Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-11459 | |
Entity Incorporation, State or Country Code | PA | |
Entity Address, Address Line One | Two North Ninth Street | |
Entity Address, City or Town | Allentown, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18101-1179 | |
City Area Code | (610) | |
Local Phone Number | 774-5151 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2022 | |
Amendment Flag | false | |
Entity Registrant Name | PPL Corporation | |
Entity Tax Identification Number | 23-2758192 | |
Entity Central Index Key | 0000922224 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 736,318,284 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock of PPL Corporation | |
Trading Symbol | PPL | |
Security Exchange Name | NYSE | |
2007 Series A Junior Subordinated Notes due 2067 [Member] | ||
Document Entity Information [Line Items] | ||
Title of 12(b) Security | 2007 Series A due 2067 | |
Trading Symbol | PPL/67 | |
Security Exchange Name | NYSE | |
PPL Electric Utilities Corp [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-905 | |
Entity Incorporation, State or Country Code | PA | |
Entity Address, Address Line One | Two North Ninth Street | |
Entity Address, City or Town | Allentown, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18101-1179 | |
City Area Code | (610) | |
Local Phone Number | 774-5151 | |
Amendment Flag | false | |
Entity Registrant Name | PPL Electric Utilities Corporation | |
Entity Tax Identification Number | 23-0959590 | |
Entity Central Index Key | 0000317187 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 66,368,056 | |
Louisville Gas And Electric Co [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-2893 | |
Entity Incorporation, State or Country Code | KY | |
Entity Address, Address Line One | 220 West Main Street | |
Entity Address, City or Town | Louisville, | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40202-1377 | |
City Area Code | (502) | |
Local Phone Number | 627-2000 | |
Amendment Flag | false | |
Entity Registrant Name | Louisville Gas and Electric Company | |
Entity Tax Identification Number | 61-0264150 | |
Entity Central Index Key | 0000060549 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 21,294,223 | |
Kentucky Utilities Co [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-3464 | |
Entity Incorporation, State or Country Code | KY | |
Entity Incorporation, State or Country Code | VA | |
Entity Address, Address Line One | One Quality Street | |
Entity Address, City or Town | Lexington, | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40507-1462 | |
City Area Code | (502) | |
Local Phone Number | 627-2000 | |
Amendment Flag | false | |
Entity Registrant Name | Kentucky Utilities Company | |
Entity Tax Identification Number | 61-0247570 | |
Entity Central Index Key | 0000055387 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 37,817,878 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Operating Revenues | |||||
Operating Revenues | $ 2,134 | $ 1,512 | $ 5,612 | $ 4,298 | |
Operation | |||||
Fuel | 267 | 195 | 708 | 531 | |
Energy purchases | 436 | 167 | 1,093 | 524 | |
Other operation and maintenance | 678 | 393 | 1,671 | 1,164 | |
Depreciation | 312 | 274 | 872 | 810 | |
Taxes, other than income | 100 | 52 | 230 | 153 | |
Total Operating Expenses | 1,793 | 1,081 | 4,574 | 3,182 | |
Operating Income | 341 | 431 | 1,038 | 1,116 | |
Other Income (Expense) - net | 10 | 12 | 36 | 25 | |
Interest Expense | 136 | 183 | 361 | 810 | |
Income Taxes | 41 | 51 | 147 | 455 | |
Income from continuing operations after income taxes | 174 | 209 | 566 | (124) | |
Income (Loss) from Discontinued Operations (net of income taxes) | 0 | (2) | 0 | (1,490) | |
Net Income (Loss) | $ 174 | $ 207 | $ 566 | $ (1,614) | |
Net Income: | |||||
Diluted (in dollars per share) | $ 0.24 | $ 0.27 | $ 0.77 | $ (2.10) | |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Basic (in shares) | 736,247 | 767,733 | 735,912 | 768,781 | |
Diluted (in shares) | 737,074 | 769,849 | 736,679 | 768,781 | |
Income from Continuing Operations Before Income Taxes | $ 215 | $ 260 | $ 713 | $ 331 | |
PPL Electric Utilities Corp [Member] | |||||
Operating Revenues | |||||
Operating Revenues | 766 | 627 | 2,217 | 1,769 | |
Operation | |||||
Energy purchases | 285 | 143 | 759 | 402 | |
Other operation and maintenance | 127 | 147 | 415 | 400 | |
Depreciation | 99 | 105 | 296 | 322 | |
Taxes, other than income | 39 | 30 | 108 | 88 | |
Total Operating Expenses | 550 | 425 | 1,578 | 1,212 | |
Operating Income | 216 | 202 | 639 | 557 | |
Other Income (Expense) - net | 6 | 6 | 19 | 16 | |
Interest Income from Affiliate | 1 | 2 | 5 | 2 | |
Interest Expense | 43 | 39 | 122 | 124 | |
Income Taxes | 37 | 45 | 131 | 116 | |
Net Income (Loss) | [1] | 143 | 126 | 410 | 335 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Income from Continuing Operations Before Income Taxes | 180 | 171 | 541 | 451 | |
Louisville Gas And Electric Co [Member] | |||||
Operating Revenues | |||||
Retail and wholesale | 433 | 393 | 1,313 | 1,147 | |
Electric revenue from affiliate | 3 | 2 | 26 | 18 | |
Operating Revenues | 436 | 395 | 1,339 | 1,165 | |
Operation | |||||
Fuel | 94 | 70 | 265 | 203 | |
Energy purchases | 28 | 19 | 162 | 108 | |
Energy purchases from affiliate | 9 | 8 | 18 | 16 | |
Other operation and maintenance | 98 | 97 | 301 | 290 | |
Depreciation | 74 | 72 | 223 | 206 | |
Taxes, other than income | 12 | 12 | 36 | 34 | |
Total Operating Expenses | 315 | 278 | 1,005 | 857 | |
Operating Income | 121 | 117 | 334 | 308 | |
Other Income (Expense) - net | 0 | 2 | 3 | 3 | |
Interest Expense | 23 | 20 | 64 | 61 | |
Income Taxes | 21 | 17 | 49 | 48 | |
Net Income (Loss) | [2] | 77 | 82 | 224 | 202 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Income from Continuing Operations Before Income Taxes | 98 | 99 | 273 | 250 | |
Kentucky Utilities Co [Member] | |||||
Operating Revenues | |||||
Retail and wholesale | 544 | 486 | 1,551 | 1,358 | |
Electric revenue from affiliate | 9 | 8 | 18 | 16 | |
Operating Revenues | 553 | 494 | 1,569 | 1,374 | |
Operation | |||||
Fuel | 174 | 125 | 444 | 328 | |
Energy purchases | 6 | 5 | 18 | 14 | |
Energy purchases from affiliate | 3 | 2 | 26 | 18 | |
Other operation and maintenance | 115 | 110 | 348 | 336 | |
Depreciation | 96 | 94 | 289 | 273 | |
Taxes, other than income | 11 | 10 | 33 | 31 | |
Total Operating Expenses | 405 | 346 | 1,158 | 1,000 | |
Operating Income | 148 | 148 | 411 | 374 | |
Other Income (Expense) - net | 2 | 1 | 6 | 5 | |
Interest Expense | 31 | 27 | 86 | 81 | |
Income Taxes | 24 | 23 | 63 | 57 | |
Net Income (Loss) | [3] | 95 | 99 | 268 | 241 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Income from Continuing Operations Before Income Taxes | $ 119 | $ 122 | $ 331 | $ 298 | |
[1]Net income equals comprehensive income.[2]Net income equals comprehensive income.[3]Net income equals comprehensive income. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income (loss) | $ 174 | $ 207 | $ 566 | $ (1,614) |
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | ||||
Foreign currency translation adjustments, amounts arising during the period, net of tax | 0 | 0 | 0 | 372 |
Qualifying derivatives, amounts arising during the period, net of tax | 0 | 0 | 0 | (39) |
Equity investees' other comprehensive income (loss), net of tax | 0 | 0 | 2 | 0 |
Prior Service Costs, net of tax | 0 | 0 | (1) | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax [Abstract] | ||||
Defined benefit plan, Net actuarial gain (loss), amounts arising during the period, net of tax | (10) | (12) | 11 | (18) |
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | ||||
Qualifying derivatives, net of tax | 0 | 1 | 1 | 25 |
Other Comprehensive (Income) Loss, Defined Benefit Plans, after Reclassification Adjustment, after Tax [Abstract] | ||||
Defined benefit plans, Prior service costs, net of tax | 1 | 9 | 2 | 2 |
Defined benefit plans, Net actuarial (gain) loss, net of tax | 3 | 10 | 12 | 117 |
Total other comprehensive income (loss) | (6) | 8 | 27 | 4,037 |
Comprehensive income (loss) | 168 | 215 | 593 | 2,423 |
Foreign currency translation adjustments, net of tax | 0 | 0 | 0 | 786 |
Qualifying derivatives, net of tax | 0 | 0 | 0 | 15 |
Net actuarial (gain) loss, net of tax | 0 | 0 | 0 | 2,769 |
Prior service costs, net of tax | $ 0 | $ 0 | $ 0 | $ 8 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Tax effect of foreign currency translation adjustments arising during the period | $ 0 | $ 0 | $ 0 | $ (123) |
Tax effect of qualifying derivatives arising during the period | 0 | 0 | 0 | 11 |
Tax effect of net actuarial (gain) loss arising during period | 4 | 4 | (3) | 6 |
Tax effect of qualifying derivatives reclassified from AOCI | 0 | 0 | (1) | (4) |
Tax effect of prior service costs reclassified from AOCI | (1) | (3) | (1) | (1) |
Tax effect of net actuarial (gain) loss reclassified from AOCI | (2) | (4) | (5) | (30) |
Tax effect of qualifying derivatives reclassified from AOCI due to sale of UK utility business | 0 | 0 | 0 | 0 |
Tax effect of prior service costs adjustments from AOCI due to sale of UK utility business | 0 | 0 | 0 | (2) |
Tax effect of equity investee's other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Tax effect of Prior Service Costs | 0 | 0 | 0 | 0 |
Tax effect of net actuarial (gain) loss adjustments from AOCI due to sale of UK utility business | 0 | 0 | 0 | (798) |
Tax effect of foreign currency translation adjustments reclassified from AOCI due to sale of UK utility business | $ 0 | $ 0 | $ 0 | $ 140 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Cash Flows from Operating Activities | |||
Net income (loss) | $ 566 | $ (1,614) | |
Loss from discontinued operations (net of income taxes) | 0 | 1,490 | |
Income from continuing operations (net of income taxes) | 566 | (124) | |
Depreciation | 872 | 810 | |
Amortization | 30 | 30 | |
Deferred income taxes and investment tax credits | 55 | 51 | |
Impairment of assets held for sale | 0 | 37 | |
Loss on extinguishment of debt | 0 | 395 | |
Impairment of assets held for sale | 67 | 0 | |
Other | 32 | 7 | |
Change in current assets and current liabilities | |||
Accounts receivable | (103) | (25) | |
Accounts payable | 120 | (32) | |
Unbilled revenues | 42 | 67 | |
Fuel, materials and supplies | (71) | 3 | |
Taxes payable | (14) | 75 | |
Regulatory assets and liabilities, net | (158) | 50 | |
Accrued interest | 59 | 25 | |
Other | 29 | 10 | |
Other operating activities | |||
Defined benefit plans - funding | (8) | (41) | |
Other assets | (77) | (105) | |
Other liabilities | 70 | 19 | |
Net cash provided by operating activities - continuing operations | 1,511 | 1,252 | |
Net cash provided by operating activities - discontinued operations | 0 | 726 | |
Net cash provided by operating activities | 1,511 | 1,978 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (1,515) | (1,460) | |
Acquisition of Narragansett Electric, net of cash acquired | (3,674) | 0 | |
Proceeds from sale of discontinued operations, net of cash divested | 0 | 10,560 | |
Other investing activities | 3 | (22) | |
Net cash provided by (used in) investing activities - continuing operations | (5,186) | 9,078 | |
Net cash provided by (used in) investing activities - discontinued operations | 0 | (607) | |
Net cash provided by (used in) investing activities | (5,186) | 8,471 | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 850 | 650 | |
Retirement of long-term debt | (263) | (4,606) | |
Payment of common stock dividends | (620) | (961) | |
Purchase of treasury stock | 0 | (282) | |
Retirement of term loan | 0 | (300) | |
Retirement of commercial paper | 0 | (73) | |
Net increase (decrease) in short-term debt | 441 | (795) | |
Other financing activities | (1) | (3) | |
Net cash provided by (used in) financing activities - continuing operations | 407 | (6,370) | |
Net cash provided by (used in) financing activities - discontinued operations | 0 | (411) | |
Contributions from discontinued operations | 0 | 365 | |
Net cash provided by (used in) financing activities | 407 | (6,416) | |
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | 0 | 8 | |
Net Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | 0 | 284 | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (3,268) | 4,325 | |
Cash and Cash Equivalents at Beginning of Period | 3,571 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 3,572 | 443 | |
Cash and Cash Equivalents at End of Period | 303 | ||
Cash, Cash Equivalents and Restricted Cash at End of Period | 304 | 4,768 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 239 | 214 | |
PPL Electric Utilities Corp [Member] | |||
Cash Flows from Operating Activities | |||
Net income (loss) | [1] | 410 | 335 |
Depreciation | 296 | 322 | |
Amortization | 10 | 14 | |
Defined benefit plans - (income) expense | (17) | (7) | |
Deferred income taxes and investment tax credits | 67 | 75 | |
Other | (12) | (15) | |
Change in current assets and current liabilities | |||
Accounts receivable | (73) | (24) | |
Accounts payable | (39) | (39) | |
Unbilled revenues | 11 | 37 | |
Fuel, materials and supplies | (22) | 3 | |
Prepayments | (12) | (32) | |
Taxes payable | (26) | (1) | |
Regulatory assets and liabilities, net | (57) | 81 | |
Other | (15) | 6 | |
Other operating activities | |||
Defined benefit plans - funding | 0 | (21) | |
Other assets | (15) | (18) | |
Other liabilities | (8) | (12) | |
Net cash provided by operating activities | 498 | 704 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (621) | (680) | |
Notes receivable from affiliates | 499 | (575) | |
Other investing activities | 2 | (1) | |
Net cash provided by (used in) investing activities | (120) | (1,256) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 250 | 650 | |
Retirement of long-term debt | (250) | (400) | |
Payment of common stock dividends to parent | (246) | (251) | |
Contributions from parent | 0 | 1,075 | |
Return of capital to parent | (130) | (500) | |
Other financing activities | (1) | (3) | |
Net cash provided by (used in) financing activities | (377) | 571 | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 1 | 19 | |
Cash and Cash Equivalents at Beginning of Period | 21 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 21 | 40 | |
Cash and Cash Equivalents at End of Period | 22 | ||
Cash, Cash Equivalents and Restricted Cash at End of Period | 22 | 59 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 150 | 131 | |
Louisville Gas And Electric Co [Member] | |||
Cash Flows from Operating Activities | |||
Net income (loss) | [2] | 224 | 202 |
Depreciation | 223 | 206 | |
Amortization | (1) | 1 | |
Defined benefit plans - (income) expense | (1) | 0 | |
Deferred income taxes and investment tax credits | (3) | 4 | |
Other | 3 | 0 | |
Change in current assets and current liabilities | |||
Accounts receivable | 15 | 4 | |
Accounts receivable from affiliates | 5 | (2) | |
Accounts payable | 10 | 19 | |
Increase (Decrease) in Accounts Payable, Related Parties | 19 | (13) | |
Unbilled revenues | 11 | 19 | |
Fuel, materials and supplies | (22) | (7) | |
Taxes payable | 4 | 5 | |
Regulatory assets and liabilities, net | (12) | (14) | |
Accrued interest | 17 | 17 | |
Other | (4) | (8) | |
Other operating activities | |||
Defined benefit plans - funding | (2) | (3) | |
Expenditures for asset retirement obligations | (10) | (19) | |
Other assets | (3) | (3) | |
Other liabilities | 0 | 4 | |
Net cash provided by operating activities | 473 | 412 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (273) | (339) | |
Net cash provided by (used in) investing activities | (273) | (339) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 300 | 0 | |
Increase Decrease In Notes Payable To Affiliates | (310) | 284 | |
Retirement of commercial paper | 0 | (41) | |
Payment of common stock dividends to parent | (224) | (139) | |
Net increase (decrease) in short-term debt | 41 | (221) | |
Contributions from parent | 10 | 44 | |
Other financing activities | (1) | (2) | |
Net cash provided by (used in) financing activities | (184) | (75) | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 16 | (2) | |
Cash and Cash Equivalents at Beginning of Period | 9 | 7 | |
Cash and Cash Equivalents at End of Period | 25 | 5 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 36 | 40 | |
Kentucky Utilities Co [Member] | |||
Cash Flows from Operating Activities | |||
Net income (loss) | [3] | 268 | 241 |
Depreciation | 289 | 273 | |
Amortization | 12 | 5 | |
Defined benefit plans - (income) expense | (3) | (2) | |
Deferred income taxes and investment tax credits | (2) | 0 | |
Other | 3 | (1) | |
Change in current assets and current liabilities | |||
Accounts receivable | (17) | (6) | |
Accounts receivable from affiliates | 0 | 1 | |
Accounts payable | 7 | (4) | |
Increase (Decrease) in Accounts Payable, Related Parties | 22 | (4) | |
Unbilled revenues | 4 | 17 | |
Fuel, materials and supplies | (17) | 4 | |
Taxes payable | 15 | 9 | |
Regulatory assets and liabilities, net | (20) | (16) | |
Accrued interest | 26 | 25 | |
Other | (5) | (17) | |
Other operating activities | |||
Defined benefit plans - funding | (1) | (1) | |
Expenditures for asset retirement obligations | (23) | (27) | |
Other assets | 1 | 2 | |
Other liabilities | (3) | 5 | |
Net cash provided by operating activities | 556 | 504 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (397) | (400) | |
Other investing activities | 0 | 4 | |
Net cash provided by (used in) investing activities | (397) | (396) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 300 | 0 | |
Increase Decrease In Notes Payable To Affiliates | (272) | 208 | |
Retirement of commercial paper | 0 | (32) | |
Payment of common stock dividends to parent | (234) | (186) | |
Net increase (decrease) in short-term debt | 0 | (171) | |
Contributions from parent | 60 | 60 | |
Other financing activities | (1) | (1) | |
Net cash provided by (used in) financing activities | (147) | (122) | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 12 | (14) | |
Cash and Cash Equivalents at Beginning of Period | 13 | 22 | |
Cash and Cash Equivalents at End of Period | 25 | 8 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | $ 46 | $ 43 | |
[1]Net income equals comprehensive income.[2]Net income equals comprehensive income.[3]Net income equals comprehensive income. |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Assets, Current [Abstract] | |||
Cash and cash equivalents | $ 303 | $ 3,571 | |
Accounts receivable (less reserve:) | |||
Customer | 816 | 583 | |
Other | 110 | 58 | |
Unbilled revenues | 313 | 307 | |
Fuel, materials and supplies | 422 | 322 | |
Prepayments | 91 | 60 | |
Regulatory Assets, Current | 234 | 64 | |
Other current assets | 106 | 42 | |
Current assets held for sale | 325 | 0 | |
Total Current Assets | 2,720 | 5,007 | |
Property, Plant and Equipment | |||
Regulated utility plant | 36,408 | 30,477 | |
Less: accumulated depreciation - regulated utility plant | 8,179 | 6,488 | |
Regulated utility plant, net | 28,229 | 23,989 | |
Non-regulated property, plant and equipment | 93 | 266 | |
Less: accumulated depreciation - non-regulated property, plant and equipment | 45 | 41 | |
Non-regulated property, plant and equipment, net | 48 | 225 | |
Construction work in progress | 1,617 | 1,256 | |
Property, Plant and Equipment, net | 29,894 | 25,470 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,715 | 1,236 | |
Goodwill | 2,241 | 716 | |
Other intangibles | 315 | 343 | |
Other noncurrent assets | 493 | 451 | |
Assets, Noncurrent | 4,764 | 2,746 | |
Total Assets | 37,378 | 33,223 | |
Current Liabilities | |||
Short-term debt | 510 | 69 | |
Long-term debt due within one year | 264 | 474 | |
Accounts payable | 968 | 679 | |
Taxes | 126 | 96 | |
Interest | 155 | 81 | |
Dividends | 166 | 305 | |
Regulatory liabilities | 329 | 182 | |
Other current liabilities | 592 | 437 | |
Current liabilities held for sale | 205 | 0 | |
Liabilities, Current, Total | 3,315 | 2,323 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 12,977 | 10,666 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 2,977 | 3,151 | |
Investment tax credits | 117 | 119 | |
Accrued pension obligations | 212 | 183 | |
Asset retirement obligations | 144 | 157 | |
Regulatory liabilities | 3,381 | 2,422 | |
Other deferred credits and noncurrent liabilities | 371 | 479 | |
Total Deferred Credits and Other Noncurrent Liabilities | 7,202 | 6,511 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [1] | 8 | 8 |
Additional paid-in capital | 12,317 | 12,303 | |
Treasury Stock | (972) | (1,003) | |
Earnings reinvested | 2,658 | 2,572 | |
Accumulated other comprehensive loss | (130) | (157) | |
Total Shareowners' Common Equity | 13,881 | 13,723 | |
Noncontrolling interests | 3 | 0 | |
Total Equity | 13,884 | 13,723 | |
Total Liabilities and Equity | 37,378 | 33,223 | |
PPL Electric Utilities Corp [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 22 | 21 | |
Accounts receivable (less reserve:) | |||
Customer | 353 | 305 | |
Other | 21 | 22 | |
Accounts receivable from affiliates | 13 | 11 | |
Notes receivable from affiliate | 0 | 499 | |
Notes receivable from affiliate | 0 | 499 | |
Unbilled revenues | 119 | 129 | |
Fuel, materials and supplies | 78 | 61 | |
Prepayments | 33 | 13 | |
Regulatory Assets, Current | 13 | 22 | |
Other current assets | 25 | 21 | |
Total Current Assets | 677 | 1,104 | |
Property, Plant and Equipment | |||
Regulated utility plant | 14,594 | 14,082 | |
Less: accumulated depreciation - regulated utility plant | 3,508 | 3,386 | |
Regulated utility plant, net | 11,086 | 10,696 | |
Construction work in progress | 595 | 581 | |
Property, Plant and Equipment, net | 11,681 | 11,277 | |
Other Noncurrent Assets | |||
Regulatory assets | 471 | 488 | |
Other intangibles | 268 | 270 | |
Pension benefit asset | 71 | 50 | |
Other noncurrent assets | 129 | 113 | |
Assets, Noncurrent | 939 | 921 | |
Total Assets | 13,297 | 13,302 | |
Current Liabilities | |||
Long-term debt due within one year | 250 | 474 | |
Accounts payable | 404 | 367 | |
Accounts payable to affiliates | 25 | 56 | |
Taxes | 5 | 31 | |
Interest | 45 | 35 | |
Regulatory liabilities | 87 | 153 | |
Other current liabilities | 88 | 108 | |
Liabilities, Current, Total | 904 | 1,224 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 4,235 | 4,010 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,479 | 1,668 | |
Regulatory liabilities | 823 | 559 | |
Other deferred credits and noncurrent liabilities | 86 | 105 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,388 | 2,332 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [2] | 364 | 364 |
Additional paid-in capital | 4,124 | 4,254 | |
Earnings reinvested | 1,282 | 1,118 | |
Total Equity | 5,770 | 5,736 | |
Total Liabilities and Equity | 13,297 | 13,302 | |
Louisville Gas And Electric Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 25 | 9 | |
Accounts receivable (less reserve:) | |||
Customer | 120 | 130 | |
Other | 18 | 25 | |
Accounts receivable from affiliates | 27 | 31 | |
Unbilled revenues | 69 | 80 | |
Fuel, materials and supplies | 159 | 137 | |
Prepayments | 15 | 14 | |
Regulatory Assets, Current | 49 | 33 | |
Other current assets | 0 | 2 | |
Total Current Assets | 482 | 461 | |
Property, Plant and Equipment | |||
Regulated utility plant | 7,331 | 7,192 | |
Less: accumulated depreciation - regulated utility plant | 1,307 | 1,172 | |
Regulated utility plant, net | 6,024 | 6,020 | |
Construction work in progress | 283 | 242 | |
Property, Plant and Equipment, net | 6,307 | 6,262 | |
Other Noncurrent Assets | |||
Regulatory assets | 365 | 337 | |
Goodwill | 389 | 389 | |
Other intangibles | 25 | 30 | |
Other noncurrent assets | 74 | 113 | |
Assets, Noncurrent | 853 | 869 | |
Total Assets | 7,642 | 7,592 | |
Current Liabilities | |||
Short-term debt | 110 | 69 | |
Notes Payable, Related Parties, Current | 14 | 324 | |
Accounts payable | 147 | 163 | |
Accounts payable to affiliates | 50 | 31 | |
Taxes | 38 | 34 | |
Price risk management liabilities current | 1 | 1 | |
Interest | 32 | 15 | |
Current Customer Deposits | 32 | 32 | |
Regulatory liabilities | 4 | 21 | |
Asset Retirement Obligation, Current | 11 | 10 | |
Other current liabilities | 37 | 37 | |
Liabilities, Current, Total | 476 | 737 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 2,307 | 2,006 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 771 | 751 | |
Investment tax credits | 31 | 32 | |
Asset retirement obligations | 75 | 74 | |
Regulatory liabilities | 814 | 818 | |
Price risk management liabilities | 6 | 17 | |
Other deferred credits and noncurrent liabilities | 73 | 78 | |
Total Deferred Credits and Other Noncurrent Liabilities | 1,770 | 1,770 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [3] | 424 | 424 |
Additional paid-in capital | 2,007 | 1,997 | |
Earnings reinvested | 658 | 658 | |
Total Equity | 3,089 | 3,079 | |
Total Liabilities and Equity | 7,642 | 7,592 | |
Kentucky Utilities Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 25 | 13 | |
Accounts receivable (less reserve:) | |||
Customer | 155 | 144 | |
Other | 15 | 12 | |
Unbilled revenues | 87 | 91 | |
Fuel, materials and supplies | 142 | 124 | |
Prepayments | 16 | 15 | |
Regulatory Assets, Current | 33 | 9 | |
Other current assets | 0 | 2 | |
Total Current Assets | 473 | 410 | |
Property, Plant and Equipment | |||
Regulated utility plant | 9,402 | 9,219 | |
Less: accumulated depreciation - regulated utility plant | 2,128 | 1,929 | |
Regulated utility plant, net | 7,274 | 7,290 | |
Construction work in progress | 491 | 378 | |
Property, Plant and Equipment, net | 7,765 | 7,668 | |
Other Noncurrent Assets | |||
Regulatory assets | 440 | 411 | |
Goodwill | 607 | 607 | |
Other intangibles | 21 | 23 | |
Other noncurrent assets | 118 | 153 | |
Assets, Noncurrent | 1,186 | 1,194 | |
Total Assets | 9,424 | 9,272 | |
Current Liabilities | |||
Long-term debt due within one year | 13 | 0 | |
Notes Payable, Related Parties, Current | 22 | 294 | |
Accounts payable | 92 | 108 | |
Accounts payable to affiliates | 87 | 64 | |
Taxes | 34 | 19 | |
Interest | 44 | 18 | |
Current Customer Deposits | 33 | 32 | |
Regulatory liabilities | 6 | 8 | |
Asset Retirement Obligation, Current | 24 | 22 | |
Other current liabilities | 48 | 47 | |
Liabilities, Current, Total | 403 | 612 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 2,906 | 2,618 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 886 | 865 | |
Investment tax credits | 85 | 87 | |
Asset retirement obligations | 60 | 83 | |
Regulatory liabilities | 1,035 | 1,045 | |
Other deferred credits and noncurrent liabilities | 27 | 34 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,093 | 2,114 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [4] | 308 | 308 |
Additional paid-in capital | 3,017 | 2,957 | |
Earnings reinvested | 697 | 663 | |
Total Equity | 4,022 | 3,928 | |
Total Liabilities and Equity | $ 9,424 | $ 9,272 | |
[1]1,560,000 shares authorized, 770,013 shares issued and 736,311 shares outstanding at September 30, 2022. 1,560,000 shares authorized, 769,890 shares issued and 735,112 shares outstanding at December 31, 2021.[2]170,000 shares authorized; 66,368 shares issued and outstanding at September 30, 2022 and December 31, 2021.[3]75,000 shares authorized; 21,294 shares issued and outstanding at September 30, 2022 and December 31, 2021.[4]80,000 shares authorized; 37,818 shares issued and outstanding at September 30, 2022 and December 31, 2021. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 107 | $ 65 |
Unbilled revenues, reserve | 3 | 2 |
Reserve for accounts receivable (noncurrent) | $ 2 | $ 2 |
Equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 1,560,000 | 1,560,000 |
Common stock shares issued (in shares) | 770,013 | 769,890 |
Common stock shares outstanding (in shares) | 736,311 | 735,112 |
PPL Electric Utilities Corp [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 30 | $ 31 |
Unbilled revenues, reserve | 1 | 2 |
Reserve for accounts receivable (noncurrent) | $ 2 | $ 2 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 170,000 | 170,000 |
Common stock shares issued (in shares) | 66,368 | 66,368 |
Common stock shares outstanding (in shares) | 66,368 | 66,368 |
Louisville Gas And Electric Co [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 3 | $ 3 |
Unbilled revenues, reserve | $ 0 | $ 0 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 75,000 | 75,000 |
Common stock shares issued (in shares) | 21,294 | 21,294 |
Common stock shares outstanding (in shares) | 21,294 | 21,294 |
Kentucky Utilities Co [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 3 | $ 3 |
Unbilled revenues, reserve | $ 0 | $ 0 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 80,000 | 80,000 |
Common stock shares issued (in shares) | 37,818 | 37,818 |
Common stock shares outstanding (in shares) | 37,818 | 37,818 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Earnings Reinvested [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, Common | Noncontrolling Interest | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member] Common Stock [Member] | PPL Electric Utilities Corp [Member] Additional Paid-in Capital [Member] | PPL Electric Utilities Corp [Member] Earnings Reinvested [Member] | Louisville Gas And Electric Co [Member] | Louisville Gas And Electric Co [Member] Common Stock [Member] | Louisville Gas And Electric Co [Member] Additional Paid-in Capital [Member] | Louisville Gas And Electric Co [Member] Earnings Reinvested [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member] Common Stock [Member] | Kentucky Utilities Co [Member] Additional Paid-in Capital [Member] | Kentucky Utilities Co [Member] Earnings Reinvested [Member] | ||||||||
Total Equity | $ 13,373 | $ 8 | $ 12,270 | $ 5,315 | $ (4,220) | $ 0 | $ 0 | $ 5,124 | $ 364 | $ 3,753 | $ 1,007 | $ 2,948 | $ 424 | $ 1,923 | $ 601 | $ 3,782 | $ 308 | $ 2,857 | $ 617 | ||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 1.245 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2020 | 768,907 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | |||||||||||||||||||
Common stock shares issued | [1] | 816 | |||||||||||||||||||||||||
Common stock issued | $ 24 | 24 | |||||||||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | (282) | $ (282) | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | (9,614) | ||||||||||||||||||||||||||
Stock-based compensation | (4) | (4) | |||||||||||||||||||||||||
Net income (loss) | (1,614) | (1,614) | 335 | [5] | 335 | 202 | [6] | 202 | 241 | [7] | 241 | ||||||||||||||||
Capital contributions from parent | 1,075 | 1,075 | 44 | 44 | 60 | 60 | |||||||||||||||||||||
Dividends and dividend equivalents | [8] | (958) | (958) | ||||||||||||||||||||||||
Dividends declared | (251) | (251) | (139) | (139) | (186) | (186) | |||||||||||||||||||||
Other comprehensive income | 4,037 | 4,037 | |||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2021 | 760,109 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | |||||||||||||||||||
Contributions from parent | 1,075 | 44 | 60 | ||||||||||||||||||||||||
Return of Capital to Parent | (500) | (500) | |||||||||||||||||||||||||
Total Equity | $ 14,952 | $ 8 | 12,281 | 2,854 | (191) | $ 0 | 0 | 5,882 | $ 364 | 4,503 | 1,015 | 3,003 | $ 424 | 1,967 | 612 | 3,873 | $ 308 | 2,917 | 648 | ||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.415 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Jun. 30, 2021 | 769,564 | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | ||||||||||||||||||||
Common stock shares issued | 159 | ||||||||||||||||||||||||||
Common stock issued | $ 4 | 4 | |||||||||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | (282) | $ (282) | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | (9,614) | ||||||||||||||||||||||||||
Stock-based compensation | 5 | 5 | |||||||||||||||||||||||||
Net income (loss) | 207 | 207 | 126 | [5] | 126 | 82 | [6] | 82 | 99 | [7] | 99 | ||||||||||||||||
Capital contributions from parent | 325 | 325 | |||||||||||||||||||||||||
Dividends and dividend equivalents | (318) | (318) | |||||||||||||||||||||||||
Dividends declared | (50) | (50) | (30) | (30) | (75) | (75) | |||||||||||||||||||||
Other comprehensive income | 8 | 8 | |||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2021 | 760,109 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | |||||||||||||||||||
Return of Capital to Parent | (500) | (500) | |||||||||||||||||||||||||
Total Equity | 14,576 | $ 8 | 12,290 | 2,743 | (183) | $ (282) | 0 | 5,783 | $ 364 | 4,328 | 1,091 | 3,055 | $ 424 | 1,967 | 664 | 3,897 | $ 308 | 2,917 | 672 | ||||||||
Total Equity | $ 13,723 | $ 8 | 12,303 | 2,572 | (157) | (1,003) | 0 | $ 5,736 | $ 364 | 4,254 | 1,118 | $ 3,079 | $ 424 | 1,997 | 658 | $ 3,928 | $ 308 | 2,957 | 663 | ||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.650 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2021 | 735,112 | 735,112 | [1] | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 37,818 | [4] | |||||||||||||||
Balance at beginning of period at Dec. 31, 2021 | $ 13,723 | ||||||||||||||||||||||||||
Common stock shares issued | 123 | ||||||||||||||||||||||||||
Common stock issued | 12 | 12 | |||||||||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 31 | $ 31 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 1,076 | ||||||||||||||||||||||||||
Stock-based compensation | 2 | 2 | |||||||||||||||||||||||||
Net income (loss) | 566 | 566 | $ 410 | [5] | 410 | $ 224 | [6] | 224 | $ 268 | [7] | 268 | ||||||||||||||||
Capital contributions from parent | 10 | 10 | 60 | 60 | |||||||||||||||||||||||
Dividends and dividend equivalents | [8] | (480) | (480) | ||||||||||||||||||||||||
Dividends declared | $ (246) | (246) | $ (224) | (224) | $ (234) | (234) | |||||||||||||||||||||
Other comprehensive income | $ 27 | 27 | |||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2022 | 736,311 | 736,311 | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 37,818 | [4] | ||||||||||||||||
Balance at end of period at Sep. 30, 2022 | $ 13,881 | ||||||||||||||||||||||||||
Contributions from parent | $ 0 | $ 10 | $ 60 | ||||||||||||||||||||||||
Return of Capital to Parent | (130) | (130) | |||||||||||||||||||||||||
Preferred stock | 3 | 3 | |||||||||||||||||||||||||
Total Equity | $ 13,873 | $ 8 | 12,313 | 2,649 | (124) | $ (976) | 3 | 5,773 | $ 364 | 4,189 | 1,220 | 3,100 | $ 424 | 2,007 | 669 | 4,002 | $ 308 | 3,017 | 677 | ||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.225 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Jun. 30, 2022 | 736,157 | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | ||||||||||||||||||||
Common stock shares issued | |||||||||||||||||||||||||||
Common stock issued | $ 0 | 0 | |||||||||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 4 | $ 4 | |||||||||||||||||||||||||
Treasury stock acquired | 154 | ||||||||||||||||||||||||||
Stock-based compensation | 4 | 4 | |||||||||||||||||||||||||
Net income (loss) | 174 | 174 | 143 | [5] | 143 | 77 | [6] | 77 | 95 | [7] | 95 | ||||||||||||||||
Dividends and dividend equivalents | (165) | (165) | |||||||||||||||||||||||||
Dividends declared | $ (81) | (81) | $ (88) | (88) | $ (75) | (75) | |||||||||||||||||||||
Other comprehensive income | $ (6) | (6) | |||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2022 | 736,311 | 736,311 | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 37,818 | [4] | ||||||||||||||||
Balance at end of period at Sep. 30, 2022 | $ 13,881 | ||||||||||||||||||||||||||
Return of Capital to Parent | $ (65) | (65) | |||||||||||||||||||||||||
Total Equity | $ 13,884 | $ 8 | $ 12,317 | $ 2,658 | $ (130) | $ (972) | $ 3 | $ 5,770 | $ 364 | $ 4,124 | $ 1,282 | $ 3,089 | $ 424 | $ 2,007 | $ 658 | $ 4,022 | $ 308 | $ 3,017 | $ 697 | ||||||||
[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 Energy Holdings.[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]Net income equals comprehensive income.[6]Net income equals comprehensive income.[7]Net income equals comprehensive income.[8] Dividends declared per share of common stock were $0.225 and $0.650 for the three and nine months ended September 30, 2022 and $0.415 and $1.245 for the three and nine months ended September 30, 2021. |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - vote | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Vote per share of PPL's common stock | 1 | 1 |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 2. Segment and Related Information (PPL) PPL is organized into three segments: Kentucky Regulated, Pennsylvania Regulated and Rhode Island Regulated. PPL's segments are segmented by geographic location. The Kentucky Regulated segment consists primarily of LG&E's and KU's regulated electricity generation, transmission and distribution operations, as well as LG&E's regulated distribution and sale of natural gas. The Pennsylvania Regulated segment includes the regulated electricity transmission and distribution operations of PPL Electric. The Rhode Island Regulated segment includes the regulated electricity transmission and distribution and natural gas distribution operations of RIE, which were acquired on May 25, 2022. "Corporate and Other" primarily includes financing costs incurred at the corporate level that have not been allocated or assigned to the segments, certain other unallocated costs, certain non-recoverable costs resulting from commitments made to the Rhode Island Division of Public Utilities and Carriers and the Attorney General of the State of Rhode Island in conjunction with the acquisition of Narragansett Electric and the financial results of Safari Energy, which is presented to reconcile segment information to PPL's consolidated results. As a result of the June 14, 2021 sale of the U.K. utility business, PPL determined segment information for the U.K. Regulated segment would no longer be provided beginning with the March 31, 2021 Form 10-Q. See Note 8 for additional information. Income Statement data for the segments and reconciliation to PPL's consolidated results for the periods ended September 30 are as follows: Three Months Nine Months 2022 2021 2022 2021 Operating Revenues from external customers Kentucky Regulated $ 977 $ 879 $ 2,864 $ 2,505 Pennsylvania Regulated 766 627 2,217 1,769 Rhode Island Regulated 384 — 512 — Corporate and Other 7 6 19 24 Total $ 2,134 $ 1,512 $ 5,612 $ 4,298 Net Income (Loss) Kentucky Regulated $ 153 $ 159 $ 434 $ 389 Pennsylvania Regulated 143 126 410 335 Rhode Island Regulated (26) — (55) — Corporate and Other (96) (76) (223) (848) Discontinued Operations (a) — (2) — (1,490) Total $ 174 $ 207 $ 566 $ (1,614) (a) See Note 8 for additional information on the sale of the U.K. utility business. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: September 30, December 31, Assets Kentucky Regulated $ 16,622 $ 16,360 Pennsylvania Regulated 13,297 13,336 Rhode Island Regulated 6,002 — Corporate and Other (a) 1,457 3,527 Total $ 37,378 $ 33,223 (a) Primarily consists of unallocated items, including cash, PP&E, goodwill, the elimination of inter-segment transactions as well as the assets of Safari Energy. (PPL Electric, LG&E and KU) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
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 share-based payment awards were converted to common shares as calculated using the Two-Class Method or Treasury Stock Method. Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the periods ended September 30 used in the EPS calculation are: Three Months Nine Months 2022 2021 2022 2021 Income (Numerator) Income (Loss) from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted $ 174 $ 209 $ 566 $ (124) Income (Loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted $ — $ (2) $ — $ (1,490) Net income (loss) available to PPL common shareowners - Basic and Diluted $ 174 $ 207 $ 566 $ (1,614) Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 736,247 767,733 735,912 768,781 Add: Dilutive share-based payment awards 827 2,116 767 — Weighted-average shares - Diluted EPS 737,074 769,849 736,679 768,781 Basic and Diluted EPS Available to PPL common shareowners: Income (Loss) from continuing operations after income taxes $ 0.24 $ 0.27 $ 0.77 $ (0.16) Loss from discontinued operations (net of income taxes) — — — (1.94) Net Income (Loss) available to PPL common shareowners $ 0.24 $ 0.27 $ 0.77 $ (2.10) For the periods ended September 30, PPL issued shares of common stock related to stock-based compensation plans as follows (in thousands): Three Months Nine Months 2022 2021 2022 2021 Stock-based compensation plans — 158 124 816 See Note 7 for common stock repurchased under an authorized share repurchase program. For the periods ended September 30, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months Nine Months 2022 2021 2022 2021 Stock-based compensation awards 17 135 79 2,339 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (PPL) Three Months Nine Months 2022 2021 2022 2021 Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 21% $ 45 $ 55 $ 150 $ 70 Increase (decrease) due to: State income taxes, net of federal income tax benefit 8 17 56 12 Valuation allowance adjustments (a) (1) 5 9 39 Impact of the U.K. Finance Acts on deferred tax balances (b) — — — 383 Amortization of investment tax credit including deferred taxes on basis adjustment — (1) (7) (2) Depreciation and other items not normalized — — (8) (4) Amortization of excess deferred federal and state income taxes (7) (18) (47) (38) Federal and state income tax return adjustments — (4) (1) (4) State income tax rate change (c) (5) — (5) — Other 1 (3) — (1) Total increase (decrease) (4) (4) (3) 385 Total income tax expense (benefit) $ 41 $ 51 $ 147 $ 455 (a) In 2021, PPL recorded a $31 million state deferred tax benefit on a net operating loss and an offsetting valuation allowance in connection with the loss on extinguishment associated with a tender offer to purchase and retire PPL Capital Funding's outstanding Senior Notes. (b) The U.K. Finance Act 2021, formally enacted on June 10, 2021, increased the U.K. corporation tax rate from 19% to 25%, effective April 1, 2023. The primary impact of the corporation tax rate increase was an increase in deferred tax liabilities of the U.K. utility business, which was sold on June 14, 2021, and a corresponding deferred tax expense of $383 million, which was recognized in continuing operations in the second quarter of 2021. (c) On July 8, 2022, the Governor of Pennsylvania signed into law Pennsylvania House Bill 1342 (H.B. 1342). Among other changes to the state tax code, the bill will reduce the corporate net income tax rate from 9.99% to 8.99% beginning January 1, 2023, and further reduces the rate annually by half a percentage point until the rate reaches 4.99% in 2031. The income statement impact of the corporate net income tax reduction was a deferred tax benefit of $5 million. (PPL Electric) Three Months Nine Months 2022 2021 2022 2021 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 38 $ 36 $ 114 $ 95 Increase (decrease) due to: State income taxes, net of federal income tax benefit 14 13 43 36 Depreciation and other items not normalized (1) — (7) (4) Amortization of excess deferred federal and state income taxes (4) (5) (9) (11) State income tax rate change (a) (9) — (9) — Other (1) 1 (1) — Total increase (decrease) (1) 9 17 21 Total income tax expense (benefit) $ 37 $ 45 $ 131 $ 116 (a) On July 8, 2022, the Governor of Pennsylvania signed into law Pennsylvania House Bill 1342 (H.B. 1342). Among other changes to the state tax code, the bill will reduce the corporate net income tax rate from 9.99% to 8.99% beginning January 1, 2023, and further reduces the rate annually by half a percentage point until the rate reaches 4.99% in 2031. The income statement impact of the corporate net income tax reduction was a deferred tax benefit of $9 million. (LG&E) Three Months Nine Months 2022 2021 2022 2021 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 21 $ 21 $ 57 $ 53 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 4 11 10 Amortization of excess deferred federal and state income taxes (3) (7) (17) (13) Other (1) (1) (2) (2) Total increase (decrease) — (4) (8) (5) Total income tax expense (benefit) $ 21 $ 17 $ 49 $ 48 (KU) Three Months Nine Months 2022 2021 2022 2021 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 25 $ 26 $ 70 $ 63 Increase (decrease) due to: State income taxes, net of federal income tax benefit 5 5 13 12 Amortization of excess deferred federal and state income taxes (4) (6) (16) (14) Other (2) (2) (4) (4) Total increase (decrease) (1) (3) (7) (6) Total income tax expense (benefit) $ 24 $ 23 $ 63 $ 57 Other Narragansett Electric Acquisition (PPL) The acquisition of Narragansett Electric was deemed an asset acquisition for federal and state income tax purposes, as a result of PPL and National Grid making a tax election under Internal Revenue Code (IRC) §338(h)(10). Accordingly, the tax bases of substantially all of the assets acquired were increased to fair market value, which equaled net book value, thereby eliminating the related deferred tax assets and liabilities. This election resulted in tax goodwill that will be amortized for tax purposes over 15 years. Pennsylvania State Tax Reform (PPL and PPL Electric) On July 8, 2022, the Governor of Pennsylvania signed into law Pennsylvania House Bill 1342 (H.B. 1342). Among other changes to the state tax code, the bill reduces the corporate net income tax rate from 9.99% to 8.99% beginning January 1, 2023, and further reduces the rate annually by half a percentage point until the rate reaches 4.99% in 2031. GAAP requires that deferred tax assets and liabilities be measured at the enacted tax rate expected to apply when temporary book-to-tax differences are expected to be realized or settled. In the third quarter of 2022, PPL and PPL Electric recorded an increase in regulatory liabilities of $274 million for the remeasurement of regulated accumulated deferred tax balances and a deferred tax benefit of $5 million and $9 million, respectively, associated with the remeasurement of non-regulated accumulated deferred income tax balances. The foregoing numbers are estimates that will be updated quarterly to reflect revised forecast, actual activity, and orders from regulatory authorities. Inflation Reduction Act (All Registrants) On August 16, 2022, the Inflation Reduction Act (IRA) was signed into law. Among other things, the IRA enacted a new 15% corporate "book minimum tax," which is based on adjusted GAAP pre-tax income and is only applicable to corporations whose pre-tax income exceeds a certain threshold. PPL continues to assess the impacts of the IRA on the financial statements of PPL and the other Registrants and will monitor guidance issued by the U.S. Treasury in the future. In addition, the IRA enacted numerous new tax credits, largely associated with renewable energy. PPL continues to assess the applicability of these provisions to PPL and its subsidiaries. |
Utility Rate Regulation
Utility Rate Regulation | 9 Months Ended |
Sep. 30, 2022 | |
Regulated Operations [Abstract] | |
Utility Rate Regulation | 6. Utility Rate Regulation (All Registrants) The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 60 $ 21 $ — $ — Rate adjustment mechanisms 96 — — — Smart meter rider 5 11 5 11 Universal service rider 8 — 8 — Fuel adjustment clause 46 11 — — Other 19 21 — 11 Total current regulatory assets $ 234 $ 64 $ 13 $ 22 Noncurrent Regulatory Assets: Defined benefit plans $ 670 $ 523 $ 252 $ 256 Plant outage costs 48 54 — — Net metering 52 — — — Environmental cost recovery 104 — — — Taxes recoverable through future rates 48 — — — Storm costs 127 11 — — Unamortized loss on debt 24 24 3 4 Interest rate swaps 7 18 — — Terminated interest rate swaps 66 70 — — Accumulated cost of removal of utility plant 216 228 216 228 AROs 309 302 — — Other 44 6 — — Total noncurrent regulatory assets $ 1,715 $ 1,236 $ 471 $ 488 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 19 $ 10 $ 19 $ 10 Transmission service charge 10 21 10 21 Universal service rider — 17 — 17 TCJA customer refund 25 22 25 22 Act 129 compliance rider 18 10 18 10 Transmission formula rate return on equity (a) — 73 — 73 Economic relief billing credit — 27 — — Transmission formula rate 11 — 11 — Derivative instruments 71 — — — Rate adjustment mechanism 77 — — — Energy efficiency 23 — — — RIE bill credit (b) 50 — — — Other 25 2 4 — Total current regulatory liabilities $ 329 $ 182 $ 87 $ 153 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 925 $ 639 $ — $ — Power purchase agreement - OVEC 29 35 — — Net deferred taxes 2,112 1,591 783 531 Defined benefit plans 148 95 40 28 Terminated interest rate swaps 60 62 — — Energy efficiency 46 — — — Other 61 — — — Total noncurrent regulatory liabilities $ 3,381 $ 2,422 $ 823 $ 559 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 32 $ 21 $ — $ — Gas line tracker — 3 — — Generation formula rate — — — 2 Fuel adjustment clause 16 4 30 7 Other 1 5 3 — Total current regulatory assets $ 49 $ 33 $ 33 $ 9 Noncurrent Regulatory Assets: Defined benefit plans $ 203 $ 164 $ 135 $ 103 Storm costs 7 8 3 3 Unamortized loss on debt 11 12 8 8 Interest rate swaps 7 18 — — Terminated interest rate swaps 38 41 27 29 AROs 76 75 221 227 Plant outage costs 13 15 35 39 Other 10 4 11 2 Total noncurrent regulatory assets $ 365 $ 337 $ 440 $ 411 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Economic relief billing credit $ — $ 21 $ — $ 6 Other 4 — 6 2 Total current regulatory liabilities $ 4 $ 21 $ 6 $ 8 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 273 $ 262 $ 384 $ 377 Power purchase agreement - OVEC 20 24 9 11 Net deferred taxes 480 491 552 569 Defined benefit plans 11 10 60 57 Terminated interest rate swaps 30 31 30 31 Total noncurrent regulatory liabilities $ 814 $ 818 $ 1,035 $ 1,045 (a) See “Regulatory Matters - Federal Matters - PPL Electric Transmission Formula Rate Return on Equity” below for additional information. (b) As a condition of the acquisition, RIE will provide a credit to all its electric and natural gas distribution customers in the total amount of $50 million. The credits are expected to be issued during the fourth quarter of 2022. See Note 8 for additional information. Following is an overview of regulatory assets and liabilities detailed in the preceding tables which were recognized as a result of the acquisition of RIE. Specific developments with respect to certain of these regulatory assets and liabilities are discussed in "Regulatory Matters." Derivative Instruments RIE evaluates open derivative instruments for regulatory deferral by determining if they are probable of recovery from, or refund to, customers through future rates. Derivative instruments that qualify for recovery are recorded at fair value, with changes in fair value recorded as regulatory assets or regulatory liabilities in the period in which the change occurs. The balance is reconcilable, and any over- or under-recovery from customers will be refunded or recovered annually in the subsequent year. Energy Efficiency Represents the difference between revenue billed to customers through RIE's energy efficiency charge and the costs of the RIE’s energy efficiency programs as approved by the RIPUC. The energy efficiency charge is designed to collect the estimated costs of the RIE’s energy efficiency plan for the upcoming calendar year. The final annual over/under is reconciled in the next year's energy efficiency plan filing, as part of the reconciliation factor calculation. RIE may file to change the EEP charge at any time should significant over-or under-recoveries occur. Environmental Cost Recovery The regulatory asset represents deferred costs associated with RIE's share of the estimated costs to investigate and perform certain remediation activities at sites with which it may be associated. RIE's rate plans provide for specific rate allowances for these costs, with variances deferred for future recovery from, or return to, customers. RIE believes future costs, beyond the expiration of current rate plans, will continue to be recovered through rates. The regulatory asset represents the excess of amounts incurred for RIE's actual site investigation and remediation costs versus amounts received in rates. Net Metering Net metering deferral reflects the recovery mechanism for costs associated with customer-installed on-site generation facilities, including the costs of renewable generation credits. This surcharge provides RIE with a mechanism to recover such amounts. Net metering is reconcilable annually, and any over- or under-recovery from customers will be refunded to, or recovered from, customers through the adjustment factor determined for the subsequent year. Rate Adjustment Mechanisms In addition to commodity costs, RIE is subject to a number of additional rate adjustment mechanisms whereby an asset or liability is recognized resulting from differences between actual revenues and the underlying cost being recovered or differences between actual revenues and targeted amounts as approved by the RIPUC. The rate adjustment mechanisms are reconcilable, and any over- or under-recovery from customers will be refunded or recovered annually in the subsequent year. Taxes Recoverable through Future Rates Taxes recoverable through future rates represent the portion of future income taxes that will be recovered through future rates based upon established regulatory practices. Accordingly, this regulatory asset is recognized when the offsetting deferred tax liability is recognized. For general-purpose financial reporting, this regulatory asset and the deferred tax liability are not offset; rather, each is displayed separately. This regulatory asset is expected to be recovered over the period that the underlying book-tax timing differences reverse and the actual cash taxes are incurred. Regulatory Matters Rhode Island Activities (PPL) Rate Case proceedings At its August 24, 2018 Open Meeting, and subsequently memorialized pursuant to Report and Order No. 23823 issued May 5, 2020, the RIPUC approved the terms of an Amended Settlement Agreement (ASA), reflecting an allowed return on equity (ROE) rate of 9.275% based on a common equity ratio of approximately 51%. RIE is currently in year four of the multi-year rate plan (Rate Plan). On June 30, 2021, the Rhode Island Division of Public Utilities and Carriers consented to an open-ended extension of the term of the Rate Plan such that RIE was not required to file its next rate case in order for new rates take effect no later than September 1, 2022 as originally contemplated by the ASA. Pursuant to the settlement with the Rhode Island Office of the Attorney General in connection with the acquisition of RIE by PPL, RIE currently does not anticipate filing a new base rate case until at least three years following the closing of the acquisition. Pursuant to the open-ended extension, the Rate Year 3 level of base distribution rates under ASA will remain in effect and RIE will continue to operate under the current Rate Plan until a new Rate Plan is approved by the RIPUC. The ASA includes additional provisions, including (i) an Electric Transportation Initiative (the ET Initiative) to facilitate the growth of Electric Vehicle (EV) adoption and scaling of the market for EV charging equipment to advance Rhode Island's zero emission vehicles and greenhouse gas emissions policy goals, which the RIPUC is continuing to review in connection with certain underspending in the ET Initiative and the timing of crediting customers the deferral balance pursuant to the ASA, (ii) two energy storage demonstration projects, which are on track for timely completion, (iii) a new incentive-only performance incentive for System Efficiency: Annual Megawatt (MW) Capacity Savings, which sunsets in 2021 and requires a tariff advice filing with the RIPUC to extend, and (iv) several additional metrics for tracking and reporting purposes only. The RIPUC discussed the ET Initiative at an Open Meeting on August 30, 2022, advising the Company to seek RIPUC authorization to continue the ET Initiative and/or to alter any of the targets established in the ASA for Rate Year 5 and beyond. No votes or official rulings were taken; however, based on this feedback, RIE has paused the ET programs in Rate Year 5. Advanced Metering Functionality and Grid Modernization On January 21, 2021, RIE filed its Updated Advance Metering Functionality (AMF) Business Case and Grid Modernization Plan (GMP) with the RIPUC in accordance with the ASA. The Updated AMF Business Case – a foundational component of the GMP – seeks approval to deploy smart meters throughout the service territory. Pursuant to the written order issued on July 14, 2021, the RIPUC stayed the AMF and GMP proceedings pending further consideration following the issuance of a final Order by the Rhode Island Division of Public Utilities and Carriers on the Acquisition. RIE filed notice of withdrawal of the original Updated AMF Business Case and GMP with RIPUC on September 12, 2022 and intends to file a new AMF Business Case in November 2022, followed by a new GMP in December 2022. COVID-19 Deferral Filing On April 30, 2021, RIE filed a petition for approval to recognize regulatory assets related to COVID-19 Impacts (RIPUC Docket No. 5154). In its Petition, RIE seeks the RIPUC's authorization to create regulatory assets and consideration of future cost recovery for the following COVID-19 Costs: (1) the increased cost of customer accounts receivable that RIE will be unable to collect as a result of the COVID-19 pandemic, and the executive orders and RIPUC orders restricting RIE's collection activities as a result of the pandemic, which will result in increased net charge-offs; (2) lost revenue from unassessed late payment charges; and (3) charges to RIE for other fees that RIE has waived pursuant to the RIPUC's orders in RIPUC Docket No. 5022. The RIPUC has not taken any action on the filing to date and RIE is continuing to monitor the docket. RIE intends to evaluate its request to create a regulatory asset for COVID-19-related bad debt expense to consider the impact, if any, of the proposed arrearage forgiveness sought in RIE’s Petition to Forgive Certain Arrearage Balances for Low-Income and Protected Customers in Docket No. 22-08-GE, which RIE filed with the RIPUC to fulfill its obligations under PPL's settlement with the Rhode Island Attorney General. FY 2023 Gas Infrastructure, Safety and Reliability (ISR) Plan At an Open Meeting on March 29, 2022, the RIPUC conditionally approved RIE’s FY 2023 Gas ISR Plan and associated revenue requirement, subject to further review regarding RIE’s Proactive Main Replacement Program and its decision to reconstruct and purchase heating and pressure regulation equipment located at RIE’s Wampanoag and Tiverton take stations. Regarding the Proactive Main Replacement Program, the Chair of the RIPUC questioned whether the new main should be deemed "used and useful" and, hence, placed into rate base before the old main is fully abandoned. Currently, the new main is deemed "in-service" once the pipe is installed and gassed in. The RIPUC held a hearing on June 1, 2022 to further review RIE's lag in performance in replacing mains, including reasons for the lag, ratemaking implications, and the "used and useful" standard. RIE responded to several record requests following the hearing. The RIPUC held an Open Meeting on September 13, 2022, regarding the Proactive Main Replacement Program and made the following rulings: (1) commencing with the Gas ISR plan to be filed in this calendar year 2022 (prospectively), new main constructed to replace leak prone pipe will not be considered used and useful, and therefore not eligible for rate base treatment, until the related old main is abandoned; and (2) approved the proactive main replacement revenue requirement set forth in the FY23 Gas ISR plan, thereby closing out the potential that this portion of the revenue requirement might be subject to refund . Also, the RIPUC directed RIE to submit prefiled testimony on the issue of its replacement of heating and pressure regulation facilities at the Wampanoag and Tiverton take stations and to address three issues, specifically: (i) a cost-benefit analysis arising from RIE's decision to take ownership of the reconstructed take station equipment; (ii) the potential that the benefits derived from the reconstruction and ownership transfer of the take station equipment will not be realized due to the future use of hydrogen or abandonment of the gas system; and (iii) the depreciation and accounting treatment of the reconstructed take station equipment. RIE filed this testimony with the RIPUC on May 16, 2022 and this issue is still pending before the RIPUC. Federal Matters PPL Electric Transmission Formula Rate Return on Equity (PPL and PPL Electric) In May 2020, PP&L Industrial Customer Alliance (PPLICA) filed a complaint with the FERC alleging that PPL Electric's base ROE used to determine PPL Electric’s formula transmission rate was unjust and unreasonable. In August 2021, PPL Electric entered into a settlement agreement (the Settlement) with PPLICA and all other parties, including intervenors. The key aspects of the Settlement include changes to PPL Electric’s base ROE, changes to the equity component of PPL Electric's capital structure, allowing modification of the current rate year to a calendar year and allowing modification of the current formula rate based on a historic test year to a projected test year. The settlement was approved by the FERC in November 2021. The interim rates reflecting the agreed-to-base ROE in the Settlement were effective December 1, 2021. In the three and nine months ended September 30, 2021, PPL and PPL Electric recorded a revenue reserve of $13 million ($10 million after-tax) and $64 million ($46 million after-tax) representing revenue subject to refund from the date of the complaint through June 30, 2021. Of these amounts, $28 million ($20 million after-tax) for the nine months ended September 30, 2021, related to the period from May 21, 2020 to December 31, 2020. As of December 31, 2021, PPL and PPL Electric had a regulatory liability on the Balance Sheet of $73 million, which represents revenue subject to refund based on the difference between charges that were calculated using the ROE in effect at the time and charges calculated using the revised ROE provided for in the Settlement, plus interest at the FERC interest rate. During the nine months ended September 30, 2022, $74 million of revenue was refunded to customers. The total balance at December 31, 2021, plus additional interest recorded was refunded to customers by May 31, 2022. FERC Transmission Rate Filing (PPL, LG&E and KU) In 2018, LG&E and KU applied to the FERC requesting elimination of certain on-going credits to a sub-set of transmission customers relating to the 1998 merger of LG&E's and KU's parent entities and the 2006 withdrawal of LG&E and KU from the Midcontinent Independent System Operator, Inc. (MISO), a regional transmission operator and energy market. The application sought termination of LG&E's and KU's commitment to provide certain Kentucky municipalities mitigation for certain horizontal market power concerns arising out of the 1998 LG&E and KU merger and 2006 MISO withdrawal. The amounts at issue are generally waivers or credits granted to a limited number of Kentucky municipalities for either certain LG&E and KU or MISO transmission charges incurred for transmission service received. In 2019, the FERC granted LG&E's and KU's request to remove the ongoing credits, conditioned upon the implementation by LG&E and KU of a transition mechanism for certain existing power supply arrangements, which was subsequently filed, modified, and approved by the FERC in 2020 and 2021. In 2020, LG&E and KU and other parties filed appeals with the D.C. Circuit Court of Appeals regarding the FERC's orders on the elimination of the mitigation and required transition mechanism. On August 4, 2022, the D.C. Circuit Court of Appeals issued an order remanding the proceedings back to the FERC. LG&E and KU cannot predict the outcome of the proceedings at the FERC on remand. LG&E and KU currently receive recovery of the waivers and credits provided through other rate mechanisms and such rate recovery would be anticipated to be adjusted consistent with potential changes or terminations of the waivers and credits, as such become effective. Recovery of Transmission Costs (PPL) On an interim basis, RIE's transmission facilities continue to be operated in combination with the transmission facilities of National Grid's New England affiliates, Massachusetts Electric Company (MECO) and NEP, as a single integrated system with NEP designated as the combined operator. NEP collects the costs of the combined transmission asset pool including a return on those facilities under NEP's Tariff No. 1 from the ISO. The ISO allocates these costs among transmission customers in New England, in accordance with the ISO Open Access Transmission Tariff (ISO-NE OATT). According to the FERC orders, RIE is compensated for its actual monthly transmission costs, with its authorized maximum ROE of 11.74% on its transmission assets. The amount remitted by NEP to RIE for the three and nine months ended September 30, 2022 was $44 million and $58 million. The ROE for transmission rates under the ISO-NE OATT is the subject of four complaints that are pending before the FERC. On October 16, 2014, the FERC issued an order on the first complaint, Opinion No. 531-A, resetting the base ROE applicable to transmission assets under the ISO-NE OATT from 11.14% to 10.57% effective as of October 16, 2014 and establishing a maximum ROE of 11.74%. On April 14, 2017, this order was vacated and remanded by the District of Columbia Circuit (Court of Appeals). After the remand, the FERC issued an order on October 16, 2018 applicable to all four pending cases where it proposed a new base ROE methodology that, with subsequent input and support from the New England Transmission Owners (NETO), yielded a base ROE of 10.41%. Subsequent to the FERC's October 2018 order in the New England Transmission Owners cases, the FERC further refined its ROE methodology in another proceeding and has applied that refined methodology to transmission owners’ ROEs in other jurisdictions, and the NETOs filed further information in the New England matters to distinguishing their case. Those determinations in other jurisdictions are currently on appeal before the Court of Appeals. The proceeding and the final base rate ROE determination in the New England matters remain open, pending a final order from the FERC. PPL cannot predict the outcome of this matter, and an estimate of the impact cannot be determined. Other Purchase of Receivables Program (PPL and PPL Electric) In accordance with a PAPUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative electricity suppliers at a discount, which reflects a provision for uncollectible accounts. The alternative electricity suppliers have no continuing involvement or interest in the purchased accounts receivable. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. During the three and nine months ended September 30, 2022, PPL Electric purchased $352 million and $974 million of accounts receivable from alternative suppliers. During the three and nine months ended September 30, 2021, PPL Electric purchased $309 million and $883 million of accounts receivable from alternative suppliers. |
Financing Activities
Financing Activities | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [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 act as a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, PPL's arrangements listed below include the credit facilities and commercial paper programs of PPL Electric, LG&E and KU. The amounts listed in the borrowed column below are recorded as "Short-term debt" on the Balance Sheets except for borrowings under PPL Electric's term loan agreement due March 2024 and borrowings under LG&E's and KU's term loan agreements due July 2024, which are reflected in "Long-term debt." The following credit facilities were in place at: September 30, 2022 December 31, 2021 Expiration Capacity Borrowed Letters of Unused Borrowed Letters of PPL PPL Capital Funding (a) Syndicated Credit Facility Dec. 2026 $ 1,250 $ — $ 400 $ 850 $ — $ — Bilateral Credit Facility Mar. 2023 100 — — 100 — — Bilateral Credit Facility (b) Mar. 2023 100 — 60 40 — 15 Total PPL Capital Funding Credit Facilities $ 1,450 $ — $ 460 $ 990 $ — $ 15 PPL Electric Syndicated Credit Facility Dec. 2026 $ 650 $ — $ 1 $ 649 $ — $ 1 Term Loan Credit Facility Mar. 2024 250 250 — — — — Total PPL Electric Credit Facilities $ 900 $ 250 $ 1 $ 649 $ — $ 1 LG&E Syndicated Credit Facility Dec. 2026 $ 500 $ — $ 110 $ 390 $ — $ 69 Term Loan Credit Facility Jul. 2024 300 300 — — — — Total LG&E Credit Facilities $ 800 $ 300 $ 110 $ 390 $ — $ 69 KU Syndicated Credit Facility Dec. 2026 $ 400 $ — $ — $ 400 $ — $ — Term Loan Credit Facility Jul. 2024 300 300 — — — — Total KU Credit Facilities $ 700 $ 300 $ — $ 400 $ — $ — (a) PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL. (b) Includes a $45 million letter of credit on behalf of RIE. (PPL) In March 2022, PPL Capital Funding amended and restated its two existing $50 million bilateral credit facilities to extend the termination dates from March 9, 2022 to March 6, 2023 and to increase the borrowing capacity under each facility to $100 million. (PPL and LG&E) In July 2022, LG&E entered into a $300 million term loan credit facility expiring in 2024. On July 29, 2022, LG&E borrowed $300 million under this facility at an initial interest rate of 3.23%. The per annum interest rate fluctuates based on the applicable secured overnight financing rate plus a spread. The proceeds are being used to repay short-term debt and for general corporate purposes. (PPL and KU) In July 2022, KU entered into a $300 million term loan credit facility expiring in 2024. On July 29, 2022, KU borrowed $300 million under this facility at an initial interest rate of 3.23%. The per annum interest rate fluctuates based on the applicable secured overnight financing rate plus a spread. The proceeds are being used to repay short-term debt and for general corporate purposes. (PPL and PPL Electric) In September 2022, PPL Electric entered into a $250 million term loan credit facility expiring in 2024. On September 16, 2022, PPL Electric borrowed $250 million under this facility at an initial interest rate of 3.77%. The per annum interest rate fluctuates based on the applicable secured overnight financing rate plus a spread. The proceeds were used to repay long-term debt. (All Registrants) PPL Capital Funding, PPL Electric, LG&E and KU maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's credit facilities. The following commercial paper programs were in place at: September 30, 2022 December 31, 2021 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding (a) 2.50% $ 1,350 $ 400 $ 950 $ — PPL Electric 650 — 650 — LG&E (b) 2.51% 500 110 390 0.31% 69 KU (c) 400 — 400 — Total $ 2,900 $ 510 $ 2,390 $ 69 (a) PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL. (b) In August 2022, LG&E increased the size of their commercial paper program to $500 million. (c) In August 2022, KU increased the size of their commercial paper program to $400 million. (PPL Electric, LG&E, and KU) See Note 11 for discussion of intercompany borrowings. Long-term Debt (PPL and PPL Electric) In August 2022, the Lehigh County Industrial Development Authority remarketed $108 million of Pollution Control Revenue Refunding Bonds (PPL Electric Utilities Corporation Project), 2016 Series B due 2027 previously issued on behalf of PPL Electric. The bonds were remarketed at a long-term rate and will bear interest at 2.63% through their maturity date of February 15, 2027. In September 2022, the Lehigh County Industrial Development Authority remarketed $116 million of Pollution Control Revenue Refunding Bonds (PPL Electric Utilities Corporation Project), 2016 Series A due 2029 previously issued on behalf of PPL Electric. The bonds were remarketed at a long-term rate and will bear interest at 3.00% through their maturity date of September 1, 2029. (PPL) As a result of the acquisition of Narragansett Electric on May 25, 2022, PPL assumed approximately $1.5 billion of long-term debt. The following was outstanding at September 30, 2022: Weighted-Average Maturities (a) September 30, 2022 RIE Senior Unsecured Notes 4.10 % 2028 - 2042 $ 1,500 Senior Secured Notes/First Mortgage Bonds (b) 7.50 % 2025 - 2025 3 Total Long-term Debt before adjustments 1,503 Unamortized debt issuance costs (6) Total Long-term Debt 1,497 Less current portion of Long-term Debt 1 Total Long-term Debt, noncurrent $ 1,496 (a) The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of September 30, 2022. (b) Includes first mortgage bonds with an annual sinking fund requirement of $750,000 through maturity in 2025. The aggregate maturities of long-term debt, based on stated maturities or earlier put dates, for the periods 2022 through 2026 and thereafter are as follows: RIE 2022 $ 1 2023 1 2024 1 2025 1 2026 — Thereafter 1,499 Total $ 1,503 Equity Securities Share Repurchase In August 2021, PPL's Board of Directors authorized share repurchases of up to $3 billion of PPL common shares. In 2021, PPL repurchased approximately $1 billion of PPL common shares. There were no share repurchases during the three and nine months ended September 30, 2022. Any additional amounts to be repurchased pursuant to this authority will depend on various factors, including PPL’s share price and market conditions. PPL may purchase shares on each trading day subject to market conditions and principles of best execution. Dividends In August 2022, PPL declared a quarterly cash dividend on its common stock, payable October 3, 2022, of 22.5 cents per share (equivalent to 90.0 cents per annum). Preferred Stock RIE has $3 million of certain issues of non-participating cumulative preferred stock outstanding that can be redeemed at the option of RIE. There are no mandatory redemption provisions on the cumulative preferred stock. Dividends on the cumulative preferred stock accrue quarterly and are prior to any dividends on the common stock of RIE. Pursuant to the preferred stock arrangement, as long as any preferred stock is outstanding, certain restrictions on payment of common stock dividends would come into effect if the common stock equity of RIE was, or by reason of payment of such dividends became, less than 25% of total capitalization of RIE. RIE was current on the preferred stock dividends and was in compliance with this covenant and accordingly, was not restricted as to the payment of common stock dividends under the foregoing provisions as of September 30, 2022. |
Defined Benefits
Defined Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Defined Benefits | 9. Defined Benefits (PPL) Certain net periodic defined benefit costs are applied to accounts that are further distributed among capital, expense, regulatory assets and regulatory liabilities, 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 and its subsidiaries for the periods ended September 30: Pension Benefits Three Months Nine Months 2022 2021 2022 2021 PPL Service cost $ 11 $ 14 $ 36 $ 42 Interest cost 33 30 95 91 Expected return on plan assets (62) (64) (189) (191) Amortization of: Prior service cost 2 2 6 6 Actuarial loss 11 21 40 70 Net periodic defined benefit costs (credits) before settlements (5) 3 (12) 18 Settlements (a) 7 14 19 14 Net periodic defined benefit costs (credits) $ 2 $ 17 $ 7 $ 32 (a) Due to the amount of lump sum payment distributions from the LKE qualified pension plan, settlement charges were incurred during the three and nine months ended September 30, 2022 and 2021. In accordance with existing regulatory accounting treatment, LG&E and KU have primarily maintained the settlement charge in regulatory assets to be amortized over 15 years. Other Postretirement Benefits Three Months Nine Months 2022 2021 2022 2021 PPL Service cost $ 1 $ 2 $ 4 $ 5 Interest cost 3 4 11 12 Expected return on plan assets (5) (6) (17) (18) Amortization of: Prior service cost — — 1 1 Actuarial loss — (1) (2) (1) Net periodic defined benefit costs (credits) $ (1) $ (1) $ (3) $ (1) (All Registrants) The non-service cost components of net periodic defined benefit costs (credits) (interest cost, expected return on plan assets, amortization of prior service cost and amortization of actuarial gain and loss) are presented in "Other Income (Expense) - net" on the Statements of Income. See Note 12 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Energy Purchase Commitments (PPL) RIE has several long-term contracts for the purchase of electric power. Substantially all of these contracts require power to be delivered before RIE is obligated to make payment. Additionally, RIE has entered various contracts for gas delivery, storage, and supply services. Certain of these contracts require payment of annual demand charges, which are recoverable from customers. RIE is liable for these payments regardless of the level of service required from third-parties. These contracts include the following commitments: Contract Type Maximum Maturity Date Electric power 2024 Gas-related Beyond 2027 RIE’s commitments under these long-term contracts subsequent to September 30, 2022 are summarized in the table below. Total 2022 2023-2024 2025-2026 After 2026 Energy Purchase Obligations $ 1,075 $ 300 $ 413 $ 75 $ 287 Long-term Contracts for Renewable Energy (PPL) Several of the obligations included in the table above relate to certain long-term contracts for renewable energy, including: • the Deepwater Wind Power Purchase Agreement (PPA), involving a proposal for a small-scale renewable energy generation project of up to eight offshore wind turbines with an aggregate nameplate capacity of up to 30 MW to benefit the Town of New Shoreham and an underwater cable to Block Island, which entered into service in October 2016; • the Three-State Procurement, involving eight long-term contracts pursuant to the Rhode Island Long-Term Contracting Standard (LTCS) of which 36.75 MW is currently operational and with respect to which RIE collects 2.75% remunerations in the annual payments pursuant to the LTCS; and • the Offshore Wind Energy Procurement, pursuant to a 20-year power purchase agreement (PPA) with DWW Rev I, LLC (Revolution Wind), with and expected capacity of 408 MW expected to be operational in 2024; this contract was approved without remuneration but allows RIE to seek costs incurred under the agreement. In addition, RIE is obligated under the LTCS (as amended in 2014) to annually solicit for renewable projects until 90 MW of renewable capacity has been secured. The RIPUC-approved solicitations currently in service include: (i) a 15-year PPA with Orbit Energy Rhode Island, LLC for a 3.2 MW anaerobic digester biogas project located in Johnston, Rhode Island, placed in service in 2017, (ii) a 15-year PPA with Black Bear Development Holdings, LLC for a 3.9 MW run-of-river hydroelectric plant located in Orono, Maine, placed in service in 2013, and (iii) a 15-year PPA with Copenhagen Wind Farm, LLC for an 80 MW land-based wind project located in Denmark, New York, placed in service in 2018. RIE will be required to backfill approximately 3 MW to fulfill the required 90 MW under LTCS. In addition to the LTCS, in July 2022, Rhode Island passed an amendment to the Affordable Clean Energy Security Act (ACES) that requires RIE to issue a request for proposals (RFP) for at least 600 MW but no greater than 1,000 MW of newly developed offshore wind capacity no later than October 15, 2022. The RFP was issued on October 14, 2022 following a public comment period. Based upon the RFP issued on October 14, 2022, RIE anticipates conditional project selection in May 2023. RIE must negotiate in good faith to achieve a commercially reasonable contract and must file said contract with the RIPUC for approval no later than March 15, 2024, unless RIE can show that the bids are unlikely to lead to a contract that meets all of the statutory requirements. As approved by the RIPUC, RIE is allowed to pass through commodity-related/purchased power costs to customers and collect remuneration equal to 2.75% for long-term contracts approved pursuant to LTCS that have achieved commercial operation. For long-term contracts approved pursuant to ACES, as amended, on or after January 1, 2022, RIE is entitled to financial remuneration equal to 1.0% through December 31, 2026 for those projects that are commercially operating. For long-term contracts approved pursuant to ACES on or after January 1, 2027, RIE is not entitled to any financial remuneration, unless otherwise granted by the RIPUC. Also, the amendments to ACES added a provision, which provides that for any calendar year in which RIE’s actual return on equity exceeds the return on equity allowed by the RIPUC in the last general rate case, the RIPUC may adjust any or all remuneration to assure that such remuneration does not result in or contribute toward RIE earning above its allowed return for such calendar year. 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. Talen Litigation (PPL) Background In September 2013, one of PPL's former subsidiaries, PPL Montana entered into an agreement to sell its hydroelectric generating facilities. In June 2014, PPL and PPL Energy Supply, the parent company of PPL Montana, entered into various definitive agreements with affiliates of Riverstone to spin off PPL Energy Supply and ultimately combine it with Riverstone's competitive power generation businesses to form a stand-alone company named Talen Energy. In November 2014, after executing the spinoff agreements but prior to the closing of the spinoff transaction, PPL Montana closed the sale of its hydroelectric generating facilities. Subsequently, on June 1, 2015, the spinoff of PPL Energy Supply was completed. Following the spinoff transaction, PPL had no continuing ownership interest in or control of PPL Energy Supply. In connection with the spinoff transaction, PPL Montana became Talen Montana, LLC (Talen Montana), a subsidiary of Talen Energy. Talen Energy Marketing also became a subsidiary of Talen Energy as a result of the June 2015 spinoff of PPL Energy Supply. Talen Energy has owned and operated both Talen Montana and Talen Energy Marketing since the spinoff. At the time of the spinoff, affiliates of Riverstone acquired a 35% ownership interest in Talen Energy. Riverstone subsequently acquired the remaining interests in Talen Energy in a take private transaction in December 2016. Talen Montana Retirement Plan and Talen Energy Marketing, LLC, Individually and on Behalf of All Others Similarly Situated v. PPL Corporation et al. On October 29, 2018, Talen Montana Retirement Plan and Talen Energy Marketing filed a putative class action complaint on behalf of current and contingent creditors of Talen Montana who allegedly suffered harm or allegedly will suffer reasonably foreseeable harm as a result of a November 2014 distribution of proceeds from the sale of then-PPL Montana's hydroelectric generating facilities. The action was filed in the Sixteenth Judicial District of the State of Montana, Rosebud County, against PPL and certain of its affiliates and current and former officers and directors (Talen Putative Class Action). Plaintiff asserts claims for, among other things, fraudulent transfer, both actual and constructive; recovery against subsequent transferees; civil conspiracy; aiding and abetting tortious conduct; and unjust enrichment. Plaintiff is seeking avoidance of the purportedly fraudulent transfer, unspecified damages, including punitive damages, the imposition of a constructive trust, and other relief. In December 2018, PPL removed the Talen Putative Class Action from the Sixteenth Judicial District of the State of Montana to the United States District Court for the District of Montana, Billings Division (MT Federal Court). In January 2019, the plaintiff moved to remand the Talen Putative Class Action back to state court, and dismissed without prejudice all current and former PPL Corporation directors from the case. In September 2019, the MT Federal Court granted plaintiff's motion to remand the case back to state court. Although, the PPL defendants petitioned the Ninth Circuit Court of Appeals to grant an appeal of the remand decision, in November 2019, the Ninth Circuit Court of Appeals denied that request and in December 2019, Talen Montana Retirement Plan filed a Second Amended Complaint in the Sixteenth Judicial District of the State of Montana, Rosebud County, which removed Talen Energy Marketing as a plaintiff. In January 2020, PPL defendants filed a motion to dismiss the Second Amended Complaint or, in the alternative, to stay the proceedings pending the resolution of the below mentioned Delaware Action. The Court held a hearing on June 24, 2020 regarding the motions. On September 11, 2020, the Court granted PPL defendants' alternative Motion for a Stay of the proceedings. As described below, this case will now proceed in the United States Bankruptcy Court for the Southern District of Texas (Texas Bankruptcy Court). PPL Corporation et al. vs. Riverstone Holdings LLC, Talen Energy Corporation et al. On November 30, 2018, PPL, certain PPL affiliates, and certain current and former officers and directors (PPL plaintiffs) filed a complaint in the Court of Chancery of the State of Delaware seeking various forms of relief against Riverstone, Talen Energy and certain of their affiliates (Delaware Action), in response to and as part of the defense strategy for an action filed by Talen Montana, LLC (the Talen Direct Action, since dismissed) and the Talen Putative Class Action described above (together, the Montana Actions) originally filed in Montana state court in October 2018. In the complaint, the PPL plaintiffs ask the Delaware Court of Chancery for declaratory and injunctive relief. This includes a declaratory judgment that, under the separation agreement governing the spinoff of PPL Energy Supply, all related claims that arise must be heard in Delaware; that the statute of limitations in Delaware and the spinoff agreement bar these claims at this time; that PPL is not liable for the claims in either the Talen Direct Action or the Talen Putative Class Action as PPL Montana was solvent at all relevant times; and that the separation agreement requires that Talen Energy indemnify PPL for all losses arising from the debts of Talen Montana, among other things. PPL's complaint also seeks damages against Riverstone for interfering with the separation agreement and against Riverstone affiliates for breach of the implied covenant of good faith and fair dealing. The complaint was subsequently amended on January 11, 2019 and March 20, 2019, to include, among other things, claims related to indemnification with respect to the Montana Actions, request a declaration that the Montana Actions are time-barred under the spinoff agreements, and allege additional facts to support the tortious interference claim. In April 2019, the defendants filed motions to dismiss the amended complaint. In July 2019, the Court heard oral arguments from the parties regarding the motions to dismiss, and in October 2019, the Delaware Court of Chancery issued an opinion sustaining all of the PPL plaintiffs' claims except for the claim for breach of implied covenant of good faith and fair dealing. As a result of the dismissal of the Talen Direct Action in December 2019, in January 2020, Talen Energy filed a new motion to dismiss five of the remaining eight claims in the amended complaint. The Court heard oral argument on Talen's motion to dismiss on May 28, 2020, and on June 22, 2020, issued an opinion denying the motion in its entirety. Discovery is proceeding, and the parties have filed certain motions and cross-motions for summary judgment, which are not yet scheduled for hearing. In January 2022, Vice-Chancellor Joseph R. Slights III, the judge assigned to this litigation, announced his retirement. Thereafter, this case was removed from the trial schedule and is awaiting the assignment of a new judge. As described below, this case will now proceed in the Texas Bankruptcy Court. Talen Energy Supply, LLC et al. | Talen Montana LLC v. PPL Corp., PPL Capital Funding, Inc., PPL Electric Utilities Corp., and PPL Energy Funding (PPL and PPL Electric) On May 9, 2022, Talen Energy Supply, LLC and 71 affiliates, including Talen Montana, LLC, filed petitions for protection under Chapter 11 of the Bankruptcy Code in the Texas Bankruptcy Court. On May 10, 2022, Talen Montana, LLC, as debtor-in-possession, filed a complaint initiating an adversary proceeding (Adversary Proceeding) in the Texas Bankruptcy Court against PPL Corporation, PPL Capital Funding, Inc., PPL Electric Utilities Corporation, and PPL Energy Funding Corporation. Similar to the litigation in Montana, the Adversary Proceeding seeks the recovery of an allegedly fraudulent transfer relating to PPL Montana’s November 2014 sale of hydroelectric assets to Northwestern and subsequent distribution of certain proceeds of that sale, reiterating claims that the parties have already been litigating. Also on May 10, 2022, certain Talen entities sought to remove both (1) the Montana action previously referred to as the Rosebud class action from state court to a federal district court in Montana (Montana District Court) and (2) the Delaware action to a federal district court in Delaware (Delaware District Court). Talen Montana, LLC then filed a motion to intervene and a motion to transfer the Montana case to the Texas Bankruptcy Court. Talen also filed a Motion to transfer the Delaware District Court action to the Texas Bankruptcy Court. Both the Rosebud Class action and Delaware action have now been transferred to and consolidated in the Texas Bankruptcy Court. PPL has filed its Answer and asserted a Counterclaim against the Talen and Riverstone entities, similar to the claims previously asserted in the Delaware District Court action, and has filed a motion for partial summary judgment that was heard on October 31, 2022. With respect to each of the Talen-related matters described above, PPL believes that the 2014 distribution of proceeds was made in compliance with all applicable laws and that PPL Montana was solvent at all relevant times. Additionally, the agreements entered into in connection with the spinoff, which PPL and affiliates of Talen Energy and Riverstone negotiated and executed prior to the 2014 distribution, directly address the treatment of the proceeds from the sale of PPL Montana's hydroelectric generating facilities; in those agreements, Talen Energy and Riverstone definitively agreed that PPL was entitled to retain the proceeds. PPL believes that it has meritorious defenses to the claims made in the Adversary Proceeding and intends to vigorously defend against this action. At this time, PPL cannot predict the outcome of the Adversary Proceeding or estimate the range of possible losses, if any, that PPL might incur as a result of the claims, although they could be material. Narragansett Electric Litigation (PPL) Aquidneck Island In January 2019, Narragansett Electric suffered a significant loss of gas supply to the distribution system that serves customers on Aquidneck Island in Rhode Island, affecting approximately 7,500 customers. Following Narraganset Electric’s efforts to address customer concerns and expenses following the incident, and an investigation by the Rhode Island Division of Public Utilities and Carriers, Narragansett Electric published a long-term capacity study for energy solutions for Aquidneck Island and gathered extensive stakeholder feedback. Narraganset Electric continues to discuss this matter with the Rhode Island Division of Public Utilities and Carriers. Narragansett Electric filed a supplemental application for its preferred long-term solution on April 1, 2022. Narragansett Electric is facing various lawsuits related to the Aquidneck Island gas supply interruption, including two purported class actions. Narragansett Electric is actively defending against these claims. This matter is covered by excess liability insurance, which is currently reimbursing RIE for ongoing costs and claim amounts, subject to reservation of rights, and is not expected to materially affect RIE’s results of operations, financial position or cash flows. Energy Efficiency Programs Investigation Narragansett Electric, while under the ownership of National Grid, performed an internal investigation into conduct associated with its energy efficiency programs. Any adjustments that may be a result of the internal investigation remain subject to review and approval by the RIPUC. At this time, it is not possible to predict the final outcome or determine the total amount of any additional liabilities that may be incurred in connection with it by Narragansett Electric. This review by the RIPUC may be impacted by other investigations that are ongoing related to National Grid. Narragansett Electric does not expect this matter will have a material adverse effect on its results of operations, financial position or cash flows. On June 27, 2022, the RIPUC opened a new docket (RIPUC Docket 22-05-EE) to investigate RIE’s actions and the actions of its National Grid employees during the time RIE was a National Grid U.S. affiliate being provided services by National Grid USA Service Company, Inc. relating to the manipulation of the reporting of invoices affecting the calculation of past energy efficiency shareholder incentives and the resulting impact on customers. E.W. Brown Environmental Assessment ( PPL and KU) KU is undertaking extensive remedial measures at the E.W. Brown plant including closure of the former ash pond, implementation of a groundwater remedial action plan and performance of a corrective action plan including aquatic study of adjacent surface waters and risk assessment. The aquatic study and risk assessment are being undertaken pursuant to a 2017 agreed Order with the Kentucky Energy and Environment Cabinet (KEEC). KU conducted sampling of Herrington Lake in 2017 and 2018. In June 2019, KU submitted to the KEEC the required aquatic study and risk assessment, conducted by an independent third-party consultant, finding that discharges from the E.W. Brown plant have not had any significant impact on Herrington Lake and that the water in the lake is safe for recreational use and meets safe drinking water standards. On May 31, 2021, the KEEC approved the report and released a response to public comments. On August 6, 2021, KU submitted a Supplemental Remedial Alternatives Analysis report to the KEEC that outlines proposed additional fish, water, and sediment testing. On February 18, 2022, the KEEC provided approval to KU to proceed with the proposed sampling, which commenced in the spring of 2022. Air (PPL and LG&E) Sulfuric Acid Mist Emissions In June 2016, the EPA issued a notice of violation under the Clean Air Act alleging that LG&E violated applicable rules relating to sulfuric acid mist emissions at its Mill Creek plant. The notice alleges failure to install proper controls, failure to operate the facility consistent with good air pollution control practice and causing emissions exceeding applicable requirements or constituting a nuisance or endangerment. LG&E believes it has complied with applicable regulations during the relevant time period. On July 31, 2020, the U.S. Department of Justice and Louisville Metro Air Pollution Control District filed a complaint in the U.S. District Court for the Western District of Kentucky alleging violations specified in the EPA notice of violation and seeking civil penalties and injunctive relief. In October 2020, LG&E filed a motion to dismiss the complaint. In December 2020, the U.S. Department of Justice and the Louisville Metro Air Pollution Control District filed an amended complaint. In February 2021, LG&E filed a renewed motion to dismiss regarding the amended complaint. On February 23, 2022, the court entered a Consent Decree negotiated by the parties to resolve the violations alleged in the complaint. The Consent Decree requires LG&E to pay a civil penalty and perform a supplemental environmental project (SEP). The agreed penalty and SEP do not have a significant impact on LG&E's operations or financial condition. Water/Waste (PPL, LG&E and KU) ELGs In 2015, the EPA finalized ELGs for wastewater discharge permits for new and existing steam electricity generating facilities. These guidelines require deployment of additional control technologies providing physical, chemical and biological treatment and mandate operational changes including "no discharge" requirements for certain wastewaters. The implementation date for individual generating stations was to be determined by the states on a case-by-case basis according to criteria provided by the EPA. Legal challenges to the final rule were consolidated before the U.S. Court of Appeals for the Fifth Circuit. In April 2017, the EPA announced that it would grant petitions for reconsideration of the rule. In September 2017, the EPA issued a rule to postpone the compliance date for certain requirements. On October 13, 2020, the EPA published final revisions to its best available technology standards for certain wastewaters and potential extensions to compliance dates (the Reconsideration Rule). The rule is expected to be implemented by the states or applicable permitting authorities in the course of their normal permitting activities. LG&E and KU are currently implementing responsive compliance strategies and schedules. Certain aspects of these compliance plans and estimates relate to developments in state water quality standards, which are separate from the ELG rule or its implementation. Certain costs are included in the Registrants' capital plans and expected to be recovered from customers through rate recovery mechanisms, but additional costs and recovery will depend on further regulatory developments at the state level. In August 2021, the EPA published a notice of rulemaking initiative announcing that it will propose revisions to the Reconsideration Rule and determine "whether more stringent limitations and standards are appropriate." Compliance with the Reconsideration Rule is required during the pendency of the rulemaking process. CCRs In 2015, the EPA issued a final rule governing management of CCRs which include fly ash, bottom ash and sulfur dioxide scrubber wastes. The CCR Rule imposes extensive new requirements for certain CCR impoundments and landfills, including public notifications, location restrictions, design and operating standards, groundwater monitoring and corrective action requirements, and closure and post-closure care requirements, and specifies restrictions relating to the beneficial use of CCRs. In July 2018, the EPA issued a final rule extending the deadline for closure of certain impoundments and adopting other substantive changes. In August 2018, the D.C. Circuit Court of Appeals vacated and remanded portions of the CCR Rule. In December 2019, the EPA addressed the deficiencies identified by the court and proposed amendments to change the closure deadline. In August 2020, the EPA published a final rule extending the deadline to initiate closure to April 11, 2021, while providing for certain extensions. The EPA is conducting ongoing rulemaking actions regarding various other amendments to the rule. Certain ongoing legal challenges to various provisions of the CCR Rule have been held in abeyance pending review by the EPA pursuant to the President's executive order. PPL, LG&E, and KU are monitoring the EPA’s ongoing efforts to refine and implement the regulatory program under the CCR Rule. The EPA has issued several recent proposed regulatory determinations, facility notifications and public announcements which indicate increased scrutiny by the EPA to determine the adequacy of measures taken by facility owners and operators to achieve closure of CCR surface impoundments and landfills. In particular, the agency indicated that it will focus on certain practices that it views as posing a threat of continuing groundwater contamination. Future guidance, regulatory determinations, rulemakings and other developments could potentially require revisions to current LG&E and KU compliance plans including additional monitoring and remediation at surface impoundments and landfills, the cost of which could be substantial. PPL, LG&E and KU are unable to predict the outcome of the ongoing litigation, rulemaking, and regulatory determinations or potential impacts on current LG&E and KU compliance plans. The Registrants are currently finalizing closure plans and schedules. In January 2017, Kentucky issued a new state rule relating to CCR management, effective May 2017, aimed at reflecting the requirements of the federal CCR rule. As a result of a subsequent legal challenge, in January 2018, the Franklin County, Kentucky Circuit Court issued an opinion invalidating certain procedural elements of the rule. LG&E and KU presently operate their facilities under continuing permits authorized under the former program and do not currently anticipate material impacts as a result of the judicial ruling. Associated costs are expected to be subject to rate recovery. LG&E and KU received KPSC approval for a compliance plan providing for the closure of impoundments at the Mill Creek, Trimble County, E.W. Brown, and Ghent stations, and construction of process water management facilities at those plants. In addition to the foregoing measures required for compliance with the federal CCR rule, KU also received KPSC approval for its plans to close impoundments at the retired Green River, Pineville and Tyrone plants to comply with applicable state law. LG&E and KU have completed planned closure measures at most of the subject impoundments and have commenced post closure groundwater monitoring as required at those facilities. LG&E and KU generally expect to complete all impoundment closures within five years of commencement, although a longer period may be required to complete closure of some facilities. Associated costs are expected to be subject to rate recovery. In connection with the final CCR rule, LG&E and KU recorded adjustments to existing AROs beginning in 2015 and continue to record adjustments as required. See Note 15 for additional information. Further changes to AROs, current capital plans or operating costs may be required as estimates are refined based on closure developments, groundwater monitoring results, and regulatory or legal proceedings. Costs relating to this rule are expected to be subject to rate recovery. Superfund and Other Remediation (All Registrants) PPL, PPL Electric, LG&E and KU are potentially responsible for investigating and remediating contamination under the federal Superfund program and similar state programs. Actions are under way at certain sites including former coal gas manufacturing plants in Pennsylvania and Kentucky previously owned or operated by, or currently owned by predecessors or affiliates of, PPL Electric, LG&E and KU. PPL Electric is potentially responsible for a share of clean-up costs at certain sites including the Columbia Gas Plant site and the Brodhead site. Cleanup actions have been or are being undertaken at these sites as requested by governmental agencies, the costs of which have not been and are not expected to be significant to PPL Electric. As of September 30, 2022 and December 31, 2021, PPL Electric had a recorded liability of $11 million and $10 million representing its best estimate of the probable loss incurred to remediate the sites identified above. Depending on the outcome of investigations at identified sites where investigations have not begun or been completed, or developments at sites for which information is incomplete, additional costs of remediation could be incurred. PPL Electric, LG&E and KU lack sufficient information about such additional sites to estimate any potential liability or range of reasonably possible losses, if any, related to these sites. Such costs, however, are not currently expected to be significant. The EPA is evaluating the risks associated with polycyclic aromatic hydrocarbons and naphthalene, chemical by-products of coal gas manufacturing. As a result, individual states may establish stricter standards for water quality and soil cleanup, that could require several PPL subsidiaries to take more extensive assessment and remedial actions at former coal gas manufacturing plants. The Registrants cannot reasonably estimate a range of possible losses, if any, related to these matters. Narragansett Electric The EPA, the Massachusetts Department of Environmental Protection (MADEP), and the Rhode Island Department of Environmental Management (DEM) have alleged that Narragansett Electric is a potentially responsible party under state or federal law for the remediation of a number of sites at which hazardous substances are alleged to have been disposed. Narragansett Electric’s most significant liabilities relate to former manufactured gas plant (MGP) facilities formerly owned by the Blackstone Valley Gas and Electric Company and the Rhode Island gas distribution assets of the New England Gas division of Southern Union Company and electric operations at certain Narragansett Electric facilities. Narragansett Electric is currently investigating and remediating, as necessary, those MGP sites and certain other properties under agreements with the EPA, DEM and MADEP. Expenditures incurred for the nine months ended September 30, 2022 were $9 million. Narragansett Electric estimates the remaining costs of environmental remediation activities are $102 million as of September 30, 2022, with $7 million included in current liabilities on the Balance Sheets at September 30, 2022. These undiscounted costs are expected to be incurred over approximately 30 years. However, remediation costs for each site may be materially higher than estimated, depending on changing technologies and regulatory standards, selected end uses for each site, and actual environmental conditions encountered. Narragansett Electric has recovered amounts from certain insurers and potentially responsible parties, and, where appropriate, may seek additional recovery from other insurers and from other potentially responsible parties, but it is uncertain whether, and to what extent, such efforts will be successful. The RIPUC has approved two settlement agreements that provides for rate recovery of qualified remediation costs of certain contaminated sites located in Rhode Island and Massachusetts. Rate-recoverable contributions for electric operations of approximately $3 million are added annually to the fund, along with interest and any recoveries from insurance carriers and other third-parties. In addition, Narragansett Electric recovers approximately $1 million annually for gas operations under a Distribution Adjustment Charge in which the qualified remediation costs are amortized over 10 years. See Note 6 for additional information on RIE's recorded environmental regulatory assets and liabilities. Narragansett Electric believes that its ongoing operations and approach to addressing conditions at historical sites are in substantial compliance with all applicable environmental laws. Where Narragansett Electric has regulatory recovery, it believes that the obligations imposed on it because of the environmental laws will not have a material impact on PPL's results of operations or financial position. Regulatory Issues ( All Registrants) See Note 6 for information on regulatory matters related to utility rate regulation. Electricity - Reliability Standards The NERC is responsible for establishing and enforcing mandatory reliability standards (Reliability Standards) regarding the bulk electric system in North America. 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 electric system, including electric utility companies, generators and marketers. Under the Federal Power Act, the FERC may assess civil penalties for certain violations. PPL Electric, LG&E, KU, and RIE monitor their compliance with the Reliability Standards and self-report or self-log potential violations of applicable reliability requirements whenever identified, and submit accompanying mitigation plans, as required. The resolution of a small number of potential violations is pending. Penalties incurred to date have not been significant. Any Regional Reliability Entity 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 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LG&E and KU) PPL Services and LKS provide and, prior to its merger into PPL Services on December 31, 2021, PPL EU Services provided the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, LKS and PPL EU Services charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2022 2021 2022 2021 PPL Electric from PPL Services $ 51 $ 15 $ 172 $ 36 PPL Electric from PPL EU Services — 48 — 147 LG&E from LKS 34 40 114 126 KU from LKS 39 43 125 132 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third-parties. 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 PPL and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $1,200 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2022, PPL Energy Funding had no borrowings outstanding and $499 million outstanding at December 31, 2021. This balance is reflected in "Notes receivable from affiliate" on the PPL Electric Balance Sheets. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the PPL Electric Income Statements. (LG&E and KU) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. At September 30, 2022, LG&E's money pool unused capacity was $626 million. At September 30, 2022 and December 31, 2021, LG&E had borrowings outstanding from KU and/or LKE of $14 million and $324 million. These balances are reflected in "Notes payable to affiliates" on the LG&E Balance Sheets. KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. At September 30, 2022, KU's money pool unused capacity was $628 million. At September 30, 2022 and December 31, 2021, KU had borrowings outstanding from LG&E and/or LKE of $22 million and $294 million. These balances are reflected in "Notes payable to affiliates" on the KU Balance Sheets. VEBA Funds Receivable (PPL Electric) In 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $2 million as of September 30, 2022, which was reflected in "Accounts receivable from affiliates" on the PPL Electric Balance Sheets. The intercompany receivable balance associated with these funds was $11 million as of December 31, 2021, the majority of which was reflected in "Accounts receivable from affiliates" on the PPL Electric Balance Sheets. |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LG&E and KU) PPL Services and LKS provide and, prior to its merger into PPL Services on December 31, 2021, PPL EU Services provided the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, LKS and PPL EU Services charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2022 2021 2022 2021 PPL Electric from PPL Services $ 51 $ 15 $ 172 $ 36 PPL Electric from PPL EU Services — 48 — 147 LG&E from LKS 34 40 114 126 KU from LKS 39 43 125 132 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third-parties. 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 PPL and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $1,200 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2022, PPL Energy Funding had no borrowings outstanding and $499 million outstanding at December 31, 2021. This balance is reflected in "Notes receivable from affiliate" on the PPL Electric Balance Sheets. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the PPL Electric Income Statements. (LG&E and KU) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. At September 30, 2022, LG&E's money pool unused capacity was $626 million. At September 30, 2022 and December 31, 2021, LG&E had borrowings outstanding from KU and/or LKE of $14 million and $324 million. These balances are reflected in "Notes payable to affiliates" on the LG&E Balance Sheets. KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. At September 30, 2022, KU's money pool unused capacity was $628 million. At September 30, 2022 and December 31, 2021, KU had borrowings outstanding from LG&E and/or LKE of $22 million and $294 million. These balances are reflected in "Notes payable to affiliates" on the KU Balance Sheets. VEBA Funds Receivable (PPL Electric) In 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $2 million as of September 30, 2022, which was reflected in "Accounts receivable from affiliates" on the PPL Electric Balance Sheets. The intercompany receivable balance associated with these funds was $11 million as of December 31, 2021, the majority of which was reflected in "Accounts receivable from affiliates" on the PPL Electric Balance Sheets. |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LG&E and KU) PPL Services and LKS provide and, prior to its merger into PPL Services on December 31, 2021, PPL EU Services provided the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, LKS and PPL EU Services charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2022 2021 2022 2021 PPL Electric from PPL Services $ 51 $ 15 $ 172 $ 36 PPL Electric from PPL EU Services — 48 — 147 LG&E from LKS 34 40 114 126 KU from LKS 39 43 125 132 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third-parties. 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 PPL and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $1,200 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2022, PPL Energy Funding had no borrowings outstanding and $499 million outstanding at December 31, 2021. This balance is reflected in "Notes receivable from affiliate" on the PPL Electric Balance Sheets. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the PPL Electric Income Statements. (LG&E and KU) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. At September 30, 2022, LG&E's money pool unused capacity was $626 million. At September 30, 2022 and December 31, 2021, LG&E had borrowings outstanding from KU and/or LKE of $14 million and $324 million. These balances are reflected in "Notes payable to affiliates" on the LG&E Balance Sheets. KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. At September 30, 2022, KU's money pool unused capacity was $628 million. At September 30, 2022 and December 31, 2021, KU had borrowings outstanding from LG&E and/or LKE of $22 million and $294 million. These balances are reflected in "Notes payable to affiliates" on the KU Balance Sheets. VEBA Funds Receivable (PPL Electric) In 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $2 million as of September 30, 2022, which was reflected in "Accounts receivable from affiliates" on the PPL Electric Balance Sheets. The intercompany receivable balance associated with these funds was $11 million as of December 31, 2021, the majority of which was reflected in "Accounts receivable from affiliates" on the PPL Electric Balance Sheets. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements (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. See Note 1 in each Registrant's 2021 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: September 30, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 303 $ 303 $ — $ — $ 3,571 $ 3,571 $ — $ — Restricted cash and cash equivalents (a) 1 1 — — 1 1 — — Total Cash, Cash Equivalents and Restricted Cash (b) 304 304 — — 3,572 3,572 — — Special use funds (a): Money market fund 1 1 — — 2 2 — — Commingled debt fund measured at NAV (c) 15 — — — 22 — — — Commingled equity fund measured at NAV (c) 12 — — — 21 — — — Total special use funds 28 1 — — 45 2 — — Price risk management assets (d): Gas contracts 76 — 76 — — — — — Total assets $ 408 $ 305 $ 76 $ — $ 3,617 $ 3,574 $ — $ — Liabilities Price risk management liabilities (d): Interest rate swaps $ 7 $ — $ 7 $ — $ 18 $ — $ 18 $ — Gas contracts 5 — 5 — — — — — Total price risk management liabilities $ 12 $ — $ 12 $ — $ 18 $ — $ 18 $ — PPL Electric Assets Cash and cash equivalents $ 22 $ 22 $ — $ — $ 21 $ 21 $ — $ — Total assets $ 22 $ 22 $ — $ — $ 21 $ 21 $ — $ — LG&E Assets Cash and cash equivalents $ 25 $ 25 $ — $ — $ 9 $ 9 $ — $ — Total assets $ 25 $ 25 $ — $ — $ 9 $ 9 $ — $ — September 30, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Price risk management liabilities: Interest rate swaps $ 7 $ — $ 7 $ — $ 18 $ — $ 18 $ — Total price risk management liabilities $ 7 $ — $ 7 $ — $ 18 $ — $ 18 $ — KU Assets Cash and cash equivalents $ 25 $ 25 $ — $ — $ 13 $ 13 $ — $ — Total assets $ 25 $ 25 $ — $ — $ 13 $ 13 $ — $ — (a) Included in "Other current assets" on the Balance Sheets. (b) Total Cash, Cash Equivalents and Restricted Cash provides a reconciliation of these items reported within the Balance Sheets to the sum shown on the Statements of Cash Flows. (c) In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Balance Sheets. (d) Current portion is included in "Other current asset" and "Other current liabilities" and noncurrent portion is included in "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. Special Use Funds (PPL) The special use funds are investments restricted for paying active union employee medical costs. In 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA to be used to pay medical claims of active bargaining unit employees. The funds are invested primarily in commingled debt and equity funds measured at NAV and are classified as investments in equity securities. Changes in the fair value of the funds are recorded to the Statements of Income. Price Risk Management Assets/Liabilities Interest Rate Swaps ( PPL, LG&E and KU) To manage interest rate risk, PPL, LG&E and KU use interest rate contracts such as forward-starting swaps, floating-to-fixed swaps and fixed-to-floating swaps. 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), 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. Gas Contracts (PPL) To manage gas commodity price risk associated with natural gas purchases, RIE utilizes over-the-counter (OTC) gas swaps contracts with pricing inputs obtained from the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE), except in cases where the ICE publishes seasonal averages or where there were no transactions within the last seven days. RIE may utilize discounting based on quoted interest rate curves, including consideration of non-performance risk, and may include a liquidity reserve calculated based on bid/ask spread. Substantially all of these price curves are observable in the marketplace throughout at least 95% of the remaining contractual quantity, or they could be constructed from market observable curves with correlation coefficients of 95% or higher. These contracts are classified as Level 2. RIE also utilizes gas option and purchase and capacity transactions, which are valued based on internally developed models. Industry-standard valuation techniques, such as the Black-Scholes pricing model, are used for valuing such instruments. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is classified as Level 3. This includes derivative instruments valued using indicative price quotations whose contract tenure extends into unobservable periods. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility, and contract duration. Such instruments are classified as in Level 3 as the model inputs generally are not observable. RIE considers non-performance risk and liquidity risk in the valuation of derivative instruments classified as Level 2 and Level 3. Nonrecurring Fair Value Measurements (PPL) See Note 8 for information regarding the estimated fair value of Safari Holdings, which was classified as held for sale as of September 30, 2022. Financial Instruments Not Recorded at Fair Value (All Registrants) Long-term debt is classified as Level 2. The effect of third-party credit enhancements is not included in the fair value measurement. The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below. September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value PPL $ 13,241 $ 12,151 $ 11,140 $ 12,955 PPL Electric 4,485 4,239 4,484 5,272 LG&E 2,307 2,112 2,006 2,363 KU 2,919 2,609 2,618 3,120 (a) Amounts are net of debt issuance costs. The carrying amounts of other current financial instruments (except for long-term debt due within one year) approximate their fair values because of their short-term nature. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 14. Derivative Instruments and Hedging Activities (All Registrants) Risk Management Objectives PPL has a risk management policy approved by the Board of Directors to manage market risk associated with commodities, interest rates on debt issuances (including price, liquidity and volumetric risk) and credit risk (including non-performance risk and payment default risk). The Risk Management Committee, comprised of senior management and chaired by the Senior Director-Risk Management, 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, verification of risk and transaction limits, value-at-risk analyses (VaR, a statistical model that attempts to estimate the value of potential loss over a given holding period under normal market conditions at a given confidence level) and the coordination and reporting of the Enterprise Risk Management program. 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 and interest rates. Many of these contracts meet the definition of a derivative. All derivatives are recognized on the Balance Sheets at their fair value, unless NPNS is elected. The following summarizes the market risks that affect PPL and its subsidiaries. Interest Rate Risk • PPL and its subsidiaries are exposed to interest rate risk associated with forecasted fixed-rate and existing floating-rate debt issuances. PPL and LG&E utilize over-the-counter interest rate swaps to limit exposure to market fluctuations on floating-rate debt. PPL, 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. • PPL and its subsidiaries are exposed to interest rate risk associated with debt securities and derivatives 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 due to the recovery methods in place. Commodity Price Risk PPL is exposed to commodity price risk through its subsidiaries as described below. • PPL Electric is required to purchase electricity to fulfill its obligation as a PLR. Potential commodity price risk is mitigated through its PAPUC-approved cost recovery mechanism and full-requirement supply agreements to serve its PLR customers which transfer the risk to energy suppliers. • LG&E's and KU's rates include certain mechanisms for fuel, fuel-related expenses and energy purchases. In addition, LG&E's rates include a mechanism for natural gas supply expenses. These mechanisms generally provide for timely recovery of market price fluctuations associated with these expenses. • RIE utilizes derivative instruments pursuant to its RIPUC-approved plan to manage commodity price risk associated with its natural gas purchases. RIE's commodity risk management strategy is to reduce fluctuations in firm gas sales prices to its customers. RIE's costs associated with derivatives instruments are generally recoverable through its RIPUC- approved cost recovery mechanism. RIE is required to purchase electricity to fulfill its obligation to provide Last Resort Service (LRS). Potential commodity price risk is mitigated through its RIPUC-approved cost recovery mechanisms and full requirements service agreements to serve LRS customers, which transfer the risk to energy suppliers. RIE is required to contract through long-term agreements for clean energy supply under the Rhode Island Renewable Energy Growth program and Long-term Clean Energy Standard. Potential commodity price risk is mitigated through its RIPUC-approved cost recovery mechanisms, which true-up cost differences between contract prices and market prices. Volumetric Risk Volumetric risk is the risk related to the changes in volume of retail sales due to weather, economic conditions or other factors. PPL is exposed to volumetric risk through its subsidiaries as described below: • PPL Electric, LG&E and KU are exposed to volumetric risk on retail sales, mainly due to weather and other economic conditions for which there is limited mitigation between rate cases. • RIE is exposed to volumetric risk, which is significantly mitigated by regulatory mechanisms. RIE's electric and gas distribution rates both have a revenue decoupling mechanism, which allows for annual adjustments to RIE's delivery rates. Equity Securities Price Risk • PPL and its subsidiaries are exposed to equity securities price risk associated with the fair value of the defined benefit plans' assets. This risk is significantly mitigated due to the recovery methods in place. • PPL is exposed to equity securities price risk from future stock sales and/or purchases. 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" transactions with counterparties as well as additional credit risk through certain of its subsidiaries, as discussed below. In the event a supplier of PPL, PPL Electric, LG&E or KU defaults on its obligation, those Registrants would be required to seek replacement power or replacement fuel in the market. In general, subject to regulatory review or other processes, appropriate incremental costs incurred by these entities would be recoverable from customers through applicable rate mechanisms, thereby 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. Master Netting Arrangements (PPL, LG&E and KU) 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 had a $2 million obligation to return and no obligation to post cash collateral under master netting arrangements at September 30, 2022 and no obligation to return or post cash collateral under master netting arrangements at December 31, 2021. LG&E and KU had no obligation to return or post cash collateral under master netting arrangements at September 30, 2022 and December 31, 2021. See "Offsetting Derivative Instruments" below for a summary of derivative positions presented in the balance sheets where a right of setoff exists under these arrangements. Interest Rate Risk (All Registrants) PPL and its subsidiaries issue debt to finance their operations, which exposes them to interest rate risk. A variety of financial derivative instruments are utilized to adjust the mix of fixed and floating interest rates in their debt portfolios, adjust the duration of the debt portfolios 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. In addition, the interest rate risk of certain subsidiaries is potentially mitigated as a result of the existing regulatory framework or the timing of rate cases. 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. PPL had no such contracts at September 30, 2022. 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 not probable of occurring. For the three and nine months ended September 30, 2022 and 2021, PPL had no cash flow hedges reclassified into earnings associated with discontinued cash flow hedges. At September 30, 2022, the amount of accumulated net unrecognized after-tax gains (losses) on qualifying derivatives expected to be reclassified into earnings during the next 12 months is insignificant. Amounts are reclassified as the hedged interest expense is recorded. Economic Activity (PPL and LG&E) LG&E enters into interest rate swap contracts that economically hedge interest payments. Because realized gains and losses from the swaps, including terminated swap contracts, 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 at the time the underlying hedged interest expense is recorded. At September 30, 2022, LG&E held contracts with a notional amount of $64 million that mature in 2033. 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 include certain full requirement purchase contracts and other physical purchase contracts. Changes in the fair value of derivatives not designated as NPNS are recognized 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 and certain RIE commodity gas contracts that are recognized as regulatory assets or regulatory liabilities. See Note 6 for amounts recorded in regulatory assets and regulatory liabilities at September 30, 2022 and December 31, 2021. See Note 1 in each Registrant's 2021 Form 10-K for additional information on accounting policies related to derivative instruments. (PPL) The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. September 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps (a) $ — $ 1 $ — $ 1 Gas contracts (a) 60 4 — — Total current 60 5 — 1 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps (a) — 6 — 17 Gas contracts (a) 16 1 — — Total noncurrent 16 7 — 17 Total derivatives $ 76 $ 12 $ — $ 18 (a) Current portion is included in "Other current assets" and "Other current liabilities" and noncurrent portion is included in "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. 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 period ended September 30, 2022. Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ — $ (2) Total $ — $ — $ — $ (2) Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Nine Months Interest rate swaps Interest expense $ — $ 1 Gas contracts Energy purchases 17 26 Total $ 17 $ 27 Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 3 $ 11 The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended September 30, 2021. Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (1) $ 12 Loss from Discontinued Operations (net of taxes) — (2) Cross-currency swaps — (50) Loss from Discontinued Operations (net of taxes) — (39) Total $ — $ (50) $ (1) $ (29) Net Investment Hedges: Foreign currency contracts in discontinued operations $ — $ 1 Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Nine Months Foreign currency contracts Loss from Discontinued operations (net of taxes) $ — $ (266) Interest rate swaps Interest expense — (2) Total $ — $ (268) Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 1 $ 4 The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2022. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Nine Months Interest Expense Other Income (Expense) - net Interest Expense Other Income (Expense) - net Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded $ 136 $ 10 $ 361 $ 36 The effects of cash flow hedges: Gain (Loss) on cash flow hedging relationships: Interest rate swaps: Amount of gain (loss) reclassified from AOCI to income — — (2) — The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2021. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Six Months Interest Expense Income (Loss) from Discontinued Operations (net of taxes) Interest Expense Income (Loss) from Discontinued Operations (net of taxes) Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded $ 183 $ (2) $ 810 $ (1,490) The effects of cash flow hedges: Gain (Loss) on cash flow hedging relationships: Interest rate swaps: Amount of gain (loss) reclassified from AOCI to income (1) — 12 (2) Cross-currency swaps: Hedged items — — — 39 Amount of gain (loss) reclassified from AOCI to Income — — — (39) (LG&E) The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. September 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 1 $ — $ 1 Total current — 1 — 1 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 6 — 17 Total noncurrent — 6 — 17 Total derivatives $ — $ 7 $ — $ 18 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 period ended September 30, 2022. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ — $ 1 Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 3 $ 11 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 period ended September 30, 2021. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ — $ (2) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 1 $ 4 (PPL, LG&E and KU) Offsetting Derivative Instruments PPL, LG&E and KU or certain of their subsidiaries have master netting arrangements in place and also enter into agreements pursuant to which they purchase or sell 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 set off 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, 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 Gross Derivative Cash Net Gross Derivative Cash Net September 30, 2022 Derivatives PPL $ 76 $ 3 $ 2 $ 71 $ 12 $ 3 $ — $ 9 LG&E — — — — 7 — — 7 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net December 31, 2021 Derivatives PPL $ — $ — $ — $ — $ 18 $ — $ — $ 18 LG&E — — — — 18 — — 18 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, 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 credit rating at levels that remain above investment grade. In either case, if the applicable credit rating were to fall below investment grade, 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, LG&E's and KU's obligations under the contracts. 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 would represent assumed immediate payment or immediate and ongoing full collateralization for derivative instruments in net liability positions with "adequate assurance" features. (PPL) At September 30, 2022, derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those positions and the related effect of a decrease in credit ratings below investment grade was an immaterial amount. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LG&E and KU) PPL's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 10 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset or regulatory liability. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, deferred accretion and depreciation expense is recovered through cost of removal. The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2021 $ 189 $ 84 $ 105 Acquisition of RIE (a) 10 — — Accretion 4 3 1 New obligations incurred 2 2 — Changes in estimated timing or cost 10 9 1 Obligations settled (35) (12) (23) Balance at September 30, 2022 $ 180 $ 86 $ 84 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LG&E and KU) PPL's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 10 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset or regulatory liability. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, deferred accretion and depreciation expense is recovered through cost of removal. The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2021 $ 189 $ 84 $ 105 Acquisition of RIE (a) 10 — — Accretion 4 3 1 New obligations incurred 2 2 — Changes in estimated timing or cost 10 9 1 Obligations settled (35) (12) (23) Balance at September 30, 2022 $ 180 $ 86 $ 84 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LG&E and KU) PPL's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 10 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset or regulatory liability. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, deferred accretion and depreciation expense is recovered through cost of removal. The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2021 $ 189 $ 84 $ 105 Acquisition of RIE (a) 10 — — Accretion 4 3 1 New obligations incurred 2 2 — Changes in estimated timing or cost 10 9 1 Obligations settled (35) (12) (23) Balance at September 30, 2022 $ 180 $ 86 $ 84 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | 16. Accumulated Other Comprehensive Income (Loss) (PPL) The after-tax changes in AOCI by component for the periods ended September 30 were as follows. Foreign Unrealized gains (losses) Defined benefit plans Equity Prior Actuarial Total PPL June 30, 2022 $ — $ 2 $ 2 $ (6) $ (122) $ (124) Amounts arising during the period — — — — (10) (10) Reclassifications from AOCI — — — 1 3 4 Net OCI during the period — — — 1 (7) (6) September 30, 2022 $ — $ 2 $ 2 $ (5) $ (129) $ (130) December 31, 2021 $ — $ 1 $ — $ (6) $ (152) $ (157) Amounts arising during the period — — 2 (1) 11 12 Reclassifications from AOCI — 1 — 2 12 15 Net OCI during the period — 1 2 1 23 27 September 30, 2022 $ — $ 2 $ 2 $ (5) $ (129) $ (130) June 30, 2021 $ — $ — $ — $ (15) $ (176) $ (191) Amounts arising during the period — — — — (12) (12) Reclassifications from AOCI — 1 — 9 10 20 Net OCI during the period — 1 — 9 (2) 8 September 30, 2021 $ — $ 1 $ — $ (6) $ (178) $ (183) December 31, 2020 $ (1,158) $ — $ — $ (16) $ (3,046) $ (4,220) Amounts arising during the period 372 (39) — — (18) 315 Reclassifications from AOCI — 25 — 2 117 144 Reclassifications from AOCI due to the sale of the U.K. utility business (Note 8) 786 15 — 8 2,769 3,578 Net OCI during the period 1,158 1 — 10 2,868 4,037 September 30, 2021 $ — $ 1 $ — $ (6) $ (178) $ (183) The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the periods ended September 30. Three Months Nine Months Affected Line Item on the Details about AOCI 2022 2021 2022 2021 Statements of Income Qualifying derivatives Interest rate swaps $ — $ (1) $ (2) $ 12 Interest Expense — — — (2) Loss from Discontinued Operations (net of income taxes) Cross-currency swaps — — — (39) Loss from Discontinued Operations (net of income taxes) Total Pre-tax — (1) (2) (29) Income Taxes — — 1 4 Total After-tax — (1) (1) (25) Defined benefit plans Prior service costs (a) (2) (12) (3) (3) Net actuarial loss (a) (5) (14) (17) (147) Total Pre-tax (7) (26) (20) (150) Income Taxes 3 7 6 31 Total After-tax (4) (19) (14) (119) Sale of the U.K. utility business (Note 9) Foreign currency translation adjustments — — — (646) Loss from Discontinued Operations (net of income taxes) Qualifying derivatives — — — (15) Loss from Discontinued Operations (net of income taxes) Defined benefit plans — — — (3,577) Loss from Discontinued Operations (net of income taxes) Total Pre-tax — — — (4,238) Income Taxes — — — 660 Total After-tax — — — (3,578) Total reclassifications during the period $ (4) $ (20) $ (15) $ (3,722) (a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 9 for additional information. |
Acquisitions, Development and D
Acquisitions, Development and Divestitures (Tables) | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Combinations [Abstract] | |||
Business Combination, Total Consideration | The fair value of the consideration paid for Narragansett Electric was as follows (in billions): Aggregate enterprise consideration $ 5.3 Less: fair value of assumed long-term debt outstanding 1.5 Total cash consideration $ 3.8 | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below shows the preliminary allocation of the purchase price to the assets acquired and liabilities assumed that were recorded in PPL’s Consolidated Balance Sheet as of the Acquisition date. Purchase Price Allocation as of September 30, 2022 Assets Current Assets Cash and Cash Equivalents $ 142 Accounts Receivable (a) 195 Unbilled Revenues 54 Price Risk Management Assets 99 Regulatory Assets 75 Other Current Assets 65 Total Current Assets 630 Noncurrent Assets Property, Plant and Equipment, net 3,990 Regulatory Assets 437 Goodwill 1,579 Other Noncurrent Assets 134 Total Noncurrent Assets 6,140 Total Assets $ 6,770 Liabilities Current Liabilities Long-Term Debt Due Within One Year $ 14 Accounts Payable 181 Taxes Accrued 44 Regulatory Liabilities 237 Other Current Liabilities 198 Total Current Liabilities 674 Noncurrent Liabilities Long-Term Debt 1,496 Regulatory Liabilities 628 Other Deferred Credits and Noncurrent Liabilities 150 Noncurrent Liabilities 2,274 Total Purchase Price (Balance Sheet Net Assets) $ 3,822 (a) Amounts represent fair value as of May 25, 2022. The gross contractual amount is $255 million. Cash flows not expected to be collected as of May 25, 2022 were $60 million. | ||
Business Acquisition, Pro Forma Information | The actual RIE Operating Revenues and Net income attributable to PPL included in PPL's Statement of Income for the period ended September 30, 2022, and PPL's unaudited pro forma 2022 and 2021 Operating Revenues and Net Income (Loss) attributable to PPL, including RIE, as if the Acquisition had occurred on January 1, 2021 are as follows. Operating Revenues Net Income (Loss) Actual RIE results included from May 25, 2022 - September 30, 2022 (a) $ 512 $ (55) PPL Pro Forma for the nine months ended 2022 6,322 630 PPL Pro Forma for the nine months ended 2021 5,435 (15) (a) Net Income (Loss) includes expenses of $101 million (pre-tax) related to commitments made as a condition of the Acquisition. | ||
Disposal Groups, Including Discontinued Operations | The operations of the U.K. utility business are included in "Income (Loss) from Discontinued Operations (net of income taxes)" on the Statement of Income for the periods ended September 30, 2021 as follows: Three Months Nine Months Operating Revenues $ — $ 1,344 Operating Expenses — 466 Other Income (Expense) - net — 202 Interest Expense (a) — 209 Income before income taxes — 871 Loss on sale — (1,609) Income taxes 2 752 Income (Loss) from Discontinued Operations (net of income taxes) $ (2) $ (1,490) (a) No interest from corporate level debt was allocated to discontinued operations |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2022 | |
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 each Registrant's 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 footnote disclosures 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, 2021 is derived from that Registrant's 2021 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 2021 Form 10-K. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 or other future periods, because results for interim periods can be disproportionately influenced by various factors, developments and seasonal variations. (PPL ) On March 17, 2021, PPL WPD Limited entered into a share purchase agreement to sell PPL's U.K. utility business, which prior to its sale substantially represented PPL's U.K. Regulated segment, to a subsidiary of National Grid plc. The sale was completed on June 14, 2021. The results of operations of the U.K. utility business are classified as Discontinued Operations on PPL's Statements of Income for the three and nine months ended September 30, 2021. PPL has elected to separately report the cash flows of continuing and discontinued operations on the Statements of Cash Flows for the nine months ended September 30, 2021. Unless otherwise noted, the notes to these financial statements exclude amounts related to discontinued operations. See Note 8 for additional information. On May 25, 2022, PPL Rhode Island Holdings, a subsidiary of PPL, acquired 100% of the outstanding shares of common stock of Narragansett Electric from National Grid USA (National Grid U.S.), a subsidiary of National Grid plc (the Acquisition). The results of Narragansett Electric are included in the consolidated results of PPL from the date of the Acquisition. Following the closing of the Acquisition, Narragansett Electric provides services doing business under the name Rhode Island Energy (RIE). See Note 8 for additional information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | XX. Summary of Significant Accounting Policies (All Registrants) The following accounting policy disclosures represent updates to Note 1 in each Registrant's 2021 Form 10-K and should be read in conjunction with those disclosures. Restricted Cash and Cash Equivalents (PPL) Reconciliation of Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows: PPL September 30, December 31, Cash and cash equivalents $ 303 $ 3,571 Restricted cash - current (a) 1 1 Total Cash, Cash Equivalents and Restricted Cash $ 304 $ 3,572 (a) Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets." |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers (All Registrants) See Note 3 in the Registrants' 2021 Form 10-K for a discussion of the principal activities from which PPL Electric, LG&E and KU and PPL’s Pennsylvania Regulated and Kentucky Regulated segments generate their revenues. (PPL) Rhode Island Regulated Segment Revenues The Rhode Island Regulated segment generates substantially all of its revenues from contracts with customers from RIE’s regulated tariff-based transmission and distribution of electricity and regulated tariff-based distribution of natural gas. Distribution Revenue Distribution revenues are primarily from the sale of electricity, natural gas, and related services to retail customers. Distribution sales are regulated by the RIPUC, which is responsible for approving the rates and other terms of services as part of the rate making process. Natural gas and electric distribution revenues are derived from the regulated sale and distribution of electricity and natural gas to residential, commercial, and industrial customers within RIE’s service territory under the tariff rates. The performance obligation related to distribution sales is to provide electricity and natural gas to customers on demand. The performance obligation is satisfied over time because the customer simultaneously receives and consumes the electricity or natural gas as services are provided. RIE records revenues related to the distribution sales based upon the approved tariff rate and the volume delivered to the customers, which corresponds with the amount RIE has the right to invoice. Distribution revenue also includes estimated unbilled amounts, which represent the estimated amounts due from retail customers as a result of customer's bills rendered throughout the month, rather than bills being rendered at the end of the month. Unbilled revenues are determined based on estimated unbilled sales volumes for the respective customer classes and then applying the applicable tariff rate to those volumes. Any difference between estimated and actual revenues is adjusted the following month when the previous unbilled estimate is reversed and actual billings occur. This method of recognition fairly presents RIE's transfer of electricity and natural gas to the customer as the amount recognized is based on actual and estimated volumes delivered and the tariff rate per unit of energy and any applicable fixed charges or regulatory mechanisms as approved by the respective regulatory body. Certain customers have the option to obtain electricity or natural gas from other suppliers. In those circumstances, revenue is only recognized for providing delivery of the commodity to the customer. Transmission Revenue RIE’s transmission services are regulated by the FERC and coordinated with Independent System Operator (ISO) – New England (ISO-NE). Additionally, RIE makes available its transmission facilities to NEP, for operation and control pursuant to an integrated facilities agreement, Service Agreement No. 23 (Integrated Facilities Agreement or IFA). These revenues arise under tariff/rate agreements and are collected primarily from RIE’s distribution customers. The revenue is recognized over-time as transmission services are provided and consumed. This method of recognition fairly presents RIE’s transfer of transmission services as the daily rate is set by a FERC-approved formula-based rate. (All Registrants) The following tables reconcile "Operating Revenues" included in each Registrant's Statement of Income with revenues generated from contracts with customers for the periods ended September 30. 2022 Three Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 2,134 $ 766 $ 436 $ 553 Revenues derived from: Alternative revenue programs (b) 51 3 3 1 Other (c) (8) (4) (1) (2) Revenues from Contracts with Customers $ 2,177 $ 765 $ 438 $ 552 2021 Three Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 1,512 $ 627 $ 395 $ 494 Revenues derived from: Alternative revenue programs (b) 19 22 (1) (2) Other (c) (4) — (2) (2) Revenues from Contracts with Customers $ 1,527 $ 649 $ 392 $ 490 2022 Nine Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 5,612 $ 2,217 $ 1,339 $ 1,569 Revenues derived from: Alternative revenue programs (b) (16) (56) 12 5 Other (c) (21) (11) (5) (3) Revenues from Contracts with Customers $ 5,575 $ 2,150 $ 1,346 $ 1,571 2021 Nine Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 4,298 $ 1,769 $ 1,165 $ 1,374 Revenues derived from: Alternative revenue programs (b) 62 68 (2) (4) Other (c) (15) — (7) (8) Revenues from Contracts with Customers $ 4,345 $ 1,837 $ 1,156 $ 1,362 (a) PPL includes $384 million and $512 million for the three and nine months ended September 30, 2022 of revenues from external customers reported by the Rhode Island Regulated segment. PPL Electric represents revenues from external customers reported by the Pennsylvania Regulated segment and LG&E and KU, net of intercompany power sales and transmission revenues, represent revenues from external customers reported by the Kentucky Regulated segment. See Note 2 for additional information. (b) This line item shows the over/under collection of rate mechanisms deemed alternative revenue programs with over-collections of revenue shown as positive amounts in the table above and under-collections shown as negative amounts. For PPL Electric, the nine months ended September 30, 2022, includes $74 million related to the amortization of the regulatory liability primarily recorded in 2021 for a reduction in the transmission formula rate return on equity that is reflected in rates in 2022. The three and nine months ended September 30, 2021, included a $13 million and $64 million revenue reduction recorded as a result of the challenge to the transmission formula rate return on equity. See Note 6 for additional information. (c) Represents additional revenues outside the scope of revenues from contracts with customers, such as lease and other miscellaneous revenues. The following tables show revenues from contracts with customers disaggregated by customer class for the periods ended September 30. Three Months Residential Commercial Industrial Other (a) Wholesale - municipality Wholesale - other (b) Transmission Revenues from Contracts with Customers PPL 2022 PA Regulated $ 407 $ 135 $ 22 $ 13 $ — $ — $ 188 $ 765 KY Regulated 401 284 176 88 8 21 — 978 RI Regulated 100 34 3 251 — — 39 427 Corp and Other — — — 7 — — — 7 Total PPL $ 908 $ 453 $ 201 $ 359 $ 8 $ 21 $ 227 $ 2,177 2021 PA Regulated $ 324 $ 95 $ 14 $ 13 $ — $ — $ 203 $ 649 KY Regulated 360 250 154 81 7 20 — 872 RI Regulated — — — — — — — — Corp and Other — — — 6 — — — 6 Total PPL $ 684 $ 345 $ 168 $ 100 $ 7 $ 20 $ 203 $ 1,527 PPL Electric 2022 $ 407 $ 135 $ 22 $ 13 $ — $ — $ 188 $ 765 2021 $ 324 $ 95 $ 14 $ 13 $ — $ — $ 203 $ 649 LG&E 2022 $ 200 $ 140 $ 53 $ 39 $ — $ 6 $ — $ 438 2021 $ 180 $ 123 $ 46 $ 37 $ — $ 6 $ — $ 392 KU 2022 $ 201 $ 144 $ 123 $ 51 $ 8 $ 25 $ — $ 552 2021 $ 180 $ 127 $ 108 $ 44 $ 7 $ 24 $ — $ 490 Nine Months Residential Commercial Industrial Other (a) Wholesale - municipality Wholesale - other (b) Transmission Revenues from Contracts with Customers PPL 2022 PA Regulated $ 1,189 $ 360 $ 67 $ 39 $ — $ — $ 495 $ 2,150 KY Regulated 1,218 805 497 264 22 66 — 2,872 RI Regulated 131 46 4 298 — — 55 534 Corp and Other — — — 19 — — — 19 Total PPL $ 2,538 $ 1,211 $ 568 $ 620 $ 22 $ 66 $ 550 $ 5,575 2021 PA Regulated $ 964 $ 260 $ 39 $ 38 $ — $ — $ 536 $ 1,837 KY Regulated 1,061 695 435 222 18 53 — 2,484 RI Regulated — — — — — — — — Corp and Other — — — 24 — — — 24 Total PPL $ 2,025 $ 955 $ 474 $ 284 $ 18 $ 53 $ 536 $ 4,345 Nine Months Residential Commercial Industrial Other (a) Wholesale - municipality Wholesale - other (b) Transmission Revenues from Contracts with Customers PPL Electric 2022 $ 1,189 $ 360 $ 67 $ 39 $ — $ — $ 495 $ 2,150 2021 $ 964 $ 260 $ 39 $ 38 $ — $ — $ 536 $ 1,837 LG&E 2022 $ 615 $ 410 $ 147 $ 125 $ — $ 49 $ — $ 1,346 2021 $ 529 $ 351 $ 135 $ 102 $ — $ 39 $ — $ 1,156 KU 2022 $ 603 $ 395 $ 350 $ 140 $ 22 $ 61 $ — $ 1,571 2021 $ 532 $ 344 $ 300 $ 120 $ 18 $ 48 $ — $ 1,362 (a) Primarily includes revenues from pole attachments, street lighting, other public authorities and other non-core businesses. The Rhode Island Regulated segment also includes open access revenues. (b) Includes wholesale power and transmission revenues. LG&E and KU amounts include intercompany power sales and transmission revenues, which are eliminated upon consolidation at the Kentucky Regulated segment. As discussed in Note 2, PPL segments its business by geographic location. Revenues from external customers for each segment/geographic location are reconciled to revenues from contracts with customers in the footnotes to the tables above. Contract receivables from customers are primarily included in "Accounts receivable - Customer", "Unbilled revenues", and "Other noncurrent assets" on the Balance Sheets. The following table shows the accounts receivable and unbilled revenues balances that were impaired for the periods ended September 30. Three Months Nine Months 2022 2021 2022 2021 PPL (a) $ 21 $ 7 $ 55 $ 9 PPL Electric 7 3 12 4 LG&E 2 1 4 1 KU 3 3 5 4 (a) Includes $3 million and $26 million for the three and nine months ended September 30, 2022 related to the commitment to forgive customer arrearages for low income and protected residential customers at RIE. See Note 8 for additional information. The following table shows the balances and certain activity of contract liabilities resulting from contracts with customers. PPL PPL Electric LG&E KU Contract liabilities at December 31, 2021 $ 42 $ 25 $ 6 $ 6 Contract liabilities at September 30, 2022 35 18 6 6 Revenue recognized during the nine months ended September 30, 2022 that was included in the contract liability balance at December 31, 2021 25 12 6 6 Contract liabilities at December 31, 2020 $ 40 $ 23 $ 5 $ 6 Contract liabilities at September 30, 2021 37 21 6 6 Revenue recognized during the nine months ended September 30, 2021 that was included in the contract liability balance at December 31, 2020 24 11 5 6 Contract liabilities result from recording contractual billings in advance for customer attachments to the Registrants' infrastructure and payments received in excess of revenues earned to date. Advanced billings for customer attachments are generally recognized as revenue ratably over the quarterly billing period. Payments received in excess of revenues earned to date are recognized as revenue as services are delivered in subsequent periods. |
Acquisitions, Development and_2
Acquisitions, Development and Divestitures | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures | 8. Acquisitions, Development and Divestitures (PPL) Acquisitions Acquisition of Narragansett Electric On May 25, 2022, PPL Rhode Island Holdings acquired 100% of the outstanding shares of common stock of Narragansett Electric from National Grid U.S., a subsidiary of National Grid plc (the Acquisition). Narragansett Electric, whose service area covers substantially all of Rhode Island, is primarily engaged in the transmission and distribution of natural gas and electricity. The Acquisition expands PPL's portfolio of regulated natural gas and electricity transmission and distribution assets, has improved PPL's credit metrics and is expected to enhance long term earnings growth. Following the closing of the Acquisition, Narragansett Electric provides services doing business under the name Rhode Island Energy (RIE). The consideration for the Acquisition consisted of approximately $3.8 billion in cash and approximately $1.5 billion of long-term debt assumed through the transaction. The fair value of the consideration paid for Narragansett Electric was as follows (in billions): Aggregate enterprise consideration $ 5.3 Less: fair value of assumed long-term debt outstanding 1.5 Total cash consideration $ 3.8 The $3.8 billion total cash consideration paid was funded with proceeds from PPL's 2021 sale of its U.K. utility business. In connection with the Acquisition, National Grid USA Service Company, Inc., National Grid U.S. and Narragansett Electric have entered into a transition services agreement (TSA), pursuant to which National Grid has agreed to provide certain transition services to Narragansett Electric to facilitate the transition of the operation of Narragansett Electric to PPL following the Acquisition, as agreed upon in the Narragansett SPA. The TSA is for an initial two-year term and is subject to extension as necessary to complete the successful transition. TSA costs of $49 million and $67 million were incurred for the three and nine-month periods ended September 30, 2022. Acquisition Approval The Acquisition required certain approvals or waivers, including, among others, approval of National Grid USA's shareholders, authorizations or waivers from the Rhode Island Division of Public Utilities and Carriers, the Massachusetts Department of Public Utilities, the Federal Communications Commission (FCC), and the FERC, as well as review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. All such approvals were received prior to closing of the Acquisition. Commitments to the Rhode Island Division of Public Utilities and Carriers and the Attorney General of the State of Rhode Island As a condition to the Acquisition, PPL made certain commitments to the Rhode Island Division of Public Utilities and Carriers and the Attorney General of the State of Rhode Island. As a result: • RIE will provide a credit to all its electric and natural gas distribution customers in the total amount of $50 million ($40 million net of tax benefit). Based on the relative number of electric distribution customers and natural gas distribution customers as of November 1, 2022, RIE expects to refund, in the form of a bill credit, $33 million to electric customers and $17 million to natural gas customers of amounts collected from customers since the Acquisition date. Each electric customer will receive the same credit, and each natural gas customer will receive the same credit. On September 23, 2022, the RIPUC voted to approve the bill credit tariff advice with modifications. The credits are expected to be issued during the fourth quarter of 2022. A reduction of revenue and a regulatory liability of $50 million for the amounts to be refunded were recorded during the quarter ended September 30, 2022. The amounts to be refunded will not impact RIE's earnings sharing regulatory mechanism. • RIE will forgive approximately $44 million ($18 million net of allowance for doubtful accounts) in arrearages for low-income and protected residential customers, which represents 100% of the arrearages over 90 days for those customers as of March 31, 2022. PPL deemed these accounts uncollectible and has fully reserved for them as of September 30, 2022, resulting in an increase to "Other operations and maintenance expense" on the Statement of Income of $3 million and $26 million for the three and nine months ended September 30, 2022. • RIE will not file a base rate case seeking an increase in base distribution rates for natural gas and/or electric service sooner than three years from the Acquisition date, and RIE will not submit a request for a change in base rates unless and until there is at least twelve months of operating experience under PPL's exclusive leadership and after the TSA with National Grid terminates. • RIE will forgo potential recovery of any and all transition costs which PPL estimates will be approximately $408 million through June 30, 2024, and includes (1) the installation of certain information technology systems; (2) modification and enhancements to physical facilities in Rhode Island; and (3) incurring costs related to severance payments, communications and branding changes, and other transition related costs. These costs, which are being expensed as incurred, were $41 million and $142 million for the three and nine-months ended September 30, 2022. • RIE will not seek to recover any transaction costs related to the Acquisition, which were $27 million through September 30, 2022, including $18 million for the nine-month period ended September 30, 2022 and an immaterial amount for the three month period ended September 30, 2022, which were recorded in "Other operations and maintenance" on the Statements of Income. • RIE will not seek to recover in rates any markup charged by National Grid U.S. and/or its affiliates under the TSA. These amounts were $2 million as of September 30, 2022. • In June 2022, RIE expensed $20 million of regulatory assets as of the Acquisition date for the Gas Business Enablement (GBE) project and for certain Cybersecurity/IT investments related to GBE. The expense was recorded to "Other operations and maintenance" on the Statements of Income for the quarter ended June 30, 2022. RIE will not seek to recover these regulatory assets from customers in any future proceedings. • RIE will exclude all goodwill from the ratemaking capital structure. • RIE will hold harmless Rhode Island customers from any changes to Accumulated Deferred Income Taxes (ADIT) as a result of the Acquisition. RIE reserves the right to seek rate adjustments based on future changes to ADIT that are not related to the Acquisition. • RIE will not increase its revenue requirement to a level higher than what would exist in the absence of the Acquisition as a result of any restatement of pension and other post-retirement benefits plan assets and liabilities to fair value after the close of the Acquisition. • Rhode Island Holdings contributed $2.5 million to the Rhode Island Commerce Corporation's Renewable Energy Fund and will not use any of the $2.5 million to meet its pre-existing renewable energy credit goals in Rhode Island or any other state. This contribution was made during the quarter ended June 30, 2022 and was recorded in "Other Income (Expense)" on the Statement of Income. • RIE will make available up to $2.5 million for the Rhode Island Attorney General to utilize as needed in evaluating PPL's report on RIE's specific decarbonization goals to support Rhode Island's 2021 Act on Climate or to assess the future of the gas distribution business in Rhode Island. This amount was accrued during the quarter ended June 30, 2022 and was recorded in "Other Income (Expense) - net" on the Statement of Income. • Various other operational and reporting commitments have been established. Purchase Price Allocation The operations of Narragansett Electric are subject to the accounting for certain types of regulation as prescribed by GAAP. The carrying value of Narragansett Electric’s assets and liabilities subject to rate-setting and cost recovery provisions provide revenues derived from costs, including a return on investment of assets and liabilities included in rate base. As such, the fair values of these assets and liabilities equal their carrying values. Accordingly, neither the assets acquired or liabilities assumed, nor the unaudited pro forma financial information presented below, reflect any adjustments related to these amounts. As of September 30, 2022, the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed was $1,579 million, which has been recorded as goodwill. PPL has elected to not push down the effects of purchase accounting to the financial statements of RIE or PPL's Rhode Island Regulated segment. Accordingly, the Rhode Island Regulated segment includes $725 million of legacy goodwill acquired. The remaining excess purchase price of $854 million is being included in PPL's Corporate and Other category for segment reporting purposes. The goodwill reflects the value paid for the expected continued growth of a rate-regulated business located in a defined service area with a constructive regulatory environment, the ability of PPL to leverage its assembled workforce to take advantage of those growth opportunities and the attractiveness of stable, growing cash flows. The tax goodwill will be deductible for income tax purposes, and as such, deferred taxes will be recorded related to goodwill. The table below shows the preliminary allocation of the purchase price to the assets acquired and liabilities assumed that were recorded in PPL’s Consolidated Balance Sheet as of the Acquisition date. The allocation is subject to change during the one-year measurement period as additional information is obtained about the facts and circumstances that existed at closing. The items pending finalization include, but are not limited to, working capital adjustments and the valuation of defined benefit plans. As a result, the amount of goodwill included below may change by a material amount as PPL finalizes the allocation of the purchase price. During the three months ended September 30, 2022, adjustments to certain assets acquired and liabilities assumed resulted in a decrease in goodwill of $2 million. Purchase Price Allocation as of September 30, 2022 Assets Current Assets Cash and Cash Equivalents $ 142 Accounts Receivable (a) 195 Unbilled Revenues 54 Price Risk Management Assets 99 Regulatory Assets 75 Other Current Assets 65 Total Current Assets 630 Noncurrent Assets Property, Plant and Equipment, net 3,990 Regulatory Assets 437 Goodwill 1,579 Other Noncurrent Assets 134 Total Noncurrent Assets 6,140 Total Assets $ 6,770 Liabilities Current Liabilities Long-Term Debt Due Within One Year $ 14 Accounts Payable 181 Taxes Accrued 44 Regulatory Liabilities 237 Other Current Liabilities 198 Total Current Liabilities 674 Noncurrent Liabilities Long-Term Debt 1,496 Regulatory Liabilities 628 Other Deferred Credits and Noncurrent Liabilities 150 Noncurrent Liabilities 2,274 Total Purchase Price (Balance Sheet Net Assets) $ 3,822 (a) Amounts represent fair value as of May 25, 2022. The gross contractual amount is $255 million. Cash flows not expected to be collected as of May 25, 2022 were $60 million. Pro Forma Financial Information The actual RIE Operating Revenues and Net income attributable to PPL included in PPL's Statement of Income for the period ended September 30, 2022, and PPL's unaudited pro forma 2022 and 2021 Operating Revenues and Net Income (Loss) attributable to PPL, including RIE, as if the Acquisition had occurred on January 1, 2021 are as follows. Operating Revenues Net Income (Loss) Actual RIE results included from May 25, 2022 - September 30, 2022 (a) $ 512 $ (55) PPL Pro Forma for the nine months ended 2022 6,322 630 PPL Pro Forma for the nine months ended 2021 5,435 (15) (a) Net Income (Loss) includes expenses of $101 million (pre-tax) related to commitments made as a condition of the Acquisition. The pro forma financial information presented above has been derived from the historical consolidated financial statements of PPL and Narragansett Electric. Non-recurring items included in the 2022 pro forma financial information include: (a) $18 million (pre-tax) of transaction costs related to the Acquisition, primarily for advisory, accounting and legal fees incurred, (b) $144 million (pre-tax) of Acquisition integration costs, (c) a $50 million reduction of revenue and a regulatory liability, write-offs of $46 million (pre-tax) of certain accounts receivable and regulatory assets of RIE and $5 million (pre-tax) of expenses accrued in support of Rhode Island's decarbonization goals, all of which were conditions of the Acquisition, and (d) the income tax effect of these items, which was tax effected at the statutory federal income tax rate of 21%. Non-recurring items included in the 2021 pro forma financial information include: (a) $10 million (pre-tax) of Acquisition integration costs and (b) the income tax effect of this item, which was tax effected at the statutory federal income tax rate of 21%. Losses from the discontinued operations (net of income taxes) of PPL of $1,490 million in 2021 were excluded from the pro forma amount above. Divestitures Sale of Safari Holdings On September 29, 2022, PPL signed a definitive agreement to sell all of Safari Holdings membership interests to Aspen Power Services, LLC (Aspen Power). On November 1, 2022, PPL completed the sale of Safari Holdings (the Transaction). In connection with entering into the definitive agreement, PPL’s investment in Safari Holdings met the held for sale criteria as of September 30, 2022. As a result, net assets held for sale, including $53 million of goodwill previously presented in the Corporate and Other category for segment reporting purposes, were written down to their estimated fair value, less cost to sell, of $120 million at September 30, 2022. An impairment charge of $67 million ($50 million net of tax benefit) was recorded in "Other operation and maintenance" on the Statements of Income for the three and nine months ended September 30, 2022. The estimated fair value of the net assets held for sale was determined based on the selling price (a Level 1 fair value measurement), adjusted for expected transaction closing adjustments. The assets and liabilities of Safari Holdings' business were reclassified on PPL's Balance Sheet to "Current assets held for sale," which consists primarily of property, plant and equipment, and "Current liabilities held for sale," which consists primarily of long-term debt and deferred revenue, as of September 30, 2022. The accounting for the closing of the Transaction is expected to be substantially complete in the fourth quarter of 2022. Guarantees and Other Assurances In connection with the closing of the Transaction, PPL has provided the following guarantees and other assurances. PPL guaranteed the payment obligations of Safari Energy and its subsidiaries (Safari) under certain sale/leaseback financing transactions executed by Safari. These guarantees will remain in place until Safari exercises its option to buy-out the projects under the sale/leaseback financings by the year 2028. Safari will indemnify PPL for any payments made by PPL or claims against PPL under the sale/leaseback transaction guarantees up to $25 million. The estimated maximum exposure of this guarantee is $151 million. PPL guaranteed the payment obligations of Safari under certain power purchase agreements (PPAs) executed by Safari. Aspen Power is expected to replace these guarantees within 60 days of closing of the divestiture of Safari Holdings and would retain liability for any payments made by PPL or claims against PPL under any guarantee that is not replaced. The estimated maximum exposure of this guarantee is $55 million. Aspen Power has obtained representation and warranty insurance, therefore, PPL generally has no liability for its representations and warranties under the agreement except for losses suffered related to items not covered. Expiration of these indemnifications range from 18 months to 6 years from the date of the closing of the transaction, and PPL’s aggregate liability for these claims will not exceed $140 million subject to certain adjustments plus the support obligations provided by PPL under sale-leaseback financings and PPAs that will be replaced by Aspen Power. Discontinued Operations Sale of the U.K. Utility Business On June 14, 2021, PPL WPD Limited completed the sale of PPL's utility business to National Grid Holdings One plc (National Grid U.K.), a subsidiary of National Grid plc. The transaction resulted in cash proceeds of $10.7 billion inclusive of foreign currency hedges executed by PPL. PPL received net proceeds, after taxes and fees, of $10.4 billion. PPL WPD Limited agreed to indemnify National Grid U.K. for certain tax related matters. See Note 10 for additional information. PPL has not had and will not have any significant involvement with the U.K. utility business with the completion of the sale. Summarized Results of Discontinued Operations The operations of the U.K. utility business are included in "Income (Loss) from Discontinued Operations (net of income taxes)" on the Statement of Income for the periods ended September 30, 2021 as follows: Three Months Nine Months Operating Revenues $ — $ 1,344 Operating Expenses — 466 Other Income (Expense) - net — 202 Interest Expense (a) — 209 Income before income taxes — 871 Loss on sale — (1,609) Income taxes 2 752 Income (Loss) from Discontinued Operations (net of income taxes) $ (2) $ (1,490) (a) No interest from corporate level debt was allocated to discontinued operations |
Other Income (Expense) - net
Other Income (Expense) - net | 9 Months Ended |
Sep. 30, 2022 | |
Other Income (Expense) Net [Line Items] | |
Other Income (Expense) - net | 12. Other Income (Expense) - net (PPL) The details of "Other Income (Expense) - net" for the periods ended September 30, were: Three Months Nine Months 2022 2021 2022 2021 Defined benefit plans - non-service credits (Note 9) $ 7 $ 6 $ 27 $ 18 Interest income (expense) — 6 (2) 10 AFUDC - equity component 8 4 17 13 Charitable contributions (1) — (2) (2) Miscellaneous (a) (4) (4) (4) (14) Other Income (Expense) - net $ 10 $ 12 $ 36 $ 25 (a) Includes legal expenses incurred and insurance reimbursements received related to litigation with a former affiliate, Talen Montana. See Note 10 for additional information. (PPL Electric) The details of "Other Income (Expense) - net" for the periods ended September 30, were: Three Months Nine Months 2022 2021 2022 2021 Defined benefit plans - non-service credits (Note 9) $ 4 $ 2 $ 12 $ 7 AFUDC - equity component 4 4 12 13 Charitable contributions — — (2) (2) Miscellaneous (2) — (3) (2) Other Income (Expense) - net $ 6 $ 6 $ 19 $ 16 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Offsetting Fair Value Amounts, Policy | 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 had a $2 million obligation to return and no obligation to post cash collateral under master netting arrangements at September 30, 2022 and no obligation to return or post cash collateral under master netting arrangements at December 31, 2021. |
Adoption of Accounting Guidance
Adoption of Accounting Guidance (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement | The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows: PPL September 30, December 31, Cash and cash equivalents $ 303 $ 3,571 Restricted cash - current (a) 1 1 Total Cash, Cash Equivalents and Restricted Cash $ 304 $ 3,572 (a) Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets." |
Segment and Related Informati_2
Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Income Statement data for the segments and reconciliation to PPL's consolidated results for the periods ended September 30 are as follows: Three Months Nine Months 2022 2021 2022 2021 Operating Revenues from external customers Kentucky Regulated $ 977 $ 879 $ 2,864 $ 2,505 Pennsylvania Regulated 766 627 2,217 1,769 Rhode Island Regulated 384 — 512 — Corporate and Other 7 6 19 24 Total $ 2,134 $ 1,512 $ 5,612 $ 4,298 Net Income (Loss) Kentucky Regulated $ 153 $ 159 $ 434 $ 389 Pennsylvania Regulated 143 126 410 335 Rhode Island Regulated (26) — (55) — Corporate and Other (96) (76) (223) (848) Discontinued Operations (a) — (2) — (1,490) Total $ 174 $ 207 $ 566 $ (1,614) (a) See Note 8 for additional information on the sale of the U.K. utility business. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: September 30, December 31, Assets Kentucky Regulated $ 16,622 $ 16,360 Pennsylvania Regulated 13,297 13,336 Rhode Island Regulated 6,002 — Corporate and Other (a) 1,457 3,527 Total $ 37,378 $ 33,223 (a) Primarily consists of unallocated items, including cash, PP&E, goodwill, the elimination of inter-segment transactions as well as the assets of Safari Energy. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contracts with Customers [Line Items] | |
Reconciliation of Revenue from Contracts with Customers [Table Text Block] | The following tables reconcile "Operating Revenues" included in each Registrant's Statement of Income with revenues generated from contracts with customers for the periods ended September 30. 2022 Three Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 2,134 $ 766 $ 436 $ 553 Revenues derived from: Alternative revenue programs (b) 51 3 3 1 Other (c) (8) (4) (1) (2) Revenues from Contracts with Customers $ 2,177 $ 765 $ 438 $ 552 2021 Three Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 1,512 $ 627 $ 395 $ 494 Revenues derived from: Alternative revenue programs (b) 19 22 (1) (2) Other (c) (4) — (2) (2) Revenues from Contracts with Customers $ 1,527 $ 649 $ 392 $ 490 2022 Nine Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 5,612 $ 2,217 $ 1,339 $ 1,569 Revenues derived from: Alternative revenue programs (b) (16) (56) 12 5 Other (c) (21) (11) (5) (3) Revenues from Contracts with Customers $ 5,575 $ 2,150 $ 1,346 $ 1,571 2021 Nine Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 4,298 $ 1,769 $ 1,165 $ 1,374 Revenues derived from: Alternative revenue programs (b) 62 68 (2) (4) Other (c) (15) — (7) (8) Revenues from Contracts with Customers $ 4,345 $ 1,837 $ 1,156 $ 1,362 (a) PPL includes $384 million and $512 million for the three and nine months ended September 30, 2022 of revenues from external customers reported by the Rhode Island Regulated segment. PPL Electric represents revenues from external customers reported by the Pennsylvania Regulated segment and LG&E and KU, net of intercompany power sales and transmission revenues, represent revenues from external customers reported by the Kentucky Regulated segment. See Note 2 for additional information. (b) This line item shows the over/under collection of rate mechanisms deemed alternative revenue programs with over-collections of revenue shown as positive amounts in the table above and under-collections shown as negative amounts. For PPL Electric, the nine months ended September 30, 2022, includes $74 million related to the amortization of the regulatory liability primarily recorded in 2021 for a reduction in the transmission formula rate return on equity that is reflected in rates in 2022. The three and nine months ended September 30, 2021, included a $13 million and $64 million revenue reduction recorded as a result of the challenge to the transmission formula rate return on equity. See Note 6 for additional information. (c) Represents additional revenues outside the scope of revenues from contracts with customers, such as lease and other miscellaneous revenues. |
Disaggregation of Revenue [Table Text Block] | The following tables show revenues from contracts with customers disaggregated by customer class for the periods ended September 30. Three Months Residential Commercial Industrial Other (a) Wholesale - municipality Wholesale - other (b) Transmission Revenues from Contracts with Customers PPL 2022 PA Regulated $ 407 $ 135 $ 22 $ 13 $ — $ — $ 188 $ 765 KY Regulated 401 284 176 88 8 21 — 978 RI Regulated 100 34 3 251 — — 39 427 Corp and Other — — — 7 — — — 7 Total PPL $ 908 $ 453 $ 201 $ 359 $ 8 $ 21 $ 227 $ 2,177 2021 PA Regulated $ 324 $ 95 $ 14 $ 13 $ — $ — $ 203 $ 649 KY Regulated 360 250 154 81 7 20 — 872 RI Regulated — — — — — — — — Corp and Other — — — 6 — — — 6 Total PPL $ 684 $ 345 $ 168 $ 100 $ 7 $ 20 $ 203 $ 1,527 PPL Electric 2022 $ 407 $ 135 $ 22 $ 13 $ — $ — $ 188 $ 765 2021 $ 324 $ 95 $ 14 $ 13 $ — $ — $ 203 $ 649 LG&E 2022 $ 200 $ 140 $ 53 $ 39 $ — $ 6 $ — $ 438 2021 $ 180 $ 123 $ 46 $ 37 $ — $ 6 $ — $ 392 KU 2022 $ 201 $ 144 $ 123 $ 51 $ 8 $ 25 $ — $ 552 2021 $ 180 $ 127 $ 108 $ 44 $ 7 $ 24 $ — $ 490 Nine Months Residential Commercial Industrial Other (a) Wholesale - municipality Wholesale - other (b) Transmission Revenues from Contracts with Customers PPL 2022 PA Regulated $ 1,189 $ 360 $ 67 $ 39 $ — $ — $ 495 $ 2,150 KY Regulated 1,218 805 497 264 22 66 — 2,872 RI Regulated 131 46 4 298 — — 55 534 Corp and Other — — — 19 — — — 19 Total PPL $ 2,538 $ 1,211 $ 568 $ 620 $ 22 $ 66 $ 550 $ 5,575 2021 PA Regulated $ 964 $ 260 $ 39 $ 38 $ — $ — $ 536 $ 1,837 KY Regulated 1,061 695 435 222 18 53 — 2,484 RI Regulated — — — — — — — — Corp and Other — — — 24 — — — 24 Total PPL $ 2,025 $ 955 $ 474 $ 284 $ 18 $ 53 $ 536 $ 4,345 Nine Months Residential Commercial Industrial Other (a) Wholesale - municipality Wholesale - other (b) Transmission Revenues from Contracts with Customers PPL Electric 2022 $ 1,189 $ 360 $ 67 $ 39 $ — $ — $ 495 $ 2,150 2021 $ 964 $ 260 $ 39 $ 38 $ — $ — $ 536 $ 1,837 LG&E 2022 $ 615 $ 410 $ 147 $ 125 $ — $ 49 $ — $ 1,346 2021 $ 529 $ 351 $ 135 $ 102 $ — $ 39 $ — $ 1,156 KU 2022 $ 603 $ 395 $ 350 $ 140 $ 22 $ 61 $ — $ 1,571 2021 $ 532 $ 344 $ 300 $ 120 $ 18 $ 48 $ — $ 1,362 (a) Primarily includes revenues from pole attachments, street lighting, other public authorities and other non-core businesses. The Rhode Island Regulated segment also includes open access revenues. (b) Includes wholesale power and transmission revenues. LG&E and KU amounts include intercompany power sales and transmission revenues, which are eliminated upon consolidation at the Kentucky Regulated segment. |
Credit Loss Recognized from Contracts with Customers [Table Text Block] | The following table shows the accounts receivable and unbilled revenues balances that were impaired for the periods ended September 30. Three Months Nine Months 2022 2021 2022 2021 PPL (a) $ 21 $ 7 $ 55 $ 9 PPL Electric 7 3 12 4 LG&E 2 1 4 1 KU 3 3 5 4 (a) Includes $3 million and $26 million for the three and nine months ended September 30, 2022 related to the commitment to forgive customer arrearages for low income and protected residential customers at RIE. See Note 8 for additional information. |
Contract with Customer, Asset and Liability [Table Text Block] | The following table shows the balances and certain activity of contract liabilities resulting from contracts with customers. PPL PPL Electric LG&E KU Contract liabilities at December 31, 2021 $ 42 $ 25 $ 6 $ 6 Contract liabilities at September 30, 2022 35 18 6 6 Revenue recognized during the nine months ended September 30, 2022 that was included in the contract liability balance at December 31, 2021 25 12 6 6 Contract liabilities at December 31, 2020 $ 40 $ 23 $ 5 $ 6 Contract liabilities at September 30, 2021 37 21 6 6 Revenue recognized during the nine months ended September 30, 2021 that was included in the contract liability balance at December 31, 2020 24 11 5 6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30 used in the EPS calculation are: Three Months Nine Months 2022 2021 2022 2021 Income (Numerator) Income (Loss) from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted $ 174 $ 209 $ 566 $ (124) Income (Loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted $ — $ (2) $ — $ (1,490) Net income (loss) available to PPL common shareowners - Basic and Diluted $ 174 $ 207 $ 566 $ (1,614) Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 736,247 767,733 735,912 768,781 Add: Dilutive share-based payment awards 827 2,116 767 — Weighted-average shares - Diluted EPS 737,074 769,849 736,679 768,781 Basic and Diluted EPS Available to PPL common shareowners: Income (Loss) from continuing operations after income taxes $ 0.24 $ 0.27 $ 0.77 $ (0.16) Loss from discontinued operations (net of income taxes) — — — (1.94) Net Income (Loss) available to PPL common shareowners $ 0.24 $ 0.27 $ 0.77 $ (2.10) |
Common Stock Issuances | For the periods ended September 30, PPL issued shares of common stock related to stock-based compensation plans as follows (in thousands): Three Months Nine Months 2022 2021 2022 2021 Stock-based compensation plans — 158 124 816 |
Antidilutive Securities Excluded From Diluted EPS | For the periods ended September 30, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months Nine Months 2022 2021 2022 2021 Stock-based compensation awards 17 135 79 2,339 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (PPL) Three Months Nine Months 2022 2021 2022 2021 Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 21% $ 45 $ 55 $ 150 $ 70 Increase (decrease) due to: State income taxes, net of federal income tax benefit 8 17 56 12 Valuation allowance adjustments (a) (1) 5 9 39 Impact of the U.K. Finance Acts on deferred tax balances (b) — — — 383 Amortization of investment tax credit including deferred taxes on basis adjustment — (1) (7) (2) Depreciation and other items not normalized — — (8) (4) Amortization of excess deferred federal and state income taxes (7) (18) (47) (38) Federal and state income tax return adjustments — (4) (1) (4) State income tax rate change (c) (5) — (5) — Other 1 (3) — (1) Total increase (decrease) (4) (4) (3) 385 Total income tax expense (benefit) $ 41 $ 51 $ 147 $ 455 (a) In 2021, PPL recorded a $31 million state deferred tax benefit on a net operating loss and an offsetting valuation allowance in connection with the loss on extinguishment associated with a tender offer to purchase and retire PPL Capital Funding's outstanding Senior Notes. (b) The U.K. Finance Act 2021, formally enacted on June 10, 2021, increased the U.K. corporation tax rate from 19% to 25%, effective April 1, 2023. The primary impact of the corporation tax rate increase was an increase in deferred tax liabilities of the U.K. utility business, which was sold on June 14, 2021, and a corresponding deferred tax expense of $383 million, which was recognized in continuing operations in the second quarter of 2021. |
PPL Electric Utilities Corp [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (PPL Electric) Three Months Nine Months 2022 2021 2022 2021 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 38 $ 36 $ 114 $ 95 Increase (decrease) due to: State income taxes, net of federal income tax benefit 14 13 43 36 Depreciation and other items not normalized (1) — (7) (4) Amortization of excess deferred federal and state income taxes (4) (5) (9) (11) State income tax rate change (a) (9) — (9) — Other (1) 1 (1) — Total increase (decrease) (1) 9 17 21 Total income tax expense (benefit) $ 37 $ 45 $ 131 $ 116 |
Louisville Gas And Electric Co [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (LG&E) Three Months Nine Months 2022 2021 2022 2021 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 21 $ 21 $ 57 $ 53 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 4 11 10 Amortization of excess deferred federal and state income taxes (3) (7) (17) (13) Other (1) (1) (2) (2) Total increase (decrease) — (4) (8) (5) Total income tax expense (benefit) $ 21 $ 17 $ 49 $ 48 |
Kentucky Utilities Co [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (KU) Three Months Nine Months 2022 2021 2022 2021 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 25 $ 26 $ 70 $ 63 Increase (decrease) due to: State income taxes, net of federal income tax benefit 5 5 13 12 Amortization of excess deferred federal and state income taxes (4) (6) (16) (14) Other (2) (2) (4) (4) Total increase (decrease) (1) (3) (7) (6) Total income tax expense (benefit) $ 24 $ 23 $ 63 $ 57 |
Utility Rate Regulation (Tables
Utility Rate Regulation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Utility Rate Regulation [Line Items] | |
Regulatory Assets and Liabilities | The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 60 $ 21 $ — $ — Rate adjustment mechanisms 96 — — — Smart meter rider 5 11 5 11 Universal service rider 8 — 8 — Fuel adjustment clause 46 11 — — Other 19 21 — 11 Total current regulatory assets $ 234 $ 64 $ 13 $ 22 Noncurrent Regulatory Assets: Defined benefit plans $ 670 $ 523 $ 252 $ 256 Plant outage costs 48 54 — — Net metering 52 — — — Environmental cost recovery 104 — — — Taxes recoverable through future rates 48 — — — Storm costs 127 11 — — Unamortized loss on debt 24 24 3 4 Interest rate swaps 7 18 — — Terminated interest rate swaps 66 70 — — Accumulated cost of removal of utility plant 216 228 216 228 AROs 309 302 — — Other 44 6 — — Total noncurrent regulatory assets $ 1,715 $ 1,236 $ 471 $ 488 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 19 $ 10 $ 19 $ 10 Transmission service charge 10 21 10 21 Universal service rider — 17 — 17 TCJA customer refund 25 22 25 22 Act 129 compliance rider 18 10 18 10 Transmission formula rate return on equity (a) — 73 — 73 Economic relief billing credit — 27 — — Transmission formula rate 11 — 11 — Derivative instruments 71 — — — Rate adjustment mechanism 77 — — — Energy efficiency 23 — — — RIE bill credit (b) 50 — — — Other 25 2 4 — Total current regulatory liabilities $ 329 $ 182 $ 87 $ 153 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 925 $ 639 $ — $ — Power purchase agreement - OVEC 29 35 — — Net deferred taxes 2,112 1,591 783 531 Defined benefit plans 148 95 40 28 Terminated interest rate swaps 60 62 — — Energy efficiency 46 — — — Other 61 — — — Total noncurrent regulatory liabilities $ 3,381 $ 2,422 $ 823 $ 559 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 32 $ 21 $ — $ — Gas line tracker — 3 — — Generation formula rate — — — 2 Fuel adjustment clause 16 4 30 7 Other 1 5 3 — Total current regulatory assets $ 49 $ 33 $ 33 $ 9 Noncurrent Regulatory Assets: Defined benefit plans $ 203 $ 164 $ 135 $ 103 Storm costs 7 8 3 3 Unamortized loss on debt 11 12 8 8 Interest rate swaps 7 18 — — Terminated interest rate swaps 38 41 27 29 AROs 76 75 221 227 Plant outage costs 13 15 35 39 Other 10 4 11 2 Total noncurrent regulatory assets $ 365 $ 337 $ 440 $ 411 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Economic relief billing credit $ — $ 21 $ — $ 6 Other 4 — 6 2 Total current regulatory liabilities $ 4 $ 21 $ 6 $ 8 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 273 $ 262 $ 384 $ 377 Power purchase agreement - OVEC 20 24 9 11 Net deferred taxes 480 491 552 569 Defined benefit plans 11 10 60 57 Terminated interest rate swaps 30 31 30 31 Total noncurrent regulatory liabilities $ 814 $ 818 $ 1,035 $ 1,045 (a) See “Regulatory Matters - Federal Matters - PPL Electric Transmission Formula Rate Return on Equity” below for additional information. (b) As a condition of the acquisition, RIE will provide a credit to all its electric and natural gas distribution customers in the total amount of $50 million. The credits are expected to be issued during the fourth quarter of 2022. See Note 8 for additional information. |
Financing Activities (Tables)
Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following credit facilities were in place at: September 30, 2022 December 31, 2021 Expiration Capacity Borrowed Letters of Unused Borrowed Letters of PPL PPL Capital Funding (a) Syndicated Credit Facility Dec. 2026 $ 1,250 $ — $ 400 $ 850 $ — $ — Bilateral Credit Facility Mar. 2023 100 — — 100 — — Bilateral Credit Facility (b) Mar. 2023 100 — 60 40 — 15 Total PPL Capital Funding Credit Facilities $ 1,450 $ — $ 460 $ 990 $ — $ 15 PPL Electric Syndicated Credit Facility Dec. 2026 $ 650 $ — $ 1 $ 649 $ — $ 1 Term Loan Credit Facility Mar. 2024 250 250 — — — — Total PPL Electric Credit Facilities $ 900 $ 250 $ 1 $ 649 $ — $ 1 LG&E Syndicated Credit Facility Dec. 2026 $ 500 $ — $ 110 $ 390 $ — $ 69 Term Loan Credit Facility Jul. 2024 300 300 — — — — Total LG&E Credit Facilities $ 800 $ 300 $ 110 $ 390 $ — $ 69 KU Syndicated Credit Facility Dec. 2026 $ 400 $ — $ — $ 400 $ — $ — Term Loan Credit Facility Jul. 2024 300 300 — — — — Total KU Credit Facilities $ 700 $ 300 $ — $ 400 $ — $ — (a) PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL. (b) Includes a $45 million letter of credit on behalf of RIE. |
Schedule of Short-term Debt | The following commercial paper programs were in place at: September 30, 2022 December 31, 2021 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding (a) 2.50% $ 1,350 $ 400 $ 950 $ — PPL Electric 650 — 650 — LG&E (b) 2.51% 500 110 390 0.31% 69 KU (c) 400 — 400 — Total $ 2,900 $ 510 $ 2,390 $ 69 (a) PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL. (b) In August 2022, LG&E increased the size of their commercial paper program to $500 million. (c) In August 2022, KU increased the size of their commercial paper program to $400 million. |
Schedule of Long-term Debt Instruments | The following was outstanding at September 30, 2022: Weighted-Average Maturities (a) September 30, 2022 RIE Senior Unsecured Notes 4.10 % 2028 - 2042 $ 1,500 Senior Secured Notes/First Mortgage Bonds (b) 7.50 % 2025 - 2025 3 Total Long-term Debt before adjustments 1,503 Unamortized debt issuance costs (6) Total Long-term Debt 1,497 Less current portion of Long-term Debt 1 Total Long-term Debt, noncurrent $ 1,496 (a) The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of September 30, 2022. (b) Includes first mortgage bonds with an annual sinking fund requirement of $750,000 through maturity in 2025. |
Schedule of Maturities of Long-term Debt | The aggregate maturities of long-term debt, based on stated maturities or earlier put dates, for the periods 2022 through 2026 and thereafter are as follows: RIE 2022 $ 1 2023 1 2024 1 2025 1 2026 — Thereafter 1,499 Total $ 1,503 |
Defined Benefits (Tables)
Defined Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [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 and its subsidiaries for the periods ended September 30: Pension Benefits Three Months Nine Months 2022 2021 2022 2021 PPL Service cost $ 11 $ 14 $ 36 $ 42 Interest cost 33 30 95 91 Expected return on plan assets (62) (64) (189) (191) Amortization of: Prior service cost 2 2 6 6 Actuarial loss 11 21 40 70 Net periodic defined benefit costs (credits) before settlements (5) 3 (12) 18 Settlements (a) 7 14 19 14 Net periodic defined benefit costs (credits) $ 2 $ 17 $ 7 $ 32 (a) Due to the amount of lump sum payment distributions from the LKE qualified pension plan, settlement charges were incurred during the three and nine months ended September 30, 2022 and 2021. In accordance with existing regulatory accounting treatment, LG&E and KU have primarily maintained the settlement charge in regulatory assets to be amortized over 15 years. Other Postretirement Benefits Three Months Nine Months 2022 2021 2022 2021 PPL Service cost $ 1 $ 2 $ 4 $ 5 Interest cost 3 4 11 12 Expected return on plan assets (5) (6) (17) (18) Amortization of: Prior service cost — — 1 1 Actuarial loss — (1) (2) (1) Net periodic defined benefit costs (credits) $ (1) $ (1) $ (3) $ (1) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees | The table below details guarantees provided as of September 30, 2022. Exposure at September 30, 2022 Expiration PPL Indemnifications related to certain tax liabilities related to the sale of the U.K. utility business £ 50 (a) 2028 LG&E and KU LG&E and KU obligation of shortfall related to OVEC (b) (a) PPL WPD Limited entered into a Tax Deed dated June 9, 2021 in which it agreed to a tax indemnity regarding certain potential tax liabilities of the entities sold with respect to periods prior to the completion of the sale, subject to customary exclusions and limitations. Because National Grid Holdings |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, LKS and PPL EU Services charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2022 2021 2022 2021 PPL Electric from PPL Services $ 51 $ 15 $ 172 $ 36 PPL Electric from PPL EU Services — 48 — 147 LG&E from LKS 34 40 114 126 KU from LKS 39 43 125 132 |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, LKS and PPL EU Services charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2022 2021 2022 2021 PPL Electric from PPL Services $ 51 $ 15 $ 172 $ 36 PPL Electric from PPL EU Services — 48 — 147 LG&E from LKS 34 40 114 126 KU from LKS 39 43 125 132 |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, LKS and PPL EU Services charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2022 2021 2022 2021 PPL Electric from PPL Services $ 51 $ 15 $ 172 $ 36 PPL Electric from PPL EU Services — 48 — 147 LG&E from LKS 34 40 114 126 KU from LKS 39 43 125 132 |
Other Income (Expense) - net (T
Other Income (Expense) - net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income (Expense) Net [Line Items] | |
Schedule of Other Nonoperating Income (Expense) | The details of "Other Income (Expense) - net" for the periods ended September 30, were: Three Months Nine Months 2022 2021 2022 2021 Defined benefit plans - non-service credits (Note 9) $ 7 $ 6 $ 27 $ 18 Interest income (expense) — 6 (2) 10 AFUDC - equity component 8 4 17 13 Charitable contributions (1) — (2) (2) Miscellaneous (a) (4) (4) (4) (14) Other Income (Expense) - net $ 10 $ 12 $ 36 $ 25 (a) Includes legal expenses incurred and insurance reimbursements received related to litigation with a former affiliate, Talen Montana. See Note 10 for additional information. |
PPL Electric Utilities Corp [Member] | |
Other Income (Expense) Net [Line Items] | |
Schedule of Other Nonoperating Income (Expense) | The details of "Other Income (Expense) - net" for the periods ended September 30, were: Three Months Nine Months 2022 2021 2022 2021 Defined benefit plans - non-service credits (Note 9) $ 4 $ 2 $ 12 $ 7 AFUDC - equity component 4 4 12 13 Charitable contributions — — (2) (2) Miscellaneous (2) — (3) (2) Other Income (Expense) - net $ 6 $ 6 $ 19 $ 16 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The assets and liabilities measured at fair value were: September 30, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 303 $ 303 $ — $ — $ 3,571 $ 3,571 $ — $ — Restricted cash and cash equivalents (a) 1 1 — — 1 1 — — Total Cash, Cash Equivalents and Restricted Cash (b) 304 304 — — 3,572 3,572 — — Special use funds (a): Money market fund 1 1 — — 2 2 — — Commingled debt fund measured at NAV (c) 15 — — — 22 — — — Commingled equity fund measured at NAV (c) 12 — — — 21 — — — Total special use funds 28 1 — — 45 2 — — Price risk management assets (d): Gas contracts 76 — 76 — — — — — Total assets $ 408 $ 305 $ 76 $ — $ 3,617 $ 3,574 $ — $ — Liabilities Price risk management liabilities (d): Interest rate swaps $ 7 $ — $ 7 $ — $ 18 $ — $ 18 $ — Gas contracts 5 — 5 — — — — — Total price risk management liabilities $ 12 $ — $ 12 $ — $ 18 $ — $ 18 $ — PPL Electric Assets Cash and cash equivalents $ 22 $ 22 $ — $ — $ 21 $ 21 $ — $ — Total assets $ 22 $ 22 $ — $ — $ 21 $ 21 $ — $ — LG&E Assets Cash and cash equivalents $ 25 $ 25 $ — $ — $ 9 $ 9 $ — $ — Total assets $ 25 $ 25 $ — $ — $ 9 $ 9 $ — $ — September 30, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Price risk management liabilities: Interest rate swaps $ 7 $ — $ 7 $ — $ 18 $ — $ 18 $ — Total price risk management liabilities $ 7 $ — $ 7 $ — $ 18 $ — $ 18 $ — KU Assets Cash and cash equivalents $ 25 $ 25 $ — $ — $ 13 $ 13 $ — $ — Total assets $ 25 $ 25 $ — $ — $ 13 $ 13 $ — $ — (a) Included in "Other current assets" on the Balance Sheets. (b) Total Cash, Cash Equivalents and Restricted Cash provides a reconciliation of these items reported within the Balance Sheets to the sum shown on the Statements of Cash Flows. (c) In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Balance Sheets. (d) Current portion is included in "Other current asset" and "Other current liabilities" and noncurrent portion is included in "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. |
Fair Value, by Balance Sheet Grouping | The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below. September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value PPL $ 13,241 $ 12,151 $ 11,140 $ 12,955 PPL Electric 4,485 4,239 4,484 5,272 LG&E 2,307 2,112 2,006 2,363 KU 2,919 2,609 2,618 3,120 (a) Amounts are net of debt issuance costs. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities [Line Items] | ||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. September 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps (a) $ — $ 1 $ — $ 1 Gas contracts (a) 60 4 — — Total current 60 5 — 1 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps (a) — 6 — 17 Gas contracts (a) 16 1 — — Total noncurrent 16 7 — 17 Total derivatives $ 76 $ 12 $ — $ 18 (a) Current portion is included in "Other current assets" and "Other current liabilities" and noncurrent portion is included in "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. Excludes accrued interest, if applicable. | |
Derivative Instruments, Gain (Loss) | The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2022. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Nine Months Interest Expense Other Income (Expense) - net Interest Expense Other Income (Expense) - net Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded $ 136 $ 10 $ 361 $ 36 The effects of cash flow hedges: Gain (Loss) on cash flow hedging relationships: Interest rate swaps: Amount of gain (loss) reclassified from AOCI to income — — (2) — | The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2021. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Six Months Interest Expense Income (Loss) from Discontinued Operations (net of taxes) Interest Expense Income (Loss) from Discontinued Operations (net of taxes) Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded $ 183 $ (2) $ 810 $ (1,490) The effects of cash flow hedges: Gain (Loss) on cash flow hedging relationships: Interest rate swaps: Amount of gain (loss) reclassified from AOCI to income (1) — 12 (2) Cross-currency swaps: Hedged items — — — 39 Amount of gain (loss) reclassified from AOCI to Income — — — (39) |
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 Gross Derivative Cash Net Gross Derivative Cash Net September 30, 2022 Derivatives PPL $ 76 $ 3 $ 2 $ 71 $ 12 $ 3 $ — $ 9 LG&E — — — — 7 — — 7 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net December 31, 2021 Derivatives PPL $ — $ — $ — $ — $ 18 $ — $ — $ 18 LG&E — — — — 18 — — 18 | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended September 30, 2022. Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ — $ (2) Total $ — $ — $ — $ (2) Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Nine Months Interest rate swaps Interest expense $ — $ 1 Gas contracts Energy purchases 17 26 Total $ 17 $ 27 Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 3 $ 11 | The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended September 30, 2021. Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (1) $ 12 Loss from Discontinued Operations (net of taxes) — (2) Cross-currency swaps — (50) Loss from Discontinued Operations (net of taxes) — (39) Total $ — $ (50) $ (1) $ (29) Net Investment Hedges: Foreign currency contracts in discontinued operations $ — $ 1 Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Nine Months Foreign currency contracts Loss from Discontinued operations (net of taxes) $ — $ (266) Interest rate swaps Interest expense — (2) Total $ — $ (268) Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 1 $ 4 |
Louisville Gas And Electric Co [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. September 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 1 $ — $ 1 Total current — 1 — 1 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 6 — 17 Total noncurrent — 6 — 17 Total derivatives $ — $ 7 $ — $ 18 | |
Derivative Instruments, Gain (Loss) | 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 period ended September 30, 2022. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ — $ 1 Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 3 $ 11 | 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 period ended September 30, 2021. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ — $ (2) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 1 $ 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 Gross Derivative Cash Net Gross Derivative Cash Net September 30, 2022 Derivatives PPL $ 76 $ 3 $ 2 $ 71 $ 12 $ 3 $ — $ 9 LG&E — — — — 7 — — 7 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net December 31, 2021 Derivatives PPL $ — $ — $ — $ — $ 18 $ — $ — $ 18 LG&E — — — — 18 — — 18 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2021 $ 189 $ 84 $ 105 Acquisition of RIE (a) 10 — — Accretion 4 3 1 New obligations incurred 2 2 — Changes in estimated timing or cost 10 9 1 Obligations settled (35) (12) (23) Balance at September 30, 2022 $ 180 $ 86 $ 84 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2021 $ 189 $ 84 $ 105 Acquisition of RIE (a) 10 — — Accretion 4 3 1 New obligations incurred 2 2 — Changes in estimated timing or cost 10 9 1 Obligations settled (35) (12) (23) Balance at September 30, 2022 $ 180 $ 86 $ 84 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2021 $ 189 $ 84 $ 105 Acquisition of RIE (a) 10 — — Accretion 4 3 1 New obligations incurred 2 2 — Changes in estimated timing or cost 10 9 1 Obligations settled (35) (12) (23) Balance at September 30, 2022 $ 180 $ 86 $ 84 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The after-tax changes in AOCI by component for the periods ended September 30 were as follows. Foreign Unrealized gains (losses) Defined benefit plans Equity Prior Actuarial Total PPL June 30, 2022 $ — $ 2 $ 2 $ (6) $ (122) $ (124) Amounts arising during the period — — — — (10) (10) Reclassifications from AOCI — — — 1 3 4 Net OCI during the period — — — 1 (7) (6) September 30, 2022 $ — $ 2 $ 2 $ (5) $ (129) $ (130) December 31, 2021 $ — $ 1 $ — $ (6) $ (152) $ (157) Amounts arising during the period — — 2 (1) 11 12 Reclassifications from AOCI — 1 — 2 12 15 Net OCI during the period — 1 2 1 23 27 September 30, 2022 $ — $ 2 $ 2 $ (5) $ (129) $ (130) June 30, 2021 $ — $ — $ — $ (15) $ (176) $ (191) Amounts arising during the period — — — — (12) (12) Reclassifications from AOCI — 1 — 9 10 20 Net OCI during the period — 1 — 9 (2) 8 September 30, 2021 $ — $ 1 $ — $ (6) $ (178) $ (183) December 31, 2020 $ (1,158) $ — $ — $ (16) $ (3,046) $ (4,220) Amounts arising during the period 372 (39) — — (18) 315 Reclassifications from AOCI — 25 — 2 117 144 Reclassifications from AOCI due to the sale of the U.K. utility business (Note 8) 786 15 — 8 2,769 3,578 Net OCI during the period 1,158 1 — 10 2,868 4,037 September 30, 2021 $ — $ 1 $ — $ (6) $ (178) $ (183) |
Reclassification out of Other Comprehensive Income (Loss) | The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the periods ended September 30. Three Months Nine Months Affected Line Item on the Details about AOCI 2022 2021 2022 2021 Statements of Income Qualifying derivatives Interest rate swaps $ — $ (1) $ (2) $ 12 Interest Expense — — — (2) Loss from Discontinued Operations (net of income taxes) Cross-currency swaps — — — (39) Loss from Discontinued Operations (net of income taxes) Total Pre-tax — (1) (2) (29) Income Taxes — — 1 4 Total After-tax — (1) (1) (25) Defined benefit plans Prior service costs (a) (2) (12) (3) (3) Net actuarial loss (a) (5) (14) (17) (147) Total Pre-tax (7) (26) (20) (150) Income Taxes 3 7 6 31 Total After-tax (4) (19) (14) (119) Sale of the U.K. utility business (Note 9) Foreign currency translation adjustments — — — (646) Loss from Discontinued Operations (net of income taxes) Qualifying derivatives — — — (15) Loss from Discontinued Operations (net of income taxes) Defined benefit plans — — — (3,577) Loss from Discontinued Operations (net of income taxes) Total Pre-tax — — — (4,238) Income Taxes — — — 660 Total After-tax — — — (3,578) Total reclassifications during the period $ (4) $ (20) $ (15) $ (3,722) (a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 9 for additional information. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | $ 2,241 | $ 716 | ||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | 303 | 3,571 | ||
Restricted Cash, Current | 1 | 1 | ||
Cash, Cash Equivalents and Restricted Cash | 304 | 3,572 | ||
PPL Electric Utilities Corp [Member] | ||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | 22 | 21 | ||
Louisville Gas And Electric Co [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | 389 | 389 | ||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | 25 | 9 | $ 5 | $ 7 |
Kentucky Utilities Co [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | 607 | 607 | ||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | $ 25 | $ 13 | $ 8 | $ 22 |
Segment and Related Informati_3
Segment and Related Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Integer | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | ||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | $ 2,134 | $ 1,512 | $ 5,612 | $ 4,298 | ||
Net income (loss) | 174 | 207 | 566 | (1,614) | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 37,378 | 37,378 | $ 33,223 | |||
Segment (Numeric) [Abstract] | ||||||
Goodwill | 2,241 | $ 2,241 | 716 | |||
Number of Reportable Segments | Integer | 3 | |||||
Kentucky Regulated [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 977 | 879 | $ 2,864 | 2,505 | ||
Net income (loss) | 153 | 159 | 434 | 389 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 16,622 | 16,622 | 16,360 | |||
Pennsylvania Regulated [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 766 | 627 | 2,217 | 1,769 | ||
Net income (loss) | 143 | 126 | 410 | 335 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 13,297 | 13,297 | 13,336 | |||
Corporate and Other [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 7 | 6 | 19 | 24 | ||
Net income (loss) | (96) | (76) | (223) | (848) | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 1,457 | 1,457 | 3,527 | |||
DiscontinuedOperationsSegment | ||||||
Income Statement Data [Abstract] | ||||||
Net income (loss) | 0 | (2) | 0 | (1,490) | ||
Rhode Island Regulated | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 384 | 0 | 512 | 0 | ||
Net income (loss) | (26) | 0 | (55) | 0 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 6,002 | 6,002 | 0 | |||
Segment (Numeric) [Abstract] | ||||||
Goodwill | 725 | 725 | ||||
PPL Electric Utilities Corp [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 766 | 627 | 2,217 | 1,769 | ||
Net income (loss) | [1] | 143 | 126 | 410 | 335 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 13,297 | $ 13,297 | 13,302 | |||
Segment (Numeric) [Abstract] | ||||||
Number of Reportable Segments | Integer | 1 | |||||
Number of Operating Segments | Integer | 2 | |||||
Louisville Gas And Electric Co [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 436 | 395 | $ 1,339 | 1,165 | ||
Net income (loss) | [2] | 77 | 82 | 224 | 202 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 7,642 | 7,642 | 7,592 | |||
Segment (Numeric) [Abstract] | ||||||
Goodwill | 389 | $ 389 | 389 | |||
Number of Reportable Segments | Integer | 1 | |||||
Number of Operating Segments | Integer | 1 | |||||
Kentucky Utilities Co [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 553 | 494 | $ 1,569 | 1,374 | ||
Net income (loss) | [3] | 95 | $ 99 | 268 | $ 241 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 9,424 | 9,424 | 9,272 | |||
Segment (Numeric) [Abstract] | ||||||
Goodwill | $ 607 | $ 607 | $ 607 | |||
Number of Reportable Segments | Integer | 1 | |||||
Number of Operating Segments | Integer | 1 | |||||
[1]Net income equals comprehensive income.[2]Net income equals comprehensive income.[3]Net income equals comprehensive income. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | $ 2,134 | $ 1,512 | $ 5,612 | $ 4,298 | ||
Alternative Revenue Programs | 51 | 19 | (16) | 62 | ||
Other Revenue | (8) | (4) | (21) | (15) | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 2,177 | 1,527 | 5,575 | 4,345 | ||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 21 | 7 | 55 | 9 | ||
Contract with Customer, Liability | 35 | 37 | 35 | 37 | $ 42 | $ 40 |
Contract with Customer, Liability, Revenue Recognized | 25 | 24 | ||||
Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 908 | 684 | 2,538 | 2,025 | ||
Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 453 | 345 | 1,211 | 955 | ||
Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 201 | 168 | 568 | 474 | ||
Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 359 | 100 | 620 | 284 | ||
Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 8 | 7 | 22 | 18 | ||
Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 21 | 20 | 66 | 53 | ||
Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 227 | 203 | 550 | 536 | ||
Pennsylvania Regulated [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 766 | 627 | 2,217 | 1,769 | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 765 | 649 | 2,150 | 1,837 | ||
Pennsylvania Regulated [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 407 | 324 | 1,189 | 964 | ||
Pennsylvania Regulated [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 135 | 95 | 360 | 260 | ||
Pennsylvania Regulated [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 22 | 14 | 67 | 39 | ||
Pennsylvania Regulated [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 13 | 13 | 39 | 38 | ||
Pennsylvania Regulated [Member] | Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Pennsylvania Regulated [Member] | Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Pennsylvania Regulated [Member] | Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 188 | 203 | 495 | 536 | ||
Kentucky Regulated [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 977 | 879 | 2,864 | 2,505 | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 978 | 872 | 2,872 | 2,484 | ||
Kentucky Regulated [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 401 | 360 | 1,218 | 1,061 | ||
Kentucky Regulated [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 284 | 250 | 805 | 695 | ||
Kentucky Regulated [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 176 | 154 | 497 | 435 | ||
Kentucky Regulated [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 88 | 81 | 264 | 222 | ||
Kentucky Regulated [Member] | Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 8 | 7 | 22 | 18 | ||
Kentucky Regulated [Member] | Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 21 | 20 | 66 | 53 | ||
Kentucky Regulated [Member] | Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Corporate and Other [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 7 | 6 | 19 | 24 | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 7 | 6 | 19 | 24 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Revenue, Remaining Performance Obligation, Amount | 41 | 41 | ||||
Corporate and Other [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Corporate and Other [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Corporate and Other [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Corporate and Other [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 7 | 6 | 19 | 24 | ||
Corporate and Other [Member] | Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Corporate and Other [Member] | Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Corporate and Other [Member] | Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Rhode Island Regulated | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 384 | 0 | 512 | 0 | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 427 | 0 | 534 | 0 | ||
Rhode Island Regulated | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 100 | 0 | 131 | 0 | ||
Rhode Island Regulated | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 34 | 0 | 46 | 0 | ||
Rhode Island Regulated | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 3 | 0 | 4 | 0 | ||
Rhode Island Regulated | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 251 | 0 | 298 | 0 | ||
Rhode Island Regulated | Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Rhode Island Regulated | Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Rhode Island Regulated | Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 39 | 0 | 55 | 0 | ||
PPL Electric [Member] | ||||||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Revenue Reserve for ROE Challenge | 13 | 64 | ||||
Amortization of Revenue Reserve for ROE Challenge | 74 | |||||
Rhode Island Energy | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 512 | |||||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Accounts Receivable Forgiven, AR Reserve | 3 | 26 | ||||
PPL Electric Utilities Corp [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 766 | 627 | 2,217 | 1,769 | ||
Alternative Revenue Programs | 3 | 22 | (56) | 68 | ||
Other Revenue | (4) | 0 | (11) | 0 | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 765 | 649 | 2,150 | 1,837 | ||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 7 | 3 | 12 | 4 | ||
Contract with Customer, Liability | 18 | 21 | 18 | 21 | 25 | 23 |
Contract with Customer, Liability, Revenue Recognized | 12 | 11 | ||||
Revenue Reserve for ROE Challenge | 13 | 64 | ||||
Amortization of Revenue Reserve for ROE Challenge | 74 | |||||
PPL Electric Utilities Corp [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 407 | 324 | 1,189 | 964 | ||
PPL Electric Utilities Corp [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 135 | 95 | 360 | 260 | ||
PPL Electric Utilities Corp [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 22 | 14 | 67 | 39 | ||
PPL Electric Utilities Corp [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 13 | 13 | 39 | 38 | ||
PPL Electric Utilities Corp [Member] | Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 188 | 203 | 495 | 536 | ||
Louisville Gas And Electric Co [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 436 | 395 | 1,339 | 1,165 | ||
Alternative Revenue Programs | 3 | (1) | 12 | (2) | ||
Other Revenue | (1) | (2) | (5) | (7) | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 438 | 392 | 1,346 | 1,156 | ||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 2 | 1 | 4 | 1 | ||
Contract with Customer, Liability | 6 | 6 | 6 | 6 | 6 | 5 |
Contract with Customer, Liability, Revenue Recognized | 6 | 5 | ||||
Louisville Gas And Electric Co [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 200 | 180 | 615 | 529 | ||
Louisville Gas And Electric Co [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 140 | 123 | 410 | 351 | ||
Louisville Gas And Electric Co [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 53 | 46 | 147 | 135 | ||
Louisville Gas And Electric Co [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 39 | 37 | 125 | 102 | ||
Louisville Gas And Electric Co [Member] | Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Louisville Gas And Electric Co [Member] | Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 6 | 6 | 49 | 39 | ||
Louisville Gas And Electric Co [Member] | Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | ||
Kentucky Utilities Co [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 553 | 494 | 1,569 | 1,374 | ||
Alternative Revenue Programs | 1 | (2) | 5 | (4) | ||
Other Revenue | (2) | (2) | (3) | (8) | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 552 | 490 | 1,571 | 1,362 | ||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 3 | 3 | 5 | 4 | ||
Contract with Customer, Liability | 6 | 6 | 6 | 6 | $ 6 | $ 6 |
Contract with Customer, Liability, Revenue Recognized | 6 | 6 | ||||
Kentucky Utilities Co [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 201 | 180 | 603 | 532 | ||
Kentucky Utilities Co [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 144 | 127 | 395 | 344 | ||
Kentucky Utilities Co [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 123 | 108 | 350 | 300 | ||
Kentucky Utilities Co [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 51 | 44 | 140 | 120 | ||
Kentucky Utilities Co [Member] | Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 8 | 7 | 22 | 18 | ||
Kentucky Utilities Co [Member] | Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 25 | 24 | 61 | 48 | ||
Kentucky Utilities Co [Member] | Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income (Numerator) [Abstract] | ||||
Net income (loss) | $ 174 | $ 207 | $ 566 | $ (1,614) |
Net income (loss) available to PPL common shareowners - Basic | 174 | 207 | 566 | (1,614) |
Net income (loss) available to PPL common shareowners - Diluted | $ 174 | $ 207 | $ 566 | $ (1,614) |
Shares of Common Stock (Denominator) [Abstract] | ||||
Weighted-average shares - Basic EPS (in shares) | 736,247 | 767,733 | 735,912 | 768,781 |
Add incremental non-participating securities: [Abstract] | ||||
Share-based payment awards (in shares) | 827 | 2,116 | 767 | 0 |
Weighted-average shares - Diluted EPS (in shares) | 737,074 | 769,849 | 736,679 | 768,781 |
Income (Loss) from Continuing Operations after income taxes, Diluted | $ 0.24 | $ 0.27 | $ 0.77 | $ (0.16) |
Income (Loss) from Continuing Operations After Income Taxes, Basic | 0.24 | 0.27 | 0.77 | (0.16) |
Loss from discontinued operations (net of income taxes), Diluted | 0 | 0 | 0 | (1.94) |
Loss from Discontinued Operations (net of income taxes), Basic | 0 | 0 | 0 | (1.94) |
Basic EPS - Available to PPL common shareowners: [Abstract] | ||||
Net Income Available to PPL common shareowners (in dollars per share) | 0.24 | 0.27 | 0.77 | (2.10) |
Diluted EPS - Available to PPL common shareowners: [Abstract] | ||||
Net Income Available to PPL common shareowners (in dollars per share) | $ 0.24 | $ 0.27 | $ 0.77 | $ (2.10) |
Shares Issued (Numeric) [Abstract] | ||||
Common stock issued under stock-based compensation plans (in shares) | 0 | 158 | 124 | 816 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted | $ 174 | $ 209 | $ 566 | $ (124) |
Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted | $ 0 | $ (2) | $ 0 | $ (1,490) |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computations of diluted EPS | 17 | 135 | 79 | 2,339 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reconciliation of Income Tax Expense [Abstract] | ||||||
Federal income tax on Income Before Income Taxes at statutory tax rate | $ 45 | $ 55 | $ 150 | $ 70 | ||
Increase (decrease) due to: [Abstract] | ||||||
State income taxes, net of federal income tax benefit | 8 | 17 | 56 | 12 | ||
Depreciation and other items not normalized | 0 | 0 | (8) | (4) | ||
Valuation allowance adjustments | (1) | 5 | 9 | 39 | ||
Amortization of excess deferred income taxes | (7) | (18) | (47) | (38) | ||
State income tax rate change | (5) | 0 | (5) | 0 | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ (1) | 0 | $ (4) | (4) | ||
Other | 1 | (3) | 0 | (1) | ||
Total increase (decrease) | (4) | (4) | (3) | 385 | ||
Total income tax expense (benefit) | 41 | 51 | 147 | 455 | ||
Amortization of investment tax credit including deferred taxes on basis adjustment | 0 | (1) | (7) | (2) | ||
Deferred Tax Assets, Valuation Allowance | 31 | 31 | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, U.K. Finance Act 2021, Amount | 0 | 0 | 0 | 383 | ||
Regulated Deferred Income Taxes Reduction | ||||||
Increase (decrease) due to: [Abstract] | ||||||
State income tax rate change | 274 | |||||
Deferred Tax Benefit | ||||||
Increase (decrease) due to: [Abstract] | ||||||
State income tax rate change | 5 | |||||
PPL Electric [Member] | Regulated Deferred Income Taxes Reduction | ||||||
Increase (decrease) due to: [Abstract] | ||||||
State income tax rate change | 274 | |||||
PPL Electric [Member] | Deferred Tax Benefit | ||||||
Increase (decrease) due to: [Abstract] | ||||||
State income tax rate change | 9 | |||||
PPL Electric Utilities Corp [Member] | ||||||
Reconciliation of Income Tax Expense [Abstract] | ||||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 38 | 36 | 114 | 95 | ||
Increase (decrease) due to: [Abstract] | ||||||
State income taxes, net of federal income tax benefit | 14 | 13 | 43 | 36 | ||
Depreciation and other items not normalized | (1) | 0 | (7) | (4) | ||
Amortization of excess deferred income taxes | (4) | (5) | (9) | (11) | ||
State income tax rate change | (9) | 0 | (9) | 0 | ||
Other | (1) | 1 | (1) | 0 | ||
Total increase (decrease) | (1) | 9 | 17 | 21 | ||
Total income tax expense (benefit) | 37 | 45 | 131 | 116 | ||
PPL Electric Utilities Corp [Member] | Regulated Deferred Income Taxes Reduction | ||||||
Increase (decrease) due to: [Abstract] | ||||||
State income tax rate change | 274 | |||||
PPL Electric Utilities Corp [Member] | Deferred Tax Benefit | ||||||
Increase (decrease) due to: [Abstract] | ||||||
State income tax rate change | 9 | |||||
Louisville Gas And Electric Co [Member] | ||||||
Reconciliation of Income Tax Expense [Abstract] | ||||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 21 | 21 | 57 | 53 | ||
Increase (decrease) due to: [Abstract] | ||||||
State income taxes, net of federal income tax benefit | 4 | 4 | 11 | 10 | ||
Amortization of excess deferred income taxes | (3) | (7) | (17) | (13) | ||
Other | (1) | (1) | (2) | (2) | ||
Total increase (decrease) | 0 | (4) | (8) | (5) | ||
Total income tax expense (benefit) | 21 | 17 | 49 | 48 | ||
Kentucky Utilities Co [Member] | ||||||
Reconciliation of Income Tax Expense [Abstract] | ||||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 25 | 26 | 70 | 63 | ||
Increase (decrease) due to: [Abstract] | ||||||
State income taxes, net of federal income tax benefit | 5 | 5 | 13 | 12 | ||
Amortization of excess deferred income taxes | (4) | (6) | (16) | (14) | ||
Other | (2) | (2) | (4) | (4) | ||
Total increase (decrease) | (1) | (3) | (7) | (6) | ||
Total income tax expense (benefit) | $ 24 | $ 23 | $ 63 | $ 57 |
Utility Rate Regulation - Regul
Utility Rate Regulation - Regulatory Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 234 | $ 64 |
Noncurrent regulatory assets | 1,715 | 1,236 |
Regulatory liabilities | 329 | 182 |
Universal Service Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 8 | 0 |
Regulatory liabilities | 0 | 17 |
Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 48 | 54 |
Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 60 | 21 |
Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 11 |
Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 670 | 523 |
Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 127 | 11 |
Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 24 | 24 |
Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 7 | 18 |
Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 66 | 70 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 216 | 228 |
Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 309 | 302 |
Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 19 | 21 |
Noncurrent regulatory assets | 44 | 6 |
Fuel adjustment clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 46 | 11 |
Net metering | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 52 | 0 |
Rate adjustment mechanism | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 96 | 0 |
Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 104 | 0 |
Taxs recoverable through future rates | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 48 | 0 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 13 | 22 |
Noncurrent regulatory assets | 471 | 488 |
Regulatory liabilities | 87 | 153 |
PPL Electric Utilities Corp [Member] | Universal Service Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 8 | 0 |
Regulatory liabilities | 0 | 17 |
PPL Electric Utilities Corp [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 11 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 252 | 256 |
PPL Electric Utilities Corp [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 3 | 4 |
PPL Electric Utilities Corp [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 216 | 228 |
PPL Electric Utilities Corp [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 11 |
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Fuel adjustment clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Net metering | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Rate adjustment mechanism | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Taxs recoverable through future rates | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 49 | 33 |
Noncurrent regulatory assets | 365 | 337 |
Regulatory liabilities | 4 | 21 |
Louisville Gas And Electric Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 13 | 15 |
Louisville Gas And Electric Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 32 | 21 |
Louisville Gas And Electric Co [Member] | Gas line tracker [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 3 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 203 | 164 |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 7 | 8 |
Louisville Gas And Electric Co [Member] | Generation formula rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 11 | 12 |
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 7 | 18 |
Louisville Gas And Electric Co [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 38 | 41 |
Louisville Gas And Electric Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 76 | 75 |
Louisville Gas And Electric Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1 | 5 |
Noncurrent regulatory assets | 10 | 4 |
Louisville Gas And Electric Co [Member] | Fuel adjustment clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 16 | 4 |
Kentucky Utilities Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 33 | 9 |
Noncurrent regulatory assets | 440 | 411 |
Regulatory liabilities | 6 | 8 |
Kentucky Utilities Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 35 | 39 |
Kentucky Utilities Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Gas line tracker [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 135 | 103 |
Kentucky Utilities Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 3 | 3 |
Kentucky Utilities Co [Member] | Generation formula rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 2 |
Kentucky Utilities Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 8 | 8 |
Kentucky Utilities Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 27 | 29 |
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 221 | 227 |
Kentucky Utilities Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 0 |
Noncurrent regulatory assets | 11 | 2 |
Kentucky Utilities Co [Member] | Fuel adjustment clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 30 | $ 7 |
Utility Rate Regulation - Reg_2
Utility Rate Regulation - Regulatory Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | $ 329 | $ 182 | ||
Noncurrent regulatory liabilities | $ 3,381 | 2,422 | ||
Utility Rate Regulation | 6. Utility Rate Regulation (All Registrants) The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 60 $ 21 $ — $ — Rate adjustment mechanisms 96 — — — Smart meter rider 5 11 5 11 Universal service rider 8 — 8 — Fuel adjustment clause 46 11 — — Other 19 21 — 11 Total current regulatory assets $ 234 $ 64 $ 13 $ 22 Noncurrent Regulatory Assets: Defined benefit plans $ 670 $ 523 $ 252 $ 256 Plant outage costs 48 54 — — Net metering 52 — — — Environmental cost recovery 104 — — — Taxes recoverable through future rates 48 — — — Storm costs 127 11 — — Unamortized loss on debt 24 24 3 4 Interest rate swaps 7 18 — — Terminated interest rate swaps 66 70 — — Accumulated cost of removal of utility plant 216 228 216 228 AROs 309 302 — — Other 44 6 — — Total noncurrent regulatory assets $ 1,715 $ 1,236 $ 471 $ 488 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 19 $ 10 $ 19 $ 10 Transmission service charge 10 21 10 21 Universal service rider — 17 — 17 TCJA customer refund 25 22 25 22 Act 129 compliance rider 18 10 18 10 Transmission formula rate return on equity (a) — 73 — 73 Economic relief billing credit — 27 — — Transmission formula rate 11 — 11 — Derivative instruments 71 — — — Rate adjustment mechanism 77 — — — Energy efficiency 23 — — — RIE bill credit (b) 50 — — — Other 25 2 4 — Total current regulatory liabilities $ 329 $ 182 $ 87 $ 153 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 925 $ 639 $ — $ — Power purchase agreement - OVEC 29 35 — — Net deferred taxes 2,112 1,591 783 531 Defined benefit plans 148 95 40 28 Terminated interest rate swaps 60 62 — — Energy efficiency 46 — — — Other 61 — — — Total noncurrent regulatory liabilities $ 3,381 $ 2,422 $ 823 $ 559 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 32 $ 21 $ — $ — Gas line tracker — 3 — — Generation formula rate — — — 2 Fuel adjustment clause 16 4 30 7 Other 1 5 3 — Total current regulatory assets $ 49 $ 33 $ 33 $ 9 Noncurrent Regulatory Assets: Defined benefit plans $ 203 $ 164 $ 135 $ 103 Storm costs 7 8 3 3 Unamortized loss on debt 11 12 8 8 Interest rate swaps 7 18 — — Terminated interest rate swaps 38 41 27 29 AROs 76 75 221 227 Plant outage costs 13 15 35 39 Other 10 4 11 2 Total noncurrent regulatory assets $ 365 $ 337 $ 440 $ 411 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Economic relief billing credit $ — $ 21 $ — $ 6 Other 4 — 6 2 Total current regulatory liabilities $ 4 $ 21 $ 6 $ 8 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 273 $ 262 $ 384 $ 377 Power purchase agreement - OVEC 20 24 9 11 Net deferred taxes 480 491 552 569 Defined benefit plans 11 10 60 57 Terminated interest rate swaps 30 31 30 31 Total noncurrent regulatory liabilities $ 814 $ 818 $ 1,035 $ 1,045 (a) See “Regulatory Matters - Federal Matters - PPL Electric Transmission Formula Rate Return on Equity” below for additional information. (b) As a condition of the acquisition, RIE will provide a credit to all its electric and natural gas distribution customers in the total amount of $50 million. The credits are expected to be issued during the fourth quarter of 2022. See Note 8 for additional information. Following is an overview of regulatory assets and liabilities detailed in the preceding tables which were recognized as a result of the acquisition of RIE. Specific developments with respect to certain of these regulatory assets and liabilities are discussed in "Regulatory Matters." Derivative Instruments RIE evaluates open derivative instruments for regulatory deferral by determining if they are probable of recovery from, or refund to, customers through future rates. Derivative instruments that qualify for recovery are recorded at fair value, with changes in fair value recorded as regulatory assets or regulatory liabilities in the period in which the change occurs. The balance is reconcilable, and any over- or under-recovery from customers will be refunded or recovered annually in the subsequent year. Energy Efficiency Represents the difference between revenue billed to customers through RIE's energy efficiency charge and the costs of the RIE’s energy efficiency programs as approved by the RIPUC. The energy efficiency charge is designed to collect the estimated costs of the RIE’s energy efficiency plan for the upcoming calendar year. The final annual over/under is reconciled in the next year's energy efficiency plan filing, as part of the reconciliation factor calculation. RIE may file to change the EEP charge at any time should significant over-or under-recoveries occur. Environmental Cost Recovery The regulatory asset represents deferred costs associated with RIE's share of the estimated costs to investigate and perform certain remediation activities at sites with which it may be associated. RIE's rate plans provide for specific rate allowances for these costs, with variances deferred for future recovery from, or return to, customers. RIE believes future costs, beyond the expiration of current rate plans, will continue to be recovered through rates. The regulatory asset represents the excess of amounts incurred for RIE's actual site investigation and remediation costs versus amounts received in rates. Net Metering Net metering deferral reflects the recovery mechanism for costs associated with customer-installed on-site generation facilities, including the costs of renewable generation credits. This surcharge provides RIE with a mechanism to recover such amounts. Net metering is reconcilable annually, and any over- or under-recovery from customers will be refunded to, or recovered from, customers through the adjustment factor determined for the subsequent year. Rate Adjustment Mechanisms In addition to commodity costs, RIE is subject to a number of additional rate adjustment mechanisms whereby an asset or liability is recognized resulting from differences between actual revenues and the underlying cost being recovered or differences between actual revenues and targeted amounts as approved by the RIPUC. The rate adjustment mechanisms are reconcilable, and any over- or under-recovery from customers will be refunded or recovered annually in the subsequent year. Taxes Recoverable through Future Rates Taxes recoverable through future rates represent the portion of future income taxes that will be recovered through future rates based upon established regulatory practices. Accordingly, this regulatory asset is recognized when the offsetting deferred tax liability is recognized. For general-purpose financial reporting, this regulatory asset and the deferred tax liability are not offset; rather, each is displayed separately. This regulatory asset is expected to be recovered over the period that the underlying book-tax timing differences reverse and the actual cash taxes are incurred. Regulatory Matters Rhode Island Activities (PPL) Rate Case proceedings At its August 24, 2018 Open Meeting, and subsequently memorialized pursuant to Report and Order No. 23823 issued May 5, 2020, the RIPUC approved the terms of an Amended Settlement Agreement (ASA), reflecting an allowed return on equity (ROE) rate of 9.275% based on a common equity ratio of approximately 51%. RIE is currently in year four of the multi-year rate plan (Rate Plan). On June 30, 2021, the Rhode Island Division of Public Utilities and Carriers consented to an open-ended extension of the term of the Rate Plan such that RIE was not required to file its next rate case in order for new rates take effect no later than September 1, 2022 as originally contemplated by the ASA. Pursuant to the settlement with the Rhode Island Office of the Attorney General in connection with the acquisition of RIE by PPL, RIE currently does not anticipate filing a new base rate case until at least three years following the closing of the acquisition. Pursuant to the open-ended extension, the Rate Year 3 level of base distribution rates under ASA will remain in effect and RIE will continue to operate under the current Rate Plan until a new Rate Plan is approved by the RIPUC. The ASA includes additional provisions, including (i) an Electric Transportation Initiative (the ET Initiative) to facilitate the growth of Electric Vehicle (EV) adoption and scaling of the market for EV charging equipment to advance Rhode Island's zero emission vehicles and greenhouse gas emissions policy goals, which the RIPUC is continuing to review in connection with certain underspending in the ET Initiative and the timing of crediting customers the deferral balance pursuant to the ASA, (ii) two energy storage demonstration projects, which are on track for timely completion, (iii) a new incentive-only performance incentive for System Efficiency: Annual Megawatt (MW) Capacity Savings, which sunsets in 2021 and requires a tariff advice filing with the RIPUC to extend, and (iv) several additional metrics for tracking and reporting purposes only. The RIPUC discussed the ET Initiative at an Open Meeting on August 30, 2022, advising the Company to seek RIPUC authorization to continue the ET Initiative and/or to alter any of the targets established in the ASA for Rate Year 5 and beyond. No votes or official rulings were taken; however, based on this feedback, RIE has paused the ET programs in Rate Year 5. Advanced Metering Functionality and Grid Modernization On January 21, 2021, RIE filed its Updated Advance Metering Functionality (AMF) Business Case and Grid Modernization Plan (GMP) with the RIPUC in accordance with the ASA. The Updated AMF Business Case – a foundational component of the GMP – seeks approval to deploy smart meters throughout the service territory. Pursuant to the written order issued on July 14, 2021, the RIPUC stayed the AMF and GMP proceedings pending further consideration following the issuance of a final Order by the Rhode Island Division of Public Utilities and Carriers on the Acquisition. RIE filed notice of withdrawal of the original Updated AMF Business Case and GMP with RIPUC on September 12, 2022 and intends to file a new AMF Business Case in November 2022, followed by a new GMP in December 2022. COVID-19 Deferral Filing On April 30, 2021, RIE filed a petition for approval to recognize regulatory assets related to COVID-19 Impacts (RIPUC Docket No. 5154). In its Petition, RIE seeks the RIPUC's authorization to create regulatory assets and consideration of future cost recovery for the following COVID-19 Costs: (1) the increased cost of customer accounts receivable that RIE will be unable to collect as a result of the COVID-19 pandemic, and the executive orders and RIPUC orders restricting RIE's collection activities as a result of the pandemic, which will result in increased net charge-offs; (2) lost revenue from unassessed late payment charges; and (3) charges to RIE for other fees that RIE has waived pursuant to the RIPUC's orders in RIPUC Docket No. 5022. The RIPUC has not taken any action on the filing to date and RIE is continuing to monitor the docket. RIE intends to evaluate its request to create a regulatory asset for COVID-19-related bad debt expense to consider the impact, if any, of the proposed arrearage forgiveness sought in RIE’s Petition to Forgive Certain Arrearage Balances for Low-Income and Protected Customers in Docket No. 22-08-GE, which RIE filed with the RIPUC to fulfill its obligations under PPL's settlement with the Rhode Island Attorney General. FY 2023 Gas Infrastructure, Safety and Reliability (ISR) Plan At an Open Meeting on March 29, 2022, the RIPUC conditionally approved RIE’s FY 2023 Gas ISR Plan and associated revenue requirement, subject to further review regarding RIE’s Proactive Main Replacement Program and its decision to reconstruct and purchase heating and pressure regulation equipment located at RIE’s Wampanoag and Tiverton take stations. Regarding the Proactive Main Replacement Program, the Chair of the RIPUC questioned whether the new main should be deemed "used and useful" and, hence, placed into rate base before the old main is fully abandoned. Currently, the new main is deemed "in-service" once the pipe is installed and gassed in. The RIPUC held a hearing on June 1, 2022 to further review RIE's lag in performance in replacing mains, including reasons for the lag, ratemaking implications, and the "used and useful" standard. RIE responded to several record requests following the hearing. The RIPUC held an Open Meeting on September 13, 2022, regarding the Proactive Main Replacement Program and made the following rulings: (1) commencing with the Gas ISR plan to be filed in this calendar year 2022 (prospectively), new main constructed to replace leak prone pipe will not be considered used and useful, and therefore not eligible for rate base treatment, until the related old main is abandoned; and (2) approved the proactive main replacement revenue requirement set forth in the FY23 Gas ISR plan, thereby closing out the potential that this portion of the revenue requirement might be subject to refund . Also, the RIPUC directed RIE to submit prefiled testimony on the issue of its replacement of heating and pressure regulation facilities at the Wampanoag and Tiverton take stations and to address three issues, specifically: (i) a cost-benefit analysis arising from RIE's decision to take ownership of the reconstructed take station equipment; (ii) the potential that the benefits derived from the reconstruction and ownership transfer of the take station equipment will not be realized due to the future use of hydrogen or abandonment of the gas system; and (iii) the depreciation and accounting treatment of the reconstructed take station equipment. RIE filed this testimony with the RIPUC on May 16, 2022 and this issue is still pending before the RIPUC. Federal Matters PPL Electric Transmission Formula Rate Return on Equity (PPL and PPL Electric) In May 2020, PP&L Industrial Customer Alliance (PPLICA) filed a complaint with the FERC alleging that PPL Electric's base ROE used to determine PPL Electric’s formula transmission rate was unjust and unreasonable. In August 2021, PPL Electric entered into a settlement agreement (the Settlement) with PPLICA and all other parties, including intervenors. The key aspects of the Settlement include changes to PPL Electric’s base ROE, changes to the equity component of PPL Electric's capital structure, allowing modification of the current rate year to a calendar year and allowing modification of the current formula rate based on a historic test year to a projected test year. The settlement was approved by the FERC in November 2021. The interim rates reflecting the agreed-to-base ROE in the Settlement were effective December 1, 2021. In the three and nine months ended September 30, 2021, PPL and PPL Electric recorded a revenue reserve of $13 million ($10 million after-tax) and $64 million ($46 million after-tax) representing revenue subject to refund from the date of the complaint through June 30, 2021. Of these amounts, $28 million ($20 million after-tax) for the nine months ended September 30, 2021, related to the period from May 21, 2020 to December 31, 2020. As of December 31, 2021, PPL and PPL Electric had a regulatory liability on the Balance Sheet of $73 million, which represents revenue subject to refund based on the difference between charges that were calculated using the ROE in effect at the time and charges calculated using the revised ROE provided for in the Settlement, plus interest at the FERC interest rate. During the nine months ended September 30, 2022, $74 million of revenue was refunded to customers. The total balance at December 31, 2021, plus additional interest recorded was refunded to customers by May 31, 2022. FERC Transmission Rate Filing (PPL, LG&E and KU) In 2018, LG&E and KU applied to the FERC requesting elimination of certain on-going credits to a sub-set of transmission customers relating to the 1998 merger of LG&E's and KU's parent entities and the 2006 withdrawal of LG&E and KU from the Midcontinent Independent System Operator, Inc. (MISO), a regional transmission operator and energy market. The application sought termination of LG&E's and KU's commitment to provide certain Kentucky municipalities mitigation for certain horizontal market power concerns arising out of the 1998 LG&E and KU merger and 2006 MISO withdrawal. The amounts at issue are generally waivers or credits granted to a limited number of Kentucky municipalities for either certain LG&E and KU or MISO transmission charges incurred for transmission service received. In 2019, the FERC granted LG&E's and KU's request to remove the ongoing credits, conditioned upon the implementation by LG&E and KU of a transition mechanism for certain existing power supply arrangements, which was subsequently filed, modified, and approved by the FERC in 2020 and 2021. In 2020, LG&E and KU and other parties filed appeals with the D.C. Circuit Court of Appeals regarding the FERC's orders on the elimination of the mitigation and required transition mechanism. On August 4, 2022, the D.C. Circuit Court of Appeals issued an order remanding the proceedings back to the FERC. LG&E and KU cannot predict the outcome of the proceedings at the FERC on remand. LG&E and KU currently receive recovery of the waivers and credits provided through other rate mechanisms and such rate recovery would be anticipated to be adjusted consistent with potential changes or terminations of the waivers and credits, as such become effective. Recovery of Transmission Costs (PPL) On an interim basis, RIE's transmission facilities continue to be operated in combination with the transmission facilities of National Grid's New England affiliates, Massachusetts Electric Company (MECO) and NEP, as a single integrated system with NEP designated as the combined operator. NEP collects the costs of the combined transmission asset pool including a return on those facilities under NEP's Tariff No. 1 from the ISO. The ISO allocates these costs among transmission customers in New England, in accordance with the ISO Open Access Transmission Tariff (ISO-NE OATT). According to the FERC orders, RIE is compensated for its actual monthly transmission costs, with its authorized maximum ROE of 11.74% on its transmission assets. The amount remitted by NEP to RIE for the three and nine months ended September 30, 2022 was $44 million and $58 million. The ROE for transmission rates under the ISO-NE OATT is the subject of four complaints that are pending before the FERC. On October 16, 2014, the FERC issued an order on the first complaint, Opinion No. 531-A, resetting the base ROE applicable to transmission assets under the ISO-NE OATT from 11.14% to 10.57% effective as of October 16, 2014 and establishing a maximum ROE of 11.74%. On April 14, 2017, this order was vacated and remanded by the District of Columbia Circuit (Court of Appeals). After the remand, the FERC issued an order on October 16, 2018 applicable to all four pending cases where it proposed a new base ROE methodology that, with subsequent input and support from the New England Transmission Owners (NETO), yielded a base ROE of 10.41%. Subsequent to the FERC's October 2018 order in the New England Transmission Owners cases, the FERC further refined its ROE methodology in another proceeding and has applied that refined methodology to transmission owners’ ROEs in other jurisdictions, and the NETOs filed further information in the New England matters to distinguishing their case. Those determinations in other jurisdictions are currently on appeal before the Court of Appeals. The proceeding and the final base rate ROE determination in the New England matters remain open, pending a final order from the FERC. PPL cannot predict the outcome of this matter, and an estimate of the impact cannot be determined. Other Purchase of Receivables Program (PPL and PPL Electric) In accordance with a PAPUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative electricity suppliers at a discount, which reflects a provision for uncollectible accounts. The alternative electricity suppliers have no continuing involvement or interest in the purchased accounts receivable. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. During the three and nine months ended September 30, 2022, PPL Electric purchased $352 million and $974 million of accounts receivable from alternative suppliers. During the three and nine months ended September 30, 2021, PPL Electric purchased $309 million and $883 million of accounts receivable from alternative suppliers. | |||
Generation Supply Charge [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | $ 19 | 10 | ||
Universal Service Rider [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 17 | ||
TCJA customer refund [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 25 | 22 | ||
Act 129 Compliance Rider [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 18 | 10 | ||
Economic relief billing credit | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 27 | ||
Change in Regulatory Liability due to ROE Adjustment | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 73 | ||
Accumulated Cost Of Removal Of Utility Plant [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 925 | 639 | ||
Power Purchase Agreement OVEC [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 29 | 35 | ||
Net deferred taxes [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 2,112 | 1,591 | ||
Defined Benefit Plans [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 148 | 95 | ||
Terminated interest rate swaps [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 60 | 62 | ||
Other Regulatory Liabilities [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 25 | 2 | ||
Noncurrent regulatory liabilities | 61 | 0 | ||
Transmission Service Charge [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 10 | 21 | ||
Energy efficiency charge | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 23 | 0 | ||
Noncurrent regulatory liabilities | 46 | 0 | ||
Rate adjustment mechanism | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 77 | 0 | ||
Derivative Instruments [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 71 | 0 | ||
Transmission Formula Rate [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 11 | 0 | ||
RIE bill credit | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 50 | 0 | ||
PPL Electric Utilities Corp [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 87 | 153 | ||
Noncurrent regulatory liabilities | 823 | 559 | ||
Regulatory Liability due to ROE Reserve, After Tax | $ 10 | $ 46 | ||
PPL Electric Utilities Corp [Member] | Generation Supply Charge [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 19 | 10 | ||
PPL Electric Utilities Corp [Member] | Universal Service Rider [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 17 | ||
PPL Electric Utilities Corp [Member] | TCJA customer refund [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 25 | 22 | ||
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 18 | 10 | ||
PPL Electric Utilities Corp [Member] | Economic relief billing credit | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Change in Regulatory Liability due to ROE Adjustment | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 73 | ||
PPL Electric Utilities Corp [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Power Purchase Agreement OVEC [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Net deferred taxes [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 783 | 531 | ||
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 40 | 28 | ||
PPL Electric Utilities Corp [Member] | Terminated interest rate swaps [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Other Regulatory Liabilities [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 4 | 0 | ||
Noncurrent regulatory liabilities | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Transmission Service Charge [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 10 | 21 | ||
PPL Electric Utilities Corp [Member] | Energy efficiency charge | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 0 | ||
Noncurrent regulatory liabilities | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Rate adjustment mechanism | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Derivative Instruments [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 0 | ||
PPL Electric Utilities Corp [Member] | Transmission Formula Rate [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 11 | 0 | ||
PPL Electric Utilities Corp [Member] | RIE bill credit | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 0 | ||
Louisville Gas And Electric Co [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 4 | 21 | ||
Noncurrent regulatory liabilities | 814 | 818 | ||
Louisville Gas And Electric Co [Member] | Economic relief billing credit | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 21 | ||
Louisville Gas And Electric Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 273 | 262 | ||
Louisville Gas And Electric Co [Member] | Power Purchase Agreement OVEC [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 20 | 24 | ||
Louisville Gas And Electric Co [Member] | Net deferred taxes [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 480 | 491 | ||
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 11 | 10 | ||
Louisville Gas And Electric Co [Member] | Terminated interest rate swaps [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 30 | 31 | ||
Louisville Gas And Electric Co [Member] | Other Regulatory Liabilities [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 4 | 0 | ||
Kentucky Utilities Co [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 6 | 8 | ||
Noncurrent regulatory liabilities | 1,035 | 1,045 | ||
Kentucky Utilities Co [Member] | Economic relief billing credit | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | 0 | 6 | ||
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 384 | 377 | ||
Kentucky Utilities Co [Member] | Power Purchase Agreement OVEC [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 9 | 11 | ||
Kentucky Utilities Co [Member] | Net deferred taxes [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 552 | 569 | ||
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 60 | 57 | ||
Kentucky Utilities Co [Member] | Terminated interest rate swaps [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Noncurrent regulatory liabilities | 30 | 31 | ||
Kentucky Utilities Co [Member] | Other Regulatory Liabilities [Member] | ||||
Regulatory Liabilities [Line Items] | ||||
Current regulatory liabilities | $ 6 | $ 2 |
Utility Rate Regulation - Reg_3
Utility Rate Regulation - Regulatory Matters (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Oct. 16, 2018 | Aug. 24, 2018 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2015 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
PPL Electric [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | ||||||||
Regulatory Liability due to ROE Reserve, After Tax | $ 10 | $ 46 | ||||||
Regulatory Liability due to ROE Reserve, Before Tax | $ 73 | |||||||
Amortization of Revenue Reserve for ROE Challenge | $ 74 | |||||||
Regulatory Liability due to ROE Reserve, Before Tax | 13 | 64 | ||||||
PPL Electric [Member] | Period of 05-21-2020 to 12-31-2020 | ||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | ||||||||
Regulatory Liability due to ROE Reserve, After Tax | 20 | |||||||
Regulatory Liability due to ROE Reserve, Before Tax | 28 | |||||||
Rhode Island Energy | Rhode Island Public Uitilty Commsion | ||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | ||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.275% | |||||||
Rhode Island Energy | Rhode Island Public Uitilty Commsion | Common equity percentage related to approved rate | ||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | ||||||||
Percentage of common equity used on allowed ROE | 51% | |||||||
Rhode Island Energy | Federal Energy Regulatory Commsion [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | ||||||||
New ROE prosed by NETO and approved by FERC | 10.41% | |||||||
Initial minimum base ROE to be reset by the FERC | 11.14% | |||||||
Maximum Base ROE reset by FERC | 11.74% | |||||||
Minimum base ROE reset by FERC | 10.57% | |||||||
Rhode Island Energy | Federal Energy Regulatory Commsion [Member] | Maximum ROE authorized | ||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | ||||||||
FERC Granted ROE | 11.74% | |||||||
Rhode Island Energy | Federal Energy Regulatory Commsion [Member] | Amount remitted on the authorized ROE | ||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | ||||||||
Amount of ROE remitted by NEP | $ 44 | $ 58 | ||||||
PPL Electric Utilities Corp [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | ||||||||
Regulatory Liability due to ROE Reserve, After Tax | 10 | 46 | ||||||
Regulatory Liability due to ROE Reserve, Before Tax | $ 73 | |||||||
Amortization of Revenue Reserve for ROE Challenge | $ 74 | |||||||
Regulatory Liability due to ROE Reserve, Before Tax | $ 13 | 64 | ||||||
PPL Electric Utilities Corp [Member] | Period of 05-21-2020 to 12-31-2020 | ||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | ||||||||
Regulatory Liability due to ROE Reserve, After Tax | 20 | |||||||
Regulatory Liability due to ROE Reserve, Before Tax | $ 28 |
Utility Rate Regulation - Other
Utility Rate Regulation - Other (Details) - Unaffiliated Third Party Entity [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
PPL Electric [Member] | ||||
Purchases Of Accounts Receivable [Line Items] | ||||
Purchases of Accounts Receivable | $ 352 | $ 309 | $ 974 | $ 883 |
PPL Electric Utilities Corp [Member] | ||||
Purchases Of Accounts Receivable [Line Items] | ||||
Purchases of Accounts Receivable | $ 352 | $ 309 | $ 974 | $ 883 |
Financing Activities - Credit A
Financing Activities - Credit Arrangements (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Sep. 16, 2022 | Jul. 29, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 |
PPL Capital Funding [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | $ 1,450 | |||||
Borrowed | 0 | $ 0 | ||||
Letters of Credit and Commercial Paper Issued | 460 | 15 | ||||
Unused Capacity | 990 | |||||
PPL Capital Funding [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 1,250 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 400 | 0 | ||||
Unused Capacity | 850 | |||||
PPL Capital Funding [Member] | Bilateral Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 100 | $ 100 | $ 50 | |||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 60 | 15 | ||||
Unused Capacity | 40 | |||||
PPL Capital Funding [Member] | Bilateral Credit Facility [Member] | Rhode Island Energy | ||||||
Line of Credit Facility [Line Items] | ||||||
Letters of Credit and Commercial Paper Issued | 45 | |||||
PPL Capital Funding [Member] | Bilateral Credit Facility #2 | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 100 | $ 100 | $ 50 | |||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 100 | |||||
PPL Electric [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 900 | |||||
Borrowed | 250 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 1 | 1 | ||||
Unused Capacity | 649 | |||||
PPL Electric [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 650 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 1 | 1 | ||||
Unused Capacity | 649 | |||||
PPL Electric [Member] | Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 250 | $ 250 | ||||
Borrowed | 250 | $ 250 | 0 | |||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 0 | |||||
Interest rate on outstanding borrowing | 3.77% | |||||
LGE [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 800 | |||||
Borrowed | 300 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 110 | 69 | ||||
Unused Capacity | 390 | |||||
LGE [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 500 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 110 | 69 | ||||
Unused Capacity | 390 | |||||
LGE [Member] | Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 300 | $ 300 | ||||
Borrowed | 300 | $ 300 | 0 | |||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 0 | |||||
Interest rate on outstanding borrowing | 3.23% | |||||
KU [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 700 | |||||
Borrowed | 300 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 400 | |||||
KU [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 400 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 400 | |||||
KU [Member] | Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 300 | $ 300 | ||||
Borrowed | 300 | $ 300 | 0 | |||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 0 | |||||
Interest rate on outstanding borrowing | 3.23% | |||||
PPL Electric Utilities Corp [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 900 | |||||
Borrowed | 250 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 1 | 1 | ||||
Unused Capacity | 649 | |||||
PPL Electric Utilities Corp [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 650 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 1 | 1 | ||||
Unused Capacity | 649 | |||||
PPL Electric Utilities Corp [Member] | Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 250 | $ 250 | ||||
Borrowed | 250 | $ 250 | 0 | |||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 0 | |||||
Interest rate on outstanding borrowing | 3.77% | |||||
Louisville Gas And Electric Co [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 800 | |||||
Borrowed | 300 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 110 | 69 | ||||
Unused Capacity | 390 | |||||
Louisville Gas And Electric Co [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 500 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 110 | 69 | ||||
Unused Capacity | 390 | |||||
Louisville Gas And Electric Co [Member] | Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 300 | $ 300 | ||||
Borrowed | 300 | $ 300 | 0 | |||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 0 | |||||
Interest rate on outstanding borrowing | 3.23% | |||||
Kentucky Utilities Co [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 700 | |||||
Borrowed | 300 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 400 | |||||
Kentucky Utilities Co [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 400 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | 400 | |||||
Kentucky Utilities Co [Member] | Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 300 | $ 300 | ||||
Borrowed | 300 | $ 300 | 0 | |||
Letters of Credit and Commercial Paper Issued | 0 | $ 0 | ||||
Unused Capacity | $ 0 | |||||
Interest rate on outstanding borrowing | 3.23% |
Financing Activities - Short-te
Financing Activities - Short-term Debt (Details) - Commercial Paper [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Aug. 31, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | |||
Capacity | $ 2,900 | ||
Commercial Paper Issuances | 510 | $ 69 | |
Unused Capacity | $ 2,390 | ||
PPL Capital Funding [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 2.50% | ||
Capacity | $ 1,350 | ||
Commercial Paper Issuances | 400 | 0 | |
Unused Capacity | 950 | ||
PPL Electric [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 650 | ||
Commercial Paper Issuances | 0 | $ 0 | |
Unused Capacity | $ 650 | ||
LGE [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 2.51% | 0.31% | |
Capacity | $ 500 | $ 500 | |
Commercial Paper Issuances | 110 | $ 69 | |
Unused Capacity | $ 390 | ||
KU [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | |||
Capacity | $ 400 | 400 | |
Commercial Paper Issuances | 0 | 0 | |
Unused Capacity | 400 | ||
PPL Electric Utilities Corp [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 650 | ||
Commercial Paper Issuances | 0 | $ 0 | |
Unused Capacity | $ 650 | ||
Louisville Gas And Electric Co [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 2.51% | 0.31% | |
Capacity | $ 500 | 500 | |
Commercial Paper Issuances | 110 | $ 69 | |
Unused Capacity | $ 390 | ||
Kentucky Utilities Co [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | |||
Capacity | $ 400 | $ 400 | |
Commercial Paper Issuances | 0 | $ 0 | |
Unused Capacity | $ 400 |
Financing Activities - Long-ter
Financing Activities - Long-term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 16, 2022 | Aug. 31, 2022 | Jul. 29, 2022 | Dec. 31, 2021 | |
Long-term Debt (Numeric) [Abstract] | ||||||
Loss on extinguishment of debt | $ 0 | $ (395,000) | ||||
Long-term debt due within one year | 264,000 | $ 474,000 | ||||
Long-term Debt, Excluding Current Maturities | 12,977,000 | 10,666,000 | ||||
PPL Electric [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 900,000 | |||||
Borrowed | 250,000 | 0 | ||||
PPL Electric [Member] | Term Loan Facility [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 250,000 | $ 250,000 | ||||
Borrowed | 250,000 | $ 250,000 | 0 | |||
Interest rate on outstanding borrowing | 3.77% | |||||
PPL Electric [Member] | LCIDA Pollution Control Revenue Refunding Bonds 2016 Series A | Remarketed [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Principal amount | $ 116,000 | |||||
Stated interest rate | 3% | |||||
PPL Electric [Member] | LCIDA Pollution Control Revenue Refunding Bonds 2016 Series B | Remarketed [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Principal amount | $ 108,000 | |||||
Stated interest rate | 2.63% | |||||
PPL Capital Funding [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | $ 1,450,000 | |||||
Borrowed | 0 | 0 | ||||
LGE [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 800,000 | |||||
Borrowed | 300,000 | 0 | ||||
LGE [Member] | Term Loan Facility [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 300,000 | $ 300,000 | ||||
Borrowed | 300,000 | $ 300,000 | 0 | |||
Interest rate on outstanding borrowing | 3.23% | |||||
KU [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 700,000 | |||||
Borrowed | 300,000 | 0 | ||||
KU [Member] | Term Loan Facility [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 300,000 | $ 300,000 | ||||
Borrowed | 300,000 | $ 300,000 | 0 | |||
Interest rate on outstanding borrowing | 3.23% | |||||
Rhode Island Energy | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Long-term Debt, Gross | 1,503,000 | |||||
Debt Issuance Costs, Gross | (6,000) | |||||
Long-term Debt | 1,497,000 | |||||
Long-term debt due within one year | 1,000 | |||||
Long-term Debt, Excluding Current Maturities | 1,496,000 | |||||
Schedule of Maturities of Long-term Debt | 1,000 | |||||
Long-Term Debt, Maturity, Year Two | 1,000 | |||||
Long-Term Debt, Maturity, Year Three | 1,000 | |||||
Long-Term Debt, Maturity, Year Four | 1,000 | |||||
Long-Term Debt, Maturity, Year Five | 0 | |||||
Long-Term Debt, Maturity, after Year Five | 1,499,000 | |||||
Rhode Island Energy | Unsecured Debt | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Long-term Debt, Gross | $ 1,500,000 | |||||
Debt, Weighted Average Interest Rate | 4.10% | |||||
Rhode Island Energy | Senior Secured Notes First Mortgage Bonds | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Long-term Debt, Gross | $ 3,000 | |||||
Annual Sinking Fund Payment Requirement | $ 750 | |||||
Debt, Weighted Average Interest Rate | 7.50% | |||||
PPL Electric Utilities Corp [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | $ 900,000 | |||||
Borrowed | 250,000 | 0 | ||||
Long-term debt due within one year | 250,000 | 474,000 | ||||
Long-term Debt, Excluding Current Maturities | 4,235,000 | 4,010,000 | ||||
PPL Electric Utilities Corp [Member] | Term Loan Facility [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 250,000 | $ 250,000 | ||||
Borrowed | 250,000 | $ 250,000 | 0 | |||
Interest rate on outstanding borrowing | 3.77% | |||||
PPL Electric Utilities Corp [Member] | LCIDA Pollution Control Revenue Refunding Bonds 2016 Series A | Remarketed [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Principal amount | $ 116,000 | |||||
Stated interest rate | 3% | |||||
PPL Electric Utilities Corp [Member] | LCIDA Pollution Control Revenue Refunding Bonds 2016 Series B | Remarketed [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Principal amount | $ 108,000 | |||||
Stated interest rate | 2.63% | |||||
Louisville Gas And Electric Co [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | $ 800,000 | |||||
Borrowed | 300,000 | 0 | ||||
Long-term Debt, Excluding Current Maturities | 2,307,000 | 2,006,000 | ||||
Louisville Gas And Electric Co [Member] | Term Loan Facility [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 300,000 | $ 300,000 | ||||
Borrowed | 300,000 | $ 300,000 | 0 | |||
Interest rate on outstanding borrowing | 3.23% | |||||
Kentucky Utilities Co [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 700,000 | |||||
Borrowed | 300,000 | 0 | ||||
Long-term debt due within one year | 13,000 | 0 | ||||
Long-term Debt, Excluding Current Maturities | 2,906,000 | 2,618,000 | ||||
Kentucky Utilities Co [Member] | Term Loan Facility [Member] | ||||||
Long-term Debt (Numeric) [Abstract] | ||||||
Capacity | 300,000 | $ 300,000 | ||||
Borrowed | $ 300,000 | $ 300,000 | $ 0 | |||
Interest rate on outstanding borrowing | 3.23% |
Financing Activities - Equity S
Financing Activities - Equity Securities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Aug. 01, 2021 | |
Securities Financing Transaction [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 3,000 | ||||
Preferred Stock, Value, Outstanding | $ 3 | $ 3 | |||
Annualized current quarterly common stock dividend (in dollars per share) | $ 90 | ||||
Preferred Stock, Dividend Preference or Restrictions | Pursuant to the preferred stock arrangement, as long as any preferred stock is outstanding, certain restrictions on payment of common stock dividends would come into effect if the common stock equity of RIE was, or by reason of payment of such dividends became, less than 25% of total capitalization of RIE. | ||||
Treasury Stock, Common | |||||
Securities Financing Transaction [Line Items] | |||||
Treasury stock acquired | 154 | ||||
Treasury Stock, Value, Acquired | $ 0 | $ 1,000 | $ 0 |
Financing Activities - Distribu
Financing Activities - Distributions (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Distributions (Numeric) [Abstract] | |||||
Current quarterly common stock dividend (in dollars per share) | $ 0.225 | $ 0.225 | $ 0.415 | $ 0.650 | $ 1.245 |
Annualized current quarterly common stock dividend (in dollars per share) | $ 90 |
Acquisitions, Development and_3
Acquisitions, Development and Divestitures - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Income (Loss) from Discontinued Operations (net of income taxes) | $ 0 | $ (2) | $ 0 | $ (1,490) | ||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||||
Total Assets | 325 | 325 | $ 0 | |||
Total Liabilities | $ 205 | $ 205 | $ 0 | |||
Discontinued Operations, Disposed of by Sale | WPD | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ||||||
Sales proceeds, net of realized foreign currency hedge losses | $ 10,700 | |||||
Loss on Sale | 0 | (1,609) | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Operating Revenues | 0 | 1,344 | ||||
Operating Expenses | 0 | 466 | ||||
Other Income (Expense) - net | 0 | 202 | ||||
Interest Expense | 0 | 209 | ||||
Income before income taxes | 0 | 871 | ||||
Gain (Loss) on Sale | 0 | (1,609) | ||||
Income tax expense | 2 | 752 | ||||
Income (Loss) from Discontinued Operations (net of income taxes) | (2) | (1,490) | ||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||||
Gain (Loss) on Sale | $ 0 | $ (1,609) | ||||
Net Proceeds From Divestiture Of Businesses | $ 10,400 |
Acquisitions, Development and_4
Acquisitions, Development and Divestitures - Development (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 21 Months Ended | 25 Months Ended | ||||||
May 25, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Jun. 30, 2024 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Integration Related Costs | $ 144 | $ 10 | |||||||||||
Aggregate enterprise consideration | $ 5,300 | ||||||||||||
Less: fair value of assumed long-term debt outstanding, net | $ 1,500 | $ 1,500 | 1,500 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, AR Reserve | $ 60 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables, Gross | 255 | ||||||||||||
Business Combination, Transaction Costs Expense | 18 | ||||||||||||
Goodwill, Acquired During Period | 1,579 | ||||||||||||
Operating Revenues Pro Forma | 6,322 | 5,435 | |||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | $ 0 | $ (2) | 0 | (1,490) | |||||||||
Net Income (Loss) Pro Forma | 630 | (15) | |||||||||||
Transition Service Agreement Cost | 49 | 67 | |||||||||||
Goodwill | 2,241 | $ 2,241 | 2,241 | $ 2,241 | $ 716 | ||||||||
Operating Revenues from external customers | 2,134 | 1,512 | 5,612 | 4,298 | |||||||||
Net income (loss) | 174 | 207 | 566 | (1,614) | |||||||||
Indemnification for Safari sale/leaseback | 25 | ||||||||||||
Guarantee Maximum Exposure for Safari Indemnification | 151 | ||||||||||||
Guarantee Maximum Exposure PPAs | 55 | ||||||||||||
Maximum Aggregate Liability for Safari Indemnification | 140 | 140 | 140 | 140 | |||||||||
Narragansett Electric | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total cash consideration | 3,800 | ||||||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Safari Holdings LLC, Consolidated | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | 53 | 53 | 53 | 53 | |||||||||
Gain (Loss) on Disposition of Business | 67 | ||||||||||||
gain (loss) on disposition of business, net of tax | 50 | ||||||||||||
Subsequent Event [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Safari Holdings LLC, Consolidated | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Sales proceeds, net of realized foreign currency hedge losses | $ 120 | ||||||||||||
Transaction Costs | Additional Costs Related to Purchase | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 27 | ||||||||||||
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | Transaction Costs | Additional Costs Related to Purchase | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 18 | ||||||||||||
Rhode Island Regulated | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | 725 | 725 | 725 | 725 | |||||||||
Operating Revenues from external customers | 384 | 0 | 512 | 0 | |||||||||
Net income (loss) | (26) | 0 | (55) | 0 | |||||||||
Corporate and Other [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill, Purchase Accounting Adjustments | 854 | ||||||||||||
Operating Revenues from external customers | 7 | 6 | 19 | 24 | |||||||||
Net income (loss) | (96) | $ (76) | (223) | $ (848) | |||||||||
Corporate and Other [Member] | Adjustments identified in the third quarter | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill, Purchase Accounting Adjustments | 2 | ||||||||||||
Rhode Island Energy | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Regulatory Assets | 75 | ||||||||||||
Public Utilities, Customer Bill Credit Agreement, Total | 50 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 195 | ||||||||||||
RICCREF Contribution Expense | 2.5 | ||||||||||||
Business Acquisition, Unbilled Revenues | 54 | ||||||||||||
Total Current Assets | 630 | ||||||||||||
Business Combination, Price Risk Management Assets | 99 | ||||||||||||
Property, Plant and Equipment, net | 3,990 | ||||||||||||
Regulatory Assets | 437 | ||||||||||||
Goodwill | 1,579 | ||||||||||||
Other Noncurrent Assets | 134 | ||||||||||||
Total Noncurrent Assets | 6,140 | ||||||||||||
Accounts Receivable Forgiven, net | 18 | ||||||||||||
Total Assets | 6,770 | ||||||||||||
Business Combination, Regulatory Assets Expensed | 20 | $ 20 | |||||||||||
Long-Term Debt Due Within One Year | 14 | ||||||||||||
Acquisition commitment write off expenses | 101 | ||||||||||||
Accounts Receivable Forgiven, AR Reserve | 3 | 26 | |||||||||||
Accounts Payable | 181 | ||||||||||||
Less: fair value of assumed long-term debt outstanding, net | 1,496 | ||||||||||||
Taxes Accrued | 44 | ||||||||||||
Regulatory Liabilities | 237 | ||||||||||||
Other Current Liabilities | 198 | ||||||||||||
Regulatory Liabilities | 628 | ||||||||||||
Other Deferred Credits and Noncurrent Liabilities | 150 | ||||||||||||
Noncurrent Liabilities | 2,274 | ||||||||||||
Total cash consideration | $ 3,822 | ||||||||||||
Cash and cash equivalents | 142 | ||||||||||||
Other Current Assets | 65 | ||||||||||||
Total Current Liabilities | 674 | ||||||||||||
Accounts Receivable Forgiven, Gross | 44 | ||||||||||||
Operating Revenues from external customers | 512 | ||||||||||||
Net income (loss) | (55) | ||||||||||||
Public Utilities, Customer Bill Credit Agreement, Net of Tax | 40 | ||||||||||||
Rhode Island Energy | RIPUC regulatory liability | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Regulatory Liability | 50 | $ 50 | 50 | $ 50 | |||||||||
Rhode Island Energy | Accounts Receivable and Regulatory Asset write off | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition commitment write off expenses | 46 | ||||||||||||
Rhode Island Energy | Accrued expenditures for the RIAG and decarbonation goals | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition commitment write off expenses | 5 | ||||||||||||
Rhode Island Energy | Rhode Island Energy TSA | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other Nonrecurring (Income) Expense | $ 41 | 142 | |||||||||||
Rhode Island Energy | Accrual for RIAG Evaluation Fund | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other Nonrecurring (Income) Expense | $ 2.5 | ||||||||||||
Rhode Island Energy | Accrual for TSA Markup | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other Nonrecurring (Income) Expense | $ 2 | ||||||||||||
Rhode Island Energy | Electric Customer | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Public Utilities, Customer Bill Credit Agreement, Total | 33 | ||||||||||||
Rhode Island Energy | Natural Gas Customer | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Public Utilities, Customer Bill Credit Agreement, Total | $ 17 | ||||||||||||
Forecast [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Integration Related Costs | $ 408 |
Defined Benefits (Details)
Defined Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | $ 8 | $ 41 | ||
Pension Plan [Member] | U.S. | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 11 | $ 14 | 36 | 42 |
Interest cost | 33 | 30 | 95 | 91 |
Expected return on plan assets | (62) | (64) | (189) | (191) |
Amortization of: [Abstract] | ||||
Prior service cost | 2 | 2 | 6 | 6 |
Actuarial loss | 11 | 21 | 40 | 70 |
Net Periodic Defined Benefit Costs (Credits) Prior To Settlements | (5) | 3 | (12) | 18 |
Settlements | 7 | 14 | 19 | 14 |
Net periodic defined benefit costs (credits) | 2 | 17 | 7 | 32 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 1 | 2 | 4 | 5 |
Interest cost | 3 | 4 | 11 | 12 |
Expected return on plan assets | (5) | (6) | (17) | (18) |
Amortization of: [Abstract] | ||||
Prior service cost | 0 | 0 | 1 | 1 |
Actuarial loss | 0 | (1) | (2) | (1) |
Net periodic defined benefit costs (credits) | $ (1) | $ (1) | (3) | (1) |
PPL Electric Utilities Corp [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | 0 | 21 | ||
Louisville Gas And Electric Co [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | 2 | 3 | ||
Kentucky Utilities Co [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | $ 1 | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Legal Matters and Regulatory Issues (Details) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Jan. 31, 2019 customers | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 01, 2015 | Jul. 01, 2011 MW | |
Claim By Former Affiliate [Abstract] | |||||
Percent of ownership of Talen Energy by Riverstone | 35% | ||||
LTCS Renewable Energy Contract, First Solicitation, Power | MW | 3.2 | ||||
Period Over Which Distribution Adjustment Charge-related Costs Are amortized | 10 years | ||||
Number of customers impacted by Aquidneck Island loss of gas supply | customers | 7,500 | ||||
Electric Rates | |||||
Claim By Former Affiliate [Abstract] | |||||
Environmental Costs Recognized, Recovery Credited to Expense | $ 3 | ||||
Gas Rates | |||||
Claim By Former Affiliate [Abstract] | |||||
Environmental Costs Recognized, Recovery Credited to Expense | 1 | ||||
RIE Environmental Remediation | |||||
Claim By Former Affiliate [Abstract] | |||||
Environmental Remediation Expense | 9 | ||||
Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Remainder of Fiscal Year | 7 | ||||
Accrual for Environmental Loss Contingencies, Gross | 102 | ||||
PPL Electric [Member] | PPL Electric Additional Sites [Member] | |||||
Claim By Former Affiliate [Abstract] | |||||
Accrual for Environmental Loss Contingencies, Gross | 11 | $ 10 | |||
PPL Electric Utilities Corp [Member] | PPL Electric Additional Sites [Member] | |||||
Claim By Former Affiliate [Abstract] | |||||
Accrual for Environmental Loss Contingencies, Gross | $ 11 | $ 10 |
Commitments and Contingencies_2
Commitments and Contingencies - Environmental Matters and Other (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Amortization of excess deferred income taxes | $ (7) | $ (18) | $ (47) | $ (38) | |
Period RIE Environmental Remediation Costs To Be Incurred Over | 30 years | 30 years | |||
RIE Environmental Remediation | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Environmental Remediation Expense | $ 9 | ||||
Accrual for Environmental Loss Contingencies, Gross | $ 102 | 102 | |||
PPL Electric [Member] | PPL Electric Additional Sites [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Accrual for Environmental Loss Contingencies, Gross | 11 | 11 | $ 10 | ||
PPL Electric Utilities Corp [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Amortization of excess deferred income taxes | (4) | (5) | (9) | (11) | |
PPL Electric Utilities Corp [Member] | PPL Electric Additional Sites [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Accrual for Environmental Loss Contingencies, Gross | 11 | 11 | $ 10 | ||
Louisville Gas And Electric Co [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Amortization of excess deferred income taxes | (3) | (7) | (17) | (13) | |
Kentucky Utilities Co [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Amortization of excess deferred income taxes | $ (4) | $ (6) | $ (16) | $ (14) |
Commitments and Contingencies_3
Commitments and Contingencies - Guarantees and Other Assurances (Details) - 9 months ended Sep. 30, 2022 £ in Millions, $ in Millions | GBP (£) | USD ($) |
Other Guarantee (Numeric) [Abstract] | ||
Maximum aggregate coverage bodily injury and property damage | $ 225 | |
Indemnification Cap, Surrenders of Tax Losses | £ | £ 50 | |
Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | LGE [Member] | ||
Guarantor Obligations [Line Items] | ||
Contingent proportionate share of OVEC's outstanding debt | 62 | |
Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | KU [Member] | ||
Guarantor Obligations [Line Items] | ||
Contingent proportionate share of OVEC's outstanding debt | 27 | |
PPL Guarantee [Member] | Indemnification Guarantee [Member] | Indemnifications related to certain tax liabilities related to the sale of the U.K. utility business [Domain] | ||
Other Guarantee (Numeric) [Abstract] | ||
Maximum exposure | £ | £ 50 | |
LKE Guarantee [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | 89 | |
Louisville Gas And Electric Co [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable | |
Contingent proportionate share of OVEC's outstanding debt | 62 | |
Kentucky Utilities Co [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable | |
Contingent proportionate share of OVEC's outstanding debt | $ 27 |
Commitments and Contingencies_4
Commitments and Contingencies - Energy Purchase Commitments (Details $ in Millions | Sep. 30, 2022 USD ($) MW | Jul. 01, 2022 MW | Dec. 06, 2018 MW | Apr. 09, 2018 MW | Oct. 01, 2015 MW | Dec. 31, 2014 MW | May 01, 2012 MW | Jun. 30, 2010 MW |
Legal Matters [Line Items] | ||||||||
LTCS Renewable Energy Contract, Three-State Procurement, Power | 36.75 | |||||||
LTCS Renewable Energy Contract, Deepwater Agreement, Power | 30 | |||||||
LTCS Renewable Energy Contract, Second Solicitation, Power | 3.9 | |||||||
LTCS Renewable Energy Contract, Third Solicitation, Power | 80 | |||||||
LTCS Renewable Energy Contract, Offshore Wind Energy Procurement, Power | 408 | |||||||
Amount of MW Required to Meet LTCS Renewable Energy Contracting Capacity Requirement | 3 | |||||||
LTCS Renewable Energy Contracting Capacity Requirement | 90 | |||||||
Minimum [Member] | ||||||||
Legal Matters [Line Items] | ||||||||
ACES Renewable Energy Contracting Capacity Requirement | 600 | |||||||
Maximum [Member] | ||||||||
Legal Matters [Line Items] | ||||||||
ACES Renewable Energy Contracting Capacity Requirement | 1,000 | |||||||
Power Purchase | Rhode Island Energy | ||||||||
Legal Matters [Line Items] | ||||||||
Unrecorded Unconditional Purchase Obligation | $ | $ 1,075 | |||||||
Unrecorded Unconditional Purchase Obligation, to be Paid, after Year Five | $ | 287 | |||||||
Unrecorded Unconditional Purchase Obligation, to be Paid, Years Two and Three | $ | 413 | |||||||
Unrecorded Unconditional Purchase Obligation, to be Paid, Years Four and Five | $ | 75 | |||||||
Unrecorded Unconditional Purchase Obligation, to be Paid, Remainder of Fiscal Year | $ | $ 300 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
PPL Electric Utilities Corp [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes receivable from affiliate | $ 0 | $ 0 | $ 499 | ||
PPL Electric Utilities Corp [Member] | PPL Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 51 | $ 15 | 172 | $ 36 | |
PPL Electric Utilities Corp [Member] | PPL EU Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 0 | 48 | 0 | 147 | |
PPL Electric Utilities Corp [Member] | PPL Energy Funding [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany note with affiliate maximum borrowing capacity | 1,200 | 1,200 | |||
Notes receivable from affiliate | 0 | 0 | 499 | ||
PPL Electric Utilities Corp [Member] | Accounts receivable from affiliates [Member] | PPL Services [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
VEBA Funds Receivable | 2 | 2 | 11 | ||
Louisville Gas And Electric Co [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes Payable, Related Parties, Current | 14 | 14 | 324 | ||
Louisville Gas And Electric Co [Member] | Parent And Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany Money Pool Agreement Unused Borrowing Capacity | 626 | 626 | |||
Notes Payable, Related Parties, Current | 14 | 14 | 324 | ||
Louisville Gas And Electric Co [Member] | LKS [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 34 | 40 | 114 | 126 | |
Kentucky Utilities Co [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes Payable, Related Parties, Current | 22 | 22 | 294 | ||
Kentucky Utilities Co [Member] | Parent And Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany Money Pool Agreement Unused Borrowing Capacity | 628 | 628 | |||
Notes Payable, Related Parties, Current | 22 | 22 | $ 294 | ||
Kentucky Utilities Co [Member] | LKS [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | $ 39 | $ 43 | $ 125 | $ 132 |
Other Income (Expense) - net (D
Other Income (Expense) - net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income | ||||
Defined benefit plans - non-service credits | $ 7 | $ 6 | $ 27 | $ 18 |
Interest Income | 0 | 6 | (2) | 10 |
AFUDC - equity component | 8 | 4 | 17 | 13 |
Miscellaneous | (4) | (4) | (4) | (14) |
Other Expense | ||||
Charitable Contributions | (1) | 0 | (2) | (2) |
Other Income (Expense) - net | 10 | 12 | 36 | 25 |
PPL Electric Utilities Corp [Member] | ||||
Other Income | ||||
Defined benefit plans - non-service credits | 4 | 2 | 12 | 7 |
AFUDC - equity component | 4 | 4 | 12 | 13 |
Miscellaneous | (2) | 0 | (3) | (2) |
Other Expense | ||||
Charitable Contributions | 0 | 0 | (2) | (2) |
Other Income (Expense) - net | $ 6 | $ 6 | $ 19 | $ 16 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis Table (Details) - Recurring Fair Value Measurements [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 303 | $ 3,571 |
Restricted cash and cash equivalents | 1 | 1 |
Total Cash, Cash Equivalents and Restricted Cash | 304 | 3,572 |
Special Use Funds [Abstract] | ||
Money market fund | 1 | 2 |
Commingled debt fund measured at NAV | 15 | 22 |
Commingled equity fund measured at NAV | 12 | 21 |
Total special use funds | 28 | 45 |
Gas Contracts | 76 | 0 |
Price risk management assets: | ||
Total Assets | 408 | 3,617 |
Price risk management liabilities: | ||
Interest rate swaps | 7 | 18 |
Gas Contracts | 5 | 0 |
Total price risk management liabilities | 12 | 18 |
Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 303 | 3,571 |
Restricted cash and cash equivalents | 1 | 1 |
Total Cash, Cash Equivalents and Restricted Cash | 304 | 3,572 |
Special Use Funds [Abstract] | ||
Money market fund | 1 | 2 |
Total special use funds | 1 | 2 |
Gas Contracts | 0 | 0 |
Price risk management assets: | ||
Total Assets | 305 | 3,574 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Gas Contracts | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Total Cash, Cash Equivalents and Restricted Cash | 0 | 0 |
Special Use Funds [Abstract] | ||
Money market fund | 0 | 0 |
Total special use funds | 0 | 0 |
Gas Contracts | 76 | 0 |
Price risk management assets: | ||
Total Assets | 76 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 7 | 18 |
Gas Contracts | 5 | 0 |
Total price risk management liabilities | 12 | 18 |
Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Total Cash, Cash Equivalents and Restricted Cash | 0 | 0 |
Special Use Funds [Abstract] | ||
Money market fund | 0 | 0 |
Total special use funds | 0 | 0 |
Gas Contracts | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Gas Contracts | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | ||
Assets | ||
Cash and cash equivalents | 22 | 21 |
Price risk management assets: | ||
Total Assets | 22 | 21 |
PPL Electric Utilities Corp [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 22 | 21 |
Price risk management assets: | ||
Total Assets | 22 | 21 |
PPL Electric Utilities Corp [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | ||
Assets | ||
Cash and cash equivalents | 25 | 9 |
Price risk management assets: | ||
Total Assets | 25 | 9 |
Price risk management liabilities: | ||
Interest rate swaps | 7 | 18 |
Total price risk management liabilities | 7 | 18 |
Louisville Gas And Electric Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 25 | 9 |
Price risk management assets: | ||
Total Assets | 25 | 9 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 7 | 18 |
Total price risk management liabilities | 7 | 18 |
Louisville Gas And Electric Co [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | ||
Assets | ||
Cash and cash equivalents | 25 | 13 |
Price risk management assets: | ||
Total Assets | 25 | 13 |
Kentucky Utilities Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 25 | 13 |
Price risk management assets: | ||
Total Assets | 25 | 13 |
Kentucky Utilities Co [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Kentucky Utilities Co [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 13,241 | $ 11,140 |
Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 12,151 | 12,955 |
PPL Electric Utilities Corp [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 4,485 | 4,484 |
PPL Electric Utilities Corp [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 4,239 | 5,272 |
Louisville Gas And Electric Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,307 | 2,006 |
Louisville Gas And Electric Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,112 | 2,363 |
Kentucky Utilities Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,919 | 2,618 |
Kentucky Utilities Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 2,609 | $ 3,120 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Intro (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | $ 2 | $ 0 |
Cash collateral posted under master netting arrangements | 0 | |
Louisville Gas And Electric Co [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | 0 | 0 |
Cash collateral posted under master netting arrangements | 0 | 0 |
Kentucky Utilities Co [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | 0 | 0 |
Cash collateral posted under master netting arrangements | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Risk Disclosures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | $ 0 | $ 0 | |
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Cash collateral obligation under master netting arrangements | 2 | 2 | $ 0 | ||
Cash collateral pledged - eligible for offset | 0 | ||||
Cash collateral pledged - eligible for offset | 0 | ||||
Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Asset value | 76 | 76 | 0 | ||
Liability value | 12 | 12 | 18 | ||
Interest Rate Swaps [Member] | Price risk management assets, current [Member] | Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Asset value | 0 | 0 | 0 | ||
Interest Rate Swaps [Member] | Other current liabilities [Member] | Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Liability value | 1 | 1 | 1 | ||
Interest Rate Swaps [Member] | Price risk management assets, noncurrent [Member] | Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Asset value | 0 | 0 | 0 | ||
Interest Rate Swaps [Member] | Other deferred credits and noncurrent liabilities [Member] | Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Liability value | 6 | 6 | 17 | ||
Gas Contracts | Price risk management assets, current [Member] | Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Asset value | 60 | 60 | 0 | ||
Gas Contracts | Other current liabilities [Member] | Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Liability value | 4 | 4 | 0 | ||
Gas Contracts | Price risk management assets, noncurrent [Member] | Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Asset value | 16 | 16 | 0 | ||
Gas Contracts | Other deferred credits and noncurrent liabilities [Member] | Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Liability value | 1 | 1 | 0 | ||
LGE [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | |||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||
Derivative, Notional Amount | 64 | 64 | |||
Louisville Gas And Electric Co [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Cash collateral obligation under master netting arrangements | 0 | 0 | 0 | ||
Cash collateral pledged - eligible for offset | 0 | 0 | 0 | ||
Cash collateral pledged - eligible for offset | 0 | 0 | 0 | ||
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Asset value | 0 | 0 | 0 | ||
Liability value | 7 | 7 | 18 | ||
Louisville Gas And Electric Co [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | |||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||
Derivative, Notional Amount | 64 | 64 | |||
Kentucky Utilities Co [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Cash collateral obligation under master netting arrangements | 0 | 0 | 0 | ||
Cash collateral pledged - eligible for offset | 0 | 0 | 0 | ||
Cash collateral pledged - eligible for offset | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Fair Values (Details) - Not Designated As Hedging Instruments [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | $ 76 | $ 0 |
Liability value | 12 | 18 |
Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 60 | 0 |
Other current liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 1 | 1 |
Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 16 | 0 |
Price risk management assets, noncurrent [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Other deferred credits and noncurrent liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 6 | 17 |
Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 5 | 1 |
Price risk management assets, current [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 7 | 17 |
Louisville Gas And Electric Co [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Liability value | 7 | 18 |
Louisville Gas And Electric Co [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 1 | 1 |
Louisville Gas And Electric Co [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 1 | 1 |
Louisville Gas And Electric Co [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 6 | 17 |
Louisville Gas And Electric Co [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | $ 6 | $ 17 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest Expense | $ 136 | $ 183 | $ 361 | $ 810 | |
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Income (Loss) from Discontinued Operations (net of income taxes) | 0 | (2) | 0 | (1,490) | |
Other Income (Expense) - net | 10 | 12 | 36 | 25 | |
Cash Flow Hedges [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (Loss) Reclassified from AOCI into Income | 0 | (1) | (2) | (29) | |
Cash Flow Hedges [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Derivative Gain (Loss) Recognized in OCI | 0 | 0 | 0 | (50) | |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Derivative Gain (Loss) Recognized in OCI | 0 | 0 | 0 | 0 | |
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 | 0 | (1) | (2) | 12 | |
Amount of gain (loss) reclassified from AOCI to income | 0 | (1) | (2) | 12 | |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Income (Loss) from Discontinued Operations (net of income taxes) | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (Loss) Reclassified from AOCI into Income | 0 | (2) | |||
Amount of gain (loss) reclassified from AOCI to income | 0 | (2) | |||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Income (Expense) -net | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Amount of gain (loss) reclassified from AOCI to income | 0 | 0 | |||
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Derivative Gain (Loss) Recognized in OCI | 0 | (50) | |||
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Interest Expense [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Amount of gain (loss) reclassified from AOCI to income | 0 | 0 | |||
Hedged items | 0 | 0 | |||
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Income (Loss) from Discontinued Operations (net of income taxes) | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (Loss) Reclassified from AOCI into Income | 0 | (39) | |||
Amount of gain (loss) reclassified from AOCI to income | 0 | (39) | |||
Hedged items | 0 | 39 | |||
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | Income (Loss) from Discontinued Operations (net of income taxes) | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Derivative Gain (Loss) Recognized in OCI | 0 | 1 | |||
Not Designated As Hedging Instruments [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | 17 | 0 | 27 | (268) | |
Asset value | 76 | 76 | $ 0 | ||
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 16 | 16 | 0 | ||
Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | $ 0 | $ 0 | $ 1 | $ (2) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense | Interest Expense | |
Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Regulatory Assets Noncurrent [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized as regulatory liabilities/assets | $ 3 | $ 1 | $ 11 | $ 4 | |
Not Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | $ 0 | $ (266) | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Discontinued Operations (net of income taxes) | Income (Loss) from Discontinued Operations (net of income taxes) | |||
Not Designated As Hedging Instruments [Member] | Gas Contracts | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | $ 17 | $ 26 | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Energy purchases | Energy purchases | |||
Louisville Gas And Electric Co [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest Expense | $ 23 | $ 20 | $ 64 | $ 61 | |
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Other Income (Expense) - net | 0 | 2 | 3 | 3 | |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 0 | 0 | 0 | ||
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 0 | 0 | 0 | ||
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | $ 0 | $ 0 | $ 1 | $ (2) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense | Interest Expense | |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Noncurrent Assets [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | $ 0 | $ 0 | $ 0 | ||
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Regulatory Assets Noncurrent [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized as regulatory liabilities/assets | 3 | $ 1 | 11 | $ 4 | |
Kentucky Utilities Co [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest Expense | 31 | 27 | 86 | 81 | |
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Other Income (Expense) - net | $ 2 | $ 1 | $ 6 | $ 5 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments and Credit Risk-Related Features (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets [Abstract] | ||
Cash collateral received - eligible for offset | $ 2 | $ 0 |
Liabilities [Abstract] | ||
Cash collateral pledged - eligible for offset | 0 | |
Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 76 | 0 |
Derivative instruments - eligible for offset | 3 | 0 |
Cash collateral received - eligible for offset | 2 | 0 |
Net | 71 | 0 |
Liabilities [Abstract] | ||
Gross | 12 | 18 |
Derivative instruments - eligible for offset | 3 | 0 |
Cash collateral pledged - eligible for offset | 0 | 0 |
Net | 9 | 18 |
Louisville Gas And Electric Co [Member] | ||
Assets [Abstract] | ||
Cash collateral received - eligible for offset | 0 | 0 |
Liabilities [Abstract] | ||
Cash collateral pledged - eligible for offset | 0 | 0 |
Louisville Gas And Electric Co [Member] | Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 0 | 0 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral received - eligible for offset | 0 | 0 |
Net | 0 | 0 |
Liabilities [Abstract] | ||
Gross | 7 | 18 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral pledged - eligible for offset | 0 | 0 |
Net | $ 7 | $ 18 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Commodity Purchases (Details) - Not Designated As Hedging Instruments [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Commodity Purchases [Line Items] | ||
Liability value | $ 12 | $ 18 |
Asset value | 76 | 0 |
Other deferred credits and noncurrent liabilities [Member] | Gas Contracts | ||
Commodity Purchases [Line Items] | ||
Liability value | 1 | 0 |
Price risk management assets, noncurrent [Member] | Gas Contracts | ||
Commodity Purchases [Line Items] | ||
Asset value | 16 | 0 |
Price risk management assets, current [Member] | Gas Contracts | ||
Commodity Purchases [Line Items] | ||
Asset value | $ 60 | $ 0 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | $ 189 |
Accretion | 4 |
New Obligation s Incurred | 2 |
Changes in estimated timing or cost | 10 |
Obligations settled | (35) |
Balance at End of Period | 180 |
Acquisition of RIE | 10 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 84 |
Accretion | 3 |
New Obligation s Incurred | 2 |
Changes in estimated timing or cost | 9 |
Obligations settled | (12) |
Balance at End of Period | 86 |
Acquisition of RIE | 0 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 105 |
Accretion | 1 |
New Obligation s Incurred | 0 |
Changes in estimated timing or cost | 1 |
Obligations settled | (23) |
Balance at End of Period | 84 |
Acquisition of RIE | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - After-tax Changes by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (124) | $ (191) | $ (157) | $ (4,220) |
Amounts arising during the period | (10) | (12) | 12 | 315 |
Reclassifications from AOCI | 4 | 20 | 15 | 144 |
Net OCI during the period | (6) | 8 | 27 | 4,037 |
Balance at end of period | (130) | (183) | (130) | (183) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | 3,578 | |||
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | (1,158) |
Amounts arising during the period | 0 | 0 | 0 | 372 |
Reclassifications from AOCI | 0 | 0 | 0 | 0 |
Net OCI during the period | 0 | 0 | 0 | 1,158 |
Balance at end of period | 0 | 0 | 0 | 0 |
Foreign currency translation adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | 786 | |||
Unrealized gains (losses) on qualifying derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 2 | 0 | 1 | 0 |
Amounts arising during the period | 0 | 0 | 0 | (39) |
Reclassifications from AOCI | 0 | 1 | 1 | 25 |
Net OCI during the period | 0 | 1 | 1 | 1 |
Balance at end of period | 2 | 1 | 2 | 1 |
Unrealized gains (losses) on qualifying derivatives [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | 15 | |||
Defined benefit plans Prior service costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (6) | (15) | (6) | (16) |
Amounts arising during the period | 0 | 0 | (1) | 0 |
Reclassifications from AOCI | 1 | 9 | 2 | 2 |
Net OCI during the period | 1 | 9 | 1 | 10 |
Balance at end of period | (5) | (6) | (5) | (6) |
Defined benefit plans Prior service costs [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | 8 | |||
Defined benefit plans Actuarial gain (loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (122) | (176) | (152) | (3,046) |
Amounts arising during the period | (10) | (12) | 11 | (18) |
Reclassifications from AOCI | 3 | 10 | 12 | 117 |
Net OCI during the period | (7) | (2) | 23 | 2,868 |
Balance at end of period | (129) | (178) | (129) | (178) |
Defined benefit plans Actuarial gain (loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | 2,769 | |||
Equity Investees' OCI | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 2 | 0 | 0 | 0 |
Amounts arising during the period | 0 | 0 | 2 | 0 |
Reclassifications from AOCI | 0 | 0 | 0 | 0 |
Net OCI during the period | 0 | 0 | 2 | 0 |
Balance at end of period | $ 2 | $ 0 | $ 2 | 0 |
Equity Investees' OCI | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Income (Expense) Effect of Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Affected Line Item on the Statements of Income [Line Items] | ||||
Interest Expense | $ (136) | $ (183) | $ (361) | $ (810) |
Other Income (Expense) - net | 10 | 12 | 36 | 25 |
Income Tax Expense (Benefit) | (41) | (51) | (147) | (455) |
Income (Loss) from Discontinued Operations (net of income taxes) | 0 | (2) | 0 | (1,490) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | (660) |
Income (Loss) from Discontinued Operations (net of income taxes) | 0 | 0 | 0 | (3,578) |
Income before income taxes | 0 | 0 | 0 | (4,238) |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Total After-tax | (4) | (20) | (15) | (3,722) |
Defined Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income before income taxes | 0 | 0 | 0 | (3,577) |
Defined Benefit Plans [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes | (7) | (26) | (20) | (150) |
Income Tax Expense (Benefit) | 3 | 7 | 6 | 31 |
Total After-tax | (4) | (19) | (14) | (119) |
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] | ||||
Income (Loss) from Continuing Operations before Income Taxes | (2) | (12) | (3) | (3) |
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] | ||||
Income (Loss) from Continuing Operations before Income Taxes | (5) | (14) | (17) | (147) |
Foreign currency translation adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income before income taxes | 0 | 0 | 0 | (646) |
Unrealized gains (losses) on qualifying derivatives [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income before income taxes | 0 | 0 | 0 | (15) |
Unrealized gains (losses) on qualifying derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes | 0 | (1) | (2) | (29) |
Income Tax Expense (Benefit) | 0 | 0 | 1 | 4 |
Total After-tax | 0 | (1) | (1) | (25) |
Unrealized gains (losses) on 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] | ||||
Interest Expense | 0 | (1) | (2) | 12 |
Income (Loss) from Discontinued Operations (net of income taxes) | 0 | 0 | 0 | (2) |
Unrealized gains (losses) on 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] | ||||
Income (Loss) from Discontinued Operations (net of income taxes) | $ 0 | $ 0 | $ 0 | $ (39) |