 13 | 17 | 1 | 16 | ||||||||||||||||||||||||
See Note 13 for details on the securities held by the NDT funds. | ||||||||||||||||||||||||||||||
There were no securities with credit losses at March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||
The following table shows the scheduled maturity dates of debt securities held at March 31, 2014. | ||||||||||||||||||||||||||||||
Maturity | Maturity | Maturity | Maturity | |||||||||||||||||||||||||||
Less Than | 5-Jan | 10-Jun | in Excess | |||||||||||||||||||||||||||
1 Year | Years | Years | of 10 Years | Total | ||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||
Amortized cost | $ | 11 | $ | 88 | $ | 57 | $ | 79 | $ | 235 | ||||||||||||||||||||
Fair value | 11 | 90 | 59 | 82 | 242 | |||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||
Amortized cost | $ | 11 | $ | 88 | $ | 57 | $ | 76 | $ | 232 | ||||||||||||||||||||
Fair value | 11 | 90 | 59 | 79 | 239 | |||||||||||||||||||||||||
The following table shows proceeds from and realized gains and losses on sales of available-for-sale securities for the periods ended March 31. | ||||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||
Proceeds from sales of NDT securities (a) | $ | 27 | $ | 24 | ||||||||||||||||||||||||||
Other proceeds from sales | 3 | |||||||||||||||||||||||||||||
Gross realized gains (b) | 3 | 4 | ||||||||||||||||||||||||||||
Gross realized losses (b) | 1 | 2 | ||||||||||||||||||||||||||||
(a) These proceeds are used to pay income taxes and fees related to managing the trust. Remaining proceeds are reinvested in the trust. | ||||||||||||||||||||||||||||||
(b) Excludes the impact of other-than-temporary impairment charges recognized on the Statements of Income. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||
18. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||||||||||
The after-tax changes in AOCI by component for the three months ended March 31 were as follows. | ||||||||||||||||||||||||||
Foreign | Unrealized gains (losses) | Defined benefit plans | ||||||||||||||||||||||||
currency | Available- | Equity | Prior | Actuarial | Transition | |||||||||||||||||||||
translation | for-sale | Qualifying | investees' | service | gain | asset | ||||||||||||||||||||
adjustments | securities | derivatives | AOCI | costs | (loss) | (obligation) | Total | |||||||||||||||||||
PPL | ||||||||||||||||||||||||||
31-Dec-12 | $ | -149 | $ | 112 | $ | 132 | $ | 1 | $ | -14 | $ | -2,023 | $ | 1 | $ | -1,940 | ||||||||||
Amounts arising during the period | -245 | 23 | 62 | -160 | ||||||||||||||||||||||
Reclassifications from AOCI | -1 | -80 | 1 | 34 | -46 | |||||||||||||||||||||
Net OCI during the period | -245 | 22 | -18 | 1 | 34 | -206 | ||||||||||||||||||||
31-Mar-13 | $ | -394 | $ | 134 | $ | 114 | $ | 1 | $ | -13 | $ | -1,989 | $ | 1 | $ | -2,146 | ||||||||||
December 31, 2013 | $ | -11 | $ | 173 | $ | 94 | $ | 1 | $ | -6 | $ | -1,817 | $ | 1 | $ | -1,565 | ||||||||||
Amounts arising during the period | 131 | 5 | -46 | 90 | ||||||||||||||||||||||
Reclassifications from AOCI | -1 | 19 | 1 | 27 | 46 | |||||||||||||||||||||
Net OCI during the period | 131 | 4 | -27 | 1 | 27 | 136 | ||||||||||||||||||||
March 31, 2014 | $ | 120 | $ | 177 | $ | 67 | $ | 1 | $ | -5 | $ | -1,790 | $ | 1 | $ | -1,429 | ||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
31-Dec-12 | $ | 112 | $ | 211 | $ | -10 | $ | -265 | $ | 48 | ||||||||||||||||
Amounts arising during the period | 23 | 23 | ||||||||||||||||||||||||
Reclassifications from AOCI | -1 | -30 | 1 | 4 | -26 | |||||||||||||||||||||
Net OCI during the period | 22 | -30 | 1 | 4 | -3 | |||||||||||||||||||||
31-Mar-13 | $ | 134 | $ | 181 | $ | -9 | $ | -261 | $ | 45 | ||||||||||||||||
December 31, 2013 | $ | 173 | $ | 88 | $ | -4 | $ | -180 | $ | 77 | ||||||||||||||||
Amounts arising during the period | 5 | 5 | ||||||||||||||||||||||||
Reclassifications from AOCI | -1 | -5 | 1 | 1 | -4 | |||||||||||||||||||||
Net OCI during the period | 4 | -5 | 1 | 1 | 1 | |||||||||||||||||||||
March 31, 2014 | $ | 177 | $ | 83 | $ | -3 | $ | -179 | $ | 78 | ||||||||||||||||
The following table presents the gains (losses) and related income taxes for reclassifications from AOCI for the three months ended March 31. The defined benefit plan components of AOCI are not reflected in their entirety in the statement of income during the period; rather, they are included in the computation of net periodic defined benefit costs (credits). See Note 9 for additional information. | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Affected Line Item on the Statements of Income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Unregulated | Income | |||||||||||||||||||||||||
Wholesale | Energy | Interest | (Expense), | Total | Income | Total | ||||||||||||||||||||
Details about AOCI | energy | purchases | Expense | net | Other | Pre-tax | Taxes | After-tax | ||||||||||||||||||
PPL | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Interest rate swaps | $ | -3 | -3 | 2 | -1 | |||||||||||||||||||||
Cross-currency swaps | -29 | -29 | 6 | -23 | ||||||||||||||||||||||
Energy Commodities | $ | 1 | $ | 7 | $ | 1 | 9 | -4 | 5 | |||||||||||||||||
Total | $ | 1 | $ | 7 | $ | -3 | $ | -29 | $ | 1 | -23 | 4 | -19 | |||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -36 | 9 | -27 | |||||||||||||||||||||||
Total | $ | -38 | $ | 10 | -28 | |||||||||||||||||||||
Total reclassifications | $ | -46 | ||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Energy Commodities | $ | 1 | $ | 7 | $ | 1 | 9 | -4 | 5 | |||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -2 | 1 | -1 | |||||||||||||||||||||||
Total | $ | -4 | $ | 2 | -2 | |||||||||||||||||||||
Total reclassifications | $ | 4 | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||
Affected Line Item on the Statements of Income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Unregulated | Income | |||||||||||||||||||||||||
Wholesale | Energy | Interest | (Expense), | Total | Income | Total | ||||||||||||||||||||
Details about AOCI | energy | purchases | Expense | net | Other | Pre-tax | Taxes | After-tax | ||||||||||||||||||
PPL | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Interest rate swaps | $ | -5 | -5 | 2 | -3 | |||||||||||||||||||||
Cross-currency swaps | 69 | 69 | -17 | 52 | ||||||||||||||||||||||
Energy Commodities | $ | 67 | $ | -16 | 51 | -20 | 31 | |||||||||||||||||||
Total | $ | 67 | $ | -16 | $ | -5 | $ | 69 | 115 | -35 | 80 | |||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -47 | 13 | -34 | |||||||||||||||||||||||
Total | $ | -49 | $ | 14 | -35 | |||||||||||||||||||||
Total reclassifications | $ | 46 | ||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Energy Commodities | $ | 67 | $ | -16 | 51 | -21 | 30 | |||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -6 | 2 | -4 | |||||||||||||||||||||||
Total | $ | -8 | $ | 3 | -5 | |||||||||||||||||||||
Total reclassifications | $ | 26 | ||||||||||||||||||||||||
PPL Energy Supply LLC [Member] | ' | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||
18. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||
(PPL and PPL Energy Supply) | ||||||||||||||||||||||||||
The after-tax changes in AOCI by component for the three months ended March 31 were as follows. | ||||||||||||||||||||||||||
Foreign | Unrealized gains (losses) | Defined benefit plans | ||||||||||||||||||||||||
currency | Available- | Equity | Prior | Actuarial | Transition | |||||||||||||||||||||
translation | for-sale | Qualifying | investees' | service | gain | asset | ||||||||||||||||||||
adjustments | securities | derivatives | AOCI | costs | (loss) | (obligation) | Total | |||||||||||||||||||
PPL | ||||||||||||||||||||||||||
31-Dec-12 | $ | -149 | $ | 112 | $ | 132 | $ | 1 | $ | -14 | $ | -2,023 | $ | 1 | $ | -1,940 | ||||||||||
Amounts arising during the period | -245 | 23 | 62 | -160 | ||||||||||||||||||||||
Reclassifications from AOCI | -1 | -80 | 1 | 34 | -46 | |||||||||||||||||||||
Net OCI during the period | -245 | 22 | -18 | 1 | 34 | -206 | ||||||||||||||||||||
31-Mar-13 | $ | -394 | $ | 134 | $ | 114 | $ | 1 | $ | -13 | $ | -1,989 | $ | 1 | $ | -2,146 | ||||||||||
December 31, 2013 | $ | -11 | $ | 173 | $ | 94 | $ | 1 | $ | -6 | $ | -1,817 | $ | 1 | $ | -1,565 | ||||||||||
Amounts arising during the period | 131 | 5 | -46 | 90 | ||||||||||||||||||||||
Reclassifications from AOCI | -1 | 19 | 1 | 27 | 46 | |||||||||||||||||||||
Net OCI during the period | 131 | 4 | -27 | 1 | 27 | 136 | ||||||||||||||||||||
March 31, 2014 | $ | 120 | $ | 177 | $ | 67 | $ | 1 | $ | -5 | $ | -1,790 | $ | 1 | $ | -1,429 | ||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
31-Dec-12 | $ | 112 | $ | 211 | $ | -10 | $ | -265 | $ | 48 | ||||||||||||||||
Amounts arising during the period | 23 | 23 | ||||||||||||||||||||||||
Reclassifications from AOCI | -1 | -30 | 1 | 4 | -26 | |||||||||||||||||||||
Net OCI during the period | 22 | -30 | 1 | 4 | -3 | |||||||||||||||||||||
31-Mar-13 | $ | 134 | $ | 181 | $ | -9 | $ | -261 | $ | 45 | ||||||||||||||||
December 31, 2013 | $ | 173 | $ | 88 | $ | -4 | $ | -180 | $ | 77 | ||||||||||||||||
Amounts arising during the period | 5 | 5 | ||||||||||||||||||||||||
Reclassifications from AOCI | -1 | -5 | 1 | 1 | -4 | |||||||||||||||||||||
Net OCI during the period | 4 | -5 | 1 | 1 | 1 | |||||||||||||||||||||
March 31, 2014 | $ | 177 | $ | 83 | $ | -3 | $ | -179 | $ | 78 | ||||||||||||||||
The following table presents the gains (losses) and related income taxes for reclassifications from AOCI for the three months ended March 31. The defined benefit plan components of AOCI are not reflected in their entirety in the statement of income during the period; rather, they are included in the computation of net periodic defined benefit costs (credits). See Note 9 for additional information. | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Affected Line Item on the Statements of Income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Unregulated | Income | |||||||||||||||||||||||||
Wholesale | Energy | Interest | (Expense), | Total | Income | Total | ||||||||||||||||||||
Details about AOCI | energy | purchases | Expense | net | Other | Pre-tax | Taxes | After-tax | ||||||||||||||||||
PPL | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Interest rate swaps | $ | -3 | -3 | 2 | -1 | |||||||||||||||||||||
Cross-currency swaps | -29 | -29 | 6 | -23 | ||||||||||||||||||||||
Energy Commodities | $ | 1 | $ | 7 | $ | 1 | 9 | -4 | 5 | |||||||||||||||||
Total | $ | 1 | $ | 7 | $ | -3 | $ | -29 | $ | 1 | -23 | 4 | -19 | |||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -36 | 9 | -27 | |||||||||||||||||||||||
Total | $ | -38 | $ | 10 | -28 | |||||||||||||||||||||
Total reclassifications | $ | -46 | ||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Energy Commodities | $ | 1 | $ | 7 | $ | 1 | 9 | -4 | 5 | |||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -2 | 1 | -1 | |||||||||||||||||||||||
Total | $ | -4 | $ | 2 | -2 | |||||||||||||||||||||
Total reclassifications | $ | 4 | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||
Affected Line Item on the Statements of Income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Unregulated | Income | |||||||||||||||||||||||||
Wholesale | Energy | Interest | (Expense), | Total | Income | Total | ||||||||||||||||||||
Details about AOCI | energy | purchases | Expense | net | Other | Pre-tax | Taxes | After-tax | ||||||||||||||||||
PPL | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Interest rate swaps | $ | -5 | -5 | 2 | -3 | |||||||||||||||||||||
Cross-currency swaps | 69 | 69 | -17 | 52 | ||||||||||||||||||||||
Energy Commodities | $ | 67 | $ | -16 | 51 | -20 | 31 | |||||||||||||||||||
Total | $ | 67 | $ | -16 | $ | -5 | $ | 69 | 115 | -35 | 80 | |||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -47 | 13 | -34 | |||||||||||||||||||||||
Total | $ | -49 | $ | 14 | -35 | |||||||||||||||||||||
Total reclassifications | $ | 46 | ||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Energy Commodities | $ | 67 | $ | -16 | 51 | -21 | 30 | |||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -6 | 2 | -4 | |||||||||||||||||||||||
Total | $ | -8 | $ | 3 | -5 | |||||||||||||||||||||
Total reclassifications | $ | 26 |
New_Accounting_Guidance_Pendin
New Accounting Guidance Pending Adoption | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Guidance Pending Adoption [Abstract] | ' |
New Accounting Guidance Pending Adoption | ' |
19. New Accounting Guidance Pending Adoption | |
(All Registrants) | |
Reporting of Discontinued Operations | |
In April 2014, the Financial Accounting Standards Board issued accounting guidance that changes the criteria for determining what should be classified as a discontinued operation and also changes the related presentation and disclosure requirements. A discontinued operation may include a component of an entity or a group of components of an entity, or a business activity. | |
A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results when any of the following occurs: (1) The components of an entity or group of components of an entity meets the criteria to be classified as held for sale, (2) The component of an entity or group of components of an entity is disposed of by sale, or (3) The component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). | |
For public business entities, this guidance should be applied prospectively to all disposals (or classifications as held for sale) of components of an entity that occur within the annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted. | |
The Registrants are assessing in which period they will adopt this new guidance. The new guidance will impact the amounts presented as discontinued operations on the Statements of Income and will enhance the related disclosure requirements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ' |
Accounts Receivable | ' |
Accounts Receivable (PPL, PPL Energy Supply and PPL Electric) | |
In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative suppliers (including PPL EnergyPlus) at a discount, which reflects a provision for uncollectible accounts. The alternative suppliers have no continuing involvement or interest in the purchased accounts receivable. The purchased accounts receivable are initially recorded at fair value using a market approach based on the purchase price paid and are classified as Level 2 in the fair value hierarchy. During the three months ended March 31, 2014, PPL Electric purchased $362 million of accounts receivable from unaffiliated third parties and $105 million from PPL EnergyPlus. During the three months ended March 31, 2013, PPL Electric purchased $259 million of accounts receivable from unaffiliated third parties and $77 million from PPL EnergyPlus. | |
New Accounting Guidance Adopted | ' |
New Accounting Guidance Adopted (All Registrants) | |
Accounting for Obligations Resulting from Joint and Several Liability Arrangements | |
Effective January 1, 2014, the Registrants retrospectively adopted accounting guidance for the recognition, measurement and disclosure of certain obligations resulting from joint and several liability arrangements when the amount of the obligation is fixed at the reporting date. If the obligation is determined to be in the scope of this guidance, it will be measured as the sum of the amount the reporting entity agreed to pay on the basis of its arrangements among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires additional disclosures for these obligations. | |
The adoption of this guidance did not have a significant impact on the Registrants. | |
Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity | |
Effective January 1, 2014, PPL prospectively adopted accounting guidance that requires a cumulative translation adjustment to be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. For the step acquisition of previously held equity method investments that are foreign entities, this guidance clarifies that the amount of accumulated other comprehensive income that is reclassified and included in the calculation of a gain or loss shall include any foreign currency translation adjustment related to that previously held investment. | |
The initial adoption of this guidance did not have a significant impact on PPL; however, the impact in future periods could be material. | |
Presentation of Unrecognized Tax Benefits When Net Operating Loss Carryforwards, Similar Tax Losses, or Tax Credit Carryforwards Exist | |
Effective January 1, 2014, the Registrants prospectively adopted accounting guidance that requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. | |
The adoption of this guidance did not have a significant impact on the Registrants. | |
PPL Electric Utilities Corp [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Accounts Receivable | ' |
Accounts Receivable (PPL, PPL Energy Supply and PPL Electric) | |
In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative suppliers (including PPL EnergyPlus) at a discount, which reflects a provision for uncollectible accounts. The alternative suppliers have no continuing involvement or interest in the purchased accounts receivable. The purchased accounts receivable are initially recorded at fair value using a market approach based on the purchase price paid and are classified as Level 2 in the fair value hierarchy. During the three months ended March 31, 2014, PPL Electric purchased $362 million of accounts receivable from unaffiliated third parties and $105 million from PPL EnergyPlus. During the three months ended March 31, 2013, PPL Electric purchased $259 million of accounts receivable from unaffiliated third parties and $77 million from PPL EnergyPlus. | |
PPL Energy Supply LLC [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Accounts Receivable | ' |
Accounts Receivable (PPL, PPL Energy Supply and PPL Electric) | |
In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative suppliers (including PPL EnergyPlus) at a discount, which reflects a provision for uncollectible accounts. The alternative suppliers have no continuing involvement or interest in the purchased accounts receivable. The purchased accounts receivable are initially recorded at fair value using a market approach based on the purchase price paid and are classified as Level 2 in the fair value hierarchy. During the three months ended March 31, 2014, PPL Electric purchased $362 million of accounts receivable from unaffiliated third parties and $105 million from PPL EnergyPlus. During the three months ended March 31, 2013, PPL Electric purchased $259 million of accounts receivable from unaffiliated third parties and $77 million from PPL EnergyPlus. |
Fair_Value_Measurements_and_Cr1
Fair Value Measurements and Credit Concentration (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Measurements and Credit Concentration [Abstract] | ' |
Fair Value Measurements | ' |
Transfers between levels are recognized at end-of-reporting-period values. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Derivative Instruments and Hedging Activities [Abstract] | ' |
Price Risk Management | ' |
Net derivative positions on the balance sheets are not offset against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. |
AvailableforSale_Securities_Po
Available-for-Sale Securities (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Available-for-Sale Securities [Line Items] | ' |
Investments | ' |
Securities held by the NDT funds and auction rate securities are classified as available-for-sale. Available-for-sale securities are carried on the Balance Sheets at fair value. Unrealized gains and losses on these securities are reported, net of tax, in OCI or are recognized currently in earnings when a decline in fair value is determined to be other-than-temporary. The specific identification method is used to calculate realized gains and losses. | |
PPL Energy Supply LLC [Member] | ' |
Available-for-Sale Securities [Line Items] | ' |
Investments | ' |
Securities held by the NDT funds and auction rate securities are classified as available-for-sale. Available-for-sale securities are carried on the Balance Sheets at fair value. Unrealized gains and losses on these securities are reported, net of tax, in OCI or are recognized currently in earnings when a decline in fair value is determined to be other-than-temporary. The specific identification method is used to calculate realized gains and losses. |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment and Related Information [Abstract] | ' | ||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||
Financial data for the segments and reconciliation to PPL's consolidated results for the periods ended March 31 are: | |||||||||||||||||
Three Months | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income Statement Data | |||||||||||||||||
Revenues from external customers | |||||||||||||||||
U.K. Regulated | $ | 648 | $ | 648 | |||||||||||||
Kentucky Regulated | 934 | 800 | |||||||||||||||
Pennsylvania Regulated | 591 | 512 | |||||||||||||||
Supply (a) | -953 | 494 | |||||||||||||||
Corporate and Other | 3 | 3 | |||||||||||||||
Total | $ | 1,223 | $ | 2,457 | |||||||||||||
Intersegment electric revenues | |||||||||||||||||
Supply | $ | 27 | $ | 14 | |||||||||||||
Net Income Attributable to PPL Shareowners | |||||||||||||||||
U.K. Regulated | $ | 206 | $ | 313 | |||||||||||||
Kentucky Regulated | 107 | 85 | |||||||||||||||
Pennsylvania Regulated | 85 | 64 | |||||||||||||||
Supply (a) | -75 | -46 | |||||||||||||||
Corporate and Other | -7 | -3 | |||||||||||||||
Total | $ | 316 | $ | 413 | |||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance Sheet Data | |||||||||||||||||
Assets | |||||||||||||||||
U.K. Regulated | $ | 16,535 | $ | 15,895 | |||||||||||||
Kentucky Regulated | 12,037 | 12,016 | |||||||||||||||
Pennsylvania Regulated | 7,022 | 6,846 | |||||||||||||||
Supply | 12,237 | 11,408 | |||||||||||||||
Corporate and Other (b) | 142 | 94 | |||||||||||||||
Total assets | $ | 47,973 | $ | 46,259 | |||||||||||||
(a) Includes unrealized gains and losses from economic activity. See Note 14 for additional information. | |||||||||||||||||
(b) Primarily consists of unallocated items, including cash, PP&E and the elimination of inter-segment transactions. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Basic and Diluted EPS Computations | ' | |||||||||||||||
Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the periods ended March 31 used in the EPS calculation are: | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Income (Numerator) | ||||||||||||||||
Net income attributable to PPL shareowners | $ | 316 | $ | 413 | ||||||||||||
Less amounts allocated to participating securities | 2 | 2 | ||||||||||||||
Net income available to PPL common shareowners - Basic | 314 | 411 | ||||||||||||||
Plus interest charges (net of tax) related to Equity Units (a) | 9 | 15 | ||||||||||||||
Net income available to PPL common shareowners - Diluted | $ | 323 | $ | 426 | ||||||||||||
Shares of Common Stock (Denominator) | ||||||||||||||||
Weighted-average shares - Basic EPS | 630,749 | 582,640 | ||||||||||||||
Add incremental non-participating securities: | ||||||||||||||||
Share-based payment awards | 1,511 | 810 | ||||||||||||||
Equity Units (a) | 31,679 | 71,990 | ||||||||||||||
Forward sale agreements | 1,580 | |||||||||||||||
Weighted-average shares - Diluted EPS | 663,939 | 657,020 | ||||||||||||||
Basic EPS | ||||||||||||||||
Net Income Available to PPL common shareowners | $ | 0.5 | $ | 0.7 | ||||||||||||
Diluted EPS | ||||||||||||||||
Net Income Available to PPL common shareowners | $ | 0.49 | $ | 0.65 | ||||||||||||
(a) The If-Converted Method has been applied to the Equity Units prior to settlement. See Note 7 for additional information on the 2011 Equity Units, including the issuance of PPL common stock on May 1, 2014 to settle the 2011 Purchase Contracts. | ||||||||||||||||
Common Stock Issuances | ' | |||||||||||||||
For the periods ended March 31, PPL issued common stock related to stock-based compensation plans, ESOP and DRIP as follows (in thousands): | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Stock-based compensation plans (a) | 1,096 | 446 | ||||||||||||||
ESOP | 275 | |||||||||||||||
DRIP | 549 | |||||||||||||||
(a) Includes stock options exercised, vesting of restricted stock and restricted stock units and conversion of stock units granted to directors. | ||||||||||||||||
Antidilutive Securities Excluded From Diluted EPS | ' | |||||||||||||||
For the periods ended March 31, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Stock options | 2,540 | 6,589 | ||||||||||||||
Performance units | 206 | |||||||||||||||
Restricted stock units | 123 | 116 |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Income Taxes [Line Items] | ' | |||||||||||||||
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | ' | |||||||||||||||
Reconciliations of income taxes for the periods ended March 31 are: | ||||||||||||||||
(PPL) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 150 | $ | 197 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 2 | 3 | ||||||||||||||
Impact of lower U.K. income tax rates | -45 | -38 | ||||||||||||||
U.S. income tax on foreign earnings - net of foreign tax credit | 11 | 2 | ||||||||||||||
Federal income tax credits, excluding foreign tax credit | -1 | -4 | ||||||||||||||
Amortization of investment tax credit | -2 | -3 | ||||||||||||||
Depreciation not normalized | -2 | -3 | ||||||||||||||
Other | -1 | -3 | ||||||||||||||
Total increase (decrease) | -38 | -46 | ||||||||||||||
Total income taxes | $ | 112 | $ | 151 | ||||||||||||
PPL Energy Supply LLC [Member] | ' | |||||||||||||||
Income Taxes [Line Items] | ' | |||||||||||||||
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | ' | |||||||||||||||
Reconciliations of income taxes for the periods ended March 31 are: | ||||||||||||||||
(PPL Energy Supply) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income (Loss) Before Income Taxes at statutory tax rate - 35% | $ | -40 | $ | -26 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | -9 | -6 | ||||||||||||||
Federal income tax credits | -1 | -3 | ||||||||||||||
Other | 1 | |||||||||||||||
Total increase (decrease) | -9 | -9 | ||||||||||||||
Total income taxes | $ | -49 | $ | -35 | ||||||||||||
PPL Electric Utilities Corp [Member] | ' | |||||||||||||||
Income Taxes [Line Items] | ' | |||||||||||||||
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | ' | |||||||||||||||
Reconciliations of income taxes for the periods ended March 31 are: | ||||||||||||||||
(PPL Electric) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 48 | $ | 34 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 8 | 5 | ||||||||||||||
Federal and state tax reserve adjustments | -2 | |||||||||||||||
Depreciation not normalized | -2 | -3 | ||||||||||||||
Other | -1 | -1 | ||||||||||||||
Total increase (decrease) | 5 | -1 | ||||||||||||||
Total income taxes | $ | 53 | $ | 33 | ||||||||||||
LG And E And KU Energy LLC [Member] | ' | |||||||||||||||
Income Taxes [Line Items] | ' | |||||||||||||||
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | ' | |||||||||||||||
Reconciliations of income taxes for the periods ended March 31 are: | ||||||||||||||||
(LKE) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 64 | $ | 54 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 7 | 5 | ||||||||||||||
Other | -2 | -2 | ||||||||||||||
Total increase (decrease) | 5 | 3 | ||||||||||||||
Total income taxes | $ | 69 | $ | 57 | ||||||||||||
Louisville Gas And Electric Co [Member] | ' | |||||||||||||||
Income Taxes [Line Items] | ' | |||||||||||||||
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | ' | |||||||||||||||
Reconciliations of income taxes for the periods ended March 31 are: | ||||||||||||||||
(LG&E) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 29 | $ | 24 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 3 | 3 | ||||||||||||||
Other | -2 | -2 | ||||||||||||||
Total increase (decrease) | 1 | 1 | ||||||||||||||
Total income taxes | $ | 30 | $ | 25 | ||||||||||||
Kentucky Utilities Co [Member] | ' | |||||||||||||||
Income Taxes [Line Items] | ' | |||||||||||||||
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | ' | |||||||||||||||
Reconciliations of income taxes for the periods ended March 31 are: | ||||||||||||||||
(KU) | ||||||||||||||||
Three Months | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 43 | $ | 36 | ||||||||||||
Increase (decrease) due to: | ||||||||||||||||
State income taxes, net of federal income tax benefit | 4 | 4 | ||||||||||||||
Other | -1 | -1 | ||||||||||||||
Total increase (decrease) | 3 | 3 | ||||||||||||||
Total income taxes | $ | 46 | $ | 39 |
Utility_Rate_Regulation_Tables
Utility Rate Regulation (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Regulatory Assets | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Regulatory Liabilities | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
(a) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. | |||||||||||||||||||||
PPL Electric Utilities Corp [Member] | ' | ||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Regulatory Assets | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Regulatory Liabilities | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
LG And E And KU Energy LLC [Member] | ' | ||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Regulatory Assets | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Regulatory Liabilities | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
(a) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. | |||||||||||||||||||||
Louisville Gas And Electric Co [Member] | ' | ||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Regulatory Assets | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Regulatory Liabilities | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
(a) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. | |||||||||||||||||||||
Kentucky Utilities Co [Member] | ' | ||||||||||||||||||||
Utility Rate Regulation [Line Items] | ' | ||||||||||||||||||||
Regulatory Assets | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | |||||||||||||||||||
Gas supply clause | $ | 19 | 10 | ||||||||||||||||||
Fuel adjustment clause | 10 | 2 | |||||||||||||||||||
Demand side management | 1 | 8 | |||||||||||||||||||
Other | 2 | 6 | $ | 1 | $ | 6 | |||||||||||||||
Total current regulatory assets | $ | 32 | $ | 33 | $ | 1 | $ | 6 | |||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 503 | $ | 509 | $ | 255 | $ | 257 | |||||||||||||
Taxes recoverable through future rates | 307 | 306 | 307 | 306 | |||||||||||||||||
Storm costs | 141 | 147 | 51 | 53 | |||||||||||||||||
Unamortized loss on debt | 82 | 85 | 54 | 57 | |||||||||||||||||
Interest rate swaps | 48 | 44 | |||||||||||||||||||
Accumulated cost of removal of utility plant | 101 | 98 | 101 | 98 | |||||||||||||||||
AROs | 51 | 44 | |||||||||||||||||||
Other | 12 | 13 | 2 | 1 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 1,245 | $ | 1,246 | $ | 770 | $ | 772 | |||||||||||||
LKE | LG&E | KU | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||
Environmental cost recovery | $ | 7 | $ | 2 | $ | 5 | |||||||||||||||
Gas supply clause | $ | 19 | 10 | $ | 19 | 10 | |||||||||||||||
Fuel adjustment clause | 10 | 2 | 2 | 2 | $ | 8 | |||||||||||||||
Demand side management | 1 | 8 | 1 | 3 | 5 | ||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 27 | $ | 22 | $ | 17 | $ | 9 | $ | 10 | |||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||
Defined benefit plans | $ | 248 | $ | 252 | $ | 161 | $ | 164 | $ | 87 | $ | 88 | |||||||||
Storm costs | 90 | 94 | 49 | 51 | 41 | 43 | |||||||||||||||
Unamortized loss on debt | 28 | 28 | 18 | 18 | 10 | 10 | |||||||||||||||
Interest rate swaps | 48 | 44 | 48 | 44 | |||||||||||||||||
AROs | 51 | 44 | 23 | 21 | 28 | 23 | |||||||||||||||
Other | 10 | 12 | 4 | 5 | 6 | 7 | |||||||||||||||
Total noncurrent regulatory assets | $ | 475 | $ | 474 | $ | 303 | $ | 303 | $ | 172 | $ | 171 | |||||||||
Regulatory Liabilities | ' | ||||||||||||||||||||
The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. | |||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Generation supply charge | $ | 25 | $ | 23 | $ | 25 | $ | 23 | |||||||||||||
Environmental cost recovery | 3 | ||||||||||||||||||||
Gas supply clause | 2 | 3 | |||||||||||||||||||
Transmission service charge | 10 | 8 | 10 | 8 | |||||||||||||||||
Fuel adjustment clause | 4 | ||||||||||||||||||||
Transmission formula rate | 27 | 20 | 27 | 20 | |||||||||||||||||
Universal service rider | 5 | 10 | 5 | 10 | |||||||||||||||||
Storm damage expense | 14 | 14 | |||||||||||||||||||
Gas line tracker | 7 | 6 | |||||||||||||||||||
Other | 1 | 2 | 1 | 1 | |||||||||||||||||
Total current regulatory liabilities | $ | 80 | $ | 90 | $ | 68 | $ | 76 | |||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 692 | $ | 688 | |||||||||||||||||
Coal contracts (a) | 88 | 98 | |||||||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | |||||||||||||||||||
Net deferred tax assets | 30 | 30 | |||||||||||||||||||
Act 129 compliance rider | 13 | 15 | $ | 13 | $ | 15 | |||||||||||||||
Defined benefit plans | 26 | 26 | |||||||||||||||||||
Interest rate swaps | 86 | 86 | |||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,037 | $ | 1,048 | $ | 13 | $ | 15 | |||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||
Environmental cost recovery | $ | 3 | $ | 3 | |||||||||||||||||
Gas supply clause | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||||||||
Fuel adjustment clause | 4 | $ | 4 | ||||||||||||||||||
Gas line tracker | 7 | 6 | 7 | 6 | |||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Total current regulatory liabilities | $ | 12 | $ | 14 | $ | 9 | $ | 9 | $ | 3 | $ | 5 | |||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||
of utility plant | $ | 692 | $ | 688 | $ | 301 | $ | 299 | $ | 391 | $ | 389 | |||||||||
Coal contracts (a) | 88 | 98 | 38 | 43 | 50 | 55 | |||||||||||||||
Power purchase agreement - OVEC (a) | 98 | 100 | 68 | 69 | 30 | 31 | |||||||||||||||
Net deferred tax assets | 30 | 30 | 25 | 26 | 5 | 4 | |||||||||||||||
Defined benefit plans | 26 | 26 | 26 | 26 | |||||||||||||||||
Interest rate swaps | 86 | 86 | 43 | 43 | 43 | 43 | |||||||||||||||
Other | 4 | 5 | 2 | 2 | 2 | 3 | |||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,024 | $ | 1,033 | $ | 477 | $ | 482 | $ | 547 | $ | 551 | |||||||||
(a) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. |
Financing_Activities_Tables
Financing Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Financing Activities [Line Items] | ' | ||||||||||||||||||||||||||
Credit Facilities in Place at Period End | ' | ||||||||||||||||||||||||||
The following credit facilities were in place at: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Letters of | Letters of | ||||||||||||||||||||||||||
Credit | Credit | ||||||||||||||||||||||||||
and | and | ||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||
Expiration | Paper | Unused | Paper | ||||||||||||||||||||||||
Date | Capacity | Borrowed | Issued | Capacity | Borrowed | Issued | |||||||||||||||||||||
PPL | |||||||||||||||||||||||||||
U.K. | |||||||||||||||||||||||||||
PPL WW Syndicated | |||||||||||||||||||||||||||
Credit Facility | Dec. 2016 | £ | 210 | £ | 98 | £ | 112 | £ | 103 | ||||||||||||||||||
WPD (South West) | |||||||||||||||||||||||||||
Syndicated Credit Facility | Jan. 2017 | 245 | 245 | ||||||||||||||||||||||||
WPD (East Midlands) | |||||||||||||||||||||||||||
Syndicated Credit Facility | Apr. 2016 | 300 | 300 | ||||||||||||||||||||||||
WPD (West Midlands) | |||||||||||||||||||||||||||
Syndicated Credit Facility | Apr. 2016 | 300 | 300 | ||||||||||||||||||||||||
Uncommitted Credit Facilities | 88 | £ | 5 | 83 | £ | 5 | |||||||||||||||||||||
Total U.K. Credit Facilities (a) | £ | 1,143 | £ | 98 | £ | 5 | £ | 1,040 | £ | 103 | £ | 5 | |||||||||||||||
U.S. | |||||||||||||||||||||||||||
PPL Capital Funding | |||||||||||||||||||||||||||
Syndicated Credit Facility (b) | Nov. 2018 | $ | 300 | $ | 185 | $ | 115 | $ | 270 | ||||||||||||||||||
Bilateral Credit Facility | Mar. 2015 | 150 | 150 | ||||||||||||||||||||||||
Total PPL Capital Funding Credit Facilities | $ | 450 | $ | 185 | $ | 265 | $ | 270 | |||||||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||
Syndicated Credit Facility (b) | Nov. 2017 | $ | 3,000 | $ | 350 | $ | 730 | $ | 1,920 | $ | 29 | ||||||||||||||||
Letter of Credit Facility | Mar. 2015 | 150 | 91 | 59 | 138 | ||||||||||||||||||||||
Uncommitted Credit Facilities | 175 | 77 | 98 | 77 | |||||||||||||||||||||||
Total PPL Energy Supply Credit Facilities | $ | 3,325 | $ | 350 | $ | 898 | $ | 2,077 | $ | 244 | |||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||
Syndicated Credit Facility | Oct. 2017 | $ | 300 | $ | 61 | $ | 239 | $ | 21 | ||||||||||||||||||
LKE | |||||||||||||||||||||||||||
Syndicated Credit Facility (b) | Oct. 2018 | $ | 75 | $ | 75 | $ | 75 | ||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||
Syndicated Credit Facility | Nov. 2017 | $ | 500 | $ | 15 | $ | 485 | $ | 20 | ||||||||||||||||||
KU | |||||||||||||||||||||||||||
Syndicated Credit Facility | Nov. 2017 | $ | 400 | $ | 110 | $ | 290 | $ | 150 | ||||||||||||||||||
Letter of Credit Facility | May-16 | 198 | 198 | 198 | |||||||||||||||||||||||
Total KU Credit Facilities | $ | 598 | $ | 308 | $ | 290 | $ | 348 | |||||||||||||||||||
(a) PPL WW's amounts borrowed at March 31, 2014 and December 31, 2013 were USD-denominated borrowings of $164 million and $166 million, which equated to £98 million and £103 million at the time of borrowings and bore interest at 1.86% and 1.87%. At March 31, 2014, the unused capacity under the U.K. credit facilities was $1.7 billion. | |||||||||||||||||||||||||||
(b) At March 31, 2014, interest rates on outstanding borrowings were 1.79% for PPL Capital Funding and 1.66% for PPL Energy Supply and LKE. At December 31, 2013, interest rates on outstanding borrowings were 1.79% for PPL Capital Funding and 1.67% for LKE. | |||||||||||||||||||||||||||
PPL Energy Supply LLC [Member] | ' | ||||||||||||||||||||||||||
Financing Activities [Line Items] | ' | ||||||||||||||||||||||||||
Commercial paper | ' | ||||||||||||||||||||||||||
The following commercial paper programs were in place at: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Weighted - | Commercial | Weighted - | Commercial | ||||||||||||||||||||||||
Average | Paper | Unused | Average | Paper | |||||||||||||||||||||||
Interest Rate | Capacity | Issuances | Capacity | Interest Rate | Issuances | ||||||||||||||||||||||
PPL Energy Supply | 0.48% | $ | 750 | $ | 620 | $ | 130 | ||||||||||||||||||||
PPL Electric | 0.33% | 300 | 60 | 240 | 0.23% | $ | 20 | ||||||||||||||||||||
LG&E | 0.27% | 350 | 15 | 335 | 0.29% | 20 | |||||||||||||||||||||
KU | 0.29% | 350 | 110 | 240 | 0.32% | 150 | |||||||||||||||||||||
Total | $ | 1,750 | $ | 805 | $ | 945 | $ | 190 | |||||||||||||||||||
PPL Electric Utilities Corp [Member] | ' | ||||||||||||||||||||||||||
Financing Activities [Line Items] | ' | ||||||||||||||||||||||||||
Commercial paper | ' | ||||||||||||||||||||||||||
The following commercial paper programs were in place at: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Weighted - | Commercial | Weighted - | Commercial | ||||||||||||||||||||||||
Average | Paper | Unused | Average | Paper | |||||||||||||||||||||||
Interest Rate | Capacity | Issuances | Capacity | Interest Rate | Issuances | ||||||||||||||||||||||
PPL Energy Supply | 0.48% | $ | 750 | $ | 620 | $ | 130 | ||||||||||||||||||||
PPL Electric | 0.33% | 300 | 60 | 240 | 0.23% | $ | 20 | ||||||||||||||||||||
LG&E | 0.27% | 350 | 15 | 335 | 0.29% | 20 | |||||||||||||||||||||
KU | 0.29% | 350 | 110 | 240 | 0.32% | 150 | |||||||||||||||||||||
Total | $ | 1,750 | $ | 805 | $ | 945 | $ | 190 | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | ' | ||||||||||||||||||||||||||
Financing Activities [Line Items] | ' | ||||||||||||||||||||||||||
Commercial paper | ' | ||||||||||||||||||||||||||
The following commercial paper programs were in place at: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Weighted - | Commercial | Weighted - | Commercial | ||||||||||||||||||||||||
Average | Paper | Unused | Average | Paper | |||||||||||||||||||||||
Interest Rate | Capacity | Issuances | Capacity | Interest Rate | Issuances | ||||||||||||||||||||||
PPL Energy Supply | 0.48% | $ | 750 | $ | 620 | $ | 130 | ||||||||||||||||||||
PPL Electric | 0.33% | 300 | 60 | 240 | 0.23% | $ | 20 | ||||||||||||||||||||
LG&E | 0.27% | 350 | 15 | 335 | 0.29% | 20 | |||||||||||||||||||||
KU | 0.29% | 350 | 110 | 240 | 0.32% | 150 | |||||||||||||||||||||
Total | $ | 1,750 | $ | 805 | $ | 945 | $ | 190 | |||||||||||||||||||
Kentucky Utilities Co [Member] | ' | ||||||||||||||||||||||||||
Financing Activities [Line Items] | ' | ||||||||||||||||||||||||||
Commercial paper | ' | ||||||||||||||||||||||||||
The following commercial paper programs were in place at: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Weighted - | Commercial | Weighted - | Commercial | ||||||||||||||||||||||||
Average | Paper | Unused | Average | Paper | |||||||||||||||||||||||
Interest Rate | Capacity | Issuances | Capacity | Interest Rate | Issuances | ||||||||||||||||||||||
PPL Energy Supply | 0.48% | $ | 750 | $ | 620 | $ | 130 | ||||||||||||||||||||
PPL Electric | 0.33% | 300 | 60 | 240 | 0.23% | $ | 20 | ||||||||||||||||||||
LG&E | 0.27% | 350 | 15 | 335 | 0.29% | 20 | |||||||||||||||||||||
KU | 0.29% | 350 | 110 | 240 | 0.32% | 150 | |||||||||||||||||||||
Total | $ | 1,750 | $ | 805 | $ | 945 | $ | 190 |
Defined_Benefits_Tables
Defined Benefits (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Defined Benefits [Line Items] | ' | ||||||||||||||||||||
Schedule Of Net Periodic Defined Benefit Costs (Credits) | ' | ||||||||||||||||||||
Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL, PPL Energy Supply, LKE and LG&E for the periods ended March 31. The U.K. pension benefits apply to PPL only. | |||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||
U.S. | U.K. | ||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
PPL | |||||||||||||||||||||
Service cost | $ | 26 | $ | 31 | $ | 18 | $ | 18 | $ | 3 | $ | 4 | |||||||||
Interest cost | 59 | 54 | 88 | 81 | 8 | 7 | |||||||||||||||
Expected return on plan assets | -74 | -74 | -130 | -118 | -6 | -6 | |||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 5 | 6 | |||||||||||||||||||
Actuarial (gain) loss | 7 | 20 | 33 | 38 | 1 | ||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 23 | $ | 37 | $ | 9 | $ | 19 | $ | 5 | $ | 6 | |||||||||
PPL Energy Supply | |||||||||||||||||||||
Service cost | $ | 1 | $ | 2 | |||||||||||||||||
Interest cost | 2 | 2 | |||||||||||||||||||
Expected return on plan assets | -2 | -3 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Actuarial (gain) loss | 1 | ||||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 2 | |||||||||||||||||
LKE | |||||||||||||||||||||
Service cost | $ | 6 | $ | 7 | $ | 1 | $ | 1 | |||||||||||||
Interest cost | 17 | 16 | 2 | 2 | |||||||||||||||||
Expected return on plan assets | -20 | -21 | -1 | -1 | |||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | 1 | 1 | |||||||||||||||||
Actuarial (gain) loss | 3 | 8 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 7 | $ | 11 | $ | 3 | $ | 3 | |||||||||||||
LG&E | |||||||||||||||||||||
Service cost | $ | 1 | |||||||||||||||||||
Interest cost | $ | 4 | 3 | ||||||||||||||||||
Expected return on plan assets | -5 | -5 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | |||||||||||||||||||
Actuarial (gain) loss | 1 | 3 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 3 | |||||||||||||||||
PPL Energy Supply LLC [Member] | ' | ||||||||||||||||||||
Defined Benefits [Line Items] | ' | ||||||||||||||||||||
Schedule Of Net Periodic Defined Benefit Costs (Credits) | ' | ||||||||||||||||||||
Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL, PPL Energy Supply, LKE and LG&E for the periods ended March 31. The U.K. pension benefits apply to PPL only. | |||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||
U.S. | U.K. | ||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
PPL | |||||||||||||||||||||
Service cost | $ | 26 | $ | 31 | $ | 18 | $ | 18 | $ | 3 | $ | 4 | |||||||||
Interest cost | 59 | 54 | 88 | 81 | 8 | 7 | |||||||||||||||
Expected return on plan assets | -74 | -74 | -130 | -118 | -6 | -6 | |||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 5 | 6 | |||||||||||||||||||
Actuarial (gain) loss | 7 | 20 | 33 | 38 | 1 | ||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 23 | $ | 37 | $ | 9 | $ | 19 | $ | 5 | $ | 6 | |||||||||
PPL Energy Supply | |||||||||||||||||||||
Service cost | $ | 1 | $ | 2 | |||||||||||||||||
Interest cost | 2 | 2 | |||||||||||||||||||
Expected return on plan assets | -2 | -3 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Actuarial (gain) loss | 1 | ||||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 2 | |||||||||||||||||
LKE | |||||||||||||||||||||
Service cost | $ | 6 | $ | 7 | $ | 1 | $ | 1 | |||||||||||||
Interest cost | 17 | 16 | 2 | 2 | |||||||||||||||||
Expected return on plan assets | -20 | -21 | -1 | -1 | |||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | 1 | 1 | |||||||||||||||||
Actuarial (gain) loss | 3 | 8 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 7 | $ | 11 | $ | 3 | $ | 3 | |||||||||||||
LG&E | |||||||||||||||||||||
Service cost | $ | 1 | |||||||||||||||||||
Interest cost | $ | 4 | 3 | ||||||||||||||||||
Expected return on plan assets | -5 | -5 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | |||||||||||||||||||
Actuarial (gain) loss | 1 | 3 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 3 | |||||||||||||||||
Allocation of Net Periodic Benefit Costs | ' | ||||||||||||||||||||
For the periods ended March 31, PPL Services allocated the following net periodic defined benefit costs to PPL Energy Supply subsidiaries and PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU. | |||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
PPL Energy Supply | $ | 7 | $ | 11 | |||||||||||||||||
PPL Electric | 5 | 9 | |||||||||||||||||||
LG&E | 2 | 3 | |||||||||||||||||||
KU | 3 | 4 | |||||||||||||||||||
PPL Electric Utilities Corp [Member] | ' | ||||||||||||||||||||
Defined Benefits [Line Items] | ' | ||||||||||||||||||||
Allocation of Net Periodic Benefit Costs | ' | ||||||||||||||||||||
For the periods ended March 31, PPL Services allocated the following net periodic defined benefit costs to PPL Energy Supply subsidiaries and PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU. | |||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
PPL Energy Supply | $ | 7 | $ | 11 | |||||||||||||||||
PPL Electric | 5 | 9 | |||||||||||||||||||
LG&E | 2 | 3 | |||||||||||||||||||
KU | 3 | 4 | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | ' | ||||||||||||||||||||
Defined Benefits [Line Items] | ' | ||||||||||||||||||||
Schedule Of Net Periodic Defined Benefit Costs (Credits) | ' | ||||||||||||||||||||
Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL, PPL Energy Supply, LKE and LG&E for the periods ended March 31. The U.K. pension benefits apply to PPL only. | |||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||
U.S. | U.K. | ||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
PPL | |||||||||||||||||||||
Service cost | $ | 26 | $ | 31 | $ | 18 | $ | 18 | $ | 3 | $ | 4 | |||||||||
Interest cost | 59 | 54 | 88 | 81 | 8 | 7 | |||||||||||||||
Expected return on plan assets | -74 | -74 | -130 | -118 | -6 | -6 | |||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 5 | 6 | |||||||||||||||||||
Actuarial (gain) loss | 7 | 20 | 33 | 38 | 1 | ||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 23 | $ | 37 | $ | 9 | $ | 19 | $ | 5 | $ | 6 | |||||||||
PPL Energy Supply | |||||||||||||||||||||
Service cost | $ | 1 | $ | 2 | |||||||||||||||||
Interest cost | 2 | 2 | |||||||||||||||||||
Expected return on plan assets | -2 | -3 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Actuarial (gain) loss | 1 | ||||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 2 | |||||||||||||||||
LKE | |||||||||||||||||||||
Service cost | $ | 6 | $ | 7 | $ | 1 | $ | 1 | |||||||||||||
Interest cost | 17 | 16 | 2 | 2 | |||||||||||||||||
Expected return on plan assets | -20 | -21 | -1 | -1 | |||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | 1 | 1 | |||||||||||||||||
Actuarial (gain) loss | 3 | 8 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 7 | $ | 11 | $ | 3 | $ | 3 | |||||||||||||
LG&E | |||||||||||||||||||||
Service cost | $ | 1 | |||||||||||||||||||
Interest cost | $ | 4 | 3 | ||||||||||||||||||
Expected return on plan assets | -5 | -5 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | |||||||||||||||||||
Actuarial (gain) loss | 1 | 3 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 3 | |||||||||||||||||
Louisville Gas And Electric Co [Member] | ' | ||||||||||||||||||||
Defined Benefits [Line Items] | ' | ||||||||||||||||||||
Schedule Of Net Periodic Defined Benefit Costs (Credits) | ' | ||||||||||||||||||||
Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL, PPL Energy Supply, LKE and LG&E for the periods ended March 31. The U.K. pension benefits apply to PPL only. | |||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||
U.S. | U.K. | ||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
PPL | |||||||||||||||||||||
Service cost | $ | 26 | $ | 31 | $ | 18 | $ | 18 | $ | 3 | $ | 4 | |||||||||
Interest cost | 59 | 54 | 88 | 81 | 8 | 7 | |||||||||||||||
Expected return on plan assets | -74 | -74 | -130 | -118 | -6 | -6 | |||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 5 | 6 | |||||||||||||||||||
Actuarial (gain) loss | 7 | 20 | 33 | 38 | 1 | ||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 23 | $ | 37 | $ | 9 | $ | 19 | $ | 5 | $ | 6 | |||||||||
PPL Energy Supply | |||||||||||||||||||||
Service cost | $ | 1 | $ | 2 | |||||||||||||||||
Interest cost | 2 | 2 | |||||||||||||||||||
Expected return on plan assets | -2 | -3 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Actuarial (gain) loss | 1 | ||||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 2 | |||||||||||||||||
LKE | |||||||||||||||||||||
Service cost | $ | 6 | $ | 7 | $ | 1 | $ | 1 | |||||||||||||
Interest cost | 17 | 16 | 2 | 2 | |||||||||||||||||
Expected return on plan assets | -20 | -21 | -1 | -1 | |||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | 1 | 1 | |||||||||||||||||
Actuarial (gain) loss | 3 | 8 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 7 | $ | 11 | $ | 3 | $ | 3 | |||||||||||||
LG&E | |||||||||||||||||||||
Service cost | $ | 1 | |||||||||||||||||||
Interest cost | $ | 4 | 3 | ||||||||||||||||||
Expected return on plan assets | -5 | -5 | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||
Prior service cost | 1 | 1 | |||||||||||||||||||
Actuarial (gain) loss | 1 | 3 | |||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 1 | $ | 3 | |||||||||||||||||
Allocation of Net Periodic Benefit Costs | ' | ||||||||||||||||||||
For the periods ended March 31, PPL Services allocated the following net periodic defined benefit costs to PPL Energy Supply subsidiaries and PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU. | |||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
PPL Energy Supply | $ | 7 | $ | 11 | |||||||||||||||||
PPL Electric | 5 | 9 | |||||||||||||||||||
LG&E | 2 | 3 | |||||||||||||||||||
KU | 3 | 4 | |||||||||||||||||||
Kentucky Utilities Co [Member] | ' | ||||||||||||||||||||
Defined Benefits [Line Items] | ' | ||||||||||||||||||||
Allocation of Net Periodic Benefit Costs | ' | ||||||||||||||||||||
For the periods ended March 31, PPL Services allocated the following net periodic defined benefit costs to PPL Energy Supply subsidiaries and PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU. | |||||||||||||||||||||
Three Months | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
PPL Energy Supply | $ | 7 | $ | 11 | |||||||||||||||||
PPL Electric | 5 | 9 | |||||||||||||||||||
LG&E | 2 | 3 | |||||||||||||||||||
KU | 3 | 4 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Commitments and Contingencies [Abstract] | ' | ||||||
Guarantees | ' | ||||||
The table below details guarantees provided as of March 31, 2014. | |||||||
Exposure at | Expiration | ||||||
March 31, 2014 | Date | ||||||
PPL | |||||||
Indemnifications related to the WPD Midlands acquisition | (a) | ||||||
WPD indemnifications for entities in liquidation and sales of assets | $ | 12 | (b) | 2017 - 2018 | |||
WPD guarantee of pension and other obligations of unconsolidated entities | 128 | (c) | |||||
PPL Energy Supply | |||||||
Letters of credit issued on behalf of affiliates | 30 | (d) | 2014 - 2015 | ||||
Indemnifications for sales of assets | 250 | (e) | 2025 | ||||
Guarantee of a portion of a divested unconsolidated entity's debt | 22 | (f) | 2018 | ||||
PPL Electric | |||||||
Guarantee of inventory value | 32 | (g) | 2017 | ||||
LKE | |||||||
Indemnification of lease termination and other divestitures | 301 | (h) | 2021 - 2023 | ||||
LG&E and KU | |||||||
LG&E and KU guarantee of shortfall related to OVEC | (i) | ||||||
(a) Indemnifications related to certain liabilities, including a specific unresolved tax issue and those relating to properties and assets owned by the seller that were transferred to WPD Midlands in connection with the acquisition. A cross indemnity has been received from the seller on the tax issue. The maximum exposure and expiration of these indemnifications cannot be estimated because the maximum potential liability is not capped and the expiration date is not specified in the transaction documents. | |||||||
(b) Indemnification to the liquidators and certain others for existing liabilities or expenses or liabilities arising during the liquidation process. The indemnifications are limited to distributions made from the subsidiary to its parent either prior or subsequent to liquidation or is not explicitly stated in the agreements. The indemnifications generally expire two to seven years subsequent to the date of dissolution of the entities. The exposure noted only includes those cases where the agreements provide for specific limits. | |||||||
In connection with their sales of various businesses, WPD and its affiliates have provided the purchasers with indemnifications that are standard for such transactions, including indemnifications for certain pre-existing liabilities and environmental and tax matters or have agreed to continue their obligations under existing third-party guarantees, either for a set period of time following the transactions or upon the condition that the purchasers make reasonable efforts to terminate the guarantees. Finally, WPD and its affiliates remain secondarily responsible for lease payments under certain leases that they have assigned to third parties. | |||||||
(c) Relates to certain obligations of discontinued or modified electric associations that were guaranteed at the time of privatization by the participating members. Costs are allocated to the members and can be reallocated if an existing member becomes insolvent. At March 31, 2014, WPD has recorded an estimated discounted liability for which the expected payment/performance is probable. Neither the expiration date nor the maximum amount of potential payments for certain obligations is explicitly stated in the related agreements, and as a result, the exposure has been estimated. | |||||||
(d) Standby letter of credit arrangements under PPL Energy Supply's credit facilities for the purposes of protecting various third parties against nonperformance by PPL. This is not a guarantee by PPL on a consolidated basis. | |||||||
(e) Indemnifications are governed by the specific sales agreement and include breach of the representations, warranties and covenants, and liabilities for certain other matters. PPL Energy Supply's maximum exposure with respect to certain indemnifications and the expiration of the indemnifications cannot be estimated because the maximum potential liability is not capped by the transaction documents and the expiration date is based on the applicable statute of limitations. The exposure and expiration date noted is based on those cases in which the agreements provide for specific limits. | |||||||
(f) Relates to a guarantee of one-third of the divested entity's debt. The purchaser provided a cross-indemnity, secured by a lien on the purchaser's stock of the divested entity. The exposure noted reflects principal only. | |||||||
(g) A third party logistics firm provides inventory procurement and fulfillment services. The logistics firm has title to the inventory, however, upon termination of the contracts, PPL Electric has guaranteed to purchase any remaining inventory that has not been used or sold. | |||||||
(h) LKE provides certain indemnifications, the most significant of which relate to the termination of the WKE lease in July 2009. These guarantees cover the due and punctual payment, performance and discharge by each party of its respective present and future obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under the WKE Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a cumulative maximum exposure of $200 million. Certain items such as government fines and penalties fall outside the cumulative cap. LKE has contested the applicability of the indemnification requirement relating to one matter presented by a counterparty under this guarantee. Another guarantee with a maximum exposure of $100 million covering other indemnifications expires in 2023. In May 2012, LKE's indemnitee received an arbitration panel's decision affecting this matter, which granted LKE's indemnitee certain rights of first refusal to purchase excess power at a market-based price rather than at an absolute fixed price. In January 2013, LKE's indemnitee commenced a proceeding in the Kentucky Court of Appeals appealing the December 2012 order of the Henderson Circuit Court, confirming the arbitration award. A decision in the appellate matter may occur during 2014. LKE believes its indemnification obligations in this matter remain subject to various uncertainties, including potential for additional legal challenges regarding the arbitration decision as well as future prices, availability and demand for the subject excess power. LKE continues to evaluate various legal and commercial options with respect to this indemnification matter. The ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum; however, LKE is not aware of formal claims under such indemnities made by any party at this time. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of such indemnification circumstances, but does not currently expect such outcomes to result in significant losses above the amounts recorded. | |||||||
(i) Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement and decommissioning costs, as well as any shortfall from amounts currently included within a demand charge designed and currently expected to cover these costs over the term of the contract. The maximum exposure and the expiration date of these potential obligations are not presently determinable. See “Energy Purchase Commitments” and “Guarantees and Other Assurances” in Note 15 in PPL's, LKE's, LG&E's and KU's 2013 Form 10-K for additional information on the OVEC power purchase contract. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
PPL Energy Supply LLC [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Intercompany Support Cost Allocations | ' | ||||||||||||
PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 | |||||||||||
PPL Electric Utilities Corp [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Intercompany Support Cost Allocations | ' | ||||||||||||
PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 | |||||||||||
LG And E And KU Energy LLC [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Intercompany Support Cost Allocations | ' | ||||||||||||
PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 | |||||||||||
Louisville Gas And Electric Co [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Intercompany Support Cost Allocations | ' | ||||||||||||
PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 | |||||||||||
Kentucky Utilities Co [Member] | ' | ||||||||||||
Related Party Transactions [Line Items] | ' | ||||||||||||
Intercompany Support Cost Allocations | ' | ||||||||||||
PPL Services and LKS charged the following amounts for the periods ended March 31, and believe these amounts are reasonable, including amounts applied to accounts that are further distributed between capital and expense. | |||||||||||||
Three Months | |||||||||||||
2014 | 2013 | ||||||||||||
PPL Energy Supply from PPL Services | $ | 58 | $ | 57 | |||||||||
PPL Electric from PPL Services | 41 | 38 | |||||||||||
LKE from PPL Services | 4 | 4 | |||||||||||
LG&E from LKS | 48 | 39 | |||||||||||
KU from LKS | 53 | 66 |
Other_Income_Expense_net_Table
Other Income (Expense) - net (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Other Income (Expense) Net [Line Items] | ' | ||||||||||||||
Other Income (Expense) - net | ' | ||||||||||||||
The breakdown of "Other Income (Expense) - net" for the periods ended March 31 was: | |||||||||||||||
Three Months | |||||||||||||||
2014 | 2013 | ||||||||||||||
PPL | |||||||||||||||
Other Income | |||||||||||||||
Earnings on securities in NDT funds | $ | 6 | $ | 5 | |||||||||||
Interest income | 1 | 1 | |||||||||||||
AFUDC - equity component | 3 | 3 | |||||||||||||
Miscellaneous - Domestic | 2 | 2 | |||||||||||||
Miscellaneous - U.K. | 1 | ||||||||||||||
Total Other Income | 12 | 12 | |||||||||||||
Other Expense | |||||||||||||||
Economic foreign currency exchange contracts (Note 14) | 24 | -119 | |||||||||||||
Charitable contributions | 7 | 4 | |||||||||||||
Miscellaneous - Domestic | 3 | 4 | |||||||||||||
Miscellaneous - U.K. | 1 | 1 | |||||||||||||
Total Other Expense | 35 | -110 | |||||||||||||
Other Income (Expense) - net | $ | -23 | $ | 122 |
Fair_Value_Measurements_and_Cr2
Fair Value Measurements and Credit Concentration (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Measurements and Credit Concentration [Line Items] | ' | |||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||||||||||||||
The assets and liabilities measured at fair value were: | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,256 | $ | 1,256 | $ | 1,102 | $ | 1,102 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (a) | 491 | 491 | 156 | 156 | ||||||||||||||||||||||||||||
Price risk management assets: | ||||||||||||||||||||||||||||||||
Energy commodities | 1,417 | 2 | $ | 1,330 | $ | 85 | 1,188 | 3 | $ | 1,123 | $ | 62 | ||||||||||||||||||||
Interest rate swaps | 9 | 9 | 91 | 91 | ||||||||||||||||||||||||||||
Foreign currency contracts | 5 | 5 | ||||||||||||||||||||||||||||||
Total price risk management assets | 1,431 | 2 | 1,344 | 85 | 1,279 | 3 | 1,214 | 62 | ||||||||||||||||||||||||
NDT funds: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 13 | 13 | 14 | 14 | ||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
U.S. large-cap | 556 | 415 | 141 | 547 | 409 | 138 | ||||||||||||||||||||||||||
U.S. mid/small-cap | 83 | 34 | 49 | 81 | 33 | 48 | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
U.S. Treasury | 95 | 95 | 95 | 95 | ||||||||||||||||||||||||||||
U.S. government sponsored agency | 6 | 6 | 6 | 6 | ||||||||||||||||||||||||||||
Municipality | 80 | 80 | 77 | 77 | ||||||||||||||||||||||||||||
Investment-grade corporate | 41 | 41 | 38 | 38 | ||||||||||||||||||||||||||||
Other | 4 | 4 | 5 | 5 | ||||||||||||||||||||||||||||
Receivables (payables), net | 1 | -1 | 2 | 1 | -1 | 2 | ||||||||||||||||||||||||||
Total NDT funds | 879 | 556 | 323 | 864 | 550 | 314 | ||||||||||||||||||||||||||
Auction rate securities (b) | 16 | 16 | 19 | 19 | ||||||||||||||||||||||||||||
Total assets | $ | 4,073 | $ | 2,305 | $ | 1,667 | $ | 101 | $ | 3,420 | $ | 1,811 | $ | 1,528 | $ | 81 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Price risk management liabilities: | ||||||||||||||||||||||||||||||||
Energy commodities | $ | 1,527 | $ | 1 | $ | 1,458 | $ | 68 | $ | 1,070 | $ | 4 | $ | 1,028 | $ | 38 | ||||||||||||||||
Interest rate swaps | 47 | 47 | 36 | 36 | ||||||||||||||||||||||||||||
Foreign currency contracts | 123 | 123 | 106 | 106 | ||||||||||||||||||||||||||||
Cross-currency swaps | 55 | 55 | 32 | 32 | ||||||||||||||||||||||||||||
Total price risk management liabilities | $ | 1,752 | $ | 1 | $ | 1,683 | $ | 68 | $ | 1,244 | $ | 4 | $ | 1,202 | $ | 38 | ||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 441 | $ | 441 | $ | 239 | $ | 239 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (a) | 429 | 429 | 85 | 85 | ||||||||||||||||||||||||||||
Price risk management assets: | ||||||||||||||||||||||||||||||||
Energy commodities | 1,417 | 2 | $ | 1,330 | $ | 85 | 1,188 | 3 | $ | 1,123 | $ | 62 | ||||||||||||||||||||
Total price risk management assets | 1,417 | 2 | 1,330 | 85 | 1,188 | 3 | 1,123 | 62 | ||||||||||||||||||||||||
NDT funds: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 13 | 13 | 14 | 14 | ||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
U.S. large-cap | 556 | 415 | 141 | 547 | 409 | 138 | ||||||||||||||||||||||||||
U.S. mid/small-cap | 83 | 34 | 49 | 81 | 33 | 48 | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
U.S. Treasury | 95 | 95 | 95 | 95 | ||||||||||||||||||||||||||||
U.S. government sponsored agency | 6 | 6 | 6 | 6 | ||||||||||||||||||||||||||||
Municipality | 80 | 80 | 77 | 77 | ||||||||||||||||||||||||||||
Investment-grade corporate | 41 | 41 | 38 | 38 | ||||||||||||||||||||||||||||
Other | 4 | 4 | 5 | 5 | ||||||||||||||||||||||||||||
Receivables (payables), net | 1 | -1 | 2 | 1 | -1 | 2 | ||||||||||||||||||||||||||
Total NDT funds | 879 | 556 | 323 | 864 | 550 | 314 | ||||||||||||||||||||||||||
Auction rate securities (b) | 13 | 13 | 16 | 16 | ||||||||||||||||||||||||||||
Total assets | $ | 3,179 | $ | 1,428 | $ | 1,653 | $ | 98 | $ | 2,392 | $ | 877 | $ | 1,437 | $ | 78 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Price risk management liabilities: | ||||||||||||||||||||||||||||||||
Energy commodities | $ | 1,527 | $ | 1 | $ | 1,458 | $ | 68 | $ | 1,070 | $ | 4 | $ | 1,028 | $ | 38 | ||||||||||||||||
Total price risk management liabilities | $ | 1,527 | $ | 1 | $ | 1,458 | $ | 68 | $ | 1,070 | $ | 4 | $ | 1,028 | $ | 38 | ||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 42 | $ | 42 | $ | 25 | $ | 25 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (c) | 1 | 1 | 12 | 12 | ||||||||||||||||||||||||||||
Total assets | $ | 43 | $ | 43 | $ | 37 | $ | 37 | ||||||||||||||||||||||||
LKE | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 30 | $ | 30 | $ | 35 | $ | 35 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (d) | 21 | 21 | 22 | 22 | ||||||||||||||||||||||||||||
Total assets | $ | 51 | $ | 51 | $ | 57 | $ | 57 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Price risk management liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 40 | $ | 40 | $ | 36 | $ | 36 | ||||||||||||||||||||||||
Total price risk management liabilities | $ | 40 | $ | 40 | $ | 36 | $ | 36 | ||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 9 | $ | 8 | $ | 8 | ||||||||||||||||||||||||
Restricted cash and cash equivalents (d) | 21 | 21 | 22 | 22 | ||||||||||||||||||||||||||||
Total assets | $ | 30 | $ | 30 | $ | 30 | $ | 30 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Price risk management liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 40 | $ | 40 | $ | 36 | $ | 36 | ||||||||||||||||||||||||
Total price risk management liabilities | $ | 40 | $ | 40 | $ | 36 | $ | 36 | ||||||||||||||||||||||||
KU | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 21 | $ | 21 | $ | 21 | $ | 21 | ||||||||||||||||||||||||
Total assets | $ | 21 | $ | 21 | $ | 21 | $ | 21 | ||||||||||||||||||||||||
(a) Current portion is included in "Restricted cash and cash equivalents" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
(b) Included in "Other investments" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
(c) Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
(d) Included in "Other noncurrent assets" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
Reconciliation of Net Assets and Liabilities Classified as Level 3 | ' | |||||||||||||||||||||||||||||||
A reconciliation of net assets and liabilities classified as Level 3 for the three months ended March 31 is as follows: | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Energy | Auction | Cross- | Energy | Auction | Cross- | |||||||||||||||||||||||||||
Commodities, | Rate | Currency | Commodities, | Rate | Currency | |||||||||||||||||||||||||||
net | Securities | Swaps | Total | net | Securities | Swaps | Total | |||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Balance at beginning of | ||||||||||||||||||||||||||||||||
period | $ | 24 | $ | 19 | $ | 43 | $ | 22 | $ | 16 | $ | 1 | $ | 39 | ||||||||||||||||||
Total realized/unrealized | ||||||||||||||||||||||||||||||||
gains (losses) | ||||||||||||||||||||||||||||||||
Included in earnings | -135 | -135 | -8 | -8 | ||||||||||||||||||||||||||||
Included in OCI (a) | $ | -1 | -1 | 3 | 3 | |||||||||||||||||||||||||||
Sales | -3 | -3 | ||||||||||||||||||||||||||||||
Settlements | 128 | 128 | -1 | -1 | ||||||||||||||||||||||||||||
Transfers into Level 3 | 1 | 1 | ||||||||||||||||||||||||||||||
Transfers out of Level 3 | 1 | 1 | -4 | -4 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 16 | $ | $ | 33 | $ | 14 | $ | 16 | $ | $ | 30 | ||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Balance at beginning of | ||||||||||||||||||||||||||||||||
period | $ | 24 | $ | 16 | $ | 40 | $ | 22 | $ | 13 | $ | 35 | ||||||||||||||||||||
Total realized/unrealized | ||||||||||||||||||||||||||||||||
gains (losses) | ||||||||||||||||||||||||||||||||
Included in earnings | -135 | -135 | -8 | -8 | ||||||||||||||||||||||||||||
Sales | -3 | -3 | ||||||||||||||||||||||||||||||
Settlements | 128 | 128 | -1 | -1 | ||||||||||||||||||||||||||||
Transfers into Level 3 | 1 | 1 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 13 | $ | 30 | $ | 14 | $ | 13 | $ | 27 | ||||||||||||||||||||
(a) "Energy Commodities, net" and "Cross-Currency Swaps" are included in "Qualifying derivatives" and "Auction Rate Securities" are included in "Available-for-sale securities" on the Statements of Comprehensive Income. | ||||||||||||||||||||||||||||||||
Significant Unobservable Inputs Used in Fair Value Measurement of Assets and Liabilities Classified as Level 3 | ' | |||||||||||||||||||||||||||||||
The significant unobservable inputs used in and quantitative information about the fair value measurement of assets and liabilities classified as Level 3 are as follows: | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value, net | Range | |||||||||||||||||||||||||||||||
Asset | Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||
(Liability) | Technique | Input(s) | Average) (a) | |||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 13 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (73%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -43 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (83%) | ||||||||||||||||||||||||||||
FTR purchase contracts (d) | 3 | Discounted cash flow | Historical settled prices used to model forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Heat rate options (e) | 44 | Discounted cash flow | Proprietary model used to calculate forward prices | 23% - 59% (44%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 16 | Discounted cash flow | Modeled from SIFMA Index | 61% - 78% (70%) | ||||||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 13 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (73%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -43 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (83%) | ||||||||||||||||||||||||||||
FTR purchase contracts (d) | 3 | Discounted cash flow | Historical settled prices used to model forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Heat rate options (e) | 44 | Discounted cash flow | Proprietary model used to calculate forward prices | 23% - 59% (44%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 13 | Discounted cash flow | Modeled from SIFMA Index | 63% - 78% (71%) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value, net | Range | |||||||||||||||||||||||||||||||
Asset | Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||
(Liability) | Technique | Input(s) | Average) (a) | |||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 36 | Discounted cash flow | Proprietary model used to calculate forward prices | 10% - 100% (86%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -12 | Discounted cash flow | Proprietary model used to calculate forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 19 | Discounted cash flow | Modeled from SIFMA Index | 10% - 80% (63%) | ||||||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 36 | Discounted cash flow | Proprietary model used to calculate forward prices | 10% - 100% (86%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -12 | Discounted cash flow | Proprietary model used to calculate forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 16 | Discounted cash flow | Modeled from SIFMA Index | 10% - 80% (63%) | ||||||||||||||||||||||||||||
(a) For energy commodities and auction rate securities, the range and weighted average represent the percentage of fair value derived from the unobservable inputs. | ||||||||||||||||||||||||||||||||
(b) As the forward price of natural gas increases/(decreases), the fair value of the contracts (decreases)/increases. | ||||||||||||||||||||||||||||||||
(c) As forward market prices increase/(decrease), the fair value of contracts (decreases)/increases. As volumetric assumptions for contracts in a gain position increase/(decrease), the fair value of contracts increases/(decreases). As volumetric assumptions for contracts in a loss position increase/(decrease), the fair value of the contracts (decreases)/increases. | ||||||||||||||||||||||||||||||||
(d) As the forward implied spread increases/(decreases), the fair value of the contracts increases/(decreases). | ||||||||||||||||||||||||||||||||
(e) The proprietary model used to calculate fair value incorporates market heat rates, correlations and volatilities. As the market implied heat rate increases/(decreases), the fair value of the contracts increases/(decreases). | ||||||||||||||||||||||||||||||||
(f) The model used to calculate fair value incorporates an assumption that the auctions will continue to fail. As the modeled forward rates of the SIFMA Index increase/(decrease), the fair value of the securities increases/(decreases). | ||||||||||||||||||||||||||||||||
The significant unobservable inputs used in and the quantitative information about the nonrecurring fair value measurement of assets and liabilities classified as Level 3 are as follows: | ||||||||||||||||||||||||||||||||
Fair Value, net | Significant | Range | ||||||||||||||||||||||||||||||
Asset | Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||
(Liability) | Technique | Input(s) | Average)(a) | |||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||||
Kerr Dam Project | ||||||||||||||||||||||||||||||||
31-Mar-14 | $ | 29 | Discounted cash flow | Proprietary model used to calculate plant value | 38% (38%) | |||||||||||||||||||||||||||
(a) The range and weighted average represent the percentage of fair value derived from the unobservable inputs. | ||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Classified as Level 3 Measured on Recurring Basis Included in Earnings | ' | |||||||||||||||||||||||||||||||
Net gains and losses on assets and liabilities classified as Level 3 and included in earnings for the periods ended March 31 are reported in the Statements of Income as follows: | ||||||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||||||
Energy Commodities, net | ||||||||||||||||||||||||||||||||
Unregulated | Unregulated | Energy | ||||||||||||||||||||||||||||||
Wholesale Energy | Retail Energy | Purchases | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||||
Total gains (losses) included in earnings | $ | -89 | $ | -2 | $ | -63 | $ | -7 | $ | 17 | $ | 1 | ||||||||||||||||||||
Change in unrealized gains (losses) relating to | ||||||||||||||||||||||||||||||||
positions still held at the reporting date | -13 | -2 | -33 | -7 | 1 | 1 | ||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on Nonrecurring Basis | ' | |||||||||||||||||||||||||||||||
The following nonrecurring fair value measurement occurred during the three months ended March 31, 2014, resulting in an asset impairment: | ||||||||||||||||||||||||||||||||
Carrying | Fair Value Measurement Using | |||||||||||||||||||||||||||||||
Amount (a) | Level 3 | Loss (b) | ||||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||||
Kerr Dam Project | $ | 47 | $ | 29 | $ | 18 | ||||||||||||||||||||||||||
(a) Represents carrying value before fair value measurement. | ||||||||||||||||||||||||||||||||
(b) The loss on the Kerr Dam Project was recorded in the Supply segment and included in "Other operation and maintenance" on PPL's and PPL Energy Supply's Statement of Income. | ||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | |||||||||||||||||||||||||||||||
The carrying amounts of contract adjustment payments related to the 2011 Purchase Contract component of the 2011 Equity Units and long-term debt on the Balance Sheets and their estimated fair values are set forth below. | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Contract adjustment payments (a) | $ | 11 | $ | 11 | $ | 21 | $ | 22 | ||||||||||||||||||||||||
Long-term debt | 20,818 | 22,350 | 20,907 | 22,177 | ||||||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Long-term debt | 2,524 | 2,680 | 2,525 | 2,658 | ||||||||||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||
Long-term debt | 2,306 | 2,555 | 2,315 | 2,483 | ||||||||||||||||||||||||||||
LKE | ||||||||||||||||||||||||||||||||
Long-term debt | 4,565 | 4,807 | 4,565 | 4,672 | ||||||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||
Long-term debt | 1,353 | 1,413 | 1,353 | 1,372 | ||||||||||||||||||||||||||||
KU | ||||||||||||||||||||||||||||||||
Long-term debt | 2,091 | 2,238 | 2,091 | 2,155 | ||||||||||||||||||||||||||||
(a) Included in "Other current liabilities" on the Balance Sheets. | ||||||||||||||||||||||||||||||||
PPL Energy Supply LLC [Member] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements and Credit Concentration [Line Items] | ' | |||||||||||||||||||||||||||||||
Reconciliation of Net Assets and Liabilities Classified as Level 3 | ' | |||||||||||||||||||||||||||||||
A reconciliation of net assets and liabilities classified as Level 3 for the three months ended March 31 is as follows: | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Energy | Auction | Cross- | Energy | Auction | Cross- | |||||||||||||||||||||||||||
Commodities, | Rate | Currency | Commodities, | Rate | Currency | |||||||||||||||||||||||||||
net | Securities | Swaps | Total | net | Securities | Swaps | Total | |||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Balance at beginning of | ||||||||||||||||||||||||||||||||
period | $ | 24 | $ | 19 | $ | 43 | $ | 22 | $ | 16 | $ | 1 | $ | 39 | ||||||||||||||||||
Total realized/unrealized | ||||||||||||||||||||||||||||||||
gains (losses) | ||||||||||||||||||||||||||||||||
Included in earnings | -135 | -135 | -8 | -8 | ||||||||||||||||||||||||||||
Included in OCI (a) | $ | -1 | -1 | 3 | 3 | |||||||||||||||||||||||||||
Sales | -3 | -3 | ||||||||||||||||||||||||||||||
Settlements | 128 | 128 | -1 | -1 | ||||||||||||||||||||||||||||
Transfers into Level 3 | 1 | 1 | ||||||||||||||||||||||||||||||
Transfers out of Level 3 | 1 | 1 | -4 | -4 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 16 | $ | $ | 33 | $ | 14 | $ | 16 | $ | $ | 30 | ||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Balance at beginning of | ||||||||||||||||||||||||||||||||
period | $ | 24 | $ | 16 | $ | 40 | $ | 22 | $ | 13 | $ | 35 | ||||||||||||||||||||
Total realized/unrealized | ||||||||||||||||||||||||||||||||
gains (losses) | ||||||||||||||||||||||||||||||||
Included in earnings | -135 | -135 | -8 | -8 | ||||||||||||||||||||||||||||
Sales | -3 | -3 | ||||||||||||||||||||||||||||||
Settlements | 128 | 128 | -1 | -1 | ||||||||||||||||||||||||||||
Transfers into Level 3 | 1 | 1 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 13 | $ | 30 | $ | 14 | $ | 13 | $ | 27 | ||||||||||||||||||||
(a) "Energy Commodities, net" and "Cross-Currency Swaps" are included in "Qualifying derivatives" and "Auction Rate Securities" are included in "Available-for-sale securities" on the Statements of Comprehensive Income. | ||||||||||||||||||||||||||||||||
Significant Unobservable Inputs Used in Fair Value Measurement of Assets and Liabilities Classified as Level 3 | ' | |||||||||||||||||||||||||||||||
The significant unobservable inputs used in and quantitative information about the fair value measurement of assets and liabilities classified as Level 3 are as follows: | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value, net | Range | |||||||||||||||||||||||||||||||
Asset | Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||
(Liability) | Technique | Input(s) | Average) (a) | |||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 13 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (73%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -43 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (83%) | ||||||||||||||||||||||||||||
FTR purchase contracts (d) | 3 | Discounted cash flow | Historical settled prices used to model forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Heat rate options (e) | 44 | Discounted cash flow | Proprietary model used to calculate forward prices | 23% - 59% (44%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 16 | Discounted cash flow | Modeled from SIFMA Index | 61% - 78% (70%) | ||||||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 13 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (73%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -43 | Discounted cash flow | Proprietary model used to calculate forward prices | 11% - 100% (83%) | ||||||||||||||||||||||||||||
FTR purchase contracts (d) | 3 | Discounted cash flow | Historical settled prices used to model forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Heat rate options (e) | 44 | Discounted cash flow | Proprietary model used to calculate forward prices | 23% - 59% (44%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 13 | Discounted cash flow | Modeled from SIFMA Index | 63% - 78% (71%) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value, net | Range | |||||||||||||||||||||||||||||||
Asset | Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||
(Liability) | Technique | Input(s) | Average) (a) | |||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 36 | Discounted cash flow | Proprietary model used to calculate forward prices | 10% - 100% (86%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -12 | Discounted cash flow | Proprietary model used to calculate forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 19 | Discounted cash flow | Modeled from SIFMA Index | 10% - 80% (63%) | ||||||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||||
Energy commodities | ||||||||||||||||||||||||||||||||
Natural gas contracts (b) | $ | 36 | Discounted cash flow | Proprietary model used to calculate forward prices | 10% - 100% (86%) | |||||||||||||||||||||||||||
Power sales contracts (c) | -12 | Discounted cash flow | Proprietary model used to calculate forward prices | 100% (100%) | ||||||||||||||||||||||||||||
Auction rate securities (f) | 16 | Discounted cash flow | Modeled from SIFMA Index | 10% - 80% (63%) | ||||||||||||||||||||||||||||
(a) For energy commodities and auction rate securities, the range and weighted average represent the percentage of fair value derived from the unobservable inputs. | ||||||||||||||||||||||||||||||||
(b) As the forward price of natural gas increases/(decreases), the fair value of the contracts (decreases)/increases. | ||||||||||||||||||||||||||||||||
(c) As forward market prices increase/(decrease), the fair value of contracts (decreases)/increases. As volumetric assumptions for contracts in a gain position increase/(decrease), the fair value of contracts increases/(decreases). As volumetric assumptions for contracts in a loss position increase/(decrease), the fair value of the contracts (decreases)/increases. | ||||||||||||||||||||||||||||||||
(d) As the forward implied spread increases/(decreases), the fair value of the contracts increases/(decreases). | ||||||||||||||||||||||||||||||||
(e) The proprietary model used to calculate fair value incorporates market heat rates, correlations and volatilities. As the market implied heat rate increases/(decreases), the fair value of the contracts increases/(decreases). | ||||||||||||||||||||||||||||||||
(f) The model used to calculate fair value incorporates an assumption that the auctions will continue to fail. As the modeled forward rates of the SIFMA Index increase/(decrease), the fair value of the securities increases/(decreases). | ||||||||||||||||||||||||||||||||
The significant unobservable inputs used in and the quantitative information about the nonrecurring fair value measurement of assets and liabilities classified as Level 3 are as follows: | ||||||||||||||||||||||||||||||||
Fair Value, net | Significant | Range | ||||||||||||||||||||||||||||||
Asset | Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||
(Liability) | Technique | Input(s) | Average)(a) | |||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||||
Kerr Dam Project | ||||||||||||||||||||||||||||||||
31-Mar-14 | $ | 29 | Discounted cash flow | Proprietary model used to calculate plant value | 38% (38%) | |||||||||||||||||||||||||||
(a) The range and weighted average represent the percentage of fair value derived from the unobservable inputs. | ||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Classified as Level 3 Measured on Recurring Basis Included in Earnings | ' | |||||||||||||||||||||||||||||||
Net gains and losses on assets and liabilities classified as Level 3 and included in earnings for the periods ended March 31 are reported in the Statements of Income as follows: | ||||||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||||||
Energy Commodities, net | ||||||||||||||||||||||||||||||||
Unregulated | Unregulated | Energy | ||||||||||||||||||||||||||||||
Wholesale Energy | Retail Energy | Purchases | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||||
Total gains (losses) included in earnings | $ | -89 | $ | -2 | $ | -63 | $ | -7 | $ | 17 | $ | 1 | ||||||||||||||||||||
Change in unrealized gains (losses) relating to | ||||||||||||||||||||||||||||||||
positions still held at the reporting date | -13 | -2 | -33 | -7 | 1 | 1 | ||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on Nonrecurring Basis | ' | |||||||||||||||||||||||||||||||
Nonrecurring Fair Value Measurements (PPL and PPL Energy Supply) | ||||||||||||||||||||||||||||||||
The following nonrecurring fair value measurement occurred during the three months ended March 31, 2014, resulting in an asset impairment: | ||||||||||||||||||||||||||||||||
Carrying | Fair Value Measurement Using | |||||||||||||||||||||||||||||||
Amount (a) | Level 3 | Loss (b) | ||||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||||
Kerr Dam Project | $ | 47 | $ | 29 | $ | 18 | ||||||||||||||||||||||||||
(a) Represents carrying value before fair value measurement. | ||||||||||||||||||||||||||||||||
(b) The loss on the Kerr Dam Project was recorded in the Supply segment and included in "Other operation and maintenance" on PPL's and PPL Energy Supply's Statement of Income. |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ||||||||||||||||||||||||||||||
Commodity Price Risk (Non-trading) - Economic Activity - Pre-tax Gains (Losses) Associated with Economic Activity | ' | ||||||||||||||||||||||||||||||
The unrealized gains (losses) for economic activity for the periods ended March 31 were as follows. | |||||||||||||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||||||||||
Unregulated wholesale energy | $ | -789 | $ | -822 | |||||||||||||||||||||||||||
Unregulated retail energy | -26 | -8 | |||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||
Fuel | -1 | -1 | |||||||||||||||||||||||||||||
Energy purchases | 580 | 634 | |||||||||||||||||||||||||||||
Commodity Volumes - Volumes of Derivative (Sales) Purchase Contracts | ' | ||||||||||||||||||||||||||||||
At March 31, 2014, the net volumes of derivative (sales)/purchase contracts used in support of the various strategies discussed above were as follows. | |||||||||||||||||||||||||||||||
Volumes (a) | |||||||||||||||||||||||||||||||
Commodity | Unit of Measure | 2014 (b) | 2015 | 2016 | Thereafter | ||||||||||||||||||||||||||
Power | MWh | -27,112,584 | -28,794,377 | 3,496,447 | 14,130,735 | ||||||||||||||||||||||||||
Capacity | MW-Month | -14,918 | -5,120 | 501 | 9 | ||||||||||||||||||||||||||
Gas | MMBtu | 63,248,020 | 14,120,116 | 57,884,707 | 25,814,197 | ||||||||||||||||||||||||||
Coal | Tons | 25,000 | |||||||||||||||||||||||||||||
FTRs | MW-Month | 4,734 | 1,705 | ||||||||||||||||||||||||||||
Oil | Barrels | 156,000 | 436,233 | 331,258 | 279,060 | ||||||||||||||||||||||||||
(a) Volumes for option contracts factor in the probability of an option being exercised and may be less than the notional amount of the option. | |||||||||||||||||||||||||||||||
(b) Represents balance of the current year. | |||||||||||||||||||||||||||||||
Fair Value and Balance Sheet Location of Derivative Instruments | ' | ||||||||||||||||||||||||||||||
The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets. | |||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Derivatives designated as | Derivatives not designated | Derivatives designated as | Derivatives not designated | ||||||||||||||||||||||||||||
hedging instruments | as hedging instruments | hedging instruments | as hedging instruments | ||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps (b) | $ | 7 | $ | 3 | $ | 4 | $ | 82 | $ | 4 | |||||||||||||||||||||
Cross-currency swaps (b) | 4 | $ | 4 | ||||||||||||||||||||||||||||
Foreign currency | |||||||||||||||||||||||||||||||
contracts | 18 | 62 | 16 | 55 | |||||||||||||||||||||||||||
Commodity contracts | $ | 1,080 | 1,211 | $ | 860 | 750 | |||||||||||||||||||||||||
Total current | 7 | 25 | 1,080 | 1,277 | 82 | 20 | 860 | 809 | |||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps (b) | 2 | 4 | 36 | 9 | 32 | ||||||||||||||||||||||||||
Cross-currency swaps (b) | 51 | 28 | |||||||||||||||||||||||||||||
Foreign currency | |||||||||||||||||||||||||||||||
contracts | 6 | 5 | 37 | 4 | 31 | ||||||||||||||||||||||||||
Commodity contracts | 337 | 316 | 328 | 320 | |||||||||||||||||||||||||||
Total noncurrent | 2 | 61 | 342 | 389 | 9 | 32 | 328 | 383 | |||||||||||||||||||||||
Total derivatives | $ | 9 | $ | 86 | $ | 1,422 | $ | 1,666 | $ | 91 | $ | 52 | $ | 1,188 | $ | 1,192 | |||||||||||||||
(a) Represents the location on the Balance Sheets. | |||||||||||||||||||||||||||||||
(b) Excludes accrued interest, if applicable. | |||||||||||||||||||||||||||||||
Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet | ' | [1] | |||||||||||||||||||||||||||||
The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the three months ended March 31. | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||||||||||
in Income | in Income | ||||||||||||||||||||||||||||||
on Derivative | on Derivative | ||||||||||||||||||||||||||||||
Gain (Loss) | (Ineffective | Gain (Loss) | (Ineffective | ||||||||||||||||||||||||||||
Location of | Reclassified | Portion and | Reclassified | Portion and | |||||||||||||||||||||||||||
Derivative Gain | Gain (Loss) | from AOCI | Amount | from AOCI | Amount | ||||||||||||||||||||||||||
(Loss) Recognized in | Recognized | into Income | Excluded from | into Income | Excluded from | ||||||||||||||||||||||||||
Derivative | OCI (Effective Portion) | in Income | (Effective | Effectiveness | (Effective | Effectiveness | |||||||||||||||||||||||||
Relationships | 2014 | 2013 | on Derivative | Portion) | Testing) | Portion) | Testing) | ||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | -46 | $ | 9 | Interest expense | $ | -5 | $ | 2 | $ | -5 | ||||||||||||||||||||
Cross-currency swaps | -25 | 73 | Other income | ||||||||||||||||||||||||||||
(expense) - net | -29 | 69 | |||||||||||||||||||||||||||||
Commodity contracts | Unregulated | ||||||||||||||||||||||||||||||
wholesale energy | 1 | 67 | $ | 1 | |||||||||||||||||||||||||||
Energy purchases | 7 | -16 | |||||||||||||||||||||||||||||
Depreciation | 1 | ||||||||||||||||||||||||||||||
Total | $ | -71 | $ | 82 | $ | -25 | $ | 2 | $ | 115 | $ | 1 | |||||||||||||||||||
Net Investment Hedges: | |||||||||||||||||||||||||||||||
Foreign currency contracts | $ | -4 | $ | 16 | |||||||||||||||||||||||||||
Derivatives Not Designated as | Location of Gain (Loss) Recognized in | ||||||||||||||||||||||||||||||
Hedging Instruments | Income on Derivative | 2014 | 2013 | ||||||||||||||||||||||||||||
Foreign currency contracts | Other income (expense) - net | $ | -24 | $ | 119 | ||||||||||||||||||||||||||
Interest rate swaps | Interest expense | -2 | -2 | ||||||||||||||||||||||||||||
Commodity contracts | Unregulated wholesale energy (a) | -3,044 | -706 | ||||||||||||||||||||||||||||
Unregulated retail energy | -64 | -7 | |||||||||||||||||||||||||||||
Fuel | -1 | 1 | |||||||||||||||||||||||||||||
Energy purchases (b) | 2,364 | 586 | |||||||||||||||||||||||||||||
Total | $ | -771 | $ | -9 | |||||||||||||||||||||||||||
Derivatives Not Designated as | Location of Gain (Loss) Recognized as | ||||||||||||||||||||||||||||||
Hedging Instruments | Regulatory Liabilities/Assets | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | -4 | $ | 4 | ||||||||||||||||||||||||||
Derivatives Designated as | Location of Gain (Loss) Recognized as | ||||||||||||||||||||||||||||||
Cash Flow Hedges | Regulatory Liabilities/Assets | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory liabilities - noncurrent | $ | 10 | ||||||||||||||||||||||||||||
(a) 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather. | |||||||||||||||||||||||||||||||
(b) 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather. | |||||||||||||||||||||||||||||||
Derivative Positions Eligible for Offset with Related Cash Collateral | ' | ||||||||||||||||||||||||||||||
The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. | |||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | ||||||||||||||||||||||||||||||
Cash | Cash | ||||||||||||||||||||||||||||||
Derivative | Collateral | Derivative | Collateral | ||||||||||||||||||||||||||||
Gross | Instruments | Received | Net | Gross | Instruments | Pledged | Net | ||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
Treasury Derivatives | 14 | 14 | 225 | 14 | 24 | 187 | |||||||||||||||||||||||||
Total | $ | 1,431 | $ | 1,282 | $ | 8 | $ | 141 | $ | 1,752 | $ | 1,282 | $ | 118 | $ | 352 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
Treasury Derivatives | 91 | 61 | 30 | 174 | 61 | 23 | 90 | ||||||||||||||||||||||||
Total | $ | 1,279 | $ | 973 | $ | 7 | $ | 299 | $ | 1,244 | $ | 973 | $ | 24 | $ | 247 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
Credit Risk-Related Contingent Features | ' | ||||||||||||||||||||||||||||||
At March 31, 2014, the effect of a decrease in credit ratings below investment grade on derivative contracts that contain credit risk-related contingent features and were in a net liability position is summarized as follows: | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | ||||||||||||||||||||||||||||
Aggregate fair value of derivative instruments in a net liability | |||||||||||||||||||||||||||||||
position with credit risk-related contingent features | $ | 339 | $ | 168 | $ | 27 | $ | 27 | |||||||||||||||||||||||
Aggregate fair value of collateral posted on these derivative instruments | 57 | 36 | 21 | 21 | |||||||||||||||||||||||||||
Aggregate fair value of additional collateral requirements in the event of | |||||||||||||||||||||||||||||||
a credit downgrade below investment grade (a) | 363 | 209 | 7 | 7 | |||||||||||||||||||||||||||
(a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. | |||||||||||||||||||||||||||||||
PPL Energy Supply LLC [Member] | ' | ||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ||||||||||||||||||||||||||||||
Commodity Price Risk (Non-trading) - Economic Activity - Pre-tax Gains (Losses) Associated with Economic Activity | ' | ||||||||||||||||||||||||||||||
The unrealized gains (losses) for economic activity for the periods ended March 31 were as follows. | |||||||||||||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||||||||||
Unregulated wholesale energy | $ | -789 | $ | -822 | |||||||||||||||||||||||||||
Unregulated retail energy | -26 | -8 | |||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||
Fuel | -1 | -1 | |||||||||||||||||||||||||||||
Energy purchases | 580 | 634 | |||||||||||||||||||||||||||||
Commodity Volumes - Volumes of Derivative (Sales) Purchase Contracts | ' | ||||||||||||||||||||||||||||||
At March 31, 2014, the net volumes of derivative (sales)/purchase contracts used in support of the various strategies discussed above were as follows. | |||||||||||||||||||||||||||||||
Volumes (a) | |||||||||||||||||||||||||||||||
Commodity | Unit of Measure | 2014 (b) | 2015 | 2016 | Thereafter | ||||||||||||||||||||||||||
Power | MWh | -27,112,584 | -28,794,377 | 3,496,447 | 14,130,735 | ||||||||||||||||||||||||||
Capacity | MW-Month | -14,918 | -5,120 | 501 | 9 | ||||||||||||||||||||||||||
Gas | MMBtu | 63,248,020 | 14,120,116 | 57,884,707 | 25,814,197 | ||||||||||||||||||||||||||
Coal | Tons | 25,000 | |||||||||||||||||||||||||||||
FTRs | MW-Month | 4,734 | 1,705 | ||||||||||||||||||||||||||||
Oil | Barrels | 156,000 | 436,233 | 331,258 | 279,060 | ||||||||||||||||||||||||||
(a) Volumes for option contracts factor in the probability of an option being exercised and may be less than the notional amount of the option. | |||||||||||||||||||||||||||||||
(b) Represents balance of the current year. | |||||||||||||||||||||||||||||||
Fair Value and Balance Sheet Location of Derivative Instruments | ' | ||||||||||||||||||||||||||||||
The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets. | |||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Derivatives not designated | Derivatives not designated | ||||||||||||||||||||||||||||||
as hedging instruments | as hedging instruments | ||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Commodity contracts | $ | 1,080 | $ | 1,211 | $ | 860 | $ | 750 | |||||||||||||||||||||||
Total current | 1,080 | 1,211 | 860 | 750 | |||||||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Commodity contracts | 337 | 316 | 328 | 320 | |||||||||||||||||||||||||||
Total noncurrent | 337 | 316 | 328 | 320 | |||||||||||||||||||||||||||
Total derivatives | $ | 1,417 | $ | 1,527 | $ | 1,188 | $ | 1,070 | |||||||||||||||||||||||
(a) Represents the location on the Balance Sheets. | |||||||||||||||||||||||||||||||
Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet | ' | ||||||||||||||||||||||||||||||
The following tables present the pre-tax effect of derivative instruments recognized in income or OCI for the three months ended March 31. | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||||||||||
in Income | in Income | ||||||||||||||||||||||||||||||
on Derivative | on Derivative | ||||||||||||||||||||||||||||||
Gain (Loss) | (Ineffective | Gain (Loss) | (Ineffective | ||||||||||||||||||||||||||||
Location of | Reclassified | Portion and | Reclassified | Portion and | |||||||||||||||||||||||||||
Derivative Gain | Gains (Losses) | from AOCI | Amount | from AOCI | Amount | ||||||||||||||||||||||||||
(Loss) Recognized in | Recognized | into Income | Excluded from | into Income | Excluded from | ||||||||||||||||||||||||||
Derivative | OCI (Effective Portion) | in Income | (Effective | Effectiveness | (Effective | Effectiveness | |||||||||||||||||||||||||
Relationships | 2014 | 2013 | on Derivative | Portion) | Testing) | Portion) | Testing) | ||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||||||
Commodity contracts | Unregulated | ||||||||||||||||||||||||||||||
wholesale energy | $ | 1 | $ | 67 | $ | 1 | |||||||||||||||||||||||||
Energy purchases | 7 | -16 | |||||||||||||||||||||||||||||
Depreciation | 1 | ||||||||||||||||||||||||||||||
Total | $ | 9 | $ | 51 | $ | 1 | |||||||||||||||||||||||||
Derivatives Not Designated as | Location of Gain (Loss) Recognized in | ||||||||||||||||||||||||||||||
Hedging Instruments | Income on Derivatives | 2014 | 2013 | ||||||||||||||||||||||||||||
Commodity contracts | Unregulated wholesale energy (a) | $ | -3,044 | $ | -706 | ||||||||||||||||||||||||||
Unregulated retail energy | -64 | -7 | |||||||||||||||||||||||||||||
Fuel | -1 | 1 | |||||||||||||||||||||||||||||
Energy purchases (b) | 2,364 | 586 | |||||||||||||||||||||||||||||
Total | $ | -745 | $ | -126 | |||||||||||||||||||||||||||
(a) 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather. | |||||||||||||||||||||||||||||||
(b) 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather. | |||||||||||||||||||||||||||||||
Derivative Positions Eligible for Offset with Related Cash Collateral | ' | ||||||||||||||||||||||||||||||
The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. | |||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | ||||||||||||||||||||||||||||||
Cash | Cash | ||||||||||||||||||||||||||||||
Derivative | Collateral | Derivative | Collateral | ||||||||||||||||||||||||||||
Gross | Instruments | Received | Net | Gross | Instruments | Pledged | Net | ||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
Treasury Derivatives | 14 | 14 | 225 | 14 | 24 | 187 | |||||||||||||||||||||||||
Total | $ | 1,431 | $ | 1,282 | $ | 8 | $ | 141 | $ | 1,752 | $ | 1,282 | $ | 118 | $ | 352 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
Treasury Derivatives | 91 | 61 | 30 | 174 | 61 | 23 | 90 | ||||||||||||||||||||||||
Total | $ | 1,279 | $ | 973 | $ | 7 | $ | 299 | $ | 1,244 | $ | 973 | $ | 24 | $ | 247 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
Credit Risk-Related Contingent Features | ' | ||||||||||||||||||||||||||||||
At March 31, 2014, the effect of a decrease in credit ratings below investment grade on derivative contracts that contain credit risk-related contingent features and were in a net liability position is summarized as follows: | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | ||||||||||||||||||||||||||||
Aggregate fair value of derivative instruments in a net liability | |||||||||||||||||||||||||||||||
position with credit risk-related contingent features | $ | 339 | $ | 168 | $ | 27 | $ | 27 | |||||||||||||||||||||||
Aggregate fair value of collateral posted on these derivative instruments | 57 | 36 | 21 | 21 | |||||||||||||||||||||||||||
Aggregate fair value of additional collateral requirements in the event of | |||||||||||||||||||||||||||||||
a credit downgrade below investment grade (a) | 363 | 209 | 7 | 7 | |||||||||||||||||||||||||||
(a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. | |||||||||||||||||||||||||||||||
LG And E And KU Energy LLC [Member] | ' | ||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ||||||||||||||||||||||||||||||
Fair Value and Balance Sheet Location of Derivative Instruments | ' | ||||||||||||||||||||||||||||||
The following table presents the fair value and the location on the Balance Sheets of derivative instruments designated as cash flow hedges. | |||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4 | $ | 4 | |||||||||||||||||||||||||||
Total current | 4 | 4 | |||||||||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps | 36 | 32 | |||||||||||||||||||||||||||||
Total noncurrent | 36 | 32 | |||||||||||||||||||||||||||||
Total derivatives | $ | 40 | $ | 36 | |||||||||||||||||||||||||||
(a) Represents the location on the Balance Sheets. | |||||||||||||||||||||||||||||||
Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet | ' | ||||||||||||||||||||||||||||||
(LKE) | |||||||||||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory liabilities for the three months ended March 31. | |||||||||||||||||||||||||||||||
Derivatives Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory liabilities - noncurrent | $ | 10 | ||||||||||||||||||||||||||||
The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the three months ended March 31. | |||||||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | -2 | $ | -2 | ||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | -4 | $ | 4 | ||||||||||||||||||||||||||
Derivative Positions Eligible for Offset with Related Cash Collateral | ' | ||||||||||||||||||||||||||||||
The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. | |||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | ||||||||||||||||||||||||||||||
Cash | Cash | ||||||||||||||||||||||||||||||
Derivative | Collateral | Derivative | Collateral | ||||||||||||||||||||||||||||
Gross | Instruments | Received | Net | Gross | Instruments | Pledged | Net | ||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
Treasury Derivatives | 14 | 14 | 225 | 14 | 24 | 187 | |||||||||||||||||||||||||
Total | $ | 1,431 | $ | 1,282 | $ | 8 | $ | 141 | $ | 1,752 | $ | 1,282 | $ | 118 | $ | 352 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
Treasury Derivatives | 91 | 61 | 30 | 174 | 61 | 23 | 90 | ||||||||||||||||||||||||
Total | $ | 1,279 | $ | 973 | $ | 7 | $ | 299 | $ | 1,244 | $ | 973 | $ | 24 | $ | 247 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
Credit Risk-Related Contingent Features | ' | ||||||||||||||||||||||||||||||
At March 31, 2014, the effect of a decrease in credit ratings below investment grade on derivative contracts that contain credit risk-related contingent features and were in a net liability position is summarized as follows: | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | ||||||||||||||||||||||||||||
Aggregate fair value of derivative instruments in a net liability | |||||||||||||||||||||||||||||||
position with credit risk-related contingent features | $ | 339 | $ | 168 | $ | 27 | $ | 27 | |||||||||||||||||||||||
Aggregate fair value of collateral posted on these derivative instruments | 57 | 36 | 21 | 21 | |||||||||||||||||||||||||||
Aggregate fair value of additional collateral requirements in the event of | |||||||||||||||||||||||||||||||
a credit downgrade below investment grade (a) | 363 | 209 | 7 | 7 | |||||||||||||||||||||||||||
(a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. | |||||||||||||||||||||||||||||||
Louisville Gas And Electric Co [Member] | ' | ||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ||||||||||||||||||||||||||||||
Fair Value and Balance Sheet Location of Derivative Instruments | ' | ||||||||||||||||||||||||||||||
The following table presents the fair value and the location on the Balance Sheets of derivative instruments designated as cash flow hedges. | |||||||||||||||||||||||||||||||
The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. | |||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4 | $ | 4 | |||||||||||||||||||||||||||
Total current | 4 | 4 | |||||||||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||||||||||
Assets/Liabilities (a): | |||||||||||||||||||||||||||||||
Interest rate swaps | 36 | 32 | |||||||||||||||||||||||||||||
Total noncurrent | 36 | 32 | |||||||||||||||||||||||||||||
Total derivatives | $ | 40 | $ | 36 | |||||||||||||||||||||||||||
(a) Represents the location on the Balance Sheets. | |||||||||||||||||||||||||||||||
Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet | ' | ||||||||||||||||||||||||||||||
(LG&E) | |||||||||||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory liabilities for the three months ended March 31. | |||||||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory liabilities - noncurrent | $ | 5 | ||||||||||||||||||||||||||||
The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the three months ended March 31. | |||||||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | -2 | $ | -2 | ||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | -4 | $ | 4 | ||||||||||||||||||||||||||
Derivative Positions Eligible for Offset with Related Cash Collateral | ' | ||||||||||||||||||||||||||||||
The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. | |||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | ||||||||||||||||||||||||||||||
Cash | Cash | ||||||||||||||||||||||||||||||
Derivative | Collateral | Derivative | Collateral | ||||||||||||||||||||||||||||
Gross | Instruments | Received | Net | Gross | Instruments | Pledged | Net | ||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
Treasury Derivatives | 14 | 14 | 225 | 14 | 24 | 187 | |||||||||||||||||||||||||
Total | $ | 1,431 | $ | 1,282 | $ | 8 | $ | 141 | $ | 1,752 | $ | 1,282 | $ | 118 | $ | 352 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,417 | $ | 1,268 | $ | 8 | $ | 141 | $ | 1,527 | $ | 1,268 | $ | 94 | $ | 165 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 40 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
Treasury Derivatives | 91 | 61 | 30 | 174 | 61 | 23 | 90 | ||||||||||||||||||||||||
Total | $ | 1,279 | $ | 973 | $ | 7 | $ | 299 | $ | 1,244 | $ | 973 | $ | 24 | $ | 247 | |||||||||||||||
PPL Energy Supply | |||||||||||||||||||||||||||||||
Energy Commodities | $ | 1,188 | $ | 912 | $ | 7 | $ | 269 | $ | 1,070 | $ | 912 | $ | 1 | $ | 157 | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Treasury Derivatives | $ | 36 | $ | 20 | $ | 16 | |||||||||||||||||||||||||
Credit Risk-Related Contingent Features | ' | ||||||||||||||||||||||||||||||
At March 31, 2014, the effect of a decrease in credit ratings below investment grade on derivative contracts that contain credit risk-related contingent features and were in a net liability position is summarized as follows: | |||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | ||||||||||||||||||||||||||||
Aggregate fair value of derivative instruments in a net liability | |||||||||||||||||||||||||||||||
position with credit risk-related contingent features | $ | 339 | $ | 168 | $ | 27 | $ | 27 | |||||||||||||||||||||||
Aggregate fair value of collateral posted on these derivative instruments | 57 | 36 | 21 | 21 | |||||||||||||||||||||||||||
Aggregate fair value of additional collateral requirements in the event of | |||||||||||||||||||||||||||||||
a credit downgrade below investment grade (a) | 363 | 209 | 7 | 7 | |||||||||||||||||||||||||||
(a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. | |||||||||||||||||||||||||||||||
Kentucky Utilities Co [Member] | ' | ||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ||||||||||||||||||||||||||||||
Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet | ' | ||||||||||||||||||||||||||||||
(KU) | |||||||||||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory liabilities for the three months ended March 31. | |||||||||||||||||||||||||||||||
Derivative Instruments | Location of Gain (Loss) | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest rate swaps | Regulatory liabilities - noncurrent | $ | 5 | ||||||||||||||||||||||||||||
[1] | 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather. |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Asset Retirement Obligation [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligation Roll Forward | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 | ||||||||
PPL Energy Supply LLC [Member] | ' | |||||||||||||||||
Asset Retirement Obligation [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligation Roll Forward | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 | ||||||||
LG And E And KU Energy LLC [Member] | ' | |||||||||||||||||
Asset Retirement Obligation [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligation Roll Forward | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 | ||||||||
Louisville Gas And Electric Co [Member] | ' | |||||||||||||||||
Asset Retirement Obligation [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligation Roll Forward | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 | ||||||||
Kentucky Utilities Co [Member] | ' | |||||||||||||||||
Asset Retirement Obligation [Line Items] | ' | |||||||||||||||||
Asset Retirement Obligation Roll Forward | ' | |||||||||||||||||
16. Asset Retirement Obligations | ||||||||||||||||||
(All Registrants except PPL Electric) | ||||||||||||||||||
The changes in the carrying amounts of AROs were as follows. | ||||||||||||||||||
PPL | ||||||||||||||||||
PPL | Energy Supply | LKE | LG&E | KU | ||||||||||||||
Balance at December 31, 2013 | $ | 705 | $ | 404 | $ | 252 | $ | 74 | $ | 178 | ||||||||
Accretion expense | 11 | 8 | 3 | 1 | 2 | |||||||||||||
Changes in estimated cash flow or settlement date | 4 | 4 | 1 | 3 | ||||||||||||||
Effect of foreign currency exchange rates | 1 | |||||||||||||||||
Obligations settled | -3 | -2 | -1 | -1 | ||||||||||||||
Balance at March 31, 2014 | $ | 718 | $ | 410 | $ | 258 | $ | 75 | $ | 183 |
AvailableforSale_Securities_Ta
Available-for-Sale Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||
Available-for-Sale Securities [Line Items] | ' | |||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | |||||||||||||||||||||||||||||
The following table shows the amortized cost, the gross unrealized gains and losses recorded in AOCI and the fair value of available-for-sale securities. | ||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Amortized | Unrealized | Unrealized | |||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||
NDT funds: | ||||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13 | $ | 13 | $ | 14 | $ | 14 | ||||||||||||||||||||||
Equity securities | 271 | $ | 368 | 639 | 265 | $ | 363 | 628 | ||||||||||||||||||||||
Debt securities | 218 | 9 | $ | 1 | 226 | 217 | 7 | $ | 3 | 221 | ||||||||||||||||||||
Receivables/payables, net | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||
Total NDT funds | $ | 503 | $ | 377 | $ | 1 | $ | 879 | $ | 497 | $ | 370 | $ | 3 | $ | 864 | ||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||||||||
PPL | $ | 17 | $ | 1 | $ | 16 | $ | 20 | $ | 1 | $ | 19 | ||||||||||||||||||
PPL Energy Supply | 14 | 1 | 13 | 17 | 1 | 16 | ||||||||||||||||||||||||
Scheduled Maturity Dates of Debt Securities | ' | |||||||||||||||||||||||||||||
The following table shows the scheduled maturity dates of debt securities held at March 31, 2014. | ||||||||||||||||||||||||||||||
Maturity | Maturity | Maturity | Maturity | |||||||||||||||||||||||||||
Less Than | 5-Jan | 10-Jun | in Excess | |||||||||||||||||||||||||||
1 Year | Years | Years | of 10 Years | Total | ||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||
Amortized cost | $ | 11 | $ | 88 | $ | 57 | $ | 79 | $ | 235 | ||||||||||||||||||||
Fair value | 11 | 90 | 59 | 82 | 242 | |||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||
Amortized cost | $ | 11 | $ | 88 | $ | 57 | $ | 76 | $ | 232 | ||||||||||||||||||||
Fair value | 11 | 90 | 59 | 79 | 239 | |||||||||||||||||||||||||
Proceeds From and Realized Gains and Losses on Sales of Available-for-sale Securities | ' | |||||||||||||||||||||||||||||
The following table shows proceeds from and realized gains and losses on sales of available-for-sale securities for the periods ended March 31. | ||||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||
Proceeds from sales of NDT securities (a) | $ | 27 | $ | 24 | ||||||||||||||||||||||||||
Other proceeds from sales | 3 | |||||||||||||||||||||||||||||
Gross realized gains (b) | 3 | 4 | ||||||||||||||||||||||||||||
Gross realized losses (b) | 1 | 2 | ||||||||||||||||||||||||||||
(a) These proceeds are used to pay income taxes and fees related to managing the trust. Remaining proceeds are reinvested in the trust. | ||||||||||||||||||||||||||||||
(b) Excludes the impact of other-than-temporary impairment charges recognized on the Statements of Income. | ||||||||||||||||||||||||||||||
PPL Energy Supply LLC [Member] | ' | |||||||||||||||||||||||||||||
Available-for-Sale Securities [Line Items] | ' | |||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | |||||||||||||||||||||||||||||
The following table shows the amortized cost, the gross unrealized gains and losses recorded in AOCI and the fair value of available-for-sale securities. | ||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Amortized | Unrealized | Unrealized | |||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||
NDT funds: | ||||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13 | $ | 13 | $ | 14 | $ | 14 | ||||||||||||||||||||||
Equity securities | 271 | $ | 368 | 639 | 265 | $ | 363 | 628 | ||||||||||||||||||||||
Debt securities | 218 | 9 | $ | 1 | 226 | 217 | 7 | $ | 3 | 221 | ||||||||||||||||||||
Receivables/payables, net | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||
Total NDT funds | $ | 503 | $ | 377 | $ | 1 | $ | 879 | $ | 497 | $ | 370 | $ | 3 | $ | 864 | ||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||||||||
PPL | $ | 17 | $ | 1 | $ | 16 | $ | 20 | $ | 1 | $ | 19 | ||||||||||||||||||
PPL Energy Supply | 14 | 1 | 13 | 17 | 1 | 16 | ||||||||||||||||||||||||
Scheduled Maturity Dates of Debt Securities | ' | |||||||||||||||||||||||||||||
The following table shows the scheduled maturity dates of debt securities held at March 31, 2014. | ||||||||||||||||||||||||||||||
Maturity | Maturity | Maturity | Maturity | |||||||||||||||||||||||||||
Less Than | 5-Jan | 10-Jun | in Excess | |||||||||||||||||||||||||||
1 Year | Years | Years | of 10 Years | Total | ||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||
Amortized cost | $ | 11 | $ | 88 | $ | 57 | $ | 79 | $ | 235 | ||||||||||||||||||||
Fair value | 11 | 90 | 59 | 82 | 242 | |||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||||||
Amortized cost | $ | 11 | $ | 88 | $ | 57 | $ | 76 | $ | 232 | ||||||||||||||||||||
Fair value | 11 | 90 | 59 | 79 | 239 | |||||||||||||||||||||||||
Proceeds From and Realized Gains and Losses on Sales of Available-for-sale Securities | ' | |||||||||||||||||||||||||||||
The following table shows proceeds from and realized gains and losses on sales of available-for-sale securities for the periods ended March 31. | ||||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
PPL and PPL Energy Supply | ||||||||||||||||||||||||||||||
Proceeds from sales of NDT securities (a) | $ | 27 | $ | 24 | ||||||||||||||||||||||||||
Other proceeds from sales | 3 | |||||||||||||||||||||||||||||
Gross realized gains (b) | 3 | 4 | ||||||||||||||||||||||||||||
Gross realized losses (b) | 1 | 2 | ||||||||||||||||||||||||||||
(a) These proceeds are used to pay income taxes and fees related to managing the trust. Remaining proceeds are reinvested in the trust. | ||||||||||||||||||||||||||||||
(b) Excludes the impact of other-than-temporary impairment charges recognized on the Statements of Income. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||
The after-tax changes in AOCI by component for the three months ended March 31 were as follows. | ||||||||||||||||||||||||||
Foreign | Unrealized gains (losses) | Defined benefit plans | ||||||||||||||||||||||||
currency | Available- | Equity | Prior | Actuarial | Transition | |||||||||||||||||||||
translation | for-sale | Qualifying | investees' | service | gain | asset | ||||||||||||||||||||
adjustments | securities | derivatives | AOCI | costs | (loss) | (obligation) | Total | |||||||||||||||||||
PPL | ||||||||||||||||||||||||||
31-Dec-12 | $ | -149 | $ | 112 | $ | 132 | $ | 1 | $ | -14 | $ | -2,023 | $ | 1 | $ | -1,940 | ||||||||||
Amounts arising during the period | -245 | 23 | 62 | -160 | ||||||||||||||||||||||
Reclassifications from AOCI | -1 | -80 | 1 | 34 | -46 | |||||||||||||||||||||
Net OCI during the period | -245 | 22 | -18 | 1 | 34 | -206 | ||||||||||||||||||||
31-Mar-13 | $ | -394 | $ | 134 | $ | 114 | $ | 1 | $ | -13 | $ | -1,989 | $ | 1 | $ | -2,146 | ||||||||||
December 31, 2013 | $ | -11 | $ | 173 | $ | 94 | $ | 1 | $ | -6 | $ | -1,817 | $ | 1 | $ | -1,565 | ||||||||||
Amounts arising during the period | 131 | 5 | -46 | 90 | ||||||||||||||||||||||
Reclassifications from AOCI | -1 | 19 | 1 | 27 | 46 | |||||||||||||||||||||
Net OCI during the period | 131 | 4 | -27 | 1 | 27 | 136 | ||||||||||||||||||||
March 31, 2014 | $ | 120 | $ | 177 | $ | 67 | $ | 1 | $ | -5 | $ | -1,790 | $ | 1 | $ | -1,429 | ||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
31-Dec-12 | $ | 112 | $ | 211 | $ | -10 | $ | -265 | $ | 48 | ||||||||||||||||
Amounts arising during the period | 23 | 23 | ||||||||||||||||||||||||
Reclassifications from AOCI | -1 | -30 | 1 | 4 | -26 | |||||||||||||||||||||
Net OCI during the period | 22 | -30 | 1 | 4 | -3 | |||||||||||||||||||||
31-Mar-13 | $ | 134 | $ | 181 | $ | -9 | $ | -261 | $ | 45 | ||||||||||||||||
December 31, 2013 | $ | 173 | $ | 88 | $ | -4 | $ | -180 | $ | 77 | ||||||||||||||||
Amounts arising during the period | 5 | 5 | ||||||||||||||||||||||||
Reclassifications from AOCI | -1 | -5 | 1 | 1 | -4 | |||||||||||||||||||||
Net OCI during the period | 4 | -5 | 1 | 1 | 1 | |||||||||||||||||||||
March 31, 2014 | $ | 177 | $ | 83 | $ | -3 | $ | -179 | $ | 78 | ||||||||||||||||
Reclassification out of Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||
The following table presents the gains (losses) and related income taxes for reclassifications from AOCI for the three months ended March 31. | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Affected Line Item on the Statements of Income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Unregulated | Income | |||||||||||||||||||||||||
Wholesale | Energy | Interest | (Expense), | Total | Income | Total | ||||||||||||||||||||
Details about AOCI | energy | purchases | Expense | net | Other | Pre-tax | Taxes | After-tax | ||||||||||||||||||
PPL | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Interest rate swaps | $ | -3 | -3 | 2 | -1 | |||||||||||||||||||||
Cross-currency swaps | -29 | -29 | 6 | -23 | ||||||||||||||||||||||
Energy Commodities | $ | 1 | $ | 7 | $ | 1 | 9 | -4 | 5 | |||||||||||||||||
Total | $ | 1 | $ | 7 | $ | -3 | $ | -29 | $ | 1 | -23 | 4 | -19 | |||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -36 | 9 | -27 | |||||||||||||||||||||||
Total | $ | -38 | $ | 10 | -28 | |||||||||||||||||||||
Total reclassifications | $ | -46 | ||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Energy Commodities | $ | 1 | $ | 7 | $ | 1 | 9 | -4 | 5 | |||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -2 | 1 | -1 | |||||||||||||||||||||||
Total | $ | -4 | $ | 2 | -2 | |||||||||||||||||||||
Total reclassifications | $ | 4 | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||
Affected Line Item on the Statements of Income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Unregulated | Income | |||||||||||||||||||||||||
Wholesale | Energy | Interest | (Expense), | Total | Income | Total | ||||||||||||||||||||
Details about AOCI | energy | purchases | Expense | net | Other | Pre-tax | Taxes | After-tax | ||||||||||||||||||
PPL | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Interest rate swaps | $ | -5 | -5 | 2 | -3 | |||||||||||||||||||||
Cross-currency swaps | 69 | 69 | -17 | 52 | ||||||||||||||||||||||
Energy Commodities | $ | 67 | $ | -16 | 51 | -20 | 31 | |||||||||||||||||||
Total | $ | 67 | $ | -16 | $ | -5 | $ | 69 | 115 | -35 | 80 | |||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -47 | 13 | -34 | |||||||||||||||||||||||
Total | $ | -49 | $ | 14 | -35 | |||||||||||||||||||||
Total reclassifications | $ | 46 | ||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Energy Commodities | $ | 67 | $ | -16 | 51 | -21 | 30 | |||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -6 | 2 | -4 | |||||||||||||||||||||||
Total | $ | -8 | $ | 3 | -5 | |||||||||||||||||||||
Total reclassifications | $ | 26 | ||||||||||||||||||||||||
PPL Energy Supply LLC [Member] | ' | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||
The after-tax changes in AOCI by component for the three months ended March 31 were as follows. | ||||||||||||||||||||||||||
Foreign | Unrealized gains (losses) | Defined benefit plans | ||||||||||||||||||||||||
currency | Available- | Equity | Prior | Actuarial | Transition | |||||||||||||||||||||
translation | for-sale | Qualifying | investees' | service | gain | asset | ||||||||||||||||||||
adjustments | securities | derivatives | AOCI | costs | (loss) | (obligation) | Total | |||||||||||||||||||
PPL | ||||||||||||||||||||||||||
31-Dec-12 | $ | -149 | $ | 112 | $ | 132 | $ | 1 | $ | -14 | $ | -2,023 | $ | 1 | $ | -1,940 | ||||||||||
Amounts arising during the period | -245 | 23 | 62 | -160 | ||||||||||||||||||||||
Reclassifications from AOCI | -1 | -80 | 1 | 34 | -46 | |||||||||||||||||||||
Net OCI during the period | -245 | 22 | -18 | 1 | 34 | -206 | ||||||||||||||||||||
31-Mar-13 | $ | -394 | $ | 134 | $ | 114 | $ | 1 | $ | -13 | $ | -1,989 | $ | 1 | $ | -2,146 | ||||||||||
December 31, 2013 | $ | -11 | $ | 173 | $ | 94 | $ | 1 | $ | -6 | $ | -1,817 | $ | 1 | $ | -1,565 | ||||||||||
Amounts arising during the period | 131 | 5 | -46 | 90 | ||||||||||||||||||||||
Reclassifications from AOCI | -1 | 19 | 1 | 27 | 46 | |||||||||||||||||||||
Net OCI during the period | 131 | 4 | -27 | 1 | 27 | 136 | ||||||||||||||||||||
March 31, 2014 | $ | 120 | $ | 177 | $ | 67 | $ | 1 | $ | -5 | $ | -1,790 | $ | 1 | $ | -1,429 | ||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
31-Dec-12 | $ | 112 | $ | 211 | $ | -10 | $ | -265 | $ | 48 | ||||||||||||||||
Amounts arising during the period | 23 | 23 | ||||||||||||||||||||||||
Reclassifications from AOCI | -1 | -30 | 1 | 4 | -26 | |||||||||||||||||||||
Net OCI during the period | 22 | -30 | 1 | 4 | -3 | |||||||||||||||||||||
31-Mar-13 | $ | 134 | $ | 181 | $ | -9 | $ | -261 | $ | 45 | ||||||||||||||||
December 31, 2013 | $ | 173 | $ | 88 | $ | -4 | $ | -180 | $ | 77 | ||||||||||||||||
Amounts arising during the period | 5 | 5 | ||||||||||||||||||||||||
Reclassifications from AOCI | -1 | -5 | 1 | 1 | -4 | |||||||||||||||||||||
Net OCI during the period | 4 | -5 | 1 | 1 | 1 | |||||||||||||||||||||
March 31, 2014 | $ | 177 | $ | 83 | $ | -3 | $ | -179 | $ | 78 | ||||||||||||||||
Reclassification out of Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||
The following table presents the gains (losses) and related income taxes for reclassifications from AOCI for the three months ended March 31. | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Affected Line Item on the Statements of Income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Unregulated | Income | |||||||||||||||||||||||||
Wholesale | Energy | Interest | (Expense), | Total | Income | Total | ||||||||||||||||||||
Details about AOCI | energy | purchases | Expense | net | Other | Pre-tax | Taxes | After-tax | ||||||||||||||||||
PPL | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Interest rate swaps | $ | -3 | -3 | 2 | -1 | |||||||||||||||||||||
Cross-currency swaps | -29 | -29 | 6 | -23 | ||||||||||||||||||||||
Energy Commodities | $ | 1 | $ | 7 | $ | 1 | 9 | -4 | 5 | |||||||||||||||||
Total | $ | 1 | $ | 7 | $ | -3 | $ | -29 | $ | 1 | -23 | 4 | -19 | |||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -36 | 9 | -27 | |||||||||||||||||||||||
Total | $ | -38 | $ | 10 | -28 | |||||||||||||||||||||
Total reclassifications | $ | -46 | ||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Energy Commodities | $ | 1 | $ | 7 | $ | 1 | 9 | -4 | 5 | |||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -2 | 1 | -1 | |||||||||||||||||||||||
Total | $ | -4 | $ | 2 | -2 | |||||||||||||||||||||
Total reclassifications | $ | 4 | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||
Affected Line Item on the Statements of Income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Unregulated | Income | |||||||||||||||||||||||||
Wholesale | Energy | Interest | (Expense), | Total | Income | Total | ||||||||||||||||||||
Details about AOCI | energy | purchases | Expense | net | Other | Pre-tax | Taxes | After-tax | ||||||||||||||||||
PPL | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Interest rate swaps | $ | -5 | -5 | 2 | -3 | |||||||||||||||||||||
Cross-currency swaps | 69 | 69 | -17 | 52 | ||||||||||||||||||||||
Energy Commodities | $ | 67 | $ | -16 | 51 | -20 | 31 | |||||||||||||||||||
Total | $ | 67 | $ | -16 | $ | -5 | $ | 69 | 115 | -35 | 80 | |||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -47 | 13 | -34 | |||||||||||||||||||||||
Total | $ | -49 | $ | 14 | -35 | |||||||||||||||||||||
Total reclassifications | $ | 46 | ||||||||||||||||||||||||
PPL Energy Supply | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 2 | $ | 2 | $ | -1 | $ | 1 | ||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Energy Commodities | $ | 67 | $ | -16 | 51 | -21 | 30 | |||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | -2 | 1 | -1 | |||||||||||||||||||||||
Net actuarial loss | -6 | 2 | -4 | |||||||||||||||||||||||
Total | $ | -8 | $ | 3 | -5 | |||||||||||||||||||||
Total reclassifications | $ | 26 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Unaffiliated Third Party Entity [Member] | ' | ' |
Accounts Receivable (Numeric) [Abstract] | ' | ' |
Purchases of accounts receivable | $362 | $259 |
PPL Electric Utilities Corp [Member] | Unaffiliated Third Party Entity [Member] | ' | ' |
Accounts Receivable (Numeric) [Abstract] | ' | ' |
Purchases of accounts receivable | 362 | 259 |
PPL Electric Utilities Corp [Member] | PPL EnergyPlus [Member] | ' | ' |
Accounts Receivable (Numeric) [Abstract] | ' | ' |
Purchases of accounts receivable | $105 | $77 |
Segment_and_Related_Informatio2
Segment and Related Information (Details) (USD $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Income Statement Data | ' | ' | ' | |||
Revenues | $1,223 | $2,457 | ' | |||
Net Income Attributable to PPL Shareowners | 316 | 413 | ' | |||
Balance Sheet Data | ' | ' | ' | |||
Assets | 47,973 | ' | 46,259 | |||
United Kingdom Regulated [Member] | ' | ' | ' | |||
Income Statement Data | ' | ' | ' | |||
Revenues | 648 | 648 | ' | |||
Net Income Attributable to PPL Shareowners | 206 | 313 | ' | |||
Balance Sheet Data | ' | ' | ' | |||
Assets | 16,535 | ' | 15,895 | |||
Kentucky Regulated [Member] | ' | ' | ' | |||
Income Statement Data | ' | ' | ' | |||
Revenues | 934 | 800 | ' | |||
Net Income Attributable to PPL Shareowners | 107 | 85 | ' | |||
Balance Sheet Data | ' | ' | ' | |||
Assets | 12,037 | ' | 12,016 | |||
Pennsylvania Regulated [Member] | ' | ' | ' | |||
Income Statement Data | ' | ' | ' | |||
Revenues | 591 | 512 | ' | |||
Net Income Attributable to PPL Shareowners | 85 | 64 | ' | |||
Balance Sheet Data | ' | ' | ' | |||
Assets | 7,022 | ' | 6,846 | |||
Supply [Member] | ' | ' | ' | |||
Income Statement Data | ' | ' | ' | |||
Revenues | -953 | [1] | 494 | [1] | ' | |
Net Income Attributable to PPL Shareowners | -75 | [1] | -46 | [1] | ' | |
Balance Sheet Data | ' | ' | ' | |||
Assets | 12,237 | ' | 11,408 | |||
Corporate And Other [Member] | ' | ' | ' | |||
Income Statement Data | ' | ' | ' | |||
Revenues | 3 | 3 | ' | |||
Net Income Attributable to PPL Shareowners | -7 | -3 | ' | |||
Balance Sheet Data | ' | ' | ' | |||
Assets | 142 | [2] | ' | 94 | [2] | |
Intersegment Eliminations [Member] | Supply [Member] | ' | ' | ' | |||
Income Statement Data | ' | ' | ' | |||
Revenues | ($27) | ($14) | ' | |||
[1] | Includes unrealized gains and losses from economic activity. See Note 14 for additional information. | |||||
[2] | Primarily consists of unallocated items, including cash, PP&E and the elimination of inter-segment transactions. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Income (Numerator) | ' | ' | ||
Net income attributable to PPL shareowners | $316 | $413 | ||
Less amounts allocated to participating securities | 2 | 2 | ||
Net income available to PPL common shareowners - Basic | 314 | 411 | ||
Plus interest charges (net of tax) related to Equity Units | 9 | 15 | [1] | |
Net income available to PPL common shareowners - Diluted | $323 | $426 | ||
Shares of Common Stock (Denominator) | ' | ' | ||
Weighted-average shares - Basic EPS (in shares) | 630,749 | 582,640 | ||
Add incremental non-participating securities: | ' | ' | ||
Share-based payment awards (in shares) | 1,511 | 810 | ||
Equity Units (in shares) | 31,679 | 71,990 | [1] | |
Forward sale agreements (in shares) | ' | 1,580 | ||
Weighted-average shares - Diluted EPS (in shares) | 663,939 | 657,020 | ||
Basic EPS - Available to PPL common shareowners: | ' | ' | ||
Net Income (in dollars per share) | $0.50 | $0.70 | ||
Diluted EPS - Available to PPL common shareowners: | ' | ' | ||
Net Income (in dollars per share) | $0.49 | $0.65 | ||
Shares Issued (Numeric) [Abstract] | ' | ' | ||
Common stock issued under stock-based compensation plans (in shares) | 1,096 | [2] | 446 | [2] |
Common stock issued under ESOP (in shares) | ' | 275 | ||
Common stock issued under DRIP (in shares) | ' | 549 | ||
Stock Options [Member] | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Shares excluded from the computations of diluted EPS | 2,540 | 6,589 | ||
Performance Units [Member] | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Shares excluded from the computations of diluted EPS | ' | 206 | ||
Restricted Stock Units [Member] | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Shares excluded from the computations of diluted EPS | 123 | 116 | ||
[1] | The If-Converted Method has been applied to the Equity Units prior to settlement. See Note 7 for additional information on the 2011 Equity Units, including the issuance of PPL common stock on May 1, 2014 to settle the 2011 Purchase Contracts. | |||
[2] | Includes stock options exercised, vesting of restricted stock and restricted stock units and conversion of stock units granted to directors. |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Tax Expense) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of Income Tax Expense | ' | ' |
Federal income tax on Income (Loss) Before Income Taxes at statutory tax rate - 35% | $150 | $197 |
Federal statutory tax rate | 35.00% | 35.00% |
Increase (decrease) due to: | ' | ' |
State income taxes, net of federal income tax benefit | 2 | 3 |
Impact of lower U.K. income tax rates | -45 | -38 |
U.S. income tax on foreign earnings - net of foreign tax credit | 11 | 2 |
Federal income tax credits, excluding foreign tax credit | -1 | -4 |
Amortization of investment tax credit | -2 | -3 |
Depreciation not normalized | -2 | -3 |
Other | -1 | -3 |
Total increase (decrease) | -38 | -46 |
Total income tax from continuing operations | 112 | 151 |
PPL Energy Supply LLC [Member] | ' | ' |
Reconciliation of Income Tax Expense | ' | ' |
Federal income tax on Income (Loss) Before Income Taxes at statutory tax rate - 35% | -40 | -26 |
Federal statutory tax rate | 35.00% | 35.00% |
Increase (decrease) due to: | ' | ' |
State income taxes, net of federal income tax benefit | -9 | -6 |
Federal income tax credits, excluding foreign tax credit | -1 | -3 |
Other | 1 | ' |
Total increase (decrease) | -9 | -9 |
Total income tax from continuing operations | -49 | -35 |
PPL Electric Utilities Corp [Member] | ' | ' |
Reconciliation of Income Tax Expense | ' | ' |
Federal income tax on Income (Loss) Before Income Taxes at statutory tax rate - 35% | 48 | 34 |
Federal statutory tax rate | 35.00% | 35.00% |
Increase (decrease) due to: | ' | ' |
State income taxes, net of federal income tax benefit | 8 | 5 |
Federal and state tax reserve adjustments | ' | -2 |
Depreciation not normalized | -2 | -3 |
Other | -1 | -1 |
Total increase (decrease) | 5 | -1 |
Total income tax from continuing operations | 53 | 33 |
LG And E And KU Energy LLC [Member] | ' | ' |
Reconciliation of Income Tax Expense | ' | ' |
Federal income tax on Income (Loss) Before Income Taxes at statutory tax rate - 35% | 64 | 54 |
Federal statutory tax rate | 35.00% | 35.00% |
Increase (decrease) due to: | ' | ' |
State income taxes, net of federal income tax benefit | 7 | 5 |
Other | -2 | -2 |
Total increase (decrease) | 5 | 3 |
Total income tax from continuing operations | 69 | 57 |
Louisville Gas And Electric Co [Member] | ' | ' |
Reconciliation of Income Tax Expense | ' | ' |
Federal income tax on Income (Loss) Before Income Taxes at statutory tax rate - 35% | 29 | 24 |
Federal statutory tax rate | 35.00% | 35.00% |
Increase (decrease) due to: | ' | ' |
State income taxes, net of federal income tax benefit | 3 | 3 |
Other | -2 | -2 |
Total increase (decrease) | 1 | 1 |
Total income tax from continuing operations | 30 | 25 |
Kentucky Utilities Co [Member] | ' | ' |
Reconciliation of Income Tax Expense | ' | ' |
Federal income tax on Income (Loss) Before Income Taxes at statutory tax rate - 35% | 43 | 36 |
Federal statutory tax rate | 35.00% | 35.00% |
Increase (decrease) due to: | ' | ' |
State income taxes, net of federal income tax benefit | 4 | 4 |
Other | -1 | -1 |
Total increase (decrease) | 3 | 3 |
Total income tax from continuing operations | $46 | $39 |
Utility_Rate_Regulation_Regula
Utility Rate Regulation (Regulatory Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | $32 | $33 |
Noncurrent regulatory assets | 1,245 | 1,246 |
Gas Supply Clause [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 19 | 10 |
Fuel Adjustment Clause [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 10 | 2 |
Defined Benefit Plans [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 503 | 509 |
Taxes Recoverable Through Future Rates [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 307 | 306 |
Storm Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 141 | 147 |
Unamortized Loss On Debt [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 82 | 85 |
Interest Rate Swaps [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 48 | 44 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 101 | 98 |
Demand Side Management [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 1 | 8 |
Asset Retirement Obligations [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 51 | 44 |
Environmental Cost Recovery [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | ' | 7 |
Other Regulatory Assets [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 2 | 6 |
Noncurrent regulatory assets | 12 | 13 |
PPL Electric Utilities Corp [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 1 | 6 |
Noncurrent regulatory assets | 770 | 772 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 255 | 257 |
PPL Electric Utilities Corp [Member] | Taxes Recoverable Through Future Rates [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 307 | 306 |
PPL Electric Utilities Corp [Member] | Storm Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 51 | 53 |
PPL Electric Utilities Corp [Member] | Unamortized Loss On Debt [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 54 | 57 |
PPL Electric Utilities Corp [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 101 | 98 |
PPL Electric Utilities Corp [Member] | Other Regulatory Assets [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 1 | 6 |
Noncurrent regulatory assets | 2 | 1 |
LG And E And KU Energy LLC [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 31 | 27 |
Noncurrent regulatory assets | 475 | 474 |
LG And E And KU Energy LLC [Member] | Gas Supply Clause [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 19 | 10 |
LG And E And KU Energy LLC [Member] | Fuel Adjustment Clause [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 10 | 2 |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 248 | 252 |
LG And E And KU Energy LLC [Member] | Storm Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 90 | 94 |
LG And E And KU Energy LLC [Member] | Unamortized Loss On Debt [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 28 | 28 |
LG And E And KU Energy LLC [Member] | Interest Rate Swaps [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 48 | 44 |
LG And E And KU Energy LLC [Member] | Demand Side Management [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 1 | 8 |
LG And E And KU Energy LLC [Member] | Asset Retirement Obligations [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 51 | 44 |
LG And E And KU Energy LLC [Member] | Environmental Cost Recovery [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | ' | 7 |
LG And E And KU Energy LLC [Member] | Other Regulatory Assets [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 1 | ' |
Noncurrent regulatory assets | 10 | 12 |
Louisville Gas And Electric Co [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 22 | 17 |
Noncurrent regulatory assets | 303 | 303 |
Louisville Gas And Electric Co [Member] | Gas Supply Clause [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 19 | 10 |
Louisville Gas And Electric Co [Member] | Fuel Adjustment Clause [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 2 | 2 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 161 | 164 |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 49 | 51 |
Louisville Gas And Electric Co [Member] | Unamortized Loss On Debt [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 18 | 18 |
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 48 | 44 |
Louisville Gas And Electric Co [Member] | Demand Side Management [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 1 | 3 |
Louisville Gas And Electric Co [Member] | Asset Retirement Obligations [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 23 | 21 |
Louisville Gas And Electric Co [Member] | Environmental Cost Recovery [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | ' | 2 |
Louisville Gas And Electric Co [Member] | Other Regulatory Assets [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 4 | 5 |
Kentucky Utilities Co [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 9 | 10 |
Noncurrent regulatory assets | 172 | 171 |
Kentucky Utilities Co [Member] | Fuel Adjustment Clause [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 8 | ' |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 87 | 88 |
Kentucky Utilities Co [Member] | Storm Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 41 | 43 |
Kentucky Utilities Co [Member] | Unamortized Loss On Debt [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 10 | 10 |
Kentucky Utilities Co [Member] | Demand Side Management [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | ' | 5 |
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Noncurrent regulatory assets | 28 | 23 |
Kentucky Utilities Co [Member] | Environmental Cost Recovery [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | ' | 5 |
Kentucky Utilities Co [Member] | Other Regulatory Assets [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Current regulatory assets | 1 | ' |
Noncurrent regulatory assets | $6 | $7 |
Utility_Rate_Regulation_Regula1
Utility Rate Regulation (Regulatory Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | $80 | $90 | ||
Noncurrent regulatory liabilities | 1,037 | 1,048 | ||
Generation Supply Charge [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 25 | 23 | ||
Environmental Cost Recovery [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 3 | ' | ||
Gas Supply Clause [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 2 | 3 | ||
Gas Line Tracker [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 7 | 6 | ||
Transmission Service Charge [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 10 | 8 | ||
Transmission Formula Rate [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 27 | 20 | ||
Fuel Adjustment Clause [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | ' | 4 | ||
Universal Service Rider [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 5 | 10 | ||
Storm Damage Expense [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | ' | 14 | ||
Accumulated Cost Of Removal Of Utility Plant [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 692 | 688 | ||
Coal Contracts [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 88 | 98 | ||
Power Purchase Agreement OVEC [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 98 | 100 | ||
Net Deferred Tax Assets [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 30 | 30 | ||
Act 129 Compliance Rider [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 13 | 15 | ||
Defined Benefit Plans [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 26 | 26 | ||
Interest Rate Swaps [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 86 | 86 | ||
Other Regulatory Liabilities [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 1 | 2 | ||
Noncurrent regulatory liabilities | 4 | 5 | ||
PPL Electric Utilities Corp [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 68 | 76 | ||
Noncurrent regulatory liabilities | 13 | 15 | ||
PPL Electric Utilities Corp [Member] | Generation Supply Charge [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 25 | 23 | ||
PPL Electric Utilities Corp [Member] | Transmission Service Charge [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 10 | 8 | ||
PPL Electric Utilities Corp [Member] | Transmission Formula Rate [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 27 | 20 | ||
PPL Electric Utilities Corp [Member] | Universal Service Rider [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 5 | 10 | ||
PPL Electric Utilities Corp [Member] | Storm Damage Expense [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | ' | 14 | ||
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 13 | 15 | ||
PPL Electric Utilities Corp [Member] | Other Regulatory Liabilities [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 1 | 1 | ||
LG And E And KU Energy LLC [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 12 | 14 | ||
Noncurrent regulatory liabilities | 1,024 | 1,033 | ||
LG And E And KU Energy LLC [Member] | Environmental Cost Recovery [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 3 | ' | ||
LG And E And KU Energy LLC [Member] | Gas Supply Clause [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 2 | 3 | ||
LG And E And KU Energy LLC [Member] | Gas Line Tracker [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 7 | 6 | ||
LG And E And KU Energy LLC [Member] | Fuel Adjustment Clause [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | ' | 4 | ||
LG And E And KU Energy LLC [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 692 | 688 | ||
LG And E And KU Energy LLC [Member] | Coal Contracts [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 88 | [1] | 98 | [1] |
LG And E And KU Energy LLC [Member] | Power Purchase Agreement OVEC [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 98 | [1] | 100 | [1] |
LG And E And KU Energy LLC [Member] | Net Deferred Tax Assets [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 30 | 30 | ||
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 26 | 26 | ||
LG And E And KU Energy LLC [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 86 | 86 | ||
LG And E And KU Energy LLC [Member] | Other Regulatory Liabilities [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | ' | 1 | ||
Noncurrent regulatory liabilities | 4 | 5 | ||
Louisville Gas And Electric Co [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 9 | 9 | ||
Noncurrent regulatory liabilities | 477 | 482 | ||
Louisville Gas And Electric Co [Member] | Gas Supply Clause [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 2 | 3 | ||
Louisville Gas And Electric Co [Member] | Gas Line Tracker [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 7 | 6 | ||
Louisville Gas And Electric Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 301 | 299 | ||
Louisville Gas And Electric Co [Member] | Coal Contracts [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 38 | [1] | 43 | [1] |
Louisville Gas And Electric Co [Member] | Power Purchase Agreement OVEC [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 68 | [1] | 69 | [1] |
Louisville Gas And Electric Co [Member] | Net Deferred Tax Assets [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 25 | 26 | ||
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 43 | 43 | ||
Louisville Gas And Electric Co [Member] | Other Regulatory Liabilities [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 2 | 2 | ||
Kentucky Utilities Co [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 3 | 5 | ||
Noncurrent regulatory liabilities | 547 | 551 | ||
Kentucky Utilities Co [Member] | Environmental Cost Recovery [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | 3 | ' | ||
Kentucky Utilities Co [Member] | Fuel Adjustment Clause [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | ' | 4 | ||
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 391 | 389 | ||
Kentucky Utilities Co [Member] | Coal Contracts [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 50 | [1] | 55 | [1] |
Kentucky Utilities Co [Member] | Power Purchase Agreement OVEC [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 30 | [1] | 31 | [1] |
Kentucky Utilities Co [Member] | Net Deferred Tax Assets [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 5 | 4 | ||
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 26 | 26 | ||
Kentucky Utilities Co [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Noncurrent regulatory liabilities | 43 | 43 | ||
Kentucky Utilities Co [Member] | Other Regulatory Liabilities [Member] | ' | ' | ||
Regulatory Liabilities [Line Items] | ' | ' | ||
Current regulatory liabilities | ' | 1 | ||
Noncurrent regulatory liabilities | $2 | $3 | ||
[1] | These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. |
Utility_Rate_Regulation_Regula2
Utility Rate Regulation (Regulatory Matters) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Integer | Pennsylvania 2013 Storms [Member] | Hurricane Sandy [Member] | PPL Electric [Member] | PPL Electric [Member] | PPL Electric [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | LG And E And KU Energy LLC [Member] | Louisville Gas And Electric Co [Member] | Kentucky Utilities Co [Member] | |||
Y | Pennsylvania 2013 Storms [Member] | Hurricane Sandy [Member] | Hurricane Sandy [Member] | Integer | Hurricane Sandy [Member] | Hurricane Sandy [Member] | Integer | Integer | Integer | |||||
Y | ||||||||||||||
Regulatory Matters - United Kingdom Activities - Ofgem Review of Line Loss Calculation (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge to income during period for line loss incentive/penalty liability | $65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability at period end regarding line loss incentive/penalty | 115 | ' | 74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory Matters - Kentucky Activities - Certificate of Public Convenience and Necessity Filing (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days requested to allow for additional proceedings | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 | 90 | 90 |
Regulatory Matters - Pennsylvania Activities - Storm Damage Expense Rider (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of regulatory liability reversed | ' | ' | ' | 12 | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years costs will be recovered | ' | ' | ' | ' | ' | ' | '3 | ' | ' | '3 | ' | ' | ' | ' |
Regulatory Matters - Pennsylvania Activities - Act 129 (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Under Act 129, percentage cap on costs that can be recovered for implementation of EE and C plan | 2.00% | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Under Act 129, percentage reduction in electricity consumption by 2011 | 1.00% | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Under Act 129, percentage reduction in electricity consumption by 2013 | 3.00% | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' |
Under Act 129, percentage reduction in peak demand electricity consumption by 2013 | 4.50% | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' |
Number of hours that are the benchmark for demand reductions by 2013 | 100 | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' |
Number of years EDCs have to comply with consumption reduction target | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Under Act 129, percentage reduction in electricity target for the company under the Phase II program | 2.10% | ' | ' | ' | ' | ' | ' | ' | 2.10% | ' | ' | ' | ' | ' |
Number of modifications filed to Phase II plan | 40 | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' |
Minimum term of long term supply contract under Act 129 (in years) | 4 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Maximum term of long term supply contract under Act 129 (in years) | 20 | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' |
Maximum percentage of long-term contracts that can be included in the mix of PLR supply contracts under Act 129 | 25.00% | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' |
Regulatory Matters - Pennsylvania Activities - Smart Meter Rider (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of years the cost of smart meters can be depreciated | 15 | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' |
Regulatory Matters - Pennsylvania Activities - Distribution System Improvement Charge (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of ratemaking mechanisms authorized for PUC approval | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Minimum term for Long Term Infrastructure Improvement Plan (in years) | 5 | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' |
Maximum term for Long Term Infrastructure Improvement Plan (in years) | 10 | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' |
Number of issues assigned to the Office of Administrative Law Judge | 4 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Regulatory Matters - Federal Matters - Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of municipal customers impacted for Federal Energy Regulatory Commission formula rate request | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | 12 |
Approved return on equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.70% | ' | 10.70% |
Number of municipalities that submitted termination notices, effective 2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | 9 |
Number of municipalities that submitted termination notices, effective 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 |
Regulatory Matters - Storm Costs (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of regulatory asset established | ' | ' | ' | ' | ' | ' | $29 | $29 | ' | $29 | $29 | ' | ' | ' |
Financing_Activities_Credit_Ar
Financing Activities (Credit Arrangements) (Details) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||
PPL WW [Member] | PPL WW [Member] | PPL WW [Member] | PPL WW [Member] | WPD South West [Member] | WPD East Midlands [Member] | WPD West Midlands [Member] | WPD [Member] | PPL Capital Funding [Member] | PPL Capital Funding [Member] | PPL Energy Supply [Member] | PPL Energy Supply [Member] | PPL Energy Supply [Member] | PPL Energy Supply [Member] | PPL Energy Supply [Member] | PPL Energy Supply [Member] | PPL Energy Supply [Member] | PPL Energy Supply [Member] | PPL Energy Supply [Member] | PPL Energy Supply [Member] | PPL Electric [Member] | PPL Electric [Member] | LKE [Member] | LKE [Member] | LGE [Member] | LGE [Member] | KU [Member] | KU [Member] | KU [Member] | KU [Member] | KU [Member] | KU [Member] | United States [Member] | United States [Member] | United States [Member] | United States [Member] | United States [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | Louisville Gas And Electric Co [Member] | Louisville Gas And Electric Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | |||||||||||||
Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | USD ($) | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | USD ($) | USD ($) | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Uncommitted Credit Facilities [Member] | Uncommitted Credit Facilities [Member] | Letter Of Credit Facility [Member] | Letter Of Credit Facility [Member] | Facility Agreement [Member] | Secured Trading Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | USD ($) | USD ($) | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Letter Of Credit Facility [Member] | Letter Of Credit Facility [Member] | USD ($) | USD ($) | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Bilateral Credit Facility [Member] | GBP (£) | GBP (£) | PPL WW [Member] | PPL WW [Member] | WPD South West [Member] | WPD East Midlands [Member] | WPD West Midlands [Member] | WPD [Member] | WPD [Member] | USD ($) | USD ($) | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Uncommitted Credit Facilities [Member] | Uncommitted Credit Facilities [Member] | Letter Of Credit Facility [Member] | Letter Of Credit Facility [Member] | Facility Agreement [Member] | Secured Trading Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | LKE [Member] | LKE [Member] | LGE [Member] | LGE [Member] | KU [Member] | KU [Member] | KU [Member] | KU [Member] | KU [Member] | KU [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | USD ($) | USD ($) | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Letter Of Credit Facility [Member] | Letter Of Credit Facility [Member] | |||||||||||||
USD Denominated Borrowing [Member] | USD Denominated Borrowing [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Uncommitted Credit Facilities [Member] | Uncommitted Credit Facilities [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | USD ($) | USD ($) | Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | Letter Of Credit Facility [Member] | Letter Of Credit Facility [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||
USD ($) | USD ($) | Integer | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | Integer | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Activities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Expiration date | 21-Dec-16 | ' | ' | ' | 12-Jan-17 | 16-Apr-16 | 16-Apr-16 | ' | ' | ' | ' | ' | 6-Nov-17 | ' | ' | ' | 19-Mar-15 | ' | 30-Jun-17 | 3-Nov-18 | 18-Oct-17 | ' | 31-Oct-18 | ' | 6-Nov-17 | ' | ' | ' | 6-Nov-17 | ' | 1-May-16 | ' | ' | ' | 12-Nov-18 | ' | 26-Mar-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Nov-17 | ' | ' | ' | 19-Mar-15 | ' | 30-Jun-17 | 3-Nov-18 | 18-Oct-17 | ' | 31-Oct-18 | ' | ' | ' | 6-Nov-17 | ' | ' | ' | 6-Nov-17 | ' | 1-May-16 | ' | 6-Nov-17 | ' | ' | ' | 6-Nov-17 | ' | 1-May-16 | ' | ||||||||||||
Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,325 | ' | $3,000 | [1] | ' | $175 | ' | $150 | ' | ' | ' | $300 | ' | $75 | [1] | ' | $500 | ' | $598 | ' | $400 | ' | $198 | ' | $450 | ' | $300 | [1] | ' | $150 | £ 1,143 | [2] | ' | £ 210 | ' | £ 245 | £ 300 | £ 300 | £ 88 | ' | $3,325 | ' | $3,000 | [1] | ' | $175 | ' | $150 | ' | ' | ' | $300 | ' | $75 | [1] | ' | ' | ' | $500 | ' | $598 | ' | $400 | ' | $198 | ' | $500 | ' | $598 | ' | $400 | ' | $198 | ' | ||||||
Borrowed | ' | ' | 164 | 166 | ' | ' | ' | ' | ' | ' | 350 | ' | 350 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | [1] | 75 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 185 | 270 | 185 | [1] | 270 | [1] | ' | 98 | [2] | 103 | [2] | 98 | 103 | ' | ' | ' | ' | ' | 350 | ' | 350 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | [1] | 75 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Letters of credit and commercial paper issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 898 | 244 | 730 | [1] | 29 | [1] | 77 | 77 | 91 | 138 | ' | ' | 61 | 21 | ' | ' | 15 | 20 | 308 | 348 | 110 | 150 | 198 | 198 | ' | ' | ' | ' | ' | 5 | [2] | 5 | [2] | ' | ' | ' | ' | ' | 5 | 5 | 898 | 244 | 730 | [1] | 29 | [1] | 77 | 77 | 91 | 138 | ' | ' | 61 | 21 | ' | ' | ' | ' | 15 | 20 | 308 | 348 | 110 | 150 | 198 | 198 | 15 | 20 | 308 | 348 | 110 | 150 | 198 | 198 | ||||||
Unused capacity | ' | ' | ' | ' | ' | ' | ' | 1,700 | ' | ' | 2,077 | ' | 1,920 | [1] | ' | 98 | ' | 59 | ' | ' | ' | 239 | ' | ' | ' | 485 | ' | 290 | ' | 290 | ' | ' | ' | 265 | ' | 115 | [1] | ' | 150 | 1,040 | [2] | ' | 112 | ' | 245 | 300 | 300 | 83 | ' | 2,077 | ' | 1,920 | [1] | ' | 98 | ' | 59 | ' | ' | ' | 239 | ' | ' | ' | ' | ' | 485 | ' | 290 | ' | 290 | ' | ' | ' | 485 | ' | 290 | ' | 290 | ' | ' | ' | ||||||||
Interest rate on outstanding borrowing | 1.86% | 1.87% | ' | ' | ' | ' | ' | ' | 1.79% | 1.79% | ' | ' | 1.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.66% | 1.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.66% | 1.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Potential maximum Facility Agreement capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Secured energy marketing and trading facility capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Automatic renewal term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
[1] | At March 31, 2014, interest rates on outstanding borrowings were 1.79% for PPL Capital Funding and 1.66% for PPL Energy Supply and LKE. At December 31, 2013, interest rates on outstanding borrowings were 1.79% for PPL Capital Funding and 1.67% for LKE. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | PPL WW's amounts borrowed at March 31, 2014 and December 31, 2013 were USD-denominated borrowings of $164 million and $166 million, which equated to £98 million and £103 million at the time of borrowings and bore interest at 1.86% and 1.87%. At March 31, 2014, the unused capacity under the U.K. credit facilities was $1.7 billion. |
Financing_Activities_Shortterm
Financing Activities (Short-term Debt) (Details) (Commercial Paper [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Capacity | $1,750 | ' |
Commercial paper issuances | 805 | 190 |
Unused capacity | 945 | ' |
PPL Energy Supply [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.48% | ' |
Capacity | 750 | ' |
Commercial paper issuances | 620 | ' |
Unused capacity | 130 | ' |
PPL Electric [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.33% | 0.23% |
Capacity | 300 | ' |
Commercial paper issuances | 60 | 20 |
Unused capacity | 240 | ' |
LGE [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.27% | 0.29% |
Capacity | 350 | ' |
Commercial paper issuances | 15 | 20 |
Unused capacity | 335 | ' |
KU [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.29% | 0.32% |
Capacity | 350 | ' |
Commercial paper issuances | 110 | 150 |
Unused capacity | 240 | ' |
PPL Energy Supply LLC [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.48% | ' |
Capacity | 750 | ' |
Commercial paper issuances | 620 | ' |
Unused capacity | 130 | ' |
PPL Electric Utilities Corp [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.33% | 0.23% |
Capacity | 300 | ' |
Commercial paper issuances | 60 | 20 |
Unused capacity | 240 | ' |
LG And E And KU Energy LLC [Member] | LGE [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.27% | 0.29% |
Capacity | 350 | ' |
Commercial paper issuances | 15 | 20 |
Unused capacity | 335 | ' |
LG And E And KU Energy LLC [Member] | KU [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.29% | 0.32% |
Capacity | 350 | ' |
Commercial paper issuances | 110 | 150 |
Unused capacity | 240 | ' |
Louisville Gas And Electric Co [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.27% | 0.29% |
Capacity | 350 | ' |
Commercial paper issuances | 15 | 20 |
Unused capacity | 335 | ' |
Kentucky Utilities Co [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted-average interest rate | 0.29% | 0.32% |
Capacity | 350 | ' |
Commercial paper issuances | 110 | 150 |
Unused capacity | $240 | ' |
Financing_Activities_Longterm_
Financing Activities (Long-term Debt and Equity Securities) (Details) (USD $) | 4 Months Ended | 1 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | 1-May-14 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Purchase Contacts 2011 [Member] | PPL Capital Funding [Member] | PPL Capital Funding [Member] | PPL Capital Funding [Member] | PPL Capital Funding [Member] | PPL Capital Funding [Member] | PPL Capital Funding [Member] | |
Equity Units 2011 [Member] | Equity Units 2011 [Member] | Equity Units 2011 [Member] | Equity Units 2011 [Member] | Equity Units 2011 [Member] | Equity Units 2011 [Member] | ||
Junior Subordinated Notes [Member] | Remarketed [Member] | Exchanged [Member] | Exchanged [Member] | Exchanged [Member] | Exchanged [Member] | ||
Junior Subordinated Notes [Member] | Junior Subordinated Notes [Member] | Junior Subordinated Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | |||
Long-term Debt (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Principal amount | ' | ' | $978 | $350 | $400 | $350 | $400 |
Stated interest rate | ' | ' | 4.32% | 2.19% | 3.18% | 3.95% | 5.00% |
Maturity date | ' | ' | 1-May-19 | 15-Mar-17 | 15-Mar-19 | 15-Mar-24 | 15-Mar-44 |
Portion of total principal settled in cash | ' | ' | 228 | ' | ' | ' | ' |
Principal amount extinguished | ' | ' | ' | 350 | 400 | ' | ' |
Gain (loss) on extinguishment of debt | ' | -9 | ' | ' | ' | ' | ' |
Equity Securities (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Shares of PPL common stock issued | 31.7 | ' | ' | ' | ' | ' | ' |
Price per share of PPL common stock issued | $30.86 | ' | ' | ' | ' | ' | ' |
Net cash received on stock transaction | $978 | ' | ' | ' | ' | ' | ' |
Financing_Activities_Distribut
Financing Activities (Distributions and Capital Contributions) (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Distributions [Line Items] | ' | ' | ' |
Quarterly common stock dividend declaration date | '2014-02 | ' | ' |
Dividend payable date of quarterly common stock dividend | 1-Apr-14 | ' | ' |
Current quarterly common stock dividend (in dollars per share) | $0.37 | $0.37 | $0.37 |
Annualized current quarterly common stock dividend (in dollars per share) | $1.49 | ' | ' |
PPL Energy Supply LLC [Member] | ' | ' | ' |
Distributions [Line Items] | ' | ' | ' |
Dividends/distributions paid to parent/member | ' | $654 | $313 |
PPL Electric Utilities Corp [Member] | ' | ' | ' |
Distributions [Line Items] | ' | ' | ' |
Dividends/distributions paid to parent/member | ' | 32 | 25 |
Capital contributions received from parent/member | ' | 65 | 60 |
LG And E And KU Energy LLC [Member] | ' | ' | ' |
Distributions [Line Items] | ' | ' | ' |
Dividends/distributions paid to parent/member | ' | 104 | 4 |
Capital contributions received from parent/member | ' | 40 | 75 |
Louisville Gas And Electric Co [Member] | ' | ' | ' |
Distributions [Line Items] | ' | ' | ' |
Dividends/distributions paid to parent/member | ' | 27 | 19 |
Capital contributions received from parent/member | ' | ' | 25 |
Kentucky Utilities Co [Member] | ' | ' | ' |
Distributions [Line Items] | ' | ' | ' |
Dividends/distributions paid to parent/member | ' | 37 | 13 |
Capital contributions received from parent/member | ' | $40 | $50 |
Acquisitions_Development_and_D1
Acquisitions, Development and Divestures (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
mi | ||
Other - Montana Hydro Sale Agreement (Numeric) [Line Items] | ' | ' |
Capacity of facilities to be sold (in MW) | 633 | ' |
Agreed upon sales price for disposal of hydroelectric facilities owned by PPL Montana | $900 | ' |
Number of hydroelectric facilities owned by PPL Montana to be sold | 11 | ' |
Rainbow Hydroelectric Plant Expansion [Member] | ' | ' |
Development Projects [Abstract] | ' | ' |
Treasury grants approved, accepted and to be received in lieu of tax credits | 56 | ' |
Cumulative deferred investments tax credits to be recaptured | 60 | ' |
Susquehanna Roseland Transmission Line [Member] | ' | ' |
Development Projects [Abstract] | ' | ' |
Expected capital cost of an expansion project | 630 | ' |
Project costs capitalized | 458 | 377 |
Total length (in miles) of the expansion project to be routed through Pennsylvania | 101 | ' |
PPL Energy Supply LLC [Member] | ' | ' |
Other - Montana Hydro Sale Agreement (Numeric) [Line Items] | ' | ' |
Capacity of facilities to be sold (in MW) | 633 | ' |
Agreed upon sales price for disposal of hydroelectric facilities owned by PPL Montana | 900 | ' |
Number of hydroelectric facilities owned by PPL Montana to be sold | 11 | ' |
PPL Energy Supply LLC [Member] | Rainbow Hydroelectric Plant Expansion [Member] | ' | ' |
Development Projects [Abstract] | ' | ' |
Treasury grants approved, accepted and to be received in lieu of tax credits | 56 | ' |
Cumulative deferred investments tax credits to be recaptured | 60 | ' |
PPL Electric Utilities Corp [Member] | Susquehanna Roseland Transmission Line [Member] | ' | ' |
Development Projects [Abstract] | ' | ' |
Expected capital cost of an expansion project | 630 | ' |
Project costs capitalized | $458 | $377 |
Total length (in miles) of the expansion project to be routed through Pennsylvania | 101 | ' |
Defined_Benefits_Details
Defined Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits United States [Member] | ' | ' |
Defined Benefits [Line Items] | ' | ' |
Service cost | $26 | $31 |
Interest cost | 59 | 54 |
Expected return on plan assets | -74 | -74 |
Amortization of: | ' | ' |
Prior service cost | 5 | 6 |
Actuarial (gain) loss | 7 | 20 |
Net periodic defined benefit costs (credits) | 23 | 37 |
Pension Benefits United Kingdom [Member] | ' | ' |
Defined Benefits [Line Items] | ' | ' |
Service cost | 18 | 18 |
Interest cost | 88 | 81 |
Expected return on plan assets | -130 | -118 |
Amortization of: | ' | ' |
Prior service cost | ' | ' |
Actuarial (gain) loss | 33 | 38 |
Net periodic defined benefit costs (credits) | 9 | 19 |
Other Postretirement Benefits United States [Member] | ' | ' |
Defined Benefits [Line Items] | ' | ' |
Service cost | 3 | 4 |
Interest cost | 8 | 7 |
Expected return on plan assets | -6 | -6 |
Amortization of: | ' | ' |
Prior service cost | ' | ' |
Actuarial (gain) loss | ' | 1 |
Net periodic defined benefit costs (credits) | 5 | 6 |
PPL Energy Supply LLC [Member] | PPL Services [Member] | ' | ' |
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ' | ' |
Costs allocated to subsidiary by plan sponsors | 7 | 11 |
PPL Energy Supply LLC [Member] | Pension Benefits United States [Member] | ' | ' |
Defined Benefits [Line Items] | ' | ' |
Service cost | 1 | 2 |
Interest cost | 2 | 2 |
Expected return on plan assets | -2 | -3 |
Amortization of: | ' | ' |
Actuarial (gain) loss | ' | 1 |
Net periodic defined benefit costs (credits) | 1 | 2 |
PPL Electric Utilities Corp [Member] | PPL Services [Member] | ' | ' |
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ' | ' |
Costs allocated to subsidiary by plan sponsors | 5 | 9 |
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | ' | ' |
Defined Benefits [Line Items] | ' | ' |
Service cost | 6 | 7 |
Interest cost | 17 | 16 |
Expected return on plan assets | -20 | -21 |
Amortization of: | ' | ' |
Prior service cost | 1 | 1 |
Actuarial (gain) loss | 3 | 8 |
Net periodic defined benefit costs (credits) | 7 | 11 |
LG And E And KU Energy LLC [Member] | Other Postretirement Benefits United States [Member] | ' | ' |
Defined Benefits [Line Items] | ' | ' |
Service cost | 1 | 1 |
Interest cost | 2 | 2 |
Expected return on plan assets | -1 | -1 |
Amortization of: | ' | ' |
Prior service cost | 1 | 1 |
Net periodic defined benefit costs (credits) | 3 | 3 |
Louisville Gas And Electric Co [Member] | LKE [Member] | ' | ' |
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ' | ' |
Costs allocated to subsidiary by plan sponsors | 2 | 3 |
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | ' | ' |
Defined Benefits [Line Items] | ' | ' |
Service cost | ' | 1 |
Interest cost | 4 | 3 |
Expected return on plan assets | -5 | -5 |
Amortization of: | ' | ' |
Prior service cost | 1 | 1 |
Actuarial (gain) loss | 1 | 3 |
Net periodic defined benefit costs (credits) | 1 | 3 |
Kentucky Utilities Co [Member] | LKE [Member] | ' | ' |
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ' | ' |
Costs allocated to subsidiary by plan sponsors | $3 | $4 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Energy Purchases, Energy Sales, Other Commitments, Legal Matters and Regulatory Issues) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
mi | |
Integer | |
MW | |
Y | |
Legal Matters - Sierra Club Litigation (Numeric) [Abstract] | ' |
Number of separate claims included in the complaint against PPL Montana | 39 |
Average requested amount, per day per violation, of injuctive relief and civil penalities | $36,000 |
Amount of civil penalities to be used for beneficial mitigation projects | 100,000 |
Estimated number of post-2000 projects alleged not to be in compliance with the Clean Air Act | 40 |
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ' |
Number of residents that filed class action suit | 6 |
Number of miles within plant that would include a class of residents | 4 |
Regulatory Issues - Maryland Capacity Order (Numeric) [Abstract] | ' |
Number electric utilities ordered to enter into long term contracts | 3 |
Capacity of natural gas-fired combined-cycle generating facility (in MW) | 661 |
Regulatory Issues - Pacific Northwest Markets (Numeric) [Abstract] | ' |
Amount for claims remaining unsettled at period end | 50,000,000 |
Settlement amount reached with one of the parties | 75,000 |
Amount of claim sought by City of Tacoma | 23,000,000 |
Regulatory Issues - FERC Market-Based Rate Authority (Numeric) [Abstract] | ' |
Time from December 1998 that a subsidiary was required to respond to the FERC market analysis information request (in years) | 3 |
Frequency, after initial filing, that a subsidiary is required to respond to the FERC market analysis information request (in years) | 3 |
Regulatory Issues - Electric - Reliability Standards (Numeric) [Abstract] | ' |
Maximum per day penalties for reliability violations | 1,000,000 |
PPL Energy Supply LLC [Member] | ' |
Legal Matters - Sierra Club Litigation (Numeric) [Abstract] | ' |
Number of separate claims included in the complaint against PPL Montana | 39 |
Average requested amount, per day per violation, of injuctive relief and civil penalities | 36,000 |
Amount of civil penalities to be used for beneficial mitigation projects | 100,000 |
Estimated number of post-2000 projects alleged not to be in compliance with the Clean Air Act | 40 |
Regulatory Issues - Maryland Capacity Order (Numeric) [Abstract] | ' |
Number electric utilities ordered to enter into long term contracts | 3 |
Capacity of natural gas-fired combined-cycle generating facility (in MW) | 661 |
Regulatory Issues - Pacific Northwest Markets (Numeric) [Abstract] | ' |
Amount for claims remaining unsettled at period end | 50,000,000 |
Settlement amount reached with one of the parties | 75,000 |
Amount of claim sought by City of Tacoma | 23,000,000 |
Regulatory Issues - FERC Market-Based Rate Authority (Numeric) [Abstract] | ' |
Time from December 1998 that a subsidiary was required to respond to the FERC market analysis information request (in years) | 3 |
Frequency, after initial filing, that a subsidiary is required to respond to the FERC market analysis information request (in years) | 3 |
Regulatory Issues - Electric - Reliability Standards (Numeric) [Abstract] | ' |
Maximum per day penalties for reliability violations | 1,000,000 |
PPL Electric Utilities Corp [Member] | ' |
Regulatory Issues - Maryland Capacity Order (Numeric) [Abstract] | ' |
Number electric utilities ordered to enter into long term contracts | 3 |
Capacity of natural gas-fired combined-cycle generating facility (in MW) | 661 |
Regulatory Issues - FERC Market-Based Rate Authority (Numeric) [Abstract] | ' |
Time from December 1998 that a subsidiary was required to respond to the FERC market analysis information request (in years) | 3 |
Frequency, after initial filing, that a subsidiary is required to respond to the FERC market analysis information request (in years) | 3 |
Regulatory Issues - Electric - Reliability Standards (Numeric) [Abstract] | ' |
Maximum per day penalties for reliability violations | 1,000,000 |
LG And E And KU Energy LLC [Member] | ' |
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ' |
Number of residents that filed class action suit | 6 |
Number of miles within plant that would include a class of residents | 4 |
Regulatory Issues - FERC Market-Based Rate Authority (Numeric) [Abstract] | ' |
Time from December 1998 that a subsidiary was required to respond to the FERC market analysis information request (in years) | 3 |
Frequency, after initial filing, that a subsidiary is required to respond to the FERC market analysis information request (in years) | 3 |
Regulatory Issues - Electric - Reliability Standards (Numeric) [Abstract] | ' |
Maximum per day penalties for reliability violations | 1,000,000 |
Louisville Gas And Electric Co [Member] | ' |
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ' |
Number of residents that filed class action suit | 6 |
Number of miles within plant that would include a class of residents | 4 |
Regulatory Issues - FERC Market-Based Rate Authority (Numeric) [Abstract] | ' |
Time from December 1998 that a subsidiary was required to respond to the FERC market analysis information request (in years) | 3 |
Frequency, after initial filing, that a subsidiary is required to respond to the FERC market analysis information request (in years) | 3 |
Regulatory Issues - Electric - Reliability Standards (Numeric) [Abstract] | ' |
Maximum per day penalties for reliability violations | 1,000,000 |
Kentucky Utilities Co [Member] | ' |
Regulatory Issues - FERC Market-Based Rate Authority (Numeric) [Abstract] | ' |
Time from December 1998 that a subsidiary was required to respond to the FERC market analysis information request (in years) | 3 |
Frequency, after initial filing, that a subsidiary is required to respond to the FERC market analysis information request (in years) | 3 |
Regulatory Issues - Electric - Reliability Standards (Numeric) [Abstract] | ' |
Maximum per day penalties for reliability violations | $1,000,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Environmental Matter and Other) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | |
MW | |||
Integer | |||
Environmental Matters - Domestic - Air - Cross State Air Pollution Rule (formerly Clean Air Transport Rule) and Clean Air Interstate Rule (Numeric) [Abstract] | ' | ' | ' |
Number of phases CSAPR will be implemented | 2 | ' | ' |
Environmental Matters - Domestic - Air - National Ambient Air Quality Standards [Abstract] | ' | ' | ' |
Standard for sulfur dioxide emissions (in hours) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Mercury and Air Toxics (Numeric) [Abstract] | ' | ' | ' |
Period for compliance with final mercury and air toxics standards (in years) | 3 | ' | ' |
Possible period of extension to comply with final mercury and air toxics standards (in years) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Climate Change (Numeric) [Abstract] | ' | ' | ' |
Percentage reduction of greenhouse gas emissions below 2005 levels by 2020 | 17.00% | ' | ' |
Estimate of "social cost of carbon" per metric ton prior to 2015 | 23.8 | ' | ' |
Estimate of "social cost of carbon" per metric ton in 2015 | 38 | ' | ' |
Number of northeastern states that signed a Memorandum of Understanding that established Regional Greenhouse Gas Initiative | 10 | ' | ' |
Minimum capacity of electric power plants that are impacted by Regional Greenhouse Gas Initiative's emissions stabilization program (in MW) | 25 | ' | ' |
Percentage reduction by 2019 in carbon dioxide emissions under Regional Greenhouse Gas Initiative | 10.00% | ' | ' |
Maximum percentage reduction in greenhouse gas emissions by implementing actions identified in a Pennsylvania 2009 report | 30.00% | ' | ' |
Number of electric utility companies affected by a September 2009 U.S. Court of Appeals for the Second Circuit decision | 5 | ' | ' |
Number of companies cited in May 2011 Mississippi court filing | 87 | ' | ' |
Number of indirect subsidaries cited in a May 2011 Mississippi court filing | 3 | ' | ' |
Environmental Matters - Domestic - Air - Renewable Energy Legislation (Numeric) [Abstract] | ' | ' | ' |
Current percentage for Maryland renewable portfolio standard requirements | 20.00% | ' | ' |
Proposed percentage for Maryland renewable portfolio standard requirements | 40.00% | ' | ' |
Proposed percentage of New Jersey renewable energy portfolio standard by 2020 | 30.00% | ' | ' |
Proposed amount of funding for solar projects | $25,000,000 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Coal Combustion Residuals (Numeric) [Abstract] | ' | ' | ' |
Number of approaches proposed by EPA in June 2010 to regulate CCRs | 2 | ' | ' |
Number of companies that have issued an intent to sue against the EPA regarding CCRs | 2 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Seepages and Groundwater Infiltration - Pennsylvania, Montana and Kentucky (Numeric) [Abstract] | ' | ' | ' |
Period for PPL Montana to provide financial assurance to Montana Department of Environmental Quality (in years) | 5 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Clean Water Act 316(b) (Numeric) [Abstract] | ' | ' | ' |
Number of requirements under proposed EPA rule regarding reducing impact to aquatic organisms | 2 | ' | ' |
Number of factors to make a site-specific determination | 9 | ' | ' |
Other - Nuclear Insurance (Numeric) [Abstract] | ' | ' | ' |
Maximum amount of insured property damage losses at nuclear station | ' | ' | 2,000,000,000 |
Maximum assessment for retroactive premiums for nuclear outage insurance coverage | ' | ' | 46,000,000 |
Maximum public liability for claims resulting an incident at nuclear station | 13,600,000,000 | ' | ' |
Maximum amount that could be assessed resulting from an incident at nuclear station | 255,000,000 | ' | ' |
Maximum amount payable per year resulting from an incident at nuclear station | 38,000,000 | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 33,774,000,000 | 33,087,000,000 | ' |
Workforce Subject To Collective Bargaining Agreement [Member] | ' | ' | ' |
Other - Labor Unions (Details) [Line Items] | ' | ' | ' |
Percent of total workforce | 20.00% | ' | ' |
Brunner Island And Montour Plants [Member] | ' | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 2,600,000,000 | ' | ' |
Brunner Island Plant [Member] | ' | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 1,400,000,000 | ' | ' |
Montour Plant [Member] | ' | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 1,200,000,000 | ' | ' |
PPL Energy Supply LLC [Member] | ' | ' | ' |
Environmental Matters - Domestic - Air - Cross State Air Pollution Rule (formerly Clean Air Transport Rule) and Clean Air Interstate Rule (Numeric) [Abstract] | ' | ' | ' |
Number of phases CSAPR will be implemented | 2 | ' | ' |
Environmental Matters - Domestic - Air - National Ambient Air Quality Standards [Abstract] | ' | ' | ' |
Standard for sulfur dioxide emissions (in hours) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Mercury and Air Toxics (Numeric) [Abstract] | ' | ' | ' |
Period for compliance with final mercury and air toxics standards (in years) | 3 | ' | ' |
Possible period of extension to comply with final mercury and air toxics standards (in years) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Climate Change (Numeric) [Abstract] | ' | ' | ' |
Percentage reduction of greenhouse gas emissions below 2005 levels by 2020 | 17.00% | ' | ' |
Estimate of "social cost of carbon" per metric ton prior to 2015 | 23.8 | ' | ' |
Estimate of "social cost of carbon" per metric ton in 2015 | 38 | ' | ' |
Number of northeastern states that signed a Memorandum of Understanding that established Regional Greenhouse Gas Initiative | 10 | ' | ' |
Minimum capacity of electric power plants that are impacted by Regional Greenhouse Gas Initiative's emissions stabilization program (in MW) | 25 | ' | ' |
Percentage reduction by 2019 in carbon dioxide emissions under Regional Greenhouse Gas Initiative | 10.00% | ' | ' |
Maximum percentage reduction in greenhouse gas emissions by implementing actions identified in a Pennsylvania 2009 report | 30.00% | ' | ' |
Number of companies cited in May 2011 Mississippi court filing | 87 | ' | ' |
Environmental Matters - Domestic - Air - Renewable Energy Legislation (Numeric) [Abstract] | ' | ' | ' |
Current percentage for Maryland renewable portfolio standard requirements | 20.00% | ' | ' |
Proposed percentage for Maryland renewable portfolio standard requirements | 40.00% | ' | ' |
Proposed percentage of New Jersey renewable energy portfolio standard by 2020 | 30.00% | ' | ' |
Proposed amount of funding for solar projects | 25,000,000 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Coal Combustion Residuals (Numeric) [Abstract] | ' | ' | ' |
Number of approaches proposed by EPA in June 2010 to regulate CCRs | 2 | ' | ' |
Number of companies that have issued an intent to sue against the EPA regarding CCRs | 2 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Seepages and Groundwater Infiltration - Pennsylvania, Montana and Kentucky (Numeric) [Abstract] | ' | ' | ' |
Period for PPL Montana to provide financial assurance to Montana Department of Environmental Quality (in years) | 5 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Clean Water Act 316(b) (Numeric) [Abstract] | ' | ' | ' |
Number of requirements under proposed EPA rule regarding reducing impact to aquatic organisms | 2 | ' | ' |
Number of factors to make a site-specific determination | 9 | ' | ' |
Other - Nuclear Insurance (Numeric) [Abstract] | ' | ' | ' |
Maximum amount of insured property damage losses at nuclear station | ' | ' | 2,000,000,000 |
Maximum assessment for retroactive premiums for nuclear outage insurance coverage | ' | ' | 46,000,000 |
Maximum public liability for claims resulting an incident at nuclear station | 13,600,000,000 | ' | ' |
Maximum amount that could be assessed resulting from an incident at nuclear station | 255,000,000 | ' | ' |
Maximum amount payable per year resulting from an incident at nuclear station | 38,000,000 | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 7,056,000,000 | 7,174,000,000 | ' |
PPL Energy Supply LLC [Member] | Workforce Subject To Collective Bargaining Agreement [Member] | ' | ' | ' |
Other - Labor Unions (Details) [Line Items] | ' | ' | ' |
Percent of total workforce | 24.00% | ' | ' |
PPL Energy Supply LLC [Member] | Brunner Island And Montour Plants [Member] | ' | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 2,600,000,000 | ' | ' |
PPL Energy Supply LLC [Member] | Brunner Island Plant [Member] | ' | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 1,400,000,000 | ' | ' |
PPL Energy Supply LLC [Member] | Montour Plant [Member] | ' | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 1,200,000,000 | ' | ' |
PPL Electric Utilities Corp [Member] | ' | ' | ' |
Environmental Matters - Domestic - Air - Climate Change (Numeric) [Abstract] | ' | ' | ' |
Percentage reduction of greenhouse gas emissions below 2005 levels by 2020 | 17.00% | ' | ' |
Estimate of "social cost of carbon" per metric ton prior to 2015 | 23.8 | ' | ' |
Estimate of "social cost of carbon" per metric ton in 2015 | 38 | ' | ' |
Environmental Matters - Domestic - Air - Renewable Energy Legislation (Numeric) [Abstract] | ' | ' | ' |
Current percentage for Maryland renewable portfolio standard requirements | 20.00% | ' | ' |
Proposed percentage for Maryland renewable portfolio standard requirements | 40.00% | ' | ' |
Proposed percentage of New Jersey renewable energy portfolio standard by 2020 | 30.00% | ' | ' |
Proposed amount of funding for solar projects | 25,000,000 | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 5,229,000,000 | 5,062,000,000 | ' |
PPL Electric Utilities Corp [Member] | Workforce Subject To Collective Bargaining Agreement [Member] | ' | ' | ' |
Other - Labor Unions (Details) [Line Items] | ' | ' | ' |
Percent of total workforce | 63.00% | ' | ' |
LG And E And KU Energy LLC [Member] | ' | ' | ' |
Environmental Matters - Domestic - Air - Cross State Air Pollution Rule (formerly Clean Air Transport Rule) and Clean Air Interstate Rule (Numeric) [Abstract] | ' | ' | ' |
Number of phases CSAPR will be implemented | 2 | ' | ' |
Environmental Matters - Domestic - Air - National Ambient Air Quality Standards [Abstract] | ' | ' | ' |
Standard for sulfur dioxide emissions (in hours) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Mercury and Air Toxics (Numeric) [Abstract] | ' | ' | ' |
Period for compliance with final mercury and air toxics standards (in years) | 3 | ' | ' |
Possible period of extension to comply with final mercury and air toxics standards (in years) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Climate Change (Numeric) [Abstract] | ' | ' | ' |
Percentage reduction of greenhouse gas emissions below 2005 levels by 2020 | 17.00% | ' | ' |
Estimate of "social cost of carbon" per metric ton prior to 2015 | 23.8 | ' | ' |
Estimate of "social cost of carbon" per metric ton in 2015 | 38 | ' | ' |
Number of electric utility companies affected by a September 2009 U.S. Court of Appeals for the Second Circuit decision | 5 | ' | ' |
Number of companies cited in May 2011 Mississippi court filing | 87 | ' | ' |
Number of indirect subsidaries cited in a May 2011 Mississippi court filing | 3 | ' | ' |
Environmental Matters - Domestic - Air - Renewable Energy Legislation (Numeric) [Abstract] | ' | ' | ' |
Current percentage for Maryland renewable portfolio standard requirements | 20.00% | ' | ' |
Proposed percentage for Maryland renewable portfolio standard requirements | 40.00% | ' | ' |
Proposed percentage of New Jersey renewable energy portfolio standard by 2020 | 30.00% | ' | ' |
Proposed amount of funding for solar projects | 25,000,000 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Coal Combustion Residuals (Numeric) [Abstract] | ' | ' | ' |
Number of approaches proposed by EPA in June 2010 to regulate CCRs | 2 | ' | ' |
Number of companies that have issued an intent to sue against the EPA regarding CCRs | 2 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Clean Water Act 316(b) (Numeric) [Abstract] | ' | ' | ' |
Number of requirements under proposed EPA rule regarding reducing impact to aquatic organisms | 2 | ' | ' |
Number of factors to make a site-specific determination | 9 | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 9,705,000,000 | 9,544,000,000 | ' |
Louisville Gas And Electric Co [Member] | ' | ' | ' |
Environmental Matters - Domestic - Air - Cross State Air Pollution Rule (formerly Clean Air Transport Rule) and Clean Air Interstate Rule (Numeric) [Abstract] | ' | ' | ' |
Number of phases CSAPR will be implemented | 2 | ' | ' |
Environmental Matters - Domestic - Air - National Ambient Air Quality Standards [Abstract] | ' | ' | ' |
Standard for sulfur dioxide emissions (in hours) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Mercury and Air Toxics (Numeric) [Abstract] | ' | ' | ' |
Period for compliance with final mercury and air toxics standards (in years) | 3 | ' | ' |
Possible period of extension to comply with final mercury and air toxics standards (in years) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Climate Change (Numeric) [Abstract] | ' | ' | ' |
Percentage reduction of greenhouse gas emissions below 2005 levels by 2020 | 17.00% | ' | ' |
Estimate of "social cost of carbon" per metric ton prior to 2015 | 23.8 | ' | ' |
Estimate of "social cost of carbon" per metric ton in 2015 | 38 | ' | ' |
Environmental Matters - Domestic - Air - Renewable Energy Legislation (Numeric) [Abstract] | ' | ' | ' |
Current percentage for Maryland renewable portfolio standard requirements | 20.00% | ' | ' |
Proposed percentage for Maryland renewable portfolio standard requirements | 40.00% | ' | ' |
Proposed percentage of New Jersey renewable energy portfolio standard by 2020 | 30.00% | ' | ' |
Proposed amount of funding for solar projects | 25,000,000 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Coal Combustion Residuals (Numeric) [Abstract] | ' | ' | ' |
Number of approaches proposed by EPA in June 2010 to regulate CCRs | 2 | ' | ' |
Number of companies that have issued an intent to sue against the EPA regarding CCRs | 2 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Clean Water Act 316(b) (Numeric) [Abstract] | ' | ' | ' |
Number of requirements under proposed EPA rule regarding reducing impact to aquatic organisms | 2 | ' | ' |
Number of factors to make a site-specific determination | 9 | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | 3,791,000,000 | 3,702,000,000 | ' |
Kentucky Utilities Co [Member] | ' | ' | ' |
Environmental Matters - Domestic - Air - Cross State Air Pollution Rule (formerly Clean Air Transport Rule) and Clean Air Interstate Rule (Numeric) [Abstract] | ' | ' | ' |
Number of phases CSAPR will be implemented | 2 | ' | ' |
Environmental Matters - Domestic - Air - National Ambient Air Quality Standards [Abstract] | ' | ' | ' |
Standard for sulfur dioxide emissions (in hours) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Mercury and Air Toxics (Numeric) [Abstract] | ' | ' | ' |
Period for compliance with final mercury and air toxics standards (in years) | 3 | ' | ' |
Possible period of extension to comply with final mercury and air toxics standards (in years) | 1 | ' | ' |
Environmental Matters - Domestic - Air - Climate Change (Numeric) [Abstract] | ' | ' | ' |
Percentage reduction of greenhouse gas emissions below 2005 levels by 2020 | 17.00% | ' | ' |
Estimate of "social cost of carbon" per metric ton prior to 2015 | 23.8 | ' | ' |
Estimate of "social cost of carbon" per metric ton in 2015 | 38 | ' | ' |
Number of electric utility companies affected by a September 2009 U.S. Court of Appeals for the Second Circuit decision | 5 | ' | ' |
Number of companies cited in May 2011 Mississippi court filing | 87 | ' | ' |
Environmental Matters - Domestic - Air - Renewable Energy Legislation (Numeric) [Abstract] | ' | ' | ' |
Current percentage for Maryland renewable portfolio standard requirements | 20.00% | ' | ' |
Proposed percentage for Maryland renewable portfolio standard requirements | 40.00% | ' | ' |
Proposed percentage of New Jersey renewable energy portfolio standard by 2020 | 30.00% | ' | ' |
Proposed amount of funding for solar projects | 25,000,000 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Coal Combustion Residuals (Numeric) [Abstract] | ' | ' | ' |
Number of approaches proposed by EPA in June 2010 to regulate CCRs | 2 | ' | ' |
Number of companies that have issued an intent to sue against the EPA regarding CCRs | 2 | ' | ' |
Environmental Matters - Domestic - Water/Waste - Clean Water Act 316(b) (Numeric) [Abstract] | ' | ' | ' |
Number of requirements under proposed EPA rule regarding reducing impact to aquatic organisms | 2 | ' | ' |
Number of factors to make a site-specific determination | 9 | ' | ' |
Other - Pennsylvania Coal Plants (Numeric) [Abstract] | ' | ' | ' |
Carrying value of utility plants | $5,909,000,000 | $5,837,000,000 | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Guarantees and Other Assurances) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |||||||||||
In Millions, unless otherwise specified | Indemnification Guarantee [Member] | PPL Guarantee [Member] | PPL Guarantee [Member] | PPL Guarantee [Member] | PPL Energy Supply Guarantee [Member] | PPL Energy Supply Guarantee [Member] | PPL Electric Guarantee [Member] | LKE Guarantee [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Electric Utilities Corp [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | Louisville Gas And Electric Co [Member] | Kentucky Utilities Co [Member] | |||||||||||||
Indemnifications For Entities In Liquidation Sales Of Assets [Member] | Indemnification Guarantee [Member] | Indemnification Guarantee [Member] | Financial Guarantee [Member] | Indemnification Guarantee [Member] | Financial Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Guarantee [Member] | Financial Guarantee [Member] | Financial Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Guarantee [Member] | LKE Guarantee [Member] | Financial Guarantee [Member] | Financial Guarantee [Member] | ||||||||||||||||
Indemnifications Related To WPD Midlands Acquisition [Member] | Indemnifications For Entities In Liquidation Sales Of Assets [Member] | WPD Guarantee Of Pension And Other Obligations Of Unconsolidated Entities [Member] | Indemnifications For Sales Of Assets [Member] | Guarantee Of Portion Of Divested Unconsolidated Entitys Debt [Member] | Guarantee Of Inventory Value [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | Indemnifications For Sales Of Assets [Member] | Letters Of Credit Issued On Behalf Of Affiliates [Member] | Guarantee Of Portion Of Divested Unconsolidated Entitys Debt [Member] | Guarantee Of Inventory Value [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | |||||||||||||||||
Integer | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||||||||||||||||||||||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Recorded liability for all guarantees | $26 | $26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19 | $19 | ' | ' | ' | ' | |||||||||||
Maximum exposure | ' | ' | ' | ' | 12 | [1] | 128 | [2] | 250 | [3] | 22 | [4] | 32 | [5] | 301 | [6] | 250 | [3] | 30 | [7] | 22 | [4] | 32 | [5] | ' | ' | 301 | [6] | ' | ' | ' |
Maximum exposure is not estimateable | ' | ' | ' | 'The maximum exposure and expiration of these indemnifications cannot be estimated because the maximum potential liability is not capped and the expiration date is not specified in the transaction documents. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '. | '. | '. | |||||||||||
Expiration date | ' | ' | ' | ' | ' | ' | '2025 | '2018 | '2017 | ' | '2025 | ' | '2018 | '2017 | ' | ' | ' | ' | ' | ' | |||||||||||
Expiration date minimum | ' | ' | '2017 | ' | ' | ' | ' | ' | ' | '2021 | ' | '2014 | ' | ' | ' | ' | '2021 | ' | ' | ' | |||||||||||
Expiration date maximum | ' | ' | '2018 | ' | ' | ' | ' | ' | ' | '2023 | ' | '2015 | ' | ' | ' | ' | '2023 | ' | ' | ' | |||||||||||
Maximum exposure of guarantee related to terminated lease specific to operational, regulatory and environmental issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | |||||||||||
Term of guarantee (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 | ' | ' | ' | ' | ' | ' | '12 | ' | ' | ' | |||||||||||
Maximum exposure of other guarantees expiring related to a terminated lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | |||||||||||
Minimum period that indemnifications generally expire (in years) | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Maximum period that indemnifications generally expire (in years) | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Equity interest in previously owned facility (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Other Guarantee (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Maximum aggregate coverage bodily injury and property damage | $225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | Indemnification to the liquidators and certain others for existing liabilities or expenses or liabilities arising during the liquidation process. The indemnifications are limited to distributions made from the subsidiary to its parent either prior or subsequent to liquidation or is not explicitly stated in the agreements. The indemnifications generally expire two to seven years subsequent to the date of dissolution of the entities. The exposure noted only includes those cases where the agreements provide for specific limits. In connection with their sales of various businesses, WPD and its affiliates have provided the purchasers with indemnifications that are standard for such transactions, including indemnifications for certain pre-existing liabilities and environmental and tax matters or have agreed to continue their obligations under existing third-party guarantees, either for a set period of time following the transactions or upon the condition that the purchasers make reasonable efforts to terminate the guarantees. Finally, WPD and its affiliates remain secondarily responsible for lease payments under certain leases that they have assigned to third parties. | ||||||||||||||||||||||||||||||
[2] | Relates to certain obligations of discontinued or modified electric associations that were guaranteed at the time of privatization by the participating members. Costs are allocated to the members and can be reallocated if an existing member becomes insolvent. At March 31, 2014, WPD has recorded an estimated discounted liability for which the expected payment/performance is probable. Neither the expiration date nor the maximum amount of potential payments for certain obligations is explicitly stated in the related agreements, and as a result, the exposure has been estimated. | ||||||||||||||||||||||||||||||
[3] | Indemnifications are governed by the specific sales agreement and include breach of the representations, warranties and covenants, and liabilities for certain other matters. PPL Energy Supply's maximum exposure with respect to certain indemnifications and the expiration of the indemnifications cannot be estimated because the maximum potential liability is not capped by the transaction documents and the expiration date is based on the applicable statute of limitations. The exposure and expiration date noted is based on those cases in which the agreements provide for specific limits. | ||||||||||||||||||||||||||||||
[4] | Relates to a guarantee of one-third of the divested entity's debt. The purchaser provided a cross-indemnity, secured by a lien on the purchaser's stock of the divested entity. The exposure noted reflects principal only. | ||||||||||||||||||||||||||||||
[5] | A third party logistics firm provides inventory procurement and fulfillment services. The logistics firm has title to the inventory, however, upon termination of the contracts, PPL Electric has guaranteed to purchase any remaining inventory that has not been used or sold. | ||||||||||||||||||||||||||||||
[6] | LKE provides certain indemnifications, the most significant of which relate to the termination of the WKE lease in July 2009. These guarantees cover the due and punctual payment, performance and discharge by each party of its respective present and future obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under the WKE Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a cumulative maximum exposure of $200 million. Certain items such as government fines and penalties fall outside the cumulative cap. LKE has contested the applicability of the indemnification requirement relating to one matter presented by a counterparty under this guarantee. Another guarantee with a maximum exposure of $100 million covering other indemnifications expires in 2023. In May 2012, LKE's indemnitee received an arbitration panel's decision affecting this matter, which granted LKE’s indemnitee certain rights of first refusal to purchase excess power at a market-based price rather than at an absolute fixed price. In January 2013, LKE's indemnitee commenced a proceeding in the Kentucky Court of Appeals appealing the December 2012 order of the Henderson Circuit Court, confirming the arbitration award. A decision in the appellate matter may occur during 2014. LKE believes its indemnification obligations in this matter remain subject to various uncertainties, including potential for additional legal challenges regarding the arbitration decision as well as future prices, availability and demand for the subject excess power. LKE continues to evaluate various legal and commercial options with respect to this indemnification matter. The ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum; however, LKE is not aware of formal claims under such indemnities made by any party at this time. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of such indemnification circumstances, but does not currently expect such outcomes to result in significant losses above the amounts recorded. | ||||||||||||||||||||||||||||||
[7] | Standby letter of credit arrangements under PPL Energy Supply's credit facilities for the purposes of protecting various third parties against nonperformance by PPL. This is not a guarantee by PPL on a consolidated basis. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | LG And E And KU Energy LLC [Member] | Louisville Gas And Electric Co [Member] | Louisville Gas And Electric Co [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] | |
PPL Electric [Member] | Services Company Affiliate [Member] | Services Company Affiliate [Member] | Services Company Affiliate [Member] | Services Company Affiliate [Member] | PPL Energy Funding [Member] | Services Company Affiliate [Member] | Services Company Affiliate [Member] | PPL Energy Funding [Member] | PPL Affiliate [Member] | PPL Affiliate [Member] | |||||||||
PLR Contracts/Purchase of Accounts Receivable (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit limit with affiliate under a Master Supply Agreement | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit exposure with affiliate under a Master Supply Agreement | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Support Costs (Details) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Support cost allocations from subsidiary of parent to registrant | ' | 58 | 57 | ' | ' | 41 | 38 | ' | ' | ' | 4 | 4 | ' | ' | ' | ' | ' | ' | ' |
Intercompany Billings by LKS (Details) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany billings between affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48 | 39 | 53 | 66 |
Intercompany Borrowings (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable from affiliates | ' | ' | ' | ' | 150 | ' | ' | ' | 4 | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany borrowings demand note rate on outstanding borrowing | ' | ' | ' | ' | ' | ' | ' | 1.92% | ' | ' | ' | ' | ' | 2.16% | 2.17% | ' | ' | ' | ' |
Intercompany note with affiliate maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $225 | $300 | ' | ' | ' | ' | ' |
Other_Income_Expense_net_Detai
Other Income (Expense) - net (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Income [Line Items] | ' | ' |
Earnings on securities in nuclear decommissioning trust funds | $6 | $5 |
Interest income | 1 | 1 |
Allowance for funds used during construction - equity component | 3 | 3 |
Miscellaneous - Domestic | 2 | 2 |
Miscellaneous - United Kingdom | ' | 1 |
Other income | 12 | 12 |
Other Expense [Line Items] | ' | ' |
Economic foreign currency exchange contracts | 24 | -119 |
Charitable contributions | 7 | 4 |
Miscellaneous - Domestic | 3 | 4 |
Miscellaneous - United Kingdom | 1 | 1 |
Other expense | 35 | -110 |
Other Income (Expense) - net | -23 | 122 |
PPL Energy Supply LLC [Member] | ' | ' |
Other Expense [Line Items] | ' | ' |
Other Income (Expense) - net | 6 | 4 |
PPL Electric Utilities Corp [Member] | ' | ' |
Other Expense [Line Items] | ' | ' |
Other Income (Expense) - net | 2 | 1 |
LG And E And KU Energy LLC [Member] | ' | ' |
Other Expense [Line Items] | ' | ' |
Other Income (Expense) - net | -2 | -2 |
Louisville Gas And Electric Co [Member] | ' | ' |
Other Expense [Line Items] | ' | ' |
Other Income (Expense) - net | -2 | -1 |
Kentucky Utilities Co [Member] | ' | ' |
Other Expense [Line Items] | ' | ' |
Other Income (Expense) - net | ' | ($1) |
Fair_Value_Measurements_and_Cr3
Fair Value Measurements and Credit Concentration (Assets and Liabilities Measured on Recurring Basis Table) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Price risk management liabilities: | ' | ' | ||
Total price risk management liabilities | $1,752 | $1,244 | ||
Recurring [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 1,256 | 1,102 | ||
Restricted cash and cash equivalents | 491 | [1] | 156 | [1] |
Price risk management assets: | ' | ' | ||
Energy commodities assets | 1,417 | 1,188 | ||
Interest rate swaps assets | 9 | 91 | ||
Foreign currency contracts assets | 5 | ' | ||
Total price risk management assets | 1,431 | 1,279 | ||
NDT funds | 879 | 864 | ||
Auction rate securities | 16 | [2] | 19 | [2] |
Total assets | 4,073 | 3,420 | ||
Price risk management liabilities: | ' | ' | ||
Energy commodities liabilities | 1,527 | 1,070 | ||
Interest rate swaps liabilities | 47 | 36 | ||
Foreign currency contracts liabilities | 123 | 106 | ||
Cross-currency swaps liabilities | 55 | 32 | ||
Total price risk management liabilities | 1,752 | 1,244 | ||
Recurring [Member] | Cash And Cash Equivalents [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 13 | 14 | ||
Recurring [Member] | United States Large Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 556 | 547 | ||
Recurring [Member] | United States Mid Small Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 83 | 81 | ||
Recurring [Member] | United States Treasury Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 95 | 95 | ||
Recurring [Member] | United States Government Sponsored Agency Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 6 | 6 | ||
Recurring [Member] | Municipality Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 80 | 77 | ||
Recurring [Member] | Investment Grade Corporate Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 41 | 38 | ||
Recurring [Member] | Other Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 4 | 5 | ||
Recurring [Member] | Receivables Payables Net [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 1 | 1 | ||
Recurring [Member] | Level 1 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 1,256 | 1,102 | ||
Restricted cash and cash equivalents | 491 | [1] | 156 | [1] |
Price risk management assets: | ' | ' | ||
Energy commodities assets | 2 | 3 | ||
Interest rate swaps assets | ' | ' | ||
Foreign currency contracts assets | ' | ' | ||
Total price risk management assets | 2 | 3 | ||
NDT funds | 556 | 550 | ||
Auction rate securities | ' | ' | ||
Total assets | 2,305 | 1,811 | ||
Price risk management liabilities: | ' | ' | ||
Energy commodities liabilities | 1 | 4 | ||
Interest rate swaps liabilities | ' | ' | ||
Foreign currency contracts liabilities | ' | ' | ||
Cross-currency swaps liabilities | ' | ' | ||
Total price risk management liabilities | 1 | 4 | ||
Recurring [Member] | Level 1 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 13 | 14 | ||
Recurring [Member] | Level 1 [Member] | United States Large Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 415 | 409 | ||
Recurring [Member] | Level 1 [Member] | United States Mid Small Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 34 | 33 | ||
Recurring [Member] | Level 1 [Member] | United States Treasury Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 95 | 95 | ||
Recurring [Member] | Level 1 [Member] | United States Government Sponsored Agency Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 1 [Member] | Municipality Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 1 [Member] | Investment Grade Corporate Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 1 [Member] | Other Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 1 [Member] | Receivables Payables Net [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | -1 | -1 | ||
Recurring [Member] | Level 2 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Energy commodities assets | 1,330 | 1,123 | ||
Interest rate swaps assets | 9 | 91 | ||
Foreign currency contracts assets | 5 | ' | ||
Total price risk management assets | 1,344 | 1,214 | ||
NDT funds | 323 | 314 | ||
Auction rate securities | ' | ' | ||
Total assets | 1,667 | 1,528 | ||
Price risk management liabilities: | ' | ' | ||
Energy commodities liabilities | 1,458 | 1,028 | ||
Interest rate swaps liabilities | 47 | 36 | ||
Foreign currency contracts liabilities | 123 | 106 | ||
Cross-currency swaps liabilities | 55 | 32 | ||
Total price risk management liabilities | 1,683 | 1,202 | ||
Recurring [Member] | Level 2 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 2 [Member] | United States Large Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 141 | 138 | ||
Recurring [Member] | Level 2 [Member] | United States Mid Small Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 49 | 48 | ||
Recurring [Member] | Level 2 [Member] | United States Treasury Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 2 [Member] | United States Government Sponsored Agency Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 6 | 6 | ||
Recurring [Member] | Level 2 [Member] | Municipality Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 80 | 77 | ||
Recurring [Member] | Level 2 [Member] | Investment Grade Corporate Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 41 | 38 | ||
Recurring [Member] | Level 2 [Member] | Other Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 4 | 5 | ||
Recurring [Member] | Level 2 [Member] | Receivables Payables Net [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 2 | 2 | ||
Recurring [Member] | Level 3 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Energy commodities assets | 85 | 62 | ||
Interest rate swaps assets | ' | ' | ||
Foreign currency contracts assets | ' | ' | ||
Total price risk management assets | 85 | 62 | ||
NDT funds | ' | ' | ||
Auction rate securities | 16 | [2] | 19 | [2] |
Total assets | 101 | 81 | ||
Price risk management liabilities: | ' | ' | ||
Energy commodities liabilities | 68 | 38 | ||
Interest rate swaps liabilities | ' | ' | ||
Foreign currency contracts liabilities | ' | ' | ||
Cross-currency swaps liabilities | ' | ' | ||
Total price risk management liabilities | 68 | 38 | ||
Recurring [Member] | Level 3 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 3 [Member] | United States Large Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 3 [Member] | United States Mid Small Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 3 [Member] | United States Treasury Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 3 [Member] | United States Government Sponsored Agency Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 3 [Member] | Municipality Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 3 [Member] | Investment Grade Corporate Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 3 [Member] | Other Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
Recurring [Member] | Level 3 [Member] | Receivables Payables Net [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 441 | 239 | ||
Restricted cash and cash equivalents | 429 | [1] | 85 | [1] |
Price risk management assets: | ' | ' | ||
Energy commodities assets | 1,417 | 1,188 | ||
Total price risk management assets | 1,417 | 1,188 | ||
NDT funds | 879 | 864 | ||
Auction rate securities | 13 | [2] | 16 | [2] |
Total assets | 3,179 | 2,392 | ||
Price risk management liabilities: | ' | ' | ||
Energy commodities liabilities | 1,527 | 1,070 | ||
Total price risk management liabilities | 1,527 | 1,070 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Cash And Cash Equivalents [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 13 | 14 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | United States Large Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 556 | 547 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | United States Mid Small Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 83 | 81 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | United States Treasury Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 95 | 95 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | United States Government Sponsored Agency Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 6 | 6 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Municipality Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 80 | 77 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Investment Grade Corporate Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 41 | 38 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Other Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 4 | 5 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Receivables Payables Net [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 1 | 1 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 441 | 239 | ||
Restricted cash and cash equivalents | 429 | [1] | 85 | [1] |
Price risk management assets: | ' | ' | ||
Energy commodities assets | 2 | 3 | ||
Total price risk management assets | 2 | 3 | ||
NDT funds | 556 | 550 | ||
Auction rate securities | ' | ' | ||
Total assets | 1,428 | 877 | ||
Price risk management liabilities: | ' | ' | ||
Energy commodities liabilities | 1 | 4 | ||
Total price risk management liabilities | 1 | 4 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 13 | 14 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | United States Large Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 415 | 409 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | United States Mid Small Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 34 | 33 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | United States Treasury Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 95 | 95 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | United States Government Sponsored Agency Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | Municipality Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | Investment Grade Corporate Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | Other Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 1 [Member] | Receivables Payables Net [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | -1 | -1 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Energy commodities assets | 1,330 | 1,123 | ||
Total price risk management assets | 1,330 | 1,123 | ||
NDT funds | 323 | 314 | ||
Auction rate securities | ' | ' | ||
Total assets | 1,653 | 1,437 | ||
Price risk management liabilities: | ' | ' | ||
Energy commodities liabilities | 1,458 | 1,028 | ||
Total price risk management liabilities | 1,458 | 1,028 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | United States Large Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 141 | 138 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | United States Mid Small Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 49 | 48 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | United States Treasury Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | United States Government Sponsored Agency Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 6 | 6 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | Municipality Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 80 | 77 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | Investment Grade Corporate Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 41 | 38 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | Other Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 4 | 5 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 2 [Member] | Receivables Payables Net [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | 2 | 2 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Energy commodities assets | 85 | 62 | ||
Total price risk management assets | 85 | 62 | ||
NDT funds | ' | ' | ||
Auction rate securities | 13 | [2] | 16 | [2] |
Total assets | 98 | 78 | ||
Price risk management liabilities: | ' | ' | ||
Energy commodities liabilities | 68 | 38 | ||
Total price risk management liabilities | 68 | 38 | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | United States Large Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | United States Mid Small Cap Equity Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | United States Treasury Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | United States Government Sponsored Agency Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | Municipality Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | Investment Grade Corporate Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | Other Debt Securities [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Energy Supply LLC [Member] | Recurring [Member] | Level 3 [Member] | Receivables Payables Net [Member] | ' | ' | ||
Price risk management assets: | ' | ' | ||
NDT funds | ' | ' | ||
PPL Electric Utilities Corp [Member] | Recurring [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 42 | 25 | ||
Restricted cash and cash equivalents | 1 | [3] | 12 | [3] |
Price risk management assets: | ' | ' | ||
Total assets | 43 | 37 | ||
PPL Electric Utilities Corp [Member] | Recurring [Member] | Level 1 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 42 | 25 | ||
Restricted cash and cash equivalents | 1 | [3] | 12 | [3] |
Price risk management assets: | ' | ' | ||
Total assets | 43 | 37 | ||
PPL Electric Utilities Corp [Member] | Recurring [Member] | Level 2 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Total assets | ' | ' | ||
PPL Electric Utilities Corp [Member] | Recurring [Member] | Level 3 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Total assets | ' | ' | ||
LG And E And KU Energy LLC [Member] | Recurring [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 30 | 35 | ||
Restricted cash and cash equivalents | 21 | [4] | 22 | [4] |
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | 51 | 57 | ||
Price risk management liabilities: | ' | ' | ||
Interest rate swaps liabilities | 40 | 36 | ||
Total price risk management liabilities | 40 | 36 | ||
LG And E And KU Energy LLC [Member] | Recurring [Member] | Level 1 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 30 | 35 | ||
Restricted cash and cash equivalents | 21 | [4] | 22 | [4] |
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | 51 | 57 | ||
Price risk management liabilities: | ' | ' | ||
Interest rate swaps liabilities | ' | ' | ||
Total price risk management liabilities | ' | ' | ||
LG And E And KU Energy LLC [Member] | Recurring [Member] | Level 2 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | ' | ' | ||
Price risk management liabilities: | ' | ' | ||
Interest rate swaps liabilities | 40 | 36 | ||
Total price risk management liabilities | 40 | 36 | ||
LG And E And KU Energy LLC [Member] | Recurring [Member] | Level 3 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | ' | ' | ||
Price risk management liabilities: | ' | ' | ||
Interest rate swaps liabilities | ' | ' | ||
Total price risk management liabilities | ' | ' | ||
Louisville Gas And Electric Co [Member] | Recurring [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 9 | 8 | ||
Restricted cash and cash equivalents | 21 | [4] | 22 | [4] |
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | 30 | 30 | ||
Price risk management liabilities: | ' | ' | ||
Interest rate swaps liabilities | 40 | 36 | ||
Total price risk management liabilities | 40 | 36 | ||
Louisville Gas And Electric Co [Member] | Recurring [Member] | Level 1 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 9 | 8 | ||
Restricted cash and cash equivalents | 21 | [4] | 22 | [4] |
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | 30 | 30 | ||
Price risk management liabilities: | ' | ' | ||
Interest rate swaps liabilities | ' | ' | ||
Total price risk management liabilities | ' | ' | ||
Louisville Gas And Electric Co [Member] | Recurring [Member] | Level 2 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | ' | ' | ||
Price risk management liabilities: | ' | ' | ||
Interest rate swaps liabilities | 40 | 36 | ||
Total price risk management liabilities | 40 | 36 | ||
Louisville Gas And Electric Co [Member] | Recurring [Member] | Level 3 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Restricted cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | ' | ' | ||
Price risk management liabilities: | ' | ' | ||
Interest rate swaps liabilities | ' | ' | ||
Total price risk management liabilities | ' | ' | ||
Kentucky Utilities Co [Member] | Recurring [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 21 | 21 | ||
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | 21 | 21 | ||
Kentucky Utilities Co [Member] | Recurring [Member] | Level 1 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 21 | 21 | ||
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | 21 | 21 | ||
Kentucky Utilities Co [Member] | Recurring [Member] | Level 2 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | ' | ' | ||
Kentucky Utilities Co [Member] | Recurring [Member] | Level 3 [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | ' | ' | ||
Price risk management assets: | ' | ' | ||
Total price risk management assets | ' | ' | ||
Total assets | ' | ' | ||
[1] | Current portion is included in "Restricted cash and cash equivalents" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. | |||
[2] | Included in "Other investments" on the Balance Sheets. | |||
[3] | Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. | |||
[4] | Included in "Other noncurrent assets" on the Balance Sheets. |
Fair_Value_Measurements_and_Cr4
Fair Value Measurements and Credit Concentration (Net Asset and Liability Measured on Recurring Basis Level 3 Unobservable Inputs Reconciliation Rollforward) (Details) (Level 3 [Member], USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Reconciliation of net assets and liabilities | ' | ' | ||
Balance at beginning of period | $43 | $39 | ||
Total realized/unrealized gains (losses) | ' | ' | ||
Included in earnings | -135 | -8 | ||
Included in OCI | -1 | [1] | 3 | [1] |
Sales | -3 | ' | ||
Settlements | 128 | -1 | ||
Transfers into Level 3 | ' | 1 | ||
Transfers out of Level 3 | 1 | -4 | ||
Balance at end of period | 33 | 30 | ||
Energy Commodities, Net [Member] | ' | ' | ||
Reconciliation of net assets and liabilities | ' | ' | ||
Balance at beginning of period | 24 | 22 | ||
Total realized/unrealized gains (losses) | ' | ' | ||
Included in earnings | -135 | -8 | ||
Included in OCI | ' | ' | [1] | |
Sales | ' | ' | ||
Settlements | 128 | -1 | ||
Transfers into Level 3 | ' | 1 | ||
Transfers out of Level 3 | ' | ' | ||
Balance at end of period | 17 | 14 | ||
Auction Rate Securities [Member] | ' | ' | ||
Reconciliation of net assets and liabilities | ' | ' | ||
Balance at beginning of period | 19 | 16 | ||
Total realized/unrealized gains (losses) | ' | ' | ||
Included in earnings | ' | ' | ||
Included in OCI | ' | ' | ||
Sales | -3 | ' | ||
Settlements | ' | ' | ||
Transfers into Level 3 | ' | ' | ||
Transfers out of Level 3 | ' | ' | ||
Balance at end of period | 16 | 16 | ||
Cross Currency Swaps [Member] | ' | ' | ||
Reconciliation of net assets and liabilities | ' | ' | ||
Balance at beginning of period | ' | 1 | ||
Total realized/unrealized gains (losses) | ' | ' | ||
Included in earnings | ' | ' | ||
Included in OCI | -1 | [1] | 3 | [1] |
Sales | ' | ' | ||
Settlements | ' | ' | ||
Transfers into Level 3 | ' | ' | ||
Transfers out of Level 3 | 1 | -4 | ||
Balance at end of period | ' | ' | ||
PPL Energy Supply LLC [Member] | ' | ' | ||
Reconciliation of net assets and liabilities | ' | ' | ||
Balance at beginning of period | 40 | 35 | ||
Total realized/unrealized gains (losses) | ' | ' | ||
Included in earnings | -135 | -8 | ||
Sales | -3 | ' | ||
Settlements | 128 | -1 | ||
Transfers into Level 3 | ' | ' | ||
Balance at end of period | 30 | 27 | ||
PPL Energy Supply LLC [Member] | Energy Commodities, Net [Member] | ' | ' | ||
Reconciliation of net assets and liabilities | ' | ' | ||
Balance at beginning of period | 24 | 22 | ||
Total realized/unrealized gains (losses) | ' | ' | ||
Included in earnings | -135 | -8 | ||
Sales | ' | ' | ||
Settlements | 128 | -1 | ||
Transfers into Level 3 | ' | 1 | ||
Balance at end of period | 17 | 14 | ||
PPL Energy Supply LLC [Member] | Auction Rate Securities [Member] | ' | ' | ||
Reconciliation of net assets and liabilities | ' | ' | ||
Balance at beginning of period | 16 | 13 | ||
Total realized/unrealized gains (losses) | ' | ' | ||
Included in earnings | ' | ' | ||
Sales | -3 | ' | ||
Settlements | ' | ' | ||
Transfers into Level 3 | ' | ' | ||
Balance at end of period | $13 | $13 | ||
[1] | "Energy Commodities, net" and "Cross-Currency Swaps" are included in "Qualifying derivatives" and "Auction Rate Securities" are included in "Available-for-sale securities" on the Statements of Comprehensive Income. |
Fair_Value_Measurements_and_Cr5
Fair Value Measurements and Credit Concentration (Net Assets and Liabilities Measured on Recurring Basis Level 3 Significant Unobservable Inputs) (Details) (Level 3 [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Recurring [Member] | Energy Commodities, Net [Member] | Natural Gas Contracts [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 13 | [1] | 36 | [1] |
Recurring [Member] | Energy Commodities, Net [Member] | Natural Gas Contracts [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 100.00% | [2] | 100.00% | [2] |
Recurring [Member] | Energy Commodities, Net [Member] | Natural Gas Contracts [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 11.00% | [2] | 10.00% | [2] |
Recurring [Member] | Energy Commodities, Net [Member] | Natural Gas Contracts [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 73.00% | [2] | 86.00% | [2] |
Recurring [Member] | Energy Commodities, Net [Member] | Power Sales Contracts [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | -43 | [3] | -12 | [3] |
Recurring [Member] | Energy Commodities, Net [Member] | Power Sales Contracts [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 100.00% | [2] | 100.00% | [2] |
Recurring [Member] | Energy Commodities, Net [Member] | Power Sales Contracts [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 11.00% | [2] | 100.00% | [2] |
Recurring [Member] | Energy Commodities, Net [Member] | Power Sales Contracts [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 83.00% | [2] | 100.00% | [2] |
Recurring [Member] | Energy Commodities, Net [Member] | Financial Transmission Rights Purchase Contracts [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 3 | [4] | ' | |
Recurring [Member] | Energy Commodities, Net [Member] | Financial Transmission Rights Purchase Contracts [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Historical settled prices used to model forward prices | 100.00% | [2] | ' | |
Recurring [Member] | Energy Commodities, Net [Member] | Financial Transmission Rights Purchase Contracts [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Historical settled prices used to model forward prices | 100.00% | [2] | ' | |
Recurring [Member] | Energy Commodities, Net [Member] | Financial Transmission Rights Purchase Contracts [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Historical settled prices used to model forward prices | 100.00% | [2] | ' | |
Recurring [Member] | Energy Commodities, Net [Member] | Heat Rate Option [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 44 | [5] | ' | |
Recurring [Member] | Energy Commodities, Net [Member] | Heat Rate Option [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 59.00% | [2] | ' | |
Recurring [Member] | Energy Commodities, Net [Member] | Heat Rate Option [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 23.00% | [2] | ' | |
Recurring [Member] | Energy Commodities, Net [Member] | Heat Rate Option [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 44.00% | [2] | ' | |
Recurring [Member] | Auction Rate Securities [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 16 | [6] | 19 | [6] |
Recurring [Member] | Auction Rate Securities [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Modeled from SIFMA Index | 78.00% | [2] | 80.00% | [2] |
Recurring [Member] | Auction Rate Securities [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Modeled from SIFMA Index | 61.00% | [2] | 10.00% | [2] |
Recurring [Member] | Auction Rate Securities [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Modeled from SIFMA Index | 70.00% | [2] | 63.00% | [2] |
Nonrecurring [Member] | Kerr Dam Project [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 29 | ' | ||
Nonrecurring [Member] | Kerr Dam Project [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary Model Used To Calculate Plant Value | 38.00% | [7] | ' | |
Nonrecurring [Member] | Kerr Dam Project [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary Model Used To Calculate Plant Value | 38.00% | [7] | ' | |
Nonrecurring [Member] | Kerr Dam Project [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary Model Used To Calculate Plant Value | 38.00% | [7] | ' | |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Natural Gas Contracts [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 13 | [1] | 36 | [1] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Natural Gas Contracts [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 100.00% | [2] | 100.00% | [2] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Natural Gas Contracts [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 11.00% | [2] | 10.00% | [2] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Natural Gas Contracts [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 73.00% | [2] | 86.00% | [2] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Power Sales Contracts [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | -43 | [3] | -12 | [3] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Power Sales Contracts [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 100.00% | [2] | 100.00% | [2] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Power Sales Contracts [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 11.00% | [2] | 100.00% | [2] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Power Sales Contracts [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 83.00% | [2] | 100.00% | [2] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Financial Transmission Rights Purchase Contracts [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 3 | [4] | ' | |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Financial Transmission Rights Purchase Contracts [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Historical settled prices used to model forward prices | 100.00% | [2] | ' | |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Financial Transmission Rights Purchase Contracts [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Historical settled prices used to model forward prices | 100.00% | [2] | ' | |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Financial Transmission Rights Purchase Contracts [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Historical settled prices used to model forward prices | 100.00% | [2] | ' | |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Heat Rate Option [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 44 | [5] | ' | |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Heat Rate Option [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 59.00% | [2] | ' | |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Heat Rate Option [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 23.00% | [2] | ' | |
PPL Energy Supply LLC [Member] | Recurring [Member] | Energy Commodities, Net [Member] | Heat Rate Option [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary model used to calculate forward prices | 44.00% | [2] | ' | |
PPL Energy Supply LLC [Member] | Recurring [Member] | Auction Rate Securities [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 13 | [6] | 16 | [6] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Auction Rate Securities [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Modeled from SIFMA Index | 78.00% | [2] | 80.00% | [2] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Auction Rate Securities [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Modeled from SIFMA Index | 63.00% | [2] | 10.00% | [2] |
PPL Energy Supply LLC [Member] | Recurring [Member] | Auction Rate Securities [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Modeled from SIFMA Index | 71.00% | [2] | 63.00% | [2] |
PPL Energy Supply LLC [Member] | Nonrecurring [Member] | Kerr Dam Project [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair value of net asset and (liability) | 29 | ' | ||
PPL Energy Supply LLC [Member] | Nonrecurring [Member] | Kerr Dam Project [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary Model Used To Calculate Plant Value | 38.00% | [7] | ' | |
PPL Energy Supply LLC [Member] | Nonrecurring [Member] | Kerr Dam Project [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary Model Used To Calculate Plant Value | 38.00% | [7] | ' | |
PPL Energy Supply LLC [Member] | Nonrecurring [Member] | Kerr Dam Project [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs [Abstract] | ' | ' | ||
Proprietary Model Used To Calculate Plant Value | 38.00% | [7] | ' | |
[1] | As the forward price of natural gas increases/(decreases), the fair value of the contracts (decreases)/increases. | |||
[2] | For energy commodities and auction rate securities, the range and weighted average represent the percentage of fair value derived from the unobservable inputs. | |||
[3] | As forward market prices increase/(decrease), the fair value of contracts (decreases)/increases. As volumetric assumptions for contracts in a gain position increase/(decrease), the fair value of contracts increases/(decreases). As volumetric assumptions for contracts in a loss position increase/(decrease), the fair value of the contracts (decreases)/increases. | |||
[4] | As the forward implied spread increases/(decreases), the fair value of the contracts increases/(decreases). | |||
[5] | The proprietary model used to calculate fair value incorporates market heat rates, correlations and volatilities. As the market implied heat rate increases/(decreases), the fair value of the contracts increases/(decreases). | |||
[6] | The model used to calculate fair value incorporates an assumption that the auctions will continue to fail. As the modeled forward rates of the SIFMA Index increase/(decrease), the fair value of the securities increases/(decreases). | |||
[7] | The range and weighted average represent the percentage of fair value derived from the unobservable inputs. |
Fair_Value_Measurements_and_Cr6
Fair Value Measurements and Credit Concentration (Net Asset and Liability Measured on Recurring Basis Level 3 Gain Loss Included in Earnings and Other Recurring Numeric Data) (Details) (Level 3 [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net gains and losses on assets and liabilities [Abstract] | ' | ' |
Total gains (losses) included in earnings | ($135) | ($8) |
Energy Commodities, Net [Member] | Unregulated Wholesale Energy [Member] | ' | ' |
Net gains and losses on assets and liabilities [Abstract] | ' | ' |
Total gains (losses) included in earnings | -89 | -2 |
Change in unrealized gains (losses) relating to positions still held at the reporting date | -13 | -2 |
Energy Commodities, Net [Member] | Unregulated Retail Energy [Member] | ' | ' |
Net gains and losses on assets and liabilities [Abstract] | ' | ' |
Total gains (losses) included in earnings | -63 | -7 |
Change in unrealized gains (losses) relating to positions still held at the reporting date | -33 | -7 |
Energy Commodities, Net [Member] | Energy Purchases [Member] | ' | ' |
Net gains and losses on assets and liabilities [Abstract] | ' | ' |
Total gains (losses) included in earnings | 17 | 1 |
Change in unrealized gains (losses) relating to positions still held at the reporting date | 1 | 1 |
PPL Energy Supply LLC [Member] | ' | ' |
Net gains and losses on assets and liabilities [Abstract] | ' | ' |
Total gains (losses) included in earnings | -135 | -8 |
PPL Energy Supply LLC [Member] | Energy Commodities, Net [Member] | Unregulated Wholesale Energy [Member] | ' | ' |
Net gains and losses on assets and liabilities [Abstract] | ' | ' |
Total gains (losses) included in earnings | -89 | -2 |
Change in unrealized gains (losses) relating to positions still held at the reporting date | -13 | -2 |
PPL Energy Supply LLC [Member] | Energy Commodities, Net [Member] | Unregulated Retail Energy [Member] | ' | ' |
Net gains and losses on assets and liabilities [Abstract] | ' | ' |
Total gains (losses) included in earnings | -63 | -7 |
Change in unrealized gains (losses) relating to positions still held at the reporting date | -33 | -7 |
PPL Energy Supply LLC [Member] | Energy Commodities, Net [Member] | Energy Purchases [Member] | ' | ' |
Net gains and losses on assets and liabilities [Abstract] | ' | ' |
Total gains (losses) included in earnings | 17 | 1 |
Change in unrealized gains (losses) relating to positions still held at the reporting date | $1 | $1 |
Fair_Value_Measurements_and_Cr7
Fair Value Measurements and Credit Concentration (Nonrecurring Fair Value Measurements) (Details) (Nonrecurring [Member], Kerr Dam Project [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | |
Nonrecurring Fair Value Measurements [Abstract] | ' | |
Loss | $18 | [1] |
Amount to be included in the Kerr Dam conveyance price | 18 | |
Carrying Amount [Member] | ' | |
Nonrecurring Fair Value Measurements [Abstract] | ' | |
Nonrecurring measurement asset value | 47 | [2] |
Level 3 [Member] | ' | |
Nonrecurring Fair Value Measurements [Abstract] | ' | |
Nonrecurring measurement asset value | 29 | |
PPL Energy Supply LLC [Member] | ' | |
Nonrecurring Fair Value Measurements [Abstract] | ' | |
Loss | 18 | [1] |
Amount to be included in the Kerr Dam conveyance price | 18 | |
PPL Energy Supply LLC [Member] | Carrying Amount [Member] | ' | |
Nonrecurring Fair Value Measurements [Abstract] | ' | |
Nonrecurring measurement asset value | 47 | [2] |
PPL Energy Supply LLC [Member] | Level 3 [Member] | ' | |
Nonrecurring Fair Value Measurements [Abstract] | ' | |
Nonrecurring measurement asset value | $29 | |
[1] | The loss on the Kerr Dam Project was recorded in the Supply segment and included in "Other operation and maintenance" on PPL's and PPL Energy Supply's Statement of Income.  | |
[2] | Represents carrying value before fair value measurement. |
Fair_Value_Measurements_and_Cr8
Fair Value Measurements and Credit Concentration (Financial Instruments Not Recorded at Fair Value and Credit Concentration) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Credit Concentration Associated with Financial Instruments (Numeric) [Abstract] | ' | ' |
Gross credit exposure from energy trading partners | $997 | ' |
Net credit exposure to energy trading partners | 372 | ' |
Dollar exposure to top ten energy trading counterparties | 212 | ' |
Percentage exposure to top ten energy trading counterparties | 57.00% | ' |
Number of counterparties in top ten that have investment grade credit rating | 9 | ' |
Percentage of top ten's exposure that consists of counterparties with investment grade credit rating (in hundreths) | 94.00% | ' |
Carrying Amount [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Contract adjustment payments | 11 | 21 |
Long-term debt | 20,818 | 20,907 |
Fair Value [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Contract adjustment payments | 11 | 22 |
Long-term debt | 22,350 | 22,177 |
PPL Energy Supply LLC [Member] | ' | ' |
Credit Concentration Associated with Financial Instruments (Numeric) [Abstract] | ' | ' |
Gross credit exposure from energy trading partners | 997 | ' |
Net credit exposure to energy trading partners | 371 | ' |
Dollar exposure to top ten energy trading counterparties | 212 | ' |
Percentage exposure to top ten energy trading counterparties | 57.00% | ' |
Number of counterparties in top ten that have investment grade credit rating | 9 | ' |
Percentage of top ten's exposure that consists of counterparties with investment grade credit rating (in hundreths) | 94.00% | ' |
PPL Energy Supply LLC [Member] | Carrying Amount [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | 2,524 | 2,525 |
PPL Energy Supply LLC [Member] | Fair Value [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | 2,680 | 2,658 |
PPL Electric Utilities Corp [Member] | Carrying Amount [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | 2,306 | 2,315 |
PPL Electric Utilities Corp [Member] | Fair Value [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | 2,555 | 2,483 |
LG And E And KU Energy LLC [Member] | Carrying Amount [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | 4,565 | 4,565 |
LG And E And KU Energy LLC [Member] | Fair Value [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | 4,807 | 4,672 |
Louisville Gas And Electric Co [Member] | Carrying Amount [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | 1,353 | 1,353 |
Louisville Gas And Electric Co [Member] | Fair Value [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | 1,413 | 1,372 |
Kentucky Utilities Co [Member] | Carrying Amount [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | 2,091 | 2,091 |
Kentucky Utilities Co [Member] | Fair Value [Member] | ' | ' |
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ' | ' |
Long-term debt | $2,238 | $2,155 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Intro) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
MW | |||
Master Netting Arrangements Numeric [Line Items] | ' | ' | ' |
Obligation to return cash collateral obligation under master netting arrangement | $10 | ' | $9 |
Cash collateral posted under master netting arrangements | 21 | ' | 22 |
Commodity Price Risk Nontrading [Line Items] | ' | ' | ' |
Baseload generation fleet capacity (in MW) | 7,369 | ' | ' |
Intermediate and peaking generation fleet capacity (in MW) | 3,309 | ' | ' |
Commodity Price Risk (Non-trading) - Cash Flow Hedges (Numeric) [Abstract] | ' | ' | ' |
Net unrealized after-tax gains (losses) expected to be reclassified into earnings within 12 months related to commodity price risk cash flow hedge contracts | 24 | ' | ' |
No or insignificant amounts previously recorded in AOCI reclassified to earnings related to commodity price risk cash flow hedge contracts | 'no such reclassifications | 'no such classification | ' |
No or immaterial hedge ineffectiveness related to commodity price risk cash flow hedge contracts | 'no hedge ineffectiveness | 'no hedge ineffectiveness | ' |
Commodity Price Risk (Non-trading) - Economic Activity (Numeric) [Abstract] | ' | ' | ' |
Year of expiration of the maximum maturity date of economic activity derivative contracts | '2019 | ' | ' |
Unregulated Retail Energy [Member] | ' | ' | ' |
Pre-tax Gains (Losses) of Economic Activity - Unregulated Business (Details) [Abstract] | ' | ' | ' |
Pre-tax gain (loss) | -26 | -8 | ' |
Unregulated Wholesale Energy [Member] | ' | ' | ' |
Pre-tax Gains (Losses) of Economic Activity - Unregulated Business (Details) [Abstract] | ' | ' | ' |
Pre-tax gain (loss) | -789 | -822 | ' |
Fuel [Member] | ' | ' | ' |
Pre-tax Gains (Losses) of Economic Activity - Unregulated Business (Details) [Abstract] | ' | ' | ' |
Pre-tax gain (loss) | -1 | -1 | ' |
Energy Purchases [Member] | ' | ' | ' |
Pre-tax Gains (Losses) of Economic Activity - Unregulated Business (Details) [Abstract] | ' | ' | ' |
Pre-tax gain (loss) | 580 | 634 | ' |
PPL Energy Supply LLC [Member] | ' | ' | ' |
Master Netting Arrangements Numeric [Line Items] | ' | ' | ' |
Obligation to return cash collateral obligation under master netting arrangement | 10 | ' | 9 |
Commodity Price Risk Nontrading [Line Items] | ' | ' | ' |
Baseload generation fleet capacity (in MW) | 7,369 | ' | ' |
Intermediate and peaking generation fleet capacity (in MW) | 3,309 | ' | ' |
Commodity Price Risk (Non-trading) - Cash Flow Hedges (Numeric) [Abstract] | ' | ' | ' |
Net unrealized after-tax gains (losses) expected to be reclassified into earnings within 12 months related to commodity price risk cash flow hedge contracts | 24 | ' | ' |
No or insignificant amounts previously recorded in AOCI reclassified to earnings related to commodity price risk cash flow hedge contracts | 'no such reclassifications | 'no such classification | ' |
No or immaterial hedge ineffectiveness related to commodity price risk cash flow hedge contracts | 'no hedge ineffectiveness | 'no hedge ineffectiveness | ' |
Commodity Price Risk (Non-trading) - Economic Activity (Numeric) [Abstract] | ' | ' | ' |
Year of expiration of the maximum maturity date of economic activity derivative contracts | '2019 | ' | ' |
PPL Energy Supply LLC [Member] | Unregulated Retail Energy [Member] | ' | ' | ' |
Pre-tax Gains (Losses) of Economic Activity - Unregulated Business (Details) [Abstract] | ' | ' | ' |
Pre-tax gain (loss) | -26 | -8 | ' |
PPL Energy Supply LLC [Member] | Unregulated Wholesale Energy [Member] | ' | ' | ' |
Pre-tax Gains (Losses) of Economic Activity - Unregulated Business (Details) [Abstract] | ' | ' | ' |
Pre-tax gain (loss) | -789 | -822 | ' |
PPL Energy Supply LLC [Member] | Fuel [Member] | ' | ' | ' |
Pre-tax Gains (Losses) of Economic Activity - Unregulated Business (Details) [Abstract] | ' | ' | ' |
Pre-tax gain (loss) | -1 | -1 | ' |
PPL Energy Supply LLC [Member] | Energy Purchases [Member] | ' | ' | ' |
Pre-tax Gains (Losses) of Economic Activity - Unregulated Business (Details) [Abstract] | ' | ' | ' |
Pre-tax gain (loss) | 580 | 634 | ' |
LG And E And KU Energy LLC [Member] | ' | ' | ' |
Master Netting Arrangements Numeric [Line Items] | ' | ' | ' |
Cash collateral posted under master netting arrangements | 21 | ' | 22 |
Louisville Gas And Electric Co [Member] | ' | ' | ' |
Master Netting Arrangements Numeric [Line Items] | ' | ' | ' |
Cash collateral posted under master netting arrangements | $21 | ' | $22 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Commodity Volumes) (Details) | Mar. 31, 2014 | |
MWh | ||
Sales Contracts [Member] | Power [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 27,112,584 | [1],[2] |
Sales Contracts [Member] | Power [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 28,794,377 | [1] |
Sales Contracts [Member] | Capacity [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 14,918 | [1],[2] |
Sales Contracts [Member] | Capacity [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 5,120 | [1] |
Purchase Contracts [Member] | Power [Member] | 2016 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 3,496,447 | [1] |
Purchase Contracts [Member] | Power [Member] | Thereafter [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 14,130,735 | [1] |
Purchase Contracts [Member] | Capacity [Member] | 2016 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 501 | [1] |
Purchase Contracts [Member] | Capacity [Member] | Thereafter [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 9 | [1] |
Purchase Contracts [Member] | Gas [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 63,248,020 | [1],[2] |
Purchase Contracts [Member] | Gas [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 14,120,116 | [1] |
Purchase Contracts [Member] | Gas [Member] | 2016 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 57,884,707 | [1] |
Purchase Contracts [Member] | Gas [Member] | Thereafter [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 25,814,197 | [1] |
Purchase Contracts [Member] | Coal [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 25,000 | [1],[2] |
Purchase Contracts [Member] | Financial Transmission Rights [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 4,734 | [1],[2] |
Purchase Contracts [Member] | Financial Transmission Rights [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 1,705 | [1] |
Purchase Contracts [Member] | Oil [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 156,000 | [1],[2] |
Purchase Contracts [Member] | Oil [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 436,233 | [1] |
Purchase Contracts [Member] | Oil [Member] | 2016 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 331,258 | [1] |
Purchase Contracts [Member] | Oil [Member] | Thereafter [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 279,060 | [1] |
PPL Energy Supply LLC [Member] | Sales Contracts [Member] | Power [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 27,112,584 | [1],[2] |
PPL Energy Supply LLC [Member] | Sales Contracts [Member] | Power [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 28,794,377 | [1] |
PPL Energy Supply LLC [Member] | Sales Contracts [Member] | Capacity [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 14,918 | [1],[2] |
PPL Energy Supply LLC [Member] | Sales Contracts [Member] | Capacity [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 5,120 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Power [Member] | 2016 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 3,496,447 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Power [Member] | Thereafter [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 14,130,735 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Capacity [Member] | 2016 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 501 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Capacity [Member] | Thereafter [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 9 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Gas [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 63,248,020 | [1],[2] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Gas [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 14,120,116 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Gas [Member] | 2016 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 57,884,707 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Gas [Member] | Thereafter [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 25,814,197 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Coal [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 25,000 | [1],[2] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Financial Transmission Rights [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 4,734 | [1],[2] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Financial Transmission Rights [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 1,705 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Oil [Member] | 2014 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 156,000 | [1],[2] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Oil [Member] | 2015 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 436,233 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Oil [Member] | 2016 [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 331,258 | [1] |
PPL Energy Supply LLC [Member] | Purchase Contracts [Member] | Oil [Member] | Thereafter [Member] | ' | |
Commodity Volumetric Activity [Line Items] | ' | |
Notional amount (in units) | 279,060 | [1] |
[1] | Volumes for option contracts factor in the probability of an option being exercised and may be less than the notional amount of the option. | |
[2] | Represents balance of the current year. |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Risk Disclosures) (Details) | 3 Months Ended | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | Economic Hedges [Member] | Economic Hedges [Member] | Economic Hedges [Member] | Net Investment Hedges [Member] | Net Investment Hedges [Member] | Net Investment Hedges [Member] | Net Investment Hedges [Member] | WPD [Member] | WPD [Member] | LG And E And KU Energy LLC [Member] | Louisville Gas And Electric Co [Member] | |
USD ($) | Interest Rate Swap Contracts [Member] | Cross Currency Interest Rate Swaps [Member] | Interest Rate Swap Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Intercompany Loans [Member] | Intercompany Loans [Member] | Net Investment Hedges [Member] | Net Investment Hedges [Member] | Economic Hedges [Member] | Economic Hedges [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | Intercompany Loans [Member] | Intercompany Loans [Member] | Interest Rate Swap Contracts [Member] | Interest Rate Swap Contracts [Member] | ||||
USD ($) | GBP (£) | USD ($) | USD ($) | ||||||||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | $500,000,000 | $1,300,000,000 | $179,000,000 | ' | ' | $549,000,000 | £ 345,000,000 | ' | ' | ' | ' | $179,000,000 | $179,000,000 |
Notional amount of nonderivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,000,000 | 40,000,000 | ' | ' |
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year of expiration of the maximum maturity date of interest rate cash flow hedge contracts | ' | ' | '2025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Latest maturity date of cross-currency cash flow hedge contracts | ' | ' | ' | '2028 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insignificant or no hedge ineffectiveness associated with interest rate cash flow hedges | 'insignificant | 'insignificant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
No or insignificant after-tax gains (losses) previously recorded in AOCI reclassified to earnings related to interest rate cash flow hedge contracts | 'insignificant | 'no such reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized after-tax gains (losses) on interest rate cash flow hedge contracts expected to be reclassified into earnings during next 12 months | -12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year of expiration of the maximum maturity date of interest rate economic activity contracts | ' | ' | ' | ' | '2033 | ' | ' | ' | ' | ' | ' | ' | ' | '2033 | '2033 |
Foreign Currency Risk - Net Investment Hedges (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earliest settlement date of net investment hedge contracts | ' | ' | ' | ' | ' | ' | ' | 'May 2014 | 'May 2014 | ' | ' | ' | ' | ' | ' |
Latest settlement date of net investment hedge contracts | ' | ' | ' | ' | ' | ' | ' | 'December 2015 | 'December 2015 | ' | ' | ' | ' | ' | ' |
Net after tax gains (losses) on net investment hedges recognized in the foreign currency translation adjustment component of AOCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Insignificant or no net after tax gains (losses) on net investment hedges recognized in the foreign currency translation adjustment component of AOCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'insignificant | ' | ' | ' | ' | ' |
Net after tax gains (losses) on net investment hedges included in the foreign currency translation adjustment component of AOCI | ' | ' | ' | ' | ' | ' | ' | -5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total exposure hedged related to foreign currency contracts for anticipated earnings hedges classified as economic activity | ' | ' | ' | ' | ' | $3,000,000,000 | £ 1,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Earliest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | ' | ' | ' | ' | ' | 'April 2014 | 'April 2014 | ' | ' | ' | ' | ' | ' | ' | ' |
Latest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | ' | ' | ' | ' | ' | 'October 2016 | 'October 2016 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities (Fair Values) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | |||||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | $1,431 | $1,279 | ' | ||
Liability value | 1,752 | 1,244 | ' | ||
Derivatives Designated As Hedging Instruments [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 9 | [1] | 91 | [1] | ' |
Liability value | 86 | [1] | 52 | [1] | ' |
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 7 | [1] | 82 | [1] | ' |
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 7 | [1],[2] | 82 | [1],[2] | ' |
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | Cross Currency Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 2 | [1] | 9 | [1] | ' |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 2 | [1],[2] | 9 | [1],[2] | ' |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Cross Currency Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 25 | [1] | 20 | [1] | ' |
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 3 | [1],[2] | ' | ' | |
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Cross Currency Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 4 | [1],[2] | 4 | [1],[2] | ' |
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 18 | [1] | 16 | [1] | ' |
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | ' | ' | ' | ||
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 61 | [1] | 32 | [1] | ' |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 4 | [1],[2] | ' | ' | |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Cross Currency Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 51 | [1],[2] | 28 | [1],[2] | ' |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 6 | [1] | 4 | [1] | ' |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | ' | ' | ' | ||
Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 1,422 | [1] | 1,188 | [1] | ' |
Liability value | 1,666 | [1] | 1,192 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 1,080 | [1] | 860 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Cross Currency Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 1,080 | [1] | 860 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 342 | [1] | 328 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Cross Currency Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 5 | [1] | ' | ' | |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 337 | [1] | 328 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 1,277 | [1] | 809 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 4 | [1],[2] | 4 | [1],[2] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Cross Currency Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | ' | ' | ' | ||
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 62 | [1] | 55 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 1,211 | [1] | 750 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 389 | [1] | 383 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 36 | [1],[2] | 32 | [1],[2] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Cross Currency Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | ' | ' | ' | ||
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 37 | [1] | 31 | [1] | ' |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 316 | [1] | 320 | [1] | ' |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 1,417 | [1] | 1,188 | [1] | ' |
Liability value | 1,527 | [1] | 1,070 | [1] | ' |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 1,080 | [1] | 860 | [1] | ' |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 1,080 | [1] | 860 | [1] | ' |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 337 | [1] | 328 | [1] | ' |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | 337 | [1] | 328 | [1] | ' |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 1,211 | [1] | 750 | [1] | ' |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 1,211 | [1] | 750 | [1] | ' |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 316 | [1] | 320 | [1] | ' |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Commodity Contracts [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 316 | [1] | 320 | [1] | ' |
LG And E And KU Energy LLC [Member] | Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Liability value | 40 | [1] | 36 | [1] | ' |
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 4 | [1] | 4 | [1] | ' |
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 4 | [1] | 4 | [1] | ' |
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 36 | [1] | 32 | [1] | ' |
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 36 | [1] | 32 | [1] | ' |
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Liability value | 40 | [1] | 36 | [1] | ' |
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Asset value | ' | ' | ' | ||
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 4 | [1] | 4 | [1] | ' |
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 4 | [1] | 4 | [1] | ' |
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | 36 | [1] | 32 | [1] | ' |
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Fair Values by Balance Sheet Location [Abstract] | ' | ' | ' | ||
Liability value | $36 | [1] | $32 | [1] | ' |
[1] | Represents the location on the Balance Sheets. | ||||
[2] | Excludes accrued interest, if applicable. |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities (Gains and Losses) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Cash Flow Hedges [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | ($25) | $115 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 2 | 1 | ||
Cash Flow Hedges [Member] | Other Comprehensive Income [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in OCI on derivative (effective portion) | -71 | 82 | ||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in regulatory liabilities - noncurrent | ' | 10 | ||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Comprehensive Income [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in OCI on derivative (effective portion) | -46 | 9 | ||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | -5 | -5 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 2 | ' | ||
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Other Comprehensive Income [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in OCI on derivative (effective portion) | -25 | 73 | ||
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Other Income (Expense) Net [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | -29 | 69 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | ' | ||
Cash Flow Hedges [Member] | Commodity Contracts [Member] | Unregulated Wholesale Energy [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | 1 | 67 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | 1 | ||
Cash Flow Hedges [Member] | Commodity Contracts [Member] | Depreciation [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | 1 | ' | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | ' | ||
Cash Flow Hedges [Member] | Commodity Contracts [Member] | Energy Purchases [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | 7 | -16 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | ' | ||
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | Other Comprehensive Income [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in OCI on derivative (effective portion) | -4 | 16 | ||
Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -771 | -9 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in regulatory assets - noncurrent | -4 | 4 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -2 | -2 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | Unregulated Wholesale Energy [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -3,044 | [1] | -706 | [1] |
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | Fuel [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -1 | 1 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | Energy Purchases [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | 2,364 | [2] | 586 | [2] |
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | Unregulated Retail Energy [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -64 | -7 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Other Income (Expense) Net [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -24 | 119 | ||
PPL Energy Supply LLC [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | 9 | 51 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | 1 | ||
PPL Energy Supply LLC [Member] | Cash Flow Hedges [Member] | Commodity Contracts [Member] | Unregulated Wholesale Energy [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | 1 | 67 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | 1 | ||
PPL Energy Supply LLC [Member] | Cash Flow Hedges [Member] | Commodity Contracts [Member] | Depreciation [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | 1 | ' | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | ' | ||
PPL Energy Supply LLC [Member] | Cash Flow Hedges [Member] | Commodity Contracts [Member] | Energy Purchases [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | 7 | -16 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | ' | ||
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -745 | -126 | ||
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | Unregulated Wholesale Energy [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -3,044 | [1] | -706 | [1] |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | Fuel [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -1 | 1 | ||
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | Energy Purchases [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | 2,364 | [2] | 586 | [2] |
PPL Energy Supply LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | Unregulated Retail Energy [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -64 | -7 | ||
LG And E And KU Energy LLC [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in regulatory liabilities - noncurrent | ' | 10 | ||
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in regulatory assets - noncurrent | -4 | 4 | ||
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -2 | -2 | ||
Louisville Gas And Electric Co [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in regulatory liabilities - noncurrent | ' | 5 | ||
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in regulatory assets - noncurrent | -4 | 4 | ||
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in income on derivative | -2 | -2 | ||
Kentucky Utilities Co [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ' | ' | ||
Gain (loss) recognized in regulatory liabilities - noncurrent | ' | $5 | ||
[1] | 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather. | |||
[2] | 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather. |
Derivative_Instruments_and_Hed8
Derivative Instruments and Hedging Activities (Offseting Derivative Instruments and Credit Risk-Related Features) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Offsetting Assets And Liabilities [Line Items] | ' | ' | |
Gross assets | $1,431 | $1,279 | |
Derivative instruments eligible for offset - assets | 1,282 | 973 | |
Cash collateral received eligible for offset - assets | 8 | 7 | |
Net assets | 141 | 299 | |
Gross liabilities | 1,752 | 1,244 | |
Derivative instruments eligible for offset - liabilities | 1,282 | 973 | |
Cash collateral pledged eligible for offset - liabilities | 118 | 24 | |
Net liabilities | 352 | 247 | |
Credit Risk-Related Contingent Features [Abstract] | ' | ' | |
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 339 | ' | |
Aggregate fair value of collateral posted on these derivative instruments | 57 | ' | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 363 | [1] | ' |
Energy Commodities [Member] | ' | ' | |
Offsetting Assets And Liabilities [Line Items] | ' | ' | |
Gross assets | 1,417 | 1,188 | |
Derivative instruments eligible for offset - assets | 1,268 | 912 | |
Cash collateral received eligible for offset - assets | 8 | 7 | |
Net assets | 141 | 269 | |
Gross liabilities | 1,527 | 1,070 | |
Derivative instruments eligible for offset - liabilities | 1,268 | 912 | |
Cash collateral pledged eligible for offset - liabilities | 94 | 1 | |
Net liabilities | 165 | 157 | |
Treasury Derivatives [Member] | ' | ' | |
Offsetting Assets And Liabilities [Line Items] | ' | ' | |
Gross assets | 14 | 91 | |
Derivative instruments eligible for offset - assets | 14 | 61 | |
Cash collateral received eligible for offset - assets | ' | ' | |
Net assets | ' | 30 | |
Gross liabilities | 225 | 174 | |
Derivative instruments eligible for offset - liabilities | 14 | 61 | |
Cash collateral pledged eligible for offset - liabilities | 24 | 23 | |
Net liabilities | 187 | 90 | |
PPL Energy Supply LLC [Member] | ' | ' | |
Credit Risk-Related Contingent Features [Abstract] | ' | ' | |
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 168 | ' | |
Aggregate fair value of collateral posted on these derivative instruments | 36 | ' | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 209 | [1] | ' |
PPL Energy Supply LLC [Member] | Energy Commodities [Member] | ' | ' | |
Offsetting Assets And Liabilities [Line Items] | ' | ' | |
Gross assets | 1,417 | 1,188 | |
Derivative instruments eligible for offset - assets | 1,268 | 912 | |
Cash collateral received eligible for offset - assets | 8 | 7 | |
Net assets | 141 | 269 | |
Gross liabilities | 1,527 | 1,070 | |
Derivative instruments eligible for offset - liabilities | 1,268 | 912 | |
Cash collateral pledged eligible for offset - liabilities | 94 | 1 | |
Net liabilities | 165 | 157 | |
LG And E And KU Energy LLC [Member] | ' | ' | |
Credit Risk-Related Contingent Features [Abstract] | ' | ' | |
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 27 | ' | |
Aggregate fair value of collateral posted on these derivative instruments | 21 | ' | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 7 | [1] | ' |
LG And E And KU Energy LLC [Member] | Treasury Derivatives [Member] | ' | ' | |
Offsetting Assets And Liabilities [Line Items] | ' | ' | |
Gross assets | ' | ' | |
Derivative instruments eligible for offset - assets | ' | ' | |
Cash collateral received eligible for offset - assets | ' | ' | |
Net assets | ' | ' | |
Gross liabilities | 40 | 36 | |
Derivative instruments eligible for offset - liabilities | ' | ' | |
Cash collateral pledged eligible for offset - liabilities | 20 | 20 | |
Net liabilities | 20 | 16 | |
Louisville Gas And Electric Co [Member] | ' | ' | |
Credit Risk-Related Contingent Features [Abstract] | ' | ' | |
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 27 | ' | |
Aggregate fair value of collateral posted on these derivative instruments | 21 | ' | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 7 | [1] | ' |
Louisville Gas And Electric Co [Member] | Treasury Derivatives [Member] | ' | ' | |
Offsetting Assets And Liabilities [Line Items] | ' | ' | |
Gross assets | ' | ' | |
Derivative instruments eligible for offset - assets | ' | ' | |
Cash collateral received eligible for offset - assets | ' | ' | |
Net assets | ' | ' | |
Gross liabilities | 40 | 36 | |
Derivative instruments eligible for offset - liabilities | ' | ' | |
Cash collateral pledged eligible for offset - liabilities | 20 | 20 | |
Net liabilities | $20 | $16 | |
[1] | Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Asset Retirement Obligation [Rollforward] | ' |
Balance at Beginning of Period | $705 |
Accretion expense | 11 |
Changes in estimated cash flow or settlement date | 4 |
Effect of foreign currency exchange rates | 1 |
Obligations settled | -3 |
Balance at End of Period | 718 |
PPL Energy Supply LLC [Member] | ' |
Asset Retirement Obligation [Rollforward] | ' |
Balance at Beginning of Period | 404 |
Accretion expense | 8 |
Obligations settled | -2 |
Balance at End of Period | 410 |
LG And E And KU Energy LLC [Member] | ' |
Asset Retirement Obligation [Rollforward] | ' |
Balance at Beginning of Period | 252 |
Accretion expense | 3 |
Changes in estimated cash flow or settlement date | 4 |
Obligations settled | -1 |
Balance at End of Period | 258 |
Louisville Gas And Electric Co [Member] | ' |
Asset Retirement Obligation [Rollforward] | ' |
Balance at Beginning of Period | 74 |
Accretion expense | 1 |
Changes in estimated cash flow or settlement date | 1 |
Obligations settled | -1 |
Balance at End of Period | 75 |
Kentucky Utilities Co [Member] | ' |
Asset Retirement Obligation [Rollforward] | ' |
Balance at Beginning of Period | 178 |
Accretion expense | 2 |
Changes in estimated cash flow or settlement date | 3 |
Balance at End of Period | $183 |
AvailableforSale_Securities_De
Available-for-Sale Securities (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||||
Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Auction Rate Securities [Member] | Auction Rate Securities [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | PPL Energy Supply LLC [Member] | |||||||
Cash And Cash Equivalents [Member] | Cash And Cash Equivalents [Member] | Equity Securities [Member] | Equity Securities [Member] | Debt Securities [Member] | Debt Securities [Member] | Receivables Payables Net [Member] | Receivables Payables Net [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Nuclear Decommissioning Trust Funds [Member] | Auction Rate Securities [Member] | Auction Rate Securities [Member] | |||||||||||||
Cash And Cash Equivalents [Member] | Cash And Cash Equivalents [Member] | Equity Securities [Member] | Equity Securities [Member] | Debt Securities [Member] | Debt Securities [Member] | Receivables Payables Net [Member] | Receivables Payables Net [Member] | |||||||||||||||||||||||||
Available-for-Sale Securities Balance Sheet (Details) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amortized cost | ' | ' | $503 | $497 | $13 | $14 | $271 | $265 | $218 | $217 | $1 | $1 | $17 | $20 | ' | ' | $503 | $497 | $13 | $14 | $271 | $265 | $218 | $217 | $1 | $1 | $14 | $17 | ||||
Gross unrealized gains | ' | ' | 377 | 370 | ' | ' | 368 | 363 | 9 | 7 | ' | ' | ' | ' | ' | ' | 377 | 370 | ' | ' | 368 | 363 | 9 | 7 | ' | ' | ' | ' | ||||
Gross unrealized losses | ' | ' | 1 | 3 | ' | ' | ' | ' | 1 | 3 | ' | ' | 1 | 1 | ' | ' | 1 | 3 | ' | ' | ' | ' | 1 | 3 | ' | ' | 1 | 1 | ||||
Fair value | ' | ' | 879 | 864 | 13 | 14 | 639 | 628 | 226 | 221 | 1 | 1 | 16 | 19 | ' | ' | 879 | 864 | 13 | 14 | 639 | 628 | 226 | 221 | 1 | 1 | 13 | 16 | ||||
Available-for-Sale Securities Scheduled Maturity Dates of Debt Securities (Details) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amortized cost - maturity less than 1 year | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amortized cost - maturity between 1 and 5 years | 88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amortized cost - maturity between 6 and 10 years | 57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amortized cost - maturity in excess of 10 years | 79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amortized cost total | 235 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 232 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair value - maturity less than 1 year | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair value - maturity between 1 and 5 years | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair value - maturity between 6 and 10 years | 59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair value - maturity in excess of 10 years | 82 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair value total | 242 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Available-for-Sale Securities Proceeds From and Realized Gains and Losses (Details) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Proceeds from sales of NDT securities | 27 | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Other proceeds from sales | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gross realized gains | 3 | [1] | 4 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | [1] | 4 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross realized losses | $1 | [1] | $2 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | [1] | $2 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Excludes the impact of other-than-temporary impairment charges recognized on the Statements of Income. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (After-tax Changes by Component) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | ($1,565) | ($1,940) |
Amounts arising during the period | 90 | -160 |
Reclassifications from accumulated other comprehensive income | 46 | -46 |
Net other comprehensive income during the period | 136 | -206 |
Balance at end of period | -1,429 | -2,146 |
Foreign Currency Translation Adjustments [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | -11 | -149 |
Amounts arising during the period | 131 | -245 |
Reclassifications from accumulated other comprehensive income | ' | ' |
Net other comprehensive income during the period | 131 | -245 |
Balance at end of period | 120 | -394 |
Available For Sale Securities Unrealized Gains (Losses) [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | 173 | 112 |
Amounts arising during the period | 5 | 23 |
Reclassifications from accumulated other comprehensive income | -1 | -1 |
Net other comprehensive income during the period | 4 | 22 |
Balance at end of period | 177 | 134 |
Qualifying Derivatives Unrealized Gains (Losses) [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | 94 | 132 |
Amounts arising during the period | -46 | 62 |
Reclassifications from accumulated other comprehensive income | 19 | -80 |
Net other comprehensive income during the period | -27 | -18 |
Balance at end of period | 67 | 114 |
Equity Investees Accumulated Other Comprehensive Income [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | 1 | 1 |
Amounts arising during the period | ' | ' |
Reclassifications from accumulated other comprehensive income | ' | ' |
Net other comprehensive income during the period | ' | ' |
Balance at end of period | 1 | 1 |
Defined Benefit Plans Prior Service Costs [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | -6 | -14 |
Amounts arising during the period | ' | ' |
Reclassifications from accumulated other comprehensive income | 1 | 1 |
Net other comprehensive income during the period | 1 | 1 |
Balance at end of period | -5 | -13 |
Defined Benefit Plans Actuarial Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | -1,817 | -2,023 |
Amounts arising during the period | ' | ' |
Reclassifications from accumulated other comprehensive income | 27 | 34 |
Net other comprehensive income during the period | 27 | 34 |
Balance at end of period | -1,790 | -1,989 |
Defined Benefit Plans Transition Assset Obligation [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | 1 | 1 |
Amounts arising during the period | ' | ' |
Reclassifications from accumulated other comprehensive income | ' | ' |
Net other comprehensive income during the period | ' | ' |
Balance at end of period | 1 | 1 |
PPL Energy Supply LLC [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | 77 | 48 |
Amounts arising during the period | 5 | 23 |
Reclassifications from accumulated other comprehensive income | -4 | -26 |
Net other comprehensive income during the period | 1 | -3 |
Balance at end of period | 78 | 45 |
PPL Energy Supply LLC [Member] | Available For Sale Securities Unrealized Gains (Losses) [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | 173 | 112 |
Amounts arising during the period | 5 | 23 |
Reclassifications from accumulated other comprehensive income | -1 | -1 |
Net other comprehensive income during the period | 4 | 22 |
Balance at end of period | 177 | 134 |
PPL Energy Supply LLC [Member] | Qualifying Derivatives Unrealized Gains (Losses) [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | 88 | 211 |
Amounts arising during the period | ' | ' |
Reclassifications from accumulated other comprehensive income | -5 | -30 |
Net other comprehensive income during the period | -5 | -30 |
Balance at end of period | 83 | 181 |
PPL Energy Supply LLC [Member] | Defined Benefit Plans Prior Service Costs [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | -4 | -10 |
Amounts arising during the period | ' | ' |
Reclassifications from accumulated other comprehensive income | 1 | 1 |
Net other comprehensive income during the period | 1 | 1 |
Balance at end of period | -3 | -9 |
PPL Energy Supply LLC [Member] | Defined Benefit Plans Actuarial Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | -180 | -265 |
Amounts arising during the period | ' | ' |
Reclassifications from accumulated other comprehensive income | 1 | 4 |
Net other comprehensive income during the period | 1 | 4 |
Balance at end of period | -179 | -261 |
PPL Energy Supply LLC [Member] | Defined Benefit Plans Transition Assset Obligation [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | ' | ' |
Amounts arising during the period | ' | ' |
Reclassifications from accumulated other comprehensive income | ' | ' |
Net other comprehensive income during the period | ' | ' |
Balance at end of period | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Income (Expense) Effect of Reclassifications) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Depreciation | ($305) | ($284) |
Other Income (Expense) - net | -23 | 122 |
Interest Expense | -264 | -251 |
Total Pre-tax | 428 | 564 |
Income Taxes | -112 | -151 |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Total After-Tax | -46 | 46 |
Available For Sale Securities [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Unregulated wholesale energy | ' | ' |
Energy purchases | ' | ' |
Other Income (Expense) - net | 2 | 2 |
Other | ' | ' |
Interest Expense | ' | ' |
Total Pre-tax | 2 | 2 |
Income Taxes | -1 | -1 |
Total After-Tax | 1 | 1 |
Qualifying Derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Unregulated wholesale energy | 1 | 67 |
Energy purchases | 7 | -16 |
Other Income (Expense) - net | -29 | 69 |
Other | 1 | ' |
Interest Expense | -3 | -5 |
Total Pre-tax | -23 | 115 |
Income Taxes | 4 | -35 |
Total After-Tax | -19 | 80 |
Qualifying Derivatives [Member] | Interest Rate Swaps [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Unregulated wholesale energy | ' | ' |
Energy purchases | ' | ' |
Other Income (Expense) - net | ' | ' |
Other | ' | ' |
Interest Expense | -3 | -5 |
Total Pre-tax | -3 | -5 |
Income Taxes | 2 | 2 |
Total After-Tax | -1 | -3 |
Qualifying Derivatives [Member] | Cross Currency Swaps [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Unregulated wholesale energy | ' | ' |
Energy purchases | ' | ' |
Other Income (Expense) - net | -29 | 69 |
Other | ' | ' |
Interest Expense | ' | ' |
Total Pre-tax | -29 | 69 |
Income Taxes | 6 | -17 |
Total After-Tax | -23 | 52 |
Qualifying Derivatives [Member] | Energy Commodities [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Unregulated wholesale energy | 1 | 67 |
Energy purchases | 7 | -16 |
Other Income (Expense) - net | ' | ' |
Other | 1 | ' |
Interest Expense | ' | ' |
Total Pre-tax | 9 | 51 |
Income Taxes | -4 | -20 |
Total After-Tax | 5 | 31 |
Defined Benefit Plans [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Total Pre-tax | -38 | -49 |
Income Taxes | 10 | 14 |
Total After-Tax | -28 | -35 |
Defined Benefit Plans [Member] | Prior Service Costs [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Total Pre-tax | -2 | -2 |
Income Taxes | 1 | 1 |
Total After-Tax | -1 | -1 |
Defined Benefit Plans [Member] | Net Actuarial Loss [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Total Pre-tax | -36 | -47 |
Income Taxes | 9 | 13 |
Total After-Tax | -27 | -34 |
PPL Energy Supply LLC [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Depreciation | -80 | -78 |
Other Income (Expense) - net | 6 | 4 |
Interest Expense | -34 | -46 |
Total Pre-tax | -115 | -73 |
Income Taxes | 49 | 35 |
PPL Energy Supply LLC [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Total After-Tax | 4 | 26 |
PPL Energy Supply LLC [Member] | Available For Sale Securities [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Unregulated wholesale energy | ' | ' |
Energy purchases | ' | ' |
Other Income (Expense) - net | 2 | 2 |
Other | ' | ' |
Interest Expense | ' | ' |
Total Pre-tax | 2 | 2 |
Income Taxes | -1 | -1 |
Total After-Tax | 1 | 1 |
PPL Energy Supply LLC [Member] | Qualifying Derivatives [Member] | Energy Commodities [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Unregulated wholesale energy | 1 | 67 |
Energy purchases | 7 | -16 |
Other Income (Expense) - net | ' | ' |
Other | 1 | ' |
Interest Expense | ' | ' |
Total Pre-tax | 9 | 51 |
Income Taxes | -4 | -21 |
Total After-Tax | 5 | 30 |
PPL Energy Supply LLC [Member] | Defined Benefit Plans [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Total Pre-tax | -4 | -8 |
Income Taxes | 2 | 3 |
Total After-Tax | -2 | -5 |
PPL Energy Supply LLC [Member] | Defined Benefit Plans [Member] | Prior Service Costs [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Total Pre-tax | -2 | -2 |
Income Taxes | 1 | 1 |
Total After-Tax | -1 | -1 |
PPL Energy Supply LLC [Member] | Defined Benefit Plans [Member] | Net Actuarial Loss [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' |
Affected Line Item on the Statements of Income [Line Items] | ' | ' |
Total Pre-tax | -2 | -6 |
Income Taxes | 1 | 2 |
Total After-Tax | ($1) | ($4) |