Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
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 | Jun. 30, 2023 | |
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 | 737,088,540 | |
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 | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Operating Revenues | |||||
Operating Revenues | $ 1,823 | $ 1,696 | $ 4,238 | $ 3,478 | |
Operation | |||||
Fuel | 167 | 229 | 368 | 441 | |
Energy purchases | 340 | 305 | 1,074 | 657 | |
Other operation and maintenance | 609 | 560 | 1,168 | 993 | |
Depreciation | 313 | 289 | 626 | 560 | |
Taxes, other than income | 89 | 70 | 199 | 130 | |
Total Operating Expenses | 1,518 | 1,453 | 3,435 | 2,781 | |
Operating Income | 305 | 243 | 803 | 697 | |
Other Income (Expense) - net | 5 | 26 | 35 | 26 | |
Interest Expense | 165 | 118 | 329 | 225 | |
Income Taxes | 33 | 32 | 112 | 106 | |
Net Income (Loss) | $ 112 | $ 119 | $ 397 | $ 392 | |
Net Income: | |||||
Diluted (in dollars per share) | $ 0.15 | $ 0.16 | $ 0.54 | $ 0.53 | |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Basic (in shares) | 737,075 | 735,977 | 736,953 | 735,741 | |
Diluted (in shares) | 738,177 | 736,769 | 737,938 | 736,478 | |
Income from Continuing Operations Before Income Taxes | $ 145 | $ 151 | $ 509 | $ 498 | |
Income (Loss) from Continuing Operations After Income Taxes, Basic | $ 0.15 | $ 0.16 | $ 0.54 | $ 0.53 | |
Income (Loss) from Continuing Operations after income taxes, Diluted | $ 0.15 | $ 0.16 | $ 0.54 | $ 0.53 | |
PPL Electric Utilities Corp [Member] | |||||
Operating Revenues | |||||
Operating Revenues | $ 667 | $ 676 | $ 1,558 | $ 1,451 | |
Operation | |||||
Energy purchases | 204 | 218 | 562 | 474 | |
Other operation and maintenance | 141 | 128 | 303 | 288 | |
Depreciation | 99 | 99 | 198 | 197 | |
Taxes, other than income | 30 | 32 | 74 | 69 | |
Total Operating Expenses | 474 | 477 | 1,137 | 1,028 | |
Operating Income | 193 | 199 | 421 | 423 | |
Other Income (Expense) - net | 9 | 7 | 21 | 13 | |
Interest Expense | 54 | 40 | 111 | 79 | |
Income Taxes | 38 | 44 | 83 | 94 | |
Net Income (Loss) | [1] | 110 | 124 | 248 | 267 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Income from Continuing Operations Before Income Taxes | 148 | 168 | 331 | 361 | |
PPL Electric Utilities Corp [Member] | Related Party | |||||
Operation | |||||
Interest Income from affiliate | 0 | 2 | 0 | 4 | |
Louisville Gas And Electric Co [Member] | |||||
Operating Revenues | |||||
Operating Revenues | 355 | 410 | 829 | 903 | |
Operation | |||||
Fuel | 68 | 90 | 147 | 171 | |
Energy purchases | 22 | 43 | 106 | 134 | |
Energy purchases from affiliate | 2 | 7 | 3 | 9 | |
Other operation and maintenance | 93 | 103 | 184 | 203 | |
Depreciation | 76 | 75 | 151 | 149 | |
Taxes, other than income | 12 | 12 | 24 | 24 | |
Total Operating Expenses | 273 | 330 | 615 | 690 | |
Operating Income | 82 | 80 | 214 | 213 | |
Other Income (Expense) - net | 0 | 4 | 2 | 3 | |
Interest Expense | 26 | 21 | 51 | 41 | |
Income Taxes | 11 | 9 | 34 | 28 | |
Net Income (Loss) | [2] | 45 | 54 | 131 | 147 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Income from Continuing Operations Before Income Taxes | 56 | 63 | 165 | 175 | |
Louisville Gas And Electric Co [Member] | Related Party | |||||
Operating Revenues | |||||
Retail and wholesale | 8 | 11 | 21 | 23 | |
Louisville Gas And Electric Co [Member] | Nonrelated Party | |||||
Operating Revenues | |||||
Retail and wholesale | 347 | 399 | 808 | 880 | |
Kentucky Utilities Co [Member] | |||||
Operating Revenues | |||||
Operating Revenues | 435 | 491 | 934 | 1,016 | |
Operation | |||||
Fuel | 99 | 139 | 221 | 270 | |
Energy purchases | 6 | 7 | 12 | 12 | |
Energy purchases from affiliate | 8 | 11 | 21 | 23 | |
Other operation and maintenance | 117 | 120 | 226 | 233 | |
Depreciation | 98 | 98 | 196 | 193 | |
Taxes, other than income | 12 | 11 | 22 | 22 | |
Total Operating Expenses | 340 | 386 | 698 | 753 | |
Operating Income | 95 | 105 | 236 | 263 | |
Other Income (Expense) - net | 3 | 4 | 5 | 4 | |
Income Taxes | 13 | 15 | 35 | 39 | |
Net Income (Loss) | [3] | 51 | 66 | 139 | 173 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Income from Continuing Operations Before Income Taxes | 64 | 81 | 174 | 212 | |
Kentucky Utilities Co [Member] | Related Party | |||||
Operating Revenues | |||||
Retail and wholesale | 2 | 7 | 3 | 9 | |
Operation | |||||
Interest Expense | 1 | 0 | 1 | 0 | |
Kentucky Utilities Co [Member] | Nonrelated Party | |||||
Operating Revenues | |||||
Retail and wholesale | 433 | 484 | 931 | 1,007 | |
Operation | |||||
Interest Expense | $ 33 | $ 28 | $ 66 | $ 55 | |
[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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income (loss) | $ 112 | $ 119 | $ 397 | $ 392 |
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | ||||
Equity investees' other comprehensive income (loss), net of tax | 0 | 1 | 1 | 2 |
Prior Service Costs, net of tax | 0 | 0 | 0 | (1) |
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 | (15) | 21 | (15) | 21 |
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | ||||
Qualifying derivatives, net of tax | 0 | 0 | 1 | 1 |
Other Comprehensive (Income) Loss, Defined Benefit Plans, after Reclassification Adjustment, after Tax [Abstract] | ||||
Defined benefit plans, Prior service costs, net of tax | 1 | 0 | 1 | 1 |
Defined benefit plans, Net actuarial (gain) loss, net of tax | 0 | 6 | (1) | 9 |
Total other comprehensive income (loss) | (14) | 28 | (13) | 33 |
Comprehensive income (loss) | $ 98 | $ 147 | $ 384 | $ 425 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Tax effect of net actuarial (gain) loss arising during period | $ 5 | $ (7) | $ 5 | $ (7) |
Tax effect of qualifying derivatives reclassified from AOCI | (1) | (1) | (1) | (1) |
Tax effect of prior service costs reclassified from AOCI | 0 | 0 | 0 | 0 |
Tax effect of net actuarial (gain) loss reclassified from AOCI | 1 | (2) | 1 | (3) |
Tax effect of equity investee's other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Tax effect of Prior Service Costs | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Cash Flows from Operating Activities | |||
Net income (loss) | $ 397 | $ 392 | |
Depreciation | 626 | 560 | |
Amortization | 39 | 15 | |
Defined benefit plans - (income) expense | (36) | (8) | |
Deferred income taxes and investment tax credits | 107 | 56 | |
Other | 25 | 45 | |
Change in current assets and current liabilities | |||
Accounts receivable | (1) | (47) | |
Accounts payable | (209) | 166 | |
Unbilled revenues | 233 | 22 | |
Fuel, materials and supplies | (30) | 23 | |
Prepayments | (90) | (69) | |
Taxes payable | (31) | (41) | |
Regulatory assets and liabilities, net | (57) | (211) | |
Accrued interest | 44 | 1 | |
Other | (50) | 97 | |
Other operating activities | |||
Defined benefit plans - funding | (7) | (7) | |
Other assets | (97) | (74) | |
Other liabilities | (21) | 59 | |
Net cash provided by operating activities | 842 | 979 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (1,090) | (1,009) | |
Acquisition of Narragansett Electric, net of cash acquired | 0 | (3,674) | |
Other investing activities | (6) | 0 | |
Net cash used in investing activities | (1,096) | (4,683) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 3,127 | 0 | |
Retirement of long-term debt | (1,763) | 0 | |
Payment of common stock dividends | (348) | (453) | |
Net increase (decrease) in short-term debt | (742) | 919 | |
Other financing activities | (50) | 3 | |
Net cash provided by financing activities | 224 | 469 | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (30) | (3,235) | |
Cash and Cash Equivalents at Beginning of Period | 356 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 357 | 3,572 | |
Cash and Cash Equivalents at End of Period | 326 | ||
Cash, Cash Equivalents and Restricted Cash at End of Period | 327 | 337 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at June 30, | 231 | 195 | |
PPL Electric Utilities Corp [Member] | |||
Cash Flows from Operating Activities | |||
Net income (loss) | [1] | 248 | 267 |
Depreciation | 198 | 197 | |
Amortization | 18 | 5 | |
Defined benefit plans - (income) expense | (22) | (11) | |
Deferred income taxes and investment tax credits | 54 | 67 | |
Other | (9) | (9) | |
Change in current assets and current liabilities | |||
Accounts receivable | (136) | (55) | |
Accounts payable | (69) | 18 | |
Unbilled revenues | 119 | 8 | |
Fuel, materials and supplies | (21) | (5) | |
Prepayments | (55) | (52) | |
Taxes payable | (36) | (23) | |
Counterparty collateral | 0 | 62 | |
Regulatory assets and liabilities, net | (39) | (73) | |
Other | 16 | (9) | |
Other operating activities | |||
Defined benefit plans - funding | (1) | 0 | |
Other assets | (28) | (25) | |
Other liabilities | (1) | (7) | |
Net cash provided by operating activities | 236 | 355 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (395) | (451) | |
Expenditures for intangible assets | (3) | 0 | |
Notes receivable from affiliates | 0 | 333 | |
Other investing activities | 0 | 1 | |
Net cash used in investing activities | (398) | (117) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 1,329 | 0 | |
Retirement of long-term debt | (1,150) | 0 | |
Payment of common stock dividends to parent | (163) | (165) | |
Net increase (decrease) in short-term debt | (15) | 0 | |
Contributions from parent | 200 | 0 | |
Return of capital to parent | (25) | (65) | |
Debt Issuance Costs | (13) | 0 | |
Net cash provided by financing activities | 163 | (230) | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 1 | 8 | |
Cash and Cash Equivalents at Beginning of Period | 25 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 25 | 21 | |
Cash and Cash Equivalents at End of Period | 26 | ||
Cash, Cash Equivalents and Restricted Cash at End of Period | 26 | 29 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at June 30, | 124 | 114 | |
Louisville Gas And Electric Co [Member] | |||
Cash Flows from Operating Activities | |||
Net income (loss) | [2] | 131 | 147 |
Depreciation | 151 | 149 | |
Amortization | 6 | (3) | |
Defined benefit plans - (income) expense | 1 | (1) | |
Deferred income taxes and investment tax credits | (5) | (9) | |
Other | (3) | 2 | |
Change in current assets and current liabilities | |||
Accounts receivable | 53 | 19 | |
Accounts receivable from affiliates | 19 | 1 | |
Accounts payable | (50) | 15 | |
Increase (Decrease) in Accounts Payable, Related Parties | (6) | (11) | |
Unbilled revenues | 42 | 8 | |
Fuel, materials and supplies | 31 | 35 | |
Taxes payable | (16) | (7) | |
Regulatory assets and liabilities, net | 31 | (16) | |
Accrued interest | 6 | 0 | |
Other | (16) | 1 | |
Other operating activities | |||
Defined benefit plans - funding | 0 | (2) | |
Expenditures for asset retirement obligations | (6) | (8) | |
Other assets | (15) | (2) | |
Other liabilities | 4 | (1) | |
Net cash provided by operating activities | 358 | 317 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (186) | (183) | |
Notes receivable from affiliates | (8) | 0 | |
Net cash used in investing activities | (194) | (183) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 399 | 0 | |
Retirement of long-term debt | (300) | 0 | |
Increase Decrease In Notes Payable To Affiliates | 0 | (324) | |
Payment of common stock dividends to parent | (87) | (136) | |
Net increase (decrease) in short-term debt | (158) | 325 | |
Contributions from parent | 20 | 10 | |
Return of capital to parent | (120) | 0 | |
Other financing activities | (4) | 0 | |
Net cash provided by financing activities | (250) | (125) | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (86) | 9 | |
Cash and Cash Equivalents at Beginning of Period | 93 | 9 | |
Cash and Cash Equivalents at End of Period | 7 | 18 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at June 30, | 39 | 33 | |
Kentucky Utilities Co [Member] | |||
Cash Flows from Operating Activities | |||
Net income (loss) | [3] | 139 | 173 |
Depreciation | 196 | 193 | |
Amortization | 9 | 8 | |
Defined benefit plans - (income) expense | (2) | (2) | |
Deferred income taxes and investment tax credits | (6) | (5) | |
Other | 7 | 2 | |
Change in current assets and current liabilities | |||
Accounts receivable | 24 | 1 | |
Accounts payable | (30) | 18 | |
Increase (Decrease) in Accounts Payable, Related Parties | (22) | (13) | |
Unbilled revenues | 27 | (4) | |
Fuel, materials and supplies | (25) | (5) | |
Taxes payable | (3) | 5 | |
Regulatory assets and liabilities, net | 18 | (21) | |
Accrued interest | 6 | 0 | |
Other | (7) | (4) | |
Other operating activities | |||
Defined benefit plans - funding | 0 | (1) | |
Expenditures for asset retirement obligations | (10) | (14) | |
Other assets | (20) | 2 | |
Other liabilities | (3) | (1) | |
Net cash provided by operating activities | 298 | 332 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (299) | (273) | |
Net cash used in investing activities | (299) | (273) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 399 | 0 | |
Retirement of long-term debt | (313) | 0 | |
Increase Decrease In Notes Payable To Affiliates | 8 | (294) | |
Payment of common stock dividends to parent | (92) | (159) | |
Net increase (decrease) in short-term debt | (9) | 338 | |
Contributions from parent | 54 | 60 | |
Return of capital to parent | (54) | 0 | |
Other financing activities | (4) | 0 | |
Net cash provided by financing activities | (11) | (55) | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (12) | 4 | |
Cash and Cash Equivalents at Beginning of Period | 21 | 13 | |
Cash and Cash Equivalents at End of Period | 9 | 17 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at June 30, | $ 51 | $ 46 | |
[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 | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets, Current [Abstract] | |||
Cash and cash equivalents | $ 326 | $ 356 | |
Accounts receivable (less reserve:) | |||
Customer | 979 | 896 | |
Other | 70 | 150 | |
Unbilled revenues | 322 | 552 | |
Fuel, materials and supplies | 474 | 443 | |
Prepayments | 189 | 92 | |
Regulatory Assets, Current | 331 | 258 | |
Other current assets | 34 | 77 | |
Total Current Assets | 2,725 | 2,824 | |
Property, Plant and Equipment | |||
Regulated utility plant | 37,743 | 36,961 | |
Less: accumulated depreciation - regulated utility plant | 8,771 | 8,352 | |
Regulated utility plant, net | 28,972 | 28,609 | |
Non-regulated property, plant and equipment | 68 | 92 | |
Less: accumulated depreciation - non-regulated property, plant and equipment | 22 | 46 | |
Non-regulated property, plant and equipment, net | 46 | 46 | |
Construction work in progress | 1,744 | 1,583 | |
Property, Plant and Equipment, net | 30,762 | 30,238 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,826 | 1,819 | |
Goodwill | 2,247 | 2,248 | |
Other intangibles | 309 | 313 | |
Other noncurrent assets | 427 | 395 | |
Assets, Noncurrent | 4,809 | 4,775 | |
Total Assets | 38,296 | 37,837 | |
Current Liabilities | |||
Short-term debt | 243 | 985 | |
Long-term debt due within one year | 91 | 354 | |
Accounts payable | 975 | 1,201 | |
Taxes | 93 | 124 | |
Interest | 141 | 97 | |
Dividends | 173 | 166 | |
Regulatory liabilities | 280 | 238 | |
Other current liabilities | 509 | 624 | |
Liabilities, Current, Total | 2,505 | 3,789 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 14,481 | 12,889 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 3,138 | 3,007 | |
Investment tax credits | 115 | 117 | |
Accrued pension obligations | 192 | 206 | |
Asset retirement obligations | 128 | 138 | |
Regulatory liabilities | 3,421 | 3,412 | |
Other deferred credits and noncurrent liabilities | 357 | 361 | |
Total Deferred Credits and Other Noncurrent Liabilities | 7,351 | 7,241 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [1] | 8 | 8 |
Additional paid-in capital | 12,316 | 12,317 | |
Treasury Stock | (949) | (967) | |
Earnings reinvested | 2,721 | 2,681 | |
Accumulated other comprehensive loss | (137) | (124) | |
Total Shareowners' Common Equity | 13,959 | 13,915 | |
Noncontrolling interests | 0 | 3 | |
Total Equity | 13,959 | 13,918 | |
Total Liabilities and Equity | 38,296 | 37,837 | |
PPL Electric Utilities Corp [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 26 | 25 | |
Accounts receivable (less reserve:) | |||
Other | 10 | 12 | |
Unbilled revenues | 108 | 224 | |
Notes Receivable from affiliates | 0 | 0 | |
Fuel, materials and supplies | 90 | 69 | |
Prepayments | 96 | 34 | |
Regulatory Assets, Current | 49 | 13 | |
Other current assets | 20 | 22 | |
Total Current Assets | 897 | 759 | |
Property, Plant and Equipment | |||
Regulated utility plant | 15,139 | 14,794 | |
Less: accumulated depreciation - regulated utility plant | 3,684 | 3,544 | |
Regulated utility plant, net | 11,455 | 11,250 | |
Construction work in progress | 628 | 593 | |
Property, Plant and Equipment, net | 12,083 | 11,843 | |
Other Noncurrent Assets | |||
Regulatory assets | 552 | 568 | |
Other intangibles | 268 | 269 | |
Other noncurrent assets | 129 | 126 | |
Assets, Noncurrent | 949 | 963 | |
Total Assets | 13,929 | 13,565 | |
Current Liabilities | |||
Short-term debt | 130 | 145 | |
Long-term debt due within one year | 90 | 340 | |
Taxes | 0 | 36 | |
Interest | 57 | 35 | |
Regulatory liabilities | 82 | 85 | |
Other current liabilities | 88 | 86 | |
Liabilities, Current, Total | 865 | 1,223 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 4,565 | 4,146 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,568 | 1,514 | |
Regulatory liabilities | 835 | 820 | |
Other deferred credits and noncurrent liabilities | 85 | 111 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,488 | 2,445 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [2] | 364 | 364 |
Additional paid-in capital | 4,259 | 4,084 | |
Earnings reinvested | 1,388 | 1,303 | |
Total Equity | 6,011 | 5,751 | |
Total Liabilities and Equity | $ 13,929 | $ 13,565 | |
Financing Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party | Related Party | |
PPL Electric Utilities Corp [Member] | Related Party | |||
Accounts receivable (less reserve:) | |||
Customer | $ 10 | $ 3 | |
Current Liabilities | |||
Accounts payable | 32 | 16 | |
PPL Electric Utilities Corp [Member] | Nonrelated Party | |||
Accounts receivable (less reserve:) | |||
Customer | 488 | 357 | |
Current Liabilities | |||
Accounts payable | 386 | 480 | |
Louisville Gas And Electric Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 7 | 93 | |
Accounts receivable (less reserve:) | |||
Other | 16 | 13 | |
Unbilled revenues | 70 | 112 | |
Notes Receivable from affiliates | 8 | 0 | |
Fuel, materials and supplies | 135 | 166 | |
Prepayments | 17 | 13 | |
Regulatory Assets, Current | 4 | 23 | |
Other current assets | 1 | 2 | |
Total Current Assets | 377 | 616 | |
Property, Plant and Equipment | |||
Regulated utility plant | 7,527 | 7,429 | |
Less: accumulated depreciation - regulated utility plant | 1,443 | 1,355 | |
Regulated utility plant, net | 6,084 | 6,074 | |
Construction work in progress | 294 | 268 | |
Property, Plant and Equipment, net | 6,378 | 6,342 | |
Other Noncurrent Assets | |||
Regulatory assets | 384 | 373 | |
Goodwill | 389 | 389 | |
Other intangibles | 21 | 24 | |
Other noncurrent assets | 70 | 66 | |
Assets, Noncurrent | 864 | 852 | |
Total Assets | 7,619 | 7,810 | |
Current Liabilities | |||
Short-term debt | 21 | 179 | |
Notes Payable to affiliates | 0 | ||
Taxes | 25 | 41 | |
Price risk management liabilities current | 1 | 1 | |
Interest | 21 | 15 | |
Current Customer Deposits | 33 | 32 | |
Regulatory liabilities | 19 | 7 | |
Asset Retirement Obligation, Current | 14 | 13 | |
Other current liabilities | 36 | 46 | |
Liabilities, Current, Total | 335 | 559 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 2,404 | 2,307 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 774 | 771 | |
Investment tax credits | 31 | 31 | |
Asset retirement obligations | 64 | 73 | |
Regulatory liabilities | 833 | 833 | |
Price risk management liabilities | 6 | 6 | |
Other deferred credits and noncurrent liabilities | 61 | 64 | |
Total Deferred Credits and Other Noncurrent Liabilities | 1,769 | 1,778 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [3] | 424 | 424 |
Additional paid-in capital | 1,987 | 2,087 | |
Earnings reinvested | 700 | 655 | |
Total Equity | 3,111 | 3,166 | |
Total Liabilities and Equity | $ 7,619 | $ 7,810 | |
Financing Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party | Related Party | |
Notes Payable, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party | ||
Louisville Gas And Electric Co [Member] | Related Party | |||
Accounts receivable (less reserve:) | |||
Customer | $ 17 | $ 37 | |
Current Liabilities | |||
Accounts payable | 52 | 60 | |
Louisville Gas And Electric Co [Member] | Nonrelated Party | |||
Accounts receivable (less reserve:) | |||
Customer | 102 | 157 | |
Current Liabilities | |||
Accounts payable | 113 | 165 | |
Kentucky Utilities Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 9 | 21 | |
Accounts receivable (less reserve:) | |||
Customer | 133 | 158 | |
Other | 13 | 13 | |
Unbilled revenues | 87 | 114 | |
Fuel, materials and supplies | 193 | 167 | |
Prepayments | 16 | 14 | |
Regulatory Assets, Current | 10 | 32 | |
Other current assets | 0 | 1 | |
Total Current Assets | 461 | 520 | |
Property, Plant and Equipment | |||
Regulated utility plant | 9,700 | 9,515 | |
Less: accumulated depreciation - regulated utility plant | 2,344 | 2,201 | |
Regulated utility plant, net | 7,356 | 7,314 | |
Construction work in progress | 592 | 522 | |
Property, Plant and Equipment, net | 7,948 | 7,836 | |
Other Noncurrent Assets | |||
Regulatory assets | 447 | 442 | |
Goodwill | 607 | 607 | |
Other intangibles | 20 | 21 | |
Other noncurrent assets | 127 | 116 | |
Assets, Noncurrent | 1,201 | 1,186 | |
Total Assets | 9,610 | 9,542 | |
Current Liabilities | |||
Short-term debt | 92 | 101 | |
Long-term debt due within one year | 0 | 13 | |
Notes Payable to affiliates | 8 | 0 | |
Taxes | 23 | 26 | |
Interest | 25 | 19 | |
Current Customer Deposits | 34 | 33 | |
Regulatory liabilities | 2 | 6 | |
Asset Retirement Obligation, Current | 19 | 26 | |
Other current liabilities | 49 | 51 | |
Liabilities, Current, Total | 413 | 499 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 3,003 | 2,907 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 903 | 896 | |
Investment tax credits | 84 | 85 | |
Asset retirement obligations | 56 | 56 | |
Regulatory liabilities | 1,032 | 1,029 | |
Other deferred credits and noncurrent liabilities | 34 | 32 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,109 | 2,098 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [4] | 308 | 308 |
Additional paid-in capital | 3,041 | 3,041 | |
Earnings reinvested | 736 | 689 | |
Total Equity | 4,085 | 4,038 | |
Total Liabilities and Equity | $ 9,610 | $ 9,542 | |
Notes Payable, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party | Related Party | |
Kentucky Utilities Co [Member] | Related Party | |||
Current Liabilities | |||
Accounts payable | $ 75 | $ 101 | |
Kentucky Utilities Co [Member] | Nonrelated Party | |||
Current Liabilities | |||
Accounts payable | $ 86 | $ 123 | |
[1]1,560,000 shares authorized, 770,013 shares issued and 737,086 shares outstanding at June 30, 2023. 1,560,000 shares authorized, 770,013 shares issued and 736,487 shares outstanding at December 31, 2022.[2]170,000 shares authorized; 66,368 shares issued and outstanding at June 30, 2023 and December 31, 2022.[3]75,000 shares authorized; 21,294 shares issued and outstanding at June 30, 2023 and December 31, 2022.[4]80,000 shares authorized; 37,818 shares issued and outstanding at June 30, 2023 and December 31, 2022. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 103 | $ 87 |
Unbilled revenues, reserve | 3 | 6 |
Reserve for accounts receivable (noncurrent) | $ 1 | $ 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 | 770,013 |
Common stock shares outstanding (in shares) | 737,086 | 736,487 |
PPL Electric Utilities Corp [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 40 | $ 28 |
Unbilled revenues, reserve | 2 | 2 |
Reserve for accounts receivable (noncurrent) | $ 1 | $ 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 | $ 4 | $ 4 |
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 | $ 13,723 | $ 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) | $ 0.425 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2021 | 735,112 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | |||||||||||||||||||
Common stock shares issued | [1] | 123 | |||||||||||||||||||||||||
Common stock issued | $ 12 | 12 | |||||||||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 27 | $ 27 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 922 | ||||||||||||||||||||||||||
Stock-based compensation | (2) | (2) | |||||||||||||||||||||||||
Net income (loss) | 392 | 392 | 267 | [5] | 267 | 147 | [6] | 147 | 173 | [7] | 173 | ||||||||||||||||
Capital contributions from parent | 10 | 10 | 60 | 60 | |||||||||||||||||||||||
Dividends and dividend equivalents | [8] | (315) | (315) | ||||||||||||||||||||||||
Dividends declared | (165) | (165) | (136) | (136) | (159) | (159) | |||||||||||||||||||||
Other comprehensive income | 33 | 33 | |||||||||||||||||||||||||
Balance at end of period - shares at Jun. 30, 2022 | 736,157 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | |||||||||||||||||||
Contributions from parent | 0 | 10 | 60 | ||||||||||||||||||||||||
Return of Capital to Parent | (65) | (65) | |||||||||||||||||||||||||
Preferred stock | 3 | ||||||||||||||||||||||||||
Total Equity | $ 13,865 | $ 8 | 12,299 | 2,697 | (152) | $ (987) | 0 | 5,767 | $ 364 | 4,214 | 1,189 | 3,097 | $ 424 | 1,997 | 676 | 3,945 | $ 308 | 2,957 | 680 | ||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.225 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Mar. 31, 2022 | 735,765 | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | ||||||||||||||||||||
Common stock issued | $ 8 | 8 | |||||||||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 11 | $ 11 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 392 | ||||||||||||||||||||||||||
Stock-based compensation | 6 | 6 | |||||||||||||||||||||||||
Net income (loss) | 119 | 119 | 124 | [5] | 124 | 54 | [6] | 54 | 66 | [7] | 66 | ||||||||||||||||
Capital contributions from parent | 10 | 10 | 60 | 60 | |||||||||||||||||||||||
Dividends and dividend equivalents | (167) | (167) | |||||||||||||||||||||||||
Dividends declared | (93) | (93) | (61) | (61) | (69) | (69) | |||||||||||||||||||||
Other comprehensive income | 28 | 28 | |||||||||||||||||||||||||
Balance at end of period - shares at Jun. 30, 2022 | 736,157 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | |||||||||||||||||||
Return of Capital to Parent | (25) | (25) | |||||||||||||||||||||||||
Preferred stock | 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 | ||||||||
Total Equity | $ 13,918 | $ 8 | 12,317 | 2,681 | (124) | (967) | 3 | $ 5,751 | $ 364 | 4,084 | 1,303 | $ 3,166 | $ 424 | 2,087 | 655 | $ 4,038 | $ 308 | 3,041 | 689 | ||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.480 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2022 | 736,487 | 736,487 | [1] | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 37,818 | [4] | |||||||||||||||
Balance at beginning of period at Dec. 31, 2022 | $ 13,915 | ||||||||||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 21 | 3 | $ 18 | ||||||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 599 | ||||||||||||||||||||||||||
Stock-based compensation | (4) | (4) | |||||||||||||||||||||||||
Net income (loss) | 397 | 397 | $ 248 | [5] | 248 | $ 131 | [6] | 131 | $ 139 | [7] | 139 | ||||||||||||||||
Capital contributions from parent | 200 | 200 | 20 | 54 | |||||||||||||||||||||||
Dividends and dividend equivalents | [8] | (357) | (357) | ||||||||||||||||||||||||
Dividends declared | $ (163) | (163) | $ (86) | (86) | $ (92) | (92) | |||||||||||||||||||||
Other comprehensive income | $ (13) | (13) | |||||||||||||||||||||||||
Balance at end of period - shares at Jun. 30, 2023 | 737,086 | 737,086 | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 37,818 | [4] | ||||||||||||||||
Balance at end of period at Jun. 30, 2023 | $ 13,959 | ||||||||||||||||||||||||||
Contributions from parent | $ 200 | $ 20 | $ 54 | ||||||||||||||||||||||||
Return of Capital to Parent | (25) | (25) | (120) | (54) | |||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (3) | ||||||||||||||||||||||||||
Total Equity | $ 14,036 | $ 8 | 12,310 | 2,788 | (123) | $ (950) | 3 | 6,015 | $ 364 | 4,284 | 1,367 | 3,101 | $ 424 | 1,967 | 710 | 4,037 | $ 308 | 2,987 | 742 | ||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.240 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Mar. 31, 2023 | 737,067 | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | ||||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 2 | 1 | $ 1 | ||||||||||||||||||||||||
Treasury stock acquired | 19 | ||||||||||||||||||||||||||
Stock-based compensation | 5 | 5 | |||||||||||||||||||||||||
Net income (loss) | 112 | 112 | 110 | [5] | 110 | 45 | [6] | 45 | 51 | [7] | 51 | ||||||||||||||||
Capital contributions from parent | 20 | 20 | 54 | 54 | |||||||||||||||||||||||
Dividends and dividend equivalents | (179) | (179) | |||||||||||||||||||||||||
Dividends declared | $ (89) | (89) | $ (55) | (55) | $ (57) | (57) | |||||||||||||||||||||
Other comprehensive income | $ (14) | (14) | |||||||||||||||||||||||||
Balance at end of period - shares at Jun. 30, 2023 | 737,086 | 737,086 | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 37,818 | [4] | ||||||||||||||||
Balance at end of period at Jun. 30, 2023 | $ 13,959 | ||||||||||||||||||||||||||
Return of Capital to Parent | $ (25) | (25) | |||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (3) | ||||||||||||||||||||||||||
Total Equity | $ 13,959 | $ 8 | $ 12,316 | $ 2,721 | $ (137) | $ (949) | $ 0 | $ 6,011 | $ 364 | $ 4,259 | $ 1,388 | $ 3,111 | $ 424 | $ 1,987 | $ 700 | $ 4,085 | $ 308 | $ 3,041 | $ 736 | ||||||||
[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 $0.240 and $0.480 for the three and six months ended June 30, 2023 and $0.225 and $0.425 for the three and six months ended June 30, 2022. |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - vote | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Vote per share of PPL's common stock | 1 | 1 |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jun. 30, 2023 | |
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 determined by geographic location. Beginning on January 1, 2023, the Kentucky Regulated segment consists primarily of the regulated electricity generation, transmission and distribution operations conducted by LG&E and KU, as well as LG&E's regulated distribution and sale of natural gas. Prior to January 1, 2023, the Kentucky Regulated segment also included the financing activities of LKE. The financing activity of LKE is presented in "Corporate and Other" beginning on January 1, 2023. Prior periods have been adjusted to reflect this change. As a result, PPL’s segments consist of its regulated operations in Kentucky, Pennsylvania and Rhode Island and exclude any incremental financing activities of holding companies, which Management believes is a more meaningful presentation as it provides information on the core regulated operations of PPL. 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 corporate level financing costs, certain unallocated costs, certain non-recoverable costs incurred in conjunction with the acquisition of Narragansett Electric and the financial results of Safari Energy, prior to its sale on November 1, 2022. "Corporate and Other" is presented to reconcile segment information to PPL's consolidated results. Income Statement data for the segments and reconciliation to PPL's consolidated results for the periods ended June 30 are as follows: Three Months Six Months 2023 2022 2023 2022 Operating Revenues from external customers Kentucky Regulated $ 778 $ 883 $ 1,738 $ 1,887 Pennsylvania Regulated 667 676 1,558 1,451 Rhode Island Regulated 377 128 942 128 Corporate and Other 1 9 — 12 Total $ 1,823 $ 1,696 $ 4,238 $ 3,478 Net Income (Loss) Kentucky Regulated $ 91 $ 112 $ 257 $ 301 Pennsylvania Regulated 110 124 248 267 Rhode Island Regulated 10 (29) 64 (29) Corporate and Other (99) (88) (172) (147) Total $ 112 $ 119 $ 397 $ 392 The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: June 30, December 31, Assets Kentucky Regulated $ 16,794 $ 16,904 Pennsylvania Regulated 13,929 13,565 Rhode Island Regulated 6,217 6,081 Corporate and Other (a) 1,356 1,287 Total $ 38,296 $ 37,837 (a) Primarily consists of unallocated items, including cash, PP&E, goodwill and the elimination of inter-segment transactions. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
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. The If-Converted Method will be applied to the Exchangeable Senior Notes due 2028 issued in February 2023. See Note 7 for additional information. Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the periods ended June 30 used in the EPS calculation are: Three Months Six Months 2023 2022 2023 2022 Income (Numerator) Net income attributable to PPL $ 112 $ 119 $ 397 $ 392 Less amounts allocated to participating securities — — 1 — Net income available to PPL common shareowners - Basic and Diluted $ 112 $ 119 $ 396 $ 392 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 737,075 735,977 736,953 735,741 Add: Dilutive share-based payment awards 1,102 792 985 737 Weighted-average shares - Diluted EPS 738,177 736,769 737,938 736,478 Basic and Diluted EPS Net Income available to PPL common shareowners $ 0.15 $ 0.16 $ 0.54 $ 0.53 For the periods ended June 30, PPL issued shares of common stock related to stock-based compensation plans as follows (in thousands): Three Months Six Months 2023 2022 2023 2022 Stock-based compensation plans — — — 124 For the periods ended June 30, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months Six Months 2023 2022 2023 2022 Stock-based compensation awards 258 66 396 110 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Reconciliations of income tax expense (benefit) for the periods ended June 30 are as follows. (PPL) Three Months Six Months 2023 2022 2023 2022 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 30 $ 32 $ 107 $ 104 Increase (decrease) due to: State income taxes, net of federal income tax benefit 11 27 33 48 Valuation allowance adjustments 5 7 7 10 Amortization of investment tax credit including deferred taxes on basis adjustment — (4) (1) (7) Depreciation and other items not normalized (2) (5) (7) (8) Amortization of excess deferred federal and state income taxes (8) (22) (20) (40) Other (3) (3) (7) (1) Total increase (decrease) 3 — 5 2 Total income tax expense (benefit) $ 33 $ 32 $ 112 $ 106 (PPL Electric) Three Months Six Months 2023 2022 2023 2022 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 31 $ 35 $ 70 $ 76 Increase (decrease) due to: State income taxes, net of federal income tax benefit 11 13 24 28 Depreciation and other items not normalized (3) (3) (7) (6) Amortization of excess deferred federal and state income taxes (2) (2) (4) (5) Other 1 1 — 1 Total increase (decrease) 7 9 13 18 Total income tax expense (benefit) $ 38 $ 44 $ 83 $ 94 (LG&E) Three Months Six Months 2023 2022 2023 2022 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 12 $ 13 $ 35 $ 37 Increase (decrease) due to: State income taxes, net of federal income tax benefit 2 2 6 7 Amortization of excess deferred federal and state income taxes (3) (7) (6) (14) Other — 1 (1) (2) Total increase (decrease) (1) (4) (1) (9) Total income tax expense (benefit) $ 11 $ 9 $ 34 $ 28 (KU) Three Months Six Months 2023 2022 2023 2022 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 13 $ 17 $ 36 $ 45 Increase (decrease) due to: State income taxes, net of federal income tax benefit 3 3 7 8 Amortization of excess deferred federal and state income taxes (4) (6) (8) (12) Other 1 1 — (2) Total increase (decrease) — (2) (1) (6) Total income tax expense (benefit) $ 13 $ 15 $ 35 $ 39 Other Narragansett Electric Acquisition (PPL) The acquisition of Narragansett Electric on May 25, 2022 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. 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 does not expect to be subject to the book minimum tax in 2023. The Registrants will continue to assess the impacts of the IRA on their financial statements 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. IRS Revenue Procedure 2023-15 (PPL and LG&E) On April 14, 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace, or improve natural gas transmission and distribution property must be capitalized for tax purposes. PPL and LG&E are currently reviewing the revenue procedure to determine what impact the newly issued guidance may have on their financial statements. |
Utility Rate Regulation
Utility Rate Regulation | 6 Months Ended |
Jun. 30, 2023 | |
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 LG&E KU June December 31, June December 31, June December 31, June December 31, Current Regulatory Assets: Gas supply clause $ — $ 41 $ — $ — $ — $ 13 $ — $ — Rate adjustment mechanisms 214 96 — — — — — — Renewable energy certificates 13 14 — — — — — — Derivative instruments 15 41 — — — — — — Smart meter rider 5 5 5 5 — — — — Universal service rider 21 3 21 3 — — — — Fuel adjustment clause 9 38 — — 2 9 7 29 Transmission service charge 12 — 12 — — — — — Other 42 20 11 5 2 1 3 3 Total current regulatory assets $ 331 $ 258 $ 49 $ 13 $ 4 $ 23 $ 10 $ 32 Noncurrent Regulatory Assets: Defined benefit plans $ 783 $ 778 $ 353 $ 353 $ 208 $ 209 $ 139 $ 140 Plant outage costs 42 46 — — 11 12 31 34 Net metering 89 61 — — — — — — Environmental cost recovery 101 102 — — — — — — Taxes recoverable through future rates 38 47 — — — — — — Storm costs 111 118 — — 15 7 14 3 Unamortized loss on debt 24 21 4 3 11 11 7 7 Interest rate swaps 6 7 — — 6 7 — — Terminated interest rate swaps 61 63 — — 36 37 25 26 Accumulated cost of removal of utility plant 195 212 195 212 — — — — AROs 292 295 — — 76 76 216 219 Derivatives instruments 7 — — — — — — — Other 77 69 — — 21 14 15 13 Total noncurrent regulatory assets $ 1,826 $ 1,819 $ 552 $ 568 $ 384 $ 373 $ 447 $ 442 PPL PPL Electric LG&E KU June December 31, June December 31, June December 31, June December 31, Current Regulatory Liabilities: Generation supply charge $ 41 $ 37 $ 41 $ 37 $ — $ — $ — $ — Transmission service charge — 14 — 7 — — — — TCJA customer refund 6 15 6 15 — — — — Act 129 compliance rider 15 14 15 14 — — — — Transmission formula rate 23 12 20 12 — — — — Rate adjustment mechanism 133 96 — — — — — — Energy efficiency 23 23 — — — — — — Gas supply clause 16 — — — 16 — — — Other 23 27 — — 3 7 2 6 Total current regulatory liabilities $ 280 $ 238 $ 82 $ 85 $ 19 $ 7 $ 2 $ 6 PPL PPL Electric LG&E KU June December 31, June December 31, June December 31, June December 31, Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 978 $ 950 $ — $ — $ 296 $ 287 $ 396 $ 389 Power purchase agreement - OVEC 22 26 — — 15 18 7 8 Net deferred taxes 2,054 2,094 776 775 469 477 535 546 Defined benefit plans 225 187 59 45 21 21 57 56 Terminated interest rate swaps 58 60 — — 29 30 29 30 Energy efficiency 39 32 — — — — — — Other 45 63 — — 3 — 8 — Total noncurrent regulatory liabilities $ 3,421 $ 3,412 $ 835 $ 820 $ 833 $ 833 $ 1,032 $ 1,029 Regulatory Matters Rhode Island Activities (PPL) Rate Case proceedings 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 five 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. 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 before May 25, 2025. 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, (ii) two energy storage demonstration projects, which are on track for timely completion, (iii) an incentive-only performance incentive for System Efficiency: Annual Megawatt Capacity Savings, which sunset in 2021 and is now a tracking and reporting only metric, 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 RIE 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. As of June 30, 2023, the RIPUC had not made any rulings regarding the timing of crediting customers the deferral balance pursuant to the ASA. RIE cannot predict the outcome of this matter. Advanced Metering Functionality and Grid Modernization In 2021, RIE filed its Updated Advanced Metering Functionality (AMF) Business Case and Grid Modernization Plan (GMP) with the RIPUC in accordance with the ASA, and which, among other things, sought approval to deploy smart meters throughout the service territory. In 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 of RIE. RIE filed notice of withdrawal of the original Updated AMF Business Case and GMP with the RIPUC, and in November 2022 filed a new AMF Business Case with the RIPUC. The new AMF Business Case filing consists of a detailed proposal for full-scale deployment of AMF across its electric service territory. The proposal will enable significant customer and grid benefits in line with the state’s climate mandates. In its filing, RIE estimated that the proposed program would cost $188 million on a net present value (NPV) basis and provide benefits of $729 million NPV over the 20-year project life, yielding a benefit-cost ratio of 3.9%. RIE believes AMF is a foundational technology that is a necessary first step to transforming Rhode Island’s electric distribution system. In its filing, RIE requested a RIPUC decision by June 2023; the RIPUC issued a revised procedural schedule for the AMF Business Case filing that provides for hearings in July 2023. Evidentiary hearings commenced on July 20, 2023 and continued on July 25, 2023 through July 27, 2023. In addition, the RIPUC held a public comment hearing on April 4, 2023, and technical sessions on February 22, 2023, May 10, 2023 and June 13, 2023. The RIPUC also held a separate evidentiary hearing on April 14, 2023, regarding certain Motions for Confidential Treatment by RIE. RIE filed a new GMP with the RIPUC on December 30, 2022. The new GMP filing consists of a holistic suite of grid modernization investments that will provide RIE with the tools and capability to manage the electric distribution system more granularly considering a range of distributed energy resources adoption levels, accelerated by Rhode Island's climate mandates, while at the same time maintaining a safe and reliable electric distribution system. The GMP is an informational guidance document that supports the grid modernization investments to be proposed in future electric ISR plans. Consequently, RIE did not request approval from the RIPUC for any specific investments or seek cost recovery as part of the GMP; rather, RIE requested that the RIPUC issue an order affirming RIE’s compliance with its obligation to file a GMP that meets the requirements of the ASA. 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 sought 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. RIE is evaluating 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. RIE cannot predict the outcome of this matter. 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. The RIPUC held an Open Meeting on September 13, 2022, and issued its Order on November 18, 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 FY2023 Gas ISR plan. 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, the RIPUC has not taken any action to date on this issue. RIE cannot predict the outcome of this matter. FY 2024 Gas ISR Plan On December 23, 2022, RIE filed its FY 2024 Gas ISR Plan with the RIPUC. At its January 20, 2023 Open Meeting, the RIPUC directed RIE to file supplemental budget and rate schedules to reflect an April 1 to March 31 fiscal year. The supplemental budget that was filed with the RIPUC on January 27, 2023 includes $187 million of capital investment spend. The supplemental rate schedules were filed on February 3, 2023. RIE and the Rhode Island Division of Public Utilities and Carrier s reached an agreement on an approximately $171 million capital investment spending plan, and RIE filed a second supplemental budget on March 13, 2023. The RIPUC held a hearing on the plan on March 14, 2023. At an Open Meeting on March 29, 2023, the RIPUC approved the plan with an adjustment to the budget for the Proactive Main Replacement Program category resulting in a total approved FY 2024 Gas ISR Plan of $163 million for capital investment spend. On March 31, 2023, the RIPUC approved RIE's March 30, 2023 compliance filing for rates effective April 1, 2023. The RIPUC continues to consider the appropriate rate recovery treatment of projects not covered by an ISR plan for the applicable fiscal year, and additional definitions and procedures that may be implemented related to the ISR plan process. RIE cannot predict the outcome of this matter. FY 2024 Electric ISR Plan On December 23, 2022, RIE filed its FY 2024 Electric ISR Plan with the RIPUC. At its January 20, 2023 Open Meeting, the RIPUC directed RIE to file supplemental budget and rate schedules to reflect an April 1 to March 31 fiscal year. The supplemental budget filed with the RIPUC on January 27, 2023 includes $176 million of capital investment spend, $14 million of vegetation operations and management (O&M) spend and $3 million of Other O&M spend. The supplemental rate schedules were filed on February 3, 2023. RIE filed second supplemental budget schedules on March 21, 2023, which includes $166 million of capital investment spend, $14 million of vegetation management O&M spend and $1 million of Other O&M spend. The RIPUC held hearings in March 2023, and on March 29, 2023, approved the plan with modifications to the proposed capital investment spend, resulting in a total approved FY 2024 Electric ISR Plan of $112 million for capital investment spend, $14 million for vegetation management O&M spend, and $1 million for Other O&M spend. On March 31, 2023, the RIPUC approved RIE's March 30, 2023 compliance filing for rates effective April 1, 2023. The RIPUC continues to consider the appropriate rate recovery treatment of projects not covered by an ISR plan for the applicable fiscal year, and additional definitions and procedures that may be implemented related to the ISR plan process. RIE cannot predict the outcome of this matter. Kentucky Activities (PPL, LG&E and KU) CPCN and SB 4 Application On December 15, 2022, LG&E and KU filed an application with the KPSC for a CPCN for the construction of two 621 MW net summer rating NGCC combustion turbine facilities, one at LG&E's Mill Creek Generating Station in Jefferson County, Kentucky and the other at KU's E.W. Brown Generating Station in Mercer County, Kentucky, including on-site natural gas and electric transmission construction associated with those facilities and site compatibility certificates. LG&E and KU also applied for a CPCN to construct a 120 MWac solar photovoltaic electric generating facility in Mercer County, Kentucky, and for a CPCN to acquire a 120 MWac solar facility to be built by a third-party solar developer in Marion County, Kentucky. LG&E and KU further applied for a CPCN to construct a 125 MW, 4-hour battery energy storage system facility at KU's E.W. Brown Generating Station and for approval of their proposed 2024-2030 DSM programs. The plan includes adding 14 new, adjusted or expanded energy efficiency programs, which would reduce LG&E's and KU's overall need by approximately 100 MW each. Finally, LG&E and KU requested a declaratory order to confirm that their entry into non-firm energy-only power-purchase agreements for the output of four solar photovoltaic facilities with a combined capacity of 637 MW does not require KPSC approval and that LG&E and KU may recover the costs of the solar PPAs through their fuel adjustment clause mechanisms as previously approved for a prior solar PPA. LG&E and KU plan to accrue AFUDC on the constructed NGCC facilities, the solar facility in Mercer County, Kentucky and the battery energy storage system facility and have requested regulatory asset treatment to recover the financing costs of these projects. The new NGCC facilities would be jointly owned by LG&E (31%) and KU (69%) and the solar units would be jointly owned by LG&E (37%) and KU (63%), the battery storage unit would be owned by LG&E, and the proposed PPA transactions and DSM programs would be entered into or conducted jointly by LG&E and KU, consistent with LG&E and KU's shared dispatch, cost allocation, tariff or other frameworks. The filing also notes planned retirement dates for certain existing coal-fired generation units, including Mill Creek 1 (300 MW) in 2024 and E.W. Brown 3 (412 MW) in 2028 , and updates and advances the planned retirement dates for Mill Creek 2 (297 MW) to 2027 and Ghent 2 (486 MW) to 2028 . LG&E and KU anticipate the recovery of associated retirement costs, including the remaining net book value, for these coal-fired generating units through the RAR or other rate mechanisms. The KPSC accepted the CPCN filing as of January 6, 2023. On March 24, 2023, Kentucky Senate Bill 4 (SB 4) went into effect, which requires KPSC approval of fossil fuel-fired electric generating unit retirements in the state. On May 10, 2023, LG&E and KU filed an application with the KPSC seeking approval of the retirement of seven fossil fuel-fired generating units as required by the recently enacted SB 4. On May 16, 2023, the KPSC entered an Order consolidating the SB 4 filing proceeding into the CPCN case. The KPSC has indicated its intention to issue an order on all issues by November 6, 2023. PPL, LG&E and KU cannot predict the outcome of these matters. Kentucky March 2023 Storm On March 3, 2023, LG&E and KU experienced significant windstorm activity in their service territories, resulting in substantial damage to certain of LG&E's and KU's assets with total costs incurred through June 30, 2023 of $75 million ($33 million at LG&E and $42 million at KU). On March 17, 2023, LG&E and KU submitted a filing with the KPSC requesting regulatory asset treatment of the extraordinary operations and maintenance expenses portion of the costs incurred related to the windstorm. On April 5, 2023, the KPSC issued an order approving the request for accounting purposes, noting that approval for recovery would be determined in LG&E’s and KU’s next base rate cases. As of June 30, 2023, LG&E and KU recorded regulatory assets related to the storm of $8 million and $11 million. Pennsylvania Activities (PPL and PPL Electric) PAPUC investigation into billing issues On January 31, 2023, the PAPUC initiated an investigation focused on billing issues related to estimated, irregular bills and customer service concerns following customer complaints, which for many customers were driven by increased prices for electricity supply. Certain bills issued during the time period of December 20, 2022 through January 25, 2023 were estimated due to a technical issue that prevented PPL Electric from providing actual collected meter data to customer facing and other internal systems. Customers also reported difficulties accessing PPL Electric's website and contacting the customer service call center. The PAPUC’s Bureau of Investigation & Enforcement has directed PPL Electric to respond to certain inquiries and document requests. PPL Electric has submitted its responses to the information request and is cooperating fully with the investigation. PPL Electric cannot predict the outcome of this matter. Federal Matters 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 waivers and 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. In August 2022, the D.C. Circuit Court of Appeals issued an order remanding the proceedings back to the FERC. On May 18, 2023, the FERC issued an order on remand reversing its 2019 decision and requiring LG&E and KU to refund credits previously withheld, including under such transition mechanism. On June 9, 2023, the FERC granted LG&E’s and KU’s motion for an extension of time to process refunds until November 2023. LG&E and KU filed a request for rehearing of the May 18, 2023 order, which was denied by operation of law on July 17, 2023. LG&E and KU filed petition for review of FERC's May 18, 2023 order with the D.C. Circuit Court of Appeals on July 28, 2023. In the second quarter of 2023, LG&E and KU recorded regulatory liabilities of $3 million and $8 million related to potential refunds resulting from the FERC’s May 18, 2023 order. LG&E and KU cannot predict the ultimate outcome of the proceedings or any other post decision process but do not expect the annual impact to have a material effect on their operations or financial condition. LG&E and KU currently receive recovery of certain waivers and credits provided primarily through base rates with increases associated with the FERC's May 18, 2023 order expected to be primarily subject to base rate recovery in future rate proceedings. Recovery of Transmission Costs (PPL) Until December 2022, RIE's transmission facilities were operated in combination with the transmission facilities of National Grid's New England affiliates, Massachusetts Electric Company (MECO) and New England Power (NEP), as a single integrated system with NEP designated as the combined operator. As of January 1, 2023, RIE operates its own transmission facilities. NE-ISO allocates RIE's 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 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 D. C. Circuit Court of Appeals (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 distinguish 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 six months ended June 30, 2023, PPL Electric purchased $374 million and $732 million of accounts receivable from alternative suppliers. During the three and six months ended June 30, 2022, PPL Electric purchased $273 million and $622 million of receivables. (PPL) |
Financing Activities
Financing Activities | 6 Months Ended |
Jun. 30, 2023 | |
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 provide a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, the credit facilities and commercial paper programs of PPL Electric, LG&E and KU are attributable to PPL. 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" at December 31, 2022. The following credit facilities were in place at: June 30, 2023 December 31, 2022 Expiration Capacity Borrowed Letters of Unused Borrowed Letters of PPL PPL Capital Funding (a) Syndicated Credit Facility (b) Dec. 2027 $ 1,250 $ — $ — $ 1,250 $ — $ 561 Bilateral Credit Facility Mar. 2024 100 — — 100 — — Bilateral Credit Facility (c) Mar. 2024 100 — 58 42 — 58 Total PPL Capital Funding Credit Facilities $ 1,450 $ — $ 58 $ 1,392 $ — $ 619 PPL Electric Syndicated Credit Facility Dec. 2027 $ 650 $ — $ 131 $ 519 $ — $ 146 Term Loan Credit Facility Mar. 2024 — — — — 250 — Total PPL Electric Credit Facilities $ 650 $ — $ 131 $ 519 $ 250 $ 146 LG&E Syndicated Credit Facility Dec. 2027 $ 500 $ — $ 21 $ 479 $ — $ 180 Term Loan Credit Facility Jul. 2024 — — — — 300 — Total LG&E Credit Facilities $ 500 $ — $ 21 $ 479 $ 300 $ 180 KU Syndicated Credit Facility Dec. 2027 $ 400 $ — $ 92 $ 308 $ — $ 101 Term Loan Credit Facility Jul. 2024 — — — — 300 — Total KU Credit Facilities $ 400 $ — $ 92 $ 308 $ 300 $ 101 (a) PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL. (b) Includes a $250 million borrowing sublimit for RIE and a $1 billion sublimit for PPL Capital Funding. (c) Includes a $45 million letter of credit on behalf of RIE. (d) Commercial paper issued reflects the undiscounted face value of the issuance. (PPL) In March 2023, RIE was added as an authorized borrower under the PPL Capital Funding syndicated credit facility. At June 30, 2023, RIE’s borrowing limit under the facility was set at $250 million and PPL Capital Funding's borrowing limit was set at $1 billion. At June 30, 2023, neither PPL Capital Funding nor RIE had any borrowings outstanding under the facility. (PPL and PPL Electric) In March 2023, PPL Electric repaid its $250 million term loan expiring in March 2024 and terminated the facility. (PPL and LG&E) In March 2023, LG&E repaid its $300 million term loan expiring in July 2024 and terminated the facility. (PPL and KU) In March 2023, KU repaid its $300 million term loan expiring in July 2024 and terminated the facility. (All Registrants) PPL Capital Funding, RIE, 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: June 30, 2023 December 31, 2022 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding (a) (b) $ 1,350 $ — $ 1,350 4.84% $ 561 RIE (b) 400 — 400 — PPL Electric 5.31% 650 130 520 4.74% 145 LG&E 5.30% 500 21 479 4.94% 180 KU 5.34% 400 92 308 4.90% 101 Total $ 3,300 $ 243 $ 3,057 $ 987 (a) PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL. (b) Issuances under the PPL Capital Funding and RIE commercial paper programs are supported by the PPL Capital Funding syndicated credit facility, which has a total capacity of $1.25 billion and under which they are both borrowers. PPL Capital Funding’s Commercial paper program is also backed by a separate bilateral credit facility for $100 million. The PPL Capital Funding syndicated credit facility includes a borrowing sublimit for RIE, which is currently set at $250 million with the remaining $1 billion allocated to PPL Capital Funding. The sublimits of each borrower may be decreased or increased at the borrowers’ option up to a prescribed amount such that all borrowings under the syndicated credit facility cannot exceed the size of the credit facility of $1.25 billion. (c) Commercial paper issued reflects the undiscounted face value of the issuance. (PPL) In June 2023, RIE established a commercial paper program with a capacity of $400 million. This program is supported by PPL Capital Funding's syndicated credit facility, under which RIE is a co-borrower. (PPL Electric, LG&E, and KU) See Note 11 for discussion of intercompany borrowings. Long-term Debt (PPL) In February 2023, PPL Capital Funding issued $1.0 billion of 2.875% Exchangeable Senior Notes due 2028 (the Notes). PPL Capital Funding received proceeds of $980 million, net of underwriting fees, which were used to repay short-term debt and for general corporate purposes. The Notes are senior unsecured notes, fully guaranteed by PPL. The Notes are scheduled to mature on March 15, 2028, unless earlier exchanged, redeemed or repurchased. The Notes are exchangeable at an initial exchange rate of 29.3432 shares of PPL's common stock per $1,000 principal amount (equivalent to an initial exchange price of approximately $34.08 per share of common stock). The initial exchange rate is subject to adjustment, as provided in the indenture for anti-dilutive events and fundamental change and redemption provisions. Upon exchange of the Notes, PPL Capital Funding will redeem the aggregate principal amount of the Notes in cash. PPL Capital Funding will pay cash, deliver shares of common stock or a combination of cash and shares of common stock, at PPL Capital Funding's election, in respect of the remainder, if any, of its exchange obligation in excess of the aggregate principal amount of the Notes being exchanged. Prior to December 15, 2027, the Notes will be exchangeable at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods described in the indenture pursuant to which the Notes were issued. On or after December 15, 2027 until the maturity date, the Notes will be exchangeable at the option of the noteholders at any time regardless of these conditions or periods. PPL Capital Funding may redeem all or any portion of the Notes, at its option, on or after March 20, 2026, if the last reported sale price of the common stock has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive), during any 30 consecutive trading day period, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest. No sinking fund is provided for the Notes. Subject to certain conditions, holders of the Notes will have the right to require PPL Capital Funding to repurchase all or a portion of their Notes upon the occurrence of a fundamental change, as defined in the indenture pursuant to which the Notes were issued at a repurchase price of 100% of their principal amount plus any accrued and unpaid interest. In connection with certain corporate events or if PPL Capital Funding calls any Notes for redemption, PPL Capital Funding will, under certain circumstances, increase the exchange rate for noteholders who elect to exchange their Notes in connection with any such corporate event or exchange their Notes called for redemption. (PPL and PPL Electric) In March 2023, PPL Electric issued $600 million of 5.00% First Mortgage Bonds due 2033 and $750 million of 5.25% First Mortgage Bonds due 2053. PPL Electric received proceeds of $1.32 billion, net of discounts and underwriting fees, which were used to repay debt, including PPL Electric's $250 million term loan, and for other general corporate purposes. In March 2023, PPL Electric redeemed all of the outstanding $650 million aggregate principal amount of its First Mortgage Bonds, Floating Rate Series due 2024. In March 2023, PPL Electric redeemed all of the outstanding $250 million aggregate principal amount of its First Mortgage Bonds, Floating Rate Series due 2023. (PPL and LG&E) In March 2023, LG&E issued $400 million of 5.45% First Mortgage Bonds due 2033. LG&E received proceeds of $396 million, net of discounts and underwriting fees, which were used to repay LG&E's $300 million term loan and for other general corporate purposes. (PPL and KU) In March 2023, KU issued $400 million of 5.45% First Mortgage Bonds due 2033. KU received proceeds of $396 million, net of discounts and underwriting fees, which were used to repay KU's $300 million term loan and for general corporate purposes. (PPL) Equity Securities In June 2023, RIE redeemed all 49,089 shares of its outstanding preferred stock at a redemption price equal to the par value of $50 per share, plus a premium of $5 per share, plus a prorated dividend of $0.1875 per share. The total payment was $3 million. Dividends |
Defined Benefits
Defined Benefits | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30: Pension Benefits Three Months Six Months 2023 2022 2023 2022 PPL Service cost $ 8 $ 13 $ 17 $ 25 Interest cost 48 30 94 62 Expected return on plan assets (77) (63) (155) (127) Amortization of: Prior service cost 1 2 3 4 Actuarial loss 1 17 1 29 Net periodic defined benefit costs (credits) before settlements (19) (1) (40) (7) Settlements (a) — 12 — 12 Net periodic defined benefit costs (credits) $ (19) $ 11 $ (40) $ 5 (a) Due to the amount of lump sum payment distributions from the LKE qualified pension plan, settlement charges were incurred during the three and six months ended, June 30, 2022. 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 Six Months 2023 2022 2023 2022 PPL Service cost $ 1 $ 2 $ 3 $ 3 Interest cost 8 4 15 8 Expected return on plan assets (7) (6) (15) (12) Amortization of: Prior service cost 1 1 1 1 Actuarial loss (2) (2) (3) (2) Net periodic defined benefit costs (credits) $ 1 $ (1) $ 1 $ (2) (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 | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Long-term Contracts for Renewable Energy (PPL) In July 2022, Rhode Island passed an amendment to the Affordable Clean Energy Security Act (ACES) that required 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, and subsequently revised on November 7, 2022. On March 17, 2023, RIE announced that it will evaluate a joint proposal from Orsted and Eversource to develop 884 MW of offshore wind, which was the sole response to RIE’s RFP. On July 18, 2023, RIE announced it would not be proceeding with conditional selection of the bid because it did not meet the terms of the ACES statute. RIE intends to file supporting documentation with the RIPUC in approximately 60 days. 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 Background (PPL) 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 and Talen Energy Marketing, LLC also became a subsidiary of Talen Energy. Talen Energy has owned and operated both Talen Montana and Talen Energy Marketing, LLC 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. In October 2018, Talen Montana Retirement Plan and Talen Energy Marketing, LLC filed a putative class action complaint on behalf of current and contingent creditors of Talen Montana (the Montana Action) who allegedly suffered harm or allegedly will suffer reasonably foreseeable harm as a result of, among other things, the November 2014 allegedly fraudulent transfer of proceeds from the sale of then-PPL Montana's hydroelectric generating facilities. In November 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 (the Delaware Action), in response to the Montana Action and as part of the defense strategy. Talen Energy Supply, LLC et al. and 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 U.S. Bankruptcy Court for the Southern District of Texas (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 of approximately $900 million, reiterating claims that the parties had already been litigating in Montana and Delaware. Both the Montana Action and the 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 Action, and has filed a motion for partial summary judgment that was heard on October 31, 2022. Mediation occurred on February 22, 2023 before Judge David R. Jones of the Texas Bankruptcy Court. The parties did not settle the case, and mediation was discontinued. On June 14, 2023, the Texas Bankruptcy Court entered an Order denying the defendants’ motion for partial summary judgment. The defendants anticipate trial will occur in the first quarter of 2024. Riverstone has filed a motion for summary judgement, which is set to be heard on August 15, 2023. 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) 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. On June 27, 2022, the RIPUC opened a new docket (RIPUC Docket No. 22-05-EE) to investigate RIE’s actions and the actions of its National Grid employees during the time RIE was a National Grid USA 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. The Rhode Island Attorney General and National Grid USA intervened in the docket. On January 19, 2023, the Rhode Island Division of Public Utilities and Carriers (the Division) filed a motion to dismiss RIPUC Docket No. 22-05-EE without prejudice. As grounds for its motion, the Division stated that sufficient evidence exists in the docket to warrant an independent summary investigation by the Division, to include an audit of RIE, pursuant to Rhode Island General Laws Section 39-4-13. If the Division finds sufficient grounds, the Division may proceed to a formal hearing regarding the matters under investigation pursuant to Rhode Island General Laws Sections 39-4-14 and 39-4-15. Upon the conclusion of its investigation, the Division will provide the RIPUC with a report outlining the Division’s findings and final decision. On January 30, 2023, the Rhode Island Attorney General filed an objection to the Division’s motion to dismiss; RIE and National Grid each filed responses with the RIPUC requesting that any additional action taken by the RIPUC or the Division be considered after National Grid completes its internal investigation report, which National Grid filed with the RIPUC on March 10, 2023. On February 24, 2023, the Division initiated the independent summary investigation that it had referenced in its motion to dismiss RIPUC Docket No. 22-05-EE. The RIPUC held a hearing on March 28, 2023 to hear oral arguments regarding the Division’s motion to dismiss and subsequently denied the motion. RIPUC Docket No. 22-05-EE remains open and, in parallel, the Division’s summary investigation remains ongoing. 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 by RIE in connection with RIPUC Docket No. 22-05-EE or the Division’s summary investigation. RIE does not expect this matter will have a material adverse effect on its results of operations, financial position or cash flows. 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. On November 17, 2022, KU submitted a Supplemental Performance Monitoring Report to the KEEC finding that there are no significant unaddressed risks to human health or the environment at the plant. KU revised the Supplemental Performance Monitoring Report on June 8, 2023 in response to KEEC comments from April 24, 2023. 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 "zero 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. In October 2020, the EPA published final revisions to its best available technology standards for certain wastewaters and potential extensions to compliance dates (the Reconsideration Rule). In March 2023, the EPA released a proposed rule that would modify the 2020 ELG revisions. The proposed rule would increase the stringency of previous control technology and zero discharge requirements, revise certain exemptions for generating units planned for retirement, and require case-by-case limitations for legacy wastewaters based on the best professional judgment of the state regulators. Compliance with the Reconsideration Rule is required during the pendency of the rulemaking process. The proposed rule is currently under evaluation, but could potentially result in significant operational changes and additional controls for LG&E and KU plants. The ELGs are 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. 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 certain 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 including potentially making the rule applicable to certain inactive impoundments and landfills not currently subject 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. In January 2022, the EPA issued several 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 which it views as posing a threat of continuing groundwater contamination. On May 18, 2023, the EPA published a proposed rule establishing regulatory requirements for inactive surface impoundments at inactive electricity generation facilities. The EPA proposes to establish groundwater monitoring, corrective action, closure, and post-closure care requirements for all CCR management units at regulated CCR facilities regardless of how or when the CCR was placed. The proposed rule, if finalized, would require PPL to complete applicability determinations, implement site security measures, initiate weekly inspections and monthly monitoring of the impoundment, create a website, and complete hazard assessments and reports for its legacy impoundments within three months of the proposed rule’s effective date. Additionally, the proposed rule could potentially subject management units that have previously completed remedial action and closure and certain beneficial use projects to additional federal regulatory requirements. 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. PPL, LG&E and KU are currently finalizing closure plans and schedules in accordance with existing regulations. 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) The Registrants 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, Rhode Island and Kentucky previously owned or operated by, or currently owned by predecessors or affiliates of, PPL subsidiaries. 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, 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. (PPL and PPL Electric) PPL Electric is a potentially responsible party 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 June 30, 2023 and December 31, 2022, PPL Electric had a recorded liability of $11 million, representing its best estimate of the probable loss incurred to remediate the sites identified above. (PPL) RIE is a potentially responsible party for a share of clean-up costs at certain sites including 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 RIE facilities. RIE is currently investigating and remediating, as necessary, those MGP sites and certain other properties under agreements with governmental agencies, the costs of which have not been and are not expected to be significant to PPL. As of June 30, 2023 and December 31, 2022, PPL had a recorded liability of $100 million, representing its best estimate of the remaining costs of RIE's environmental remediation activities. These undiscounted costs are expected to be incurred over approximately 30 years and generally to be subject to rate recovery. 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. RIE 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 provide 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 RIE's Environmental Response Fund, established with RIPUC approval in March 2000 to address such costs, along with interest and any recoveries from insurance carriers and other third parties. In addition, RIE 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. 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 ensure compliance with the Reliability Standards by those PPL affiliates subject to the standards, certain other instances of potential non-compliance may be identified from time to time. The Registrants cannot predict the outcome of these matters, and an estimate or range of possible losses cannot be determined. Gas - Security Directives (PPL and LG&E) In May and July of 2021, the Department of Homeland Security’s (DHS) Transportation Security Administration (TSA) released two security directives applicable to certain notified owners and operators of natural gas pipeline facilities (including local distribution companies) that the TSA has determined to be critical. The TSA has determined that LG&E is within the scope of the directive, while RIE has not been notified of this distinction. The first security directive required notified owners/operators to implement cybersecurity incident reporting to the DHS, designate a cybersecurity coordinator, and perform a gap assessment of current entity cybersecurity practices against certain voluntary TSA security guidelines and report relevant results and proposed mitigation to applicable DHS agencies. The second security directive, revised in July of 2023, requires refinement of the cybersecurity implementation plan and the cybersecurity assessment plan. LG&E does not believe the security directives have had or will have a significant impact on LG&E’s operations or financial condition. Other Guarantees and Other Assurances (All Registrants) In the normal course of business, the Registrants enter into agreements that provide financial performance assurance to third parties on behalf of certain subsidiaries. Examples of such agreements include: guarantees, stand-by letters of credit issued by financial institutions and surety bonds issued by insurance companies. These agreements are entered into primarily to support or enhance the creditworthiness attributed to a subsidiary on a stand-alone basis or to facilitate the commercial activities in which these subsidiaries engage. (PPL) PPL fully and unconditionally guarantees all of the debt securities and loan obligations of PPL Capital Funding. (All Registrants) The table below details guarantees provided as of June 30, 2023. "Exposure" represents the estimated maximum potential amount of future payments that could be required to be made under the guarantee. The Registrants believe the probability of expected payment/performance under each of these guarantees is remote, except for the guarantees and indemnifications related to the sale of Safari Holdings, which PPL believes are reasonably possible but not probable of occurring. For reporting purposes, on a consolidated basis, the guarantees of PPL include the guarantees of its subsidiary Registrants. Exposure at June 30, 2023 Expiration PPL Indemnifications related to certain tax liabilities related to the sale of the U.K. utility business £ 50 (a) 2028 PPL guarantee of Safari payment obligations under certain sale/leaseback financing transactions related to the sale of Safari Holdings $ 137 (b) 2028 PPL guarantee of Safari payment obligations under certain PPAs related to the sale of Safari Holdings 55 (c) Indemnifications for losses suffered related to items not covered by Aspen Power's representation and warranty insurance associated with the sale of Safari Holdings 140 (d) 2028 LG&E and KU LG&E and KU obligation of shortfall related to OVEC (e) (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 One plc, the buyer, agreed to purchase indemnity insurance, the amount of the cap on the indemnity for these liabilities is £1, except with respect to certain surrenders of tax losses, for which the amount of the cap on the indemnity is £50 million. (b) PPL guaranteed the payment obligations of 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. (c) PPL guaranteed the payment obligations of Safari under certain PPAs executed by Safari. Aspen Power is expected to replace these guarantees and retain liability for any payments made by PPL or claims against PPL under any guarantee that is not replaced. (d) 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. Pursuant to the agreement, 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, pursuant to the agreement, subject to certain adjustments plus the support obligations provided by PPL under sale-leaseback financings and PPAs that will be replaced by Aspen Power. (e) Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement, and decommissioning costs, as well as any shortfall from amounts included within a demand charge designed and expected to cover these costs over the term of the contract. PPL's proportionate share of OVEC's outstanding debt was $89 million at June 30, 2023, consisting of LG&E's share of $62 million and KU's share of $27 million. The maximum exposure and the expiration date of these potential obligations are not presently determinable. See "Energy Purchase Commitments" in Note 14 in PPL's, LG&E's and KU's 2022 Form 10-K for additional information on the OVEC power purchase contract. The Registrants provide other miscellaneous guarantees through contracts entered into in the normal course of business. These guarantees are primarily in the form of indemnification or warranties related to services or equipment and vary in duration. The amounts of these guarantees often are not explicitly stated, and the overall maximum amount of the obligation under such guarantees cannot be reasonably estimated. Historically, no significant payments have been made with respect to these types of guarantees and the probability of payment/performance under these guarantees is generally remote. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
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 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 LKS 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 and LKS charged the following amounts for the periods ended June 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 Six Months 2023 2022 2023 2022 PPL Electric from PPL Services $ 55 $ 60 $ 114 $ 121 LG&E from LKS 28 41 60 80 LG&E from PPL Services 12 — 20 — KU from LKS 34 42 75 86 KU from PPL Services 13 — 23 — 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) CEP Reserves maintains a $500 million revolving line of credit with a PPL Electric subsidiary. At June 30, 2023 and December 31, 2022, CEP Reserves had no (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 SOFR. At June 30, 2023, LG&E's money pool unused capacity was $729 million. At June 30, 2023, LG&E borrowings outstanding from KU and/or LKE were not significant. At December 31, 2022, LG&E had no 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 SOFR. At June 30, 2023, KU's money pool unused capacity was $550 million. At June 30, 2023, KU had borrowings outstanding from LG&E and/or LKE of $ 8 million no 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 |
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 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 LKS 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 and LKS charged the following amounts for the periods ended June 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 Six Months 2023 2022 2023 2022 PPL Electric from PPL Services $ 55 $ 60 $ 114 $ 121 LG&E from LKS 28 41 60 80 LG&E from PPL Services 12 — 20 — KU from LKS 34 42 75 86 KU from PPL Services 13 — 23 — 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) CEP Reserves maintains a $500 million revolving line of credit with a PPL Electric subsidiary. At June 30, 2023 and December 31, 2022, CEP Reserves had no (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 SOFR. At June 30, 2023, LG&E's money pool unused capacity was $729 million. At June 30, 2023, LG&E borrowings outstanding from KU and/or LKE were not significant. At December 31, 2022, LG&E had no 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 SOFR. At June 30, 2023, KU's money pool unused capacity was $550 million. At June 30, 2023, KU had borrowings outstanding from LG&E and/or LKE of $ 8 million no 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 |
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 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 LKS 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 and LKS charged the following amounts for the periods ended June 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 Six Months 2023 2022 2023 2022 PPL Electric from PPL Services $ 55 $ 60 $ 114 $ 121 LG&E from LKS 28 41 60 80 LG&E from PPL Services 12 — 20 — KU from LKS 34 42 75 86 KU from PPL Services 13 — 23 — 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) CEP Reserves maintains a $500 million revolving line of credit with a PPL Electric subsidiary. At June 30, 2023 and December 31, 2022, CEP Reserves had no (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 SOFR. At June 30, 2023, LG&E's money pool unused capacity was $729 million. At June 30, 2023, LG&E borrowings outstanding from KU and/or LKE were not significant. At December 31, 2022, LG&E had no 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 SOFR. At June 30, 2023, KU's money pool unused capacity was $550 million. At June 30, 2023, KU had borrowings outstanding from LG&E and/or LKE of $ 8 million no 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 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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: June 30, 2023 December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 326 $ 326 $ — $ — $ 356 $ 356 $ — $ — Restricted cash and cash equivalents (a) 1 1 — — 1 1 — — Total Cash, Cash Equivalents and Restricted Cash (b) 327 327 — — 357 357 — — Special use funds (a): Money market fund 1 1 — — 1 1 — — Commingled debt fund measured at NAV (c) 11 — — — 13 — — — Commingled equity fund measured at NAV (c) 10 — — — 11 — — — Total special use funds 22 1 — — 25 1 — — Price risk management assets (d): Gas contracts 1 — 1 — 25 — 25 — Total assets $ 350 $ 328 $ 1 $ — $ 407 $ 358 $ 25 $ — Liabilities Price risk management liabilities (d): Interest rate swaps $ 7 $ — $ 7 $ — $ 7 $ — $ 7 $ — Gas contracts (23) — (23) — 66 — 10 56 Total price risk management liabilities $ (16) $ — $ (16) $ — $ 73 $ — $ 17 $ 56 PPL Electric Assets Cash and cash equivalents $ 26 $ 26 $ — $ — $ 25 $ 25 $ — $ — Total assets $ 26 $ 26 $ — $ — $ 25 $ 25 $ — $ — LG&E Assets Cash and cash equivalents $ 7 $ 7 $ — $ — $ 93 $ 93 $ — $ — Total assets $ 7 $ 7 $ — $ — $ 93 $ 93 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 7 $ — $ 7 $ — $ 7 $ — $ 7 $ — Total price risk management liabilities $ 7 $ — $ 7 $ — $ 7 $ — $ 7 $ — KU Assets Cash and cash equivalents $ 9 $ 9 $ — $ — $ 21 $ 21 $ — $ — Total assets $ 9 $ 9 $ — $ — $ 21 $ 21 $ — $ — (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. A reconciliation of net assets and liabilities classified as Level 3 for the six months ended June 30 is as follows: Gas Contracts 2023 Balance at beginning of period $ 56 Settlements (56) Balance at end of period $ — 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., SOFR 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. The significant unobservable inputs used in the fair value measurement of the gas derivative instruments are implied volatility and gas forward curves. A relative change in commodity price at various locations underlying the open positions can result in significantly different fair value estimates. 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. June 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value PPL $ 14,572 $ 13,613 $ 13,243 $ 12,239 PPL Electric 4,655 4,432 4,486 4,259 LG&E 2,404 2,236 2,307 2,128 KU 3,003 2,722 2,920 2,616 (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 | 6 Months Ended |
Jun. 30, 2023 | |
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 issuance. • 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 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 costs. These mechanisms generally provide for timely recovery of market price fluctuations associated with these costs. • RIE utilizes derivative instruments pursuant to its RIPUC-approved plan to manage commodity price risk associated with its natural gas purchases. RIE's commodity price risk management strategy is to reduce fluctuations in firm gas sales prices to its customers. RIE's costs associated with derivatives instruments are recoverable through its RIPUC-approved cost recovery mechanisms. 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 contractual 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 no obligation to return or post cash collateral under master netting arrangements at June 30, 2023 and December 31, 2022. LG&E and KU had no obligation to return or post cash collateral under master netting arrangements at June 30, 2023 and December 31, 2022. 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 June 30, 2023. 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 six months ended June 30, 2023 and 2022, PPL had no cash flow hedges reclassified into earnings associated with discontinued cash flow hedges. At June 30, 2023, 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 June 30, 2023, LG&E held contracts with a notional amount of $64 million that mature in 2033. Commodity Price Risk (PPL) Economic Activity RIE enters into derivative contracts that economically hedge natural gas purchases. Realized gains and losses from the derivatives are recoverable through regulated rates, therefore subsequent changes in fair value are included in regulatory assets or liabilities until they are realized as purchased gas. Realized gains and losses are recognized in "Energy Purchases" on the Statements of Income upon settlement of the contracts. At June 30, 2023, RIE held contracts with notional volumes of 45 Bcf that range in maturity through 2025. 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 June 30, 2023 and December 31, 2022. See Note 1 in each Registrant's 2022 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. June 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps (a) $ — $ 1 $ — $ 1 Gas contracts (a) 1 16 20 62 Total current 1 17 20 63 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps (a) — 6 — 6 Gas contracts (a) — 7 5 4 Total noncurrent — 13 5 10 Total derivatives $ 1 $ 30 $ 25 $ 73 (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 June 30, 2023. Three Months Six Months Three Months Six Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (1) $ (2) Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Six Months Gas contracts Energy purchases $ (4) $ (6) Other income(expense) -net (1) — Total $ (5) $ (6) Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Six Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ 1 Gas contracts Regulatory assets - current 2 (26) Regulatory assets - noncurrent — 7 Total $ 4 $ (18) 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 June 30, 2022. Three Months Six Months Three Months Six Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (1) $ (2) Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Six Months Interest rate swaps Interest expense $ — $ 1 Gas contracts Energy purchases 9 9 Total $ 9 $ 10 Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Six Months Interest rate swaps Regulatory assets - noncurrent $ 4 $ 8 The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended June 30, 2023. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Six 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 $ 165 $ 5 $ 329 $ 35 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) — (2) — The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended June 30, 2022. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Six 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 $ 118 $ 26 $ 225 $ 26 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) — (2) — (LG&E) The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. June 30, 2023 December 31, 2022 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 — 6 Total noncurrent — 6 — 6 Total derivatives $ — $ 7 $ — $ 7 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 June 30, 2023. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Six Months Interest rate swaps Interest expense $ — $ — Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Six Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ 1 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 June 30, 2022. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Six Months Interest rate swaps Interest expense $ — $ 1 Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Six Months Interest rate swaps Regulatory assets - noncurrent $ 4 $ 8 (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 June 30, 2023 Derivatives PPL $ 1 $ 1 $ — $ — $ 30 $ 1 $ — $ 29 LG&E — — — — 7 — — 7 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net December 31, 2022 Derivatives PPL $ 25 $ 20 $ — $ 5 $ 73 $ 62 $ — $ 11 LG&E — — — — 7 — — 7 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 June 30, 2023, 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 $22 million. The aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade was $22 million. |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 $ 177 $ 86 $ 82 Accretion 4 2 2 New obligations incurred 2 1 1 Changes in estimated cash flow or settlement date (1) 1 — Obligations settled (16) (6) (10) Other (5) (6) — Balance at June 30, 2023 $ 161 $ 78 $ 75 |
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, 2022 $ 177 $ 86 $ 82 Accretion 4 2 2 New obligations incurred 2 1 1 Changes in estimated cash flow or settlement date (1) 1 — Obligations settled (16) (6) (10) Other (5) (6) — Balance at June 30, 2023 $ 161 $ 78 $ 75 |
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, 2022 $ 177 $ 86 $ 82 Accretion 4 2 2 New obligations incurred 2 1 1 Changes in estimated cash flow or settlement date (1) 1 — Obligations settled (16) (6) (10) Other (5) (6) — Balance at June 30, 2023 $ 161 $ 78 $ 75 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30 were as follows. Unrealized gains (losses) Defined benefit plans Equity Prior Actuarial Total PPL March 31, 2023 $ 4 $ 3 $ (5) $ (125) $ (123) Amounts arising during the period — — — (15) (15) Reclassifications from AOCI — — 1 — 1 Net OCI during the period — — 1 (15) (14) June 30, 2023 $ 4 $ 3 $ (4) $ (140) $ (137) December 31, 2022 $ 3 $ 2 $ (5) $ (124) $ (124) Amounts arising during the period — 1 — (15) (14) Reclassifications from AOCI 1 — 1 (1) 1 Net OCI during the period 1 1 1 (16) (13) June 30, 2023 $ 4 $ 3 $ (4) $ (140) $ (137) March 31, 2022 $ 2 $ 1 $ (6) $ (149) $ (152) Amounts arising during the period — 1 — 21 22 Reclassifications from AOCI — — — 6 6 Net OCI during the period — 1 — 27 28 June 30, 2022 $ 2 $ 2 $ (6) $ (122) $ (124) December 31, 2021 $ 1 $ — $ (6) $ (152) $ (157) Amounts arising during the period — 2 (1) 21 22 Reclassifications from AOCI 1 — 1 9 11 Net OCI during the period 1 2 — 30 33 June 30, 2022 $ 2 $ 2 $ (6) $ (122) $ (124) The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the periods ended June 30. Three Months Six Months Affected Line Item on the Details about AOCI 2023 2022 2023 2022 Statements of Income Qualifying derivatives Interest rate swaps $ (1) $ (1) $ (2) $ (2) Interest Expense Total Pre-tax (1) (1) (2) (2) Income Taxes 1 1 1 1 Total After-tax — — (1) (1) Defined benefit plans Prior service costs (a) (1) — (1) (1) Net actuarial loss (a) 1 (8) 2 (12) Total Pre-tax — (8) 1 (13) Income Taxes (1) 2 (1) 3 Total After-tax (1) (6) — (10) Total reclassifications during the period $ (1) $ (6) $ (1) $ (11) (a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 9 for additional information. |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 is derived from that Registrant's 2022 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 2022 Form 10-K. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 or other future periods, because results for interim periods can be disproportionately influenced by various factors, developments and seasonal variations. (PPL ) On May 25, 2022, PPL Rhode Island Holdings acquired 100% of the outstanding shares of common stock of Narragansett Electric from National Grid USA, 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, |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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 June 30, December 31, Cash and cash equivalents $ 326 $ 356 Restricted cash - current (a) 1 1 Total Cash, Cash Equivalents and Restricted Cash $ 327 $ 357 (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." |
Other Income (Expense) - net
Other Income (Expense) - net | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, were: Three Months Six Months 2023 2022 2023 2022 Defined benefit plans - non-service credits (Note 9) $ (1) $ 9 $ 16 $ 20 Interest income (expense) 8 (1) 17 (2) AFUDC - equity component 8 6 14 10 Charitable contributions — (1) (2) (2) Miscellaneous (a) (10) 13 (10) — Other Income (Expense) - net $ 5 $ 26 $ 35 $ 26 (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 June 30, were: Three Months Six Months 2023 2022 2023 2022 Defined benefit plans - non-service credits (Note 9) $ 5 $ 4 $ 10 $ 8 Interest income (expense) 1 — 5 1 AFUDC - equity component 4 4 8 8 Charitable contributions — — (2) (2) Miscellaneous (1) (1) — (2) Other Income (Expense) - net $ 9 $ 7 $ 21 $ 13 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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. |
Adoption of Accounting Guidance
Adoption of Accounting Guidance (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, December 31, Cash and cash equivalents $ 326 $ 356 Restricted cash - current (a) 1 1 Total Cash, Cash Equivalents and Restricted Cash $ 327 $ 357 (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) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Income Statement data for the segments and reconciliation to PPL's consolidated results for the periods ended June 30 are as follows: Three Months Six Months 2023 2022 2023 2022 Operating Revenues from external customers Kentucky Regulated $ 778 $ 883 $ 1,738 $ 1,887 Pennsylvania Regulated 667 676 1,558 1,451 Rhode Island Regulated 377 128 942 128 Corporate and Other 1 9 — 12 Total $ 1,823 $ 1,696 $ 4,238 $ 3,478 Net Income (Loss) Kentucky Regulated $ 91 $ 112 $ 257 $ 301 Pennsylvania Regulated 110 124 248 267 Rhode Island Regulated 10 (29) 64 (29) Corporate and Other (99) (88) (172) (147) Total $ 112 $ 119 $ 397 $ 392 The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: June 30, December 31, Assets Kentucky Regulated $ 16,794 $ 16,904 Pennsylvania Regulated 13,929 13,565 Rhode Island Regulated 6,217 6,081 Corporate and Other (a) 1,356 1,287 Total $ 38,296 $ 37,837 (a) Primarily consists of unallocated items, including cash, PP&E, goodwill and the elimination of inter-segment transactions. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contracts with Customers [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following tables show revenues from contracts with customers disaggregated by customer class for the periods ended June 30. Three Months Residential Commercial Industrial Other (a) Wholesale - municipality Wholesale - other (b) Transmission Revenues from Contracts with Customers PPL 2023 PA Regulated $ 340 $ 105 $ 11 $ 13 $ — $ — $ 199 $ 668 KY Regulated 298 237 160 66 4 9 774 RI Regulated 141 49 4 149 — — 36 379 Corp and Other — — — — — — — — Total PPL $ 779 $ 391 $ 175 $ 228 $ 4 $ 9 $ 235 $ 1,821 2022 PA Regulated $ 329 $ 117 $ 30 $ 14 $ — $ — $ 160 $ 650 KY Regulated 339 251 167 93 8 26 — 884 RI Regulated 31 12 1 47 — — 16 107 Corp and Other — — — 9 — — — 9 Total PPL $ 699 $ 380 $ 198 $ 163 $ 8 $ 26 $ 176 $ 1,650 PPL Electric 2023 $ 340 $ 105 $ 11 $ 13 $ — $ — $ 199 $ 668 2022 $ 329 $ 117 $ 30 $ 14 $ — $ — $ 160 $ 650 LG&E 2023 $ 151 $ 119 $ 47 $ 26 $ — $ 11 $ — $ 354 2022 $ 169 $ 124 $ 49 $ 47 $ — $ 22 $ — $ 411 KU 2023 $ 147 $ 117 $ 113 $ 40 $ 4 $ 10 $ — $ 431 2022 $ 170 $ 127 $ 118 $ 45 $ 8 $ 22 $ — $ 490 Six Months Residential Commercial Industrial Other (a) Wholesale - municipality Wholesale - other (b) Transmission Revenues from Contracts with Customers PPL 2023 PA Regulated $ 968 $ 253 $ 34 $ 26 $ — $ — $ 277 $ 1,558 KY Regulated 741 511 324 126 11 20 — 1,733 RI Regulated 370 150 13 364 — — 81 978 Corp and Other — — — — — — — — Total PPL $ 2,079 $ 914 $ 371 $ 516 $ 11 $ 20 $ 358 $ 4,269 2022 PA Regulated $ 782 $ 225 $ 45 $ 26 $ — $ — $ 307 $ 1,385 KY Regulated 817 521 321 176 14 45 — 1,894 RI Regulated 31 12 1 47 — — 16 107 Corp and Other — — — 12 — — — 12 Total PPL $ 1,630 $ 758 $ 367 $ 261 $ 14 $ 45 $ 323 $ 3,398 Six Months Residential Commercial Industrial Other (a) Wholesale - municipality Wholesale - other (b) Transmission Revenues from Contracts with Customers PPL Electric 2023 $ 968 $ 253 $ 34 $ 26 $ — $ — $ 277 $ 1,558 2022 $ 782 $ 225 $ 45 $ 26 $ — $ — $ 307 $ 1,385 LG&E 2023 $ 392 $ 271 $ 96 $ 42 $ — $ 27 $ — $ 828 2022 $ 415 $ 270 $ 94 $ 86 $ — $ 43 $ — $ 908 KU 2023 $ 349 $ 240 $ 228 $ 84 $ 11 $ 17 $ — $ 929 2022 $ 402 $ 251 $ 227 $ 89 $ 14 $ 34 $ — $ 1,017 (a) Primarily includes revenues from pole attachments, street lighting, other public authorities and other non-core businesses. The Rhode Island Regulated segment primarily includes open access tariff revenues, which are calculated on combined customer classes. (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 June 30. Three Months Six Months 2023 2022 2023 2022 PPL $ 6 $ 25 $ 26 $ 33 PPL Electric 7 — 17 5 LG&E — 1 1 2 KU 1 1 1 2 |
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, 2022 $ 34 $ 23 $ 5 $ 6 Contract liabilities at June 30, 2023 48 35 6 7 Revenue recognized during the six months ended June 30, 2023 that was included in the contract liability balance at December 31, 2022 18 7 5 6 Contract liabilities at December 31, 2021 $ 42 $ 25 $ 6 $ 6 Contract liabilities at June 30, 2022 33 16 6 5 Revenue recognized during the six months ended June 30, 2022 that was included in the contract liability balance at December 31, 2021 24 12 6 6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30 used in the EPS calculation are: Three Months Six Months 2023 2022 2023 2022 Income (Numerator) Net income attributable to PPL $ 112 $ 119 $ 397 $ 392 Less amounts allocated to participating securities — — 1 — Net income available to PPL common shareowners - Basic and Diluted $ 112 $ 119 $ 396 $ 392 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 737,075 735,977 736,953 735,741 Add: Dilutive share-based payment awards 1,102 792 985 737 Weighted-average shares - Diluted EPS 738,177 736,769 737,938 736,478 Basic and Diluted EPS Net Income available to PPL common shareowners $ 0.15 $ 0.16 $ 0.54 $ 0.53 |
Common Stock Issuances | For the periods ended June 30, PPL issued shares of common stock related to stock-based compensation plans as follows (in thousands): Three Months Six Months 2023 2022 2023 2022 Stock-based compensation plans — — — 124 |
Antidilutive Securities Excluded From Diluted EPS | For the periods ended June 30, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months Six Months 2023 2022 2023 2022 Stock-based compensation awards 258 66 396 110 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the periods ended June 30 are as follows. (PPL) Three Months Six Months 2023 2022 2023 2022 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 30 $ 32 $ 107 $ 104 Increase (decrease) due to: State income taxes, net of federal income tax benefit 11 27 33 48 Valuation allowance adjustments 5 7 7 10 Amortization of investment tax credit including deferred taxes on basis adjustment — (4) (1) (7) Depreciation and other items not normalized (2) (5) (7) (8) Amortization of excess deferred federal and state income taxes (8) (22) (20) (40) Other (3) (3) (7) (1) Total increase (decrease) 3 — 5 2 Total income tax expense (benefit) $ 33 $ 32 $ 112 $ 106 |
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 June 30 are as follows. (PPL Electric) Three Months Six Months 2023 2022 2023 2022 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 31 $ 35 $ 70 $ 76 Increase (decrease) due to: State income taxes, net of federal income tax benefit 11 13 24 28 Depreciation and other items not normalized (3) (3) (7) (6) Amortization of excess deferred federal and state income taxes (2) (2) (4) (5) Other 1 1 — 1 Total increase (decrease) 7 9 13 18 Total income tax expense (benefit) $ 38 $ 44 $ 83 $ 94 |
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 June 30 are as follows. (LG&E) Three Months Six Months 2023 2022 2023 2022 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 12 $ 13 $ 35 $ 37 Increase (decrease) due to: State income taxes, net of federal income tax benefit 2 2 6 7 Amortization of excess deferred federal and state income taxes (3) (7) (6) (14) Other — 1 (1) (2) Total increase (decrease) (1) (4) (1) (9) Total income tax expense (benefit) $ 11 $ 9 $ 34 $ 28 |
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 June 30 are as follows. (KU) Three Months Six Months 2023 2022 2023 2022 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 13 $ 17 $ 36 $ 45 Increase (decrease) due to: State income taxes, net of federal income tax benefit 3 3 7 8 Amortization of excess deferred federal and state income taxes (4) (6) (8) (12) Other 1 1 — (2) Total increase (decrease) — (2) (1) (6) Total income tax expense (benefit) $ 13 $ 15 $ 35 $ 39 |
Utility Rate Regulation (Tables
Utility Rate Regulation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Utility Rate Regulation [Line Items] | |
Regulatory Assets and Liabilities | The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. PPL PPL Electric LG&E KU June December 31, June December 31, June December 31, June December 31, Current Regulatory Assets: Gas supply clause $ — $ 41 $ — $ — $ — $ 13 $ — $ — Rate adjustment mechanisms 214 96 — — — — — — Renewable energy certificates 13 14 — — — — — — Derivative instruments 15 41 — — — — — — Smart meter rider 5 5 5 5 — — — — Universal service rider 21 3 21 3 — — — — Fuel adjustment clause 9 38 — — 2 9 7 29 Transmission service charge 12 — 12 — — — — — Other 42 20 11 5 2 1 3 3 Total current regulatory assets $ 331 $ 258 $ 49 $ 13 $ 4 $ 23 $ 10 $ 32 Noncurrent Regulatory Assets: Defined benefit plans $ 783 $ 778 $ 353 $ 353 $ 208 $ 209 $ 139 $ 140 Plant outage costs 42 46 — — 11 12 31 34 Net metering 89 61 — — — — — — Environmental cost recovery 101 102 — — — — — — Taxes recoverable through future rates 38 47 — — — — — — Storm costs 111 118 — — 15 7 14 3 Unamortized loss on debt 24 21 4 3 11 11 7 7 Interest rate swaps 6 7 — — 6 7 — — Terminated interest rate swaps 61 63 — — 36 37 25 26 Accumulated cost of removal of utility plant 195 212 195 212 — — — — AROs 292 295 — — 76 76 216 219 Derivatives instruments 7 — — — — — — — Other 77 69 — — 21 14 15 13 Total noncurrent regulatory assets $ 1,826 $ 1,819 $ 552 $ 568 $ 384 $ 373 $ 447 $ 442 PPL PPL Electric LG&E KU June December 31, June December 31, June December 31, June December 31, Current Regulatory Liabilities: Generation supply charge $ 41 $ 37 $ 41 $ 37 $ — $ — $ — $ — Transmission service charge — 14 — 7 — — — — TCJA customer refund 6 15 6 15 — — — — Act 129 compliance rider 15 14 15 14 — — — — Transmission formula rate 23 12 20 12 — — — — Rate adjustment mechanism 133 96 — — — — — — Energy efficiency 23 23 — — — — — — Gas supply clause 16 — — — 16 — — — Other 23 27 — — 3 7 2 6 Total current regulatory liabilities $ 280 $ 238 $ 82 $ 85 $ 19 $ 7 $ 2 $ 6 PPL PPL Electric LG&E KU June December 31, June December 31, June December 31, June December 31, Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 978 $ 950 $ — $ — $ 296 $ 287 $ 396 $ 389 Power purchase agreement - OVEC 22 26 — — 15 18 7 8 Net deferred taxes 2,054 2,094 776 775 469 477 535 546 Defined benefit plans 225 187 59 45 21 21 57 56 Terminated interest rate swaps 58 60 — — 29 30 29 30 Energy efficiency 39 32 — — — — — — Other 45 63 — — 3 — 8 — Total noncurrent regulatory liabilities $ 3,421 $ 3,412 $ 835 $ 820 $ 833 $ 833 $ 1,032 $ 1,029 |
Financing Activities (Tables)
Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following credit facilities were in place at: June 30, 2023 December 31, 2022 Expiration Capacity Borrowed Letters of Unused Borrowed Letters of PPL PPL Capital Funding (a) Syndicated Credit Facility (b) Dec. 2027 $ 1,250 $ — $ — $ 1,250 $ — $ 561 Bilateral Credit Facility Mar. 2024 100 — — 100 — — Bilateral Credit Facility (c) Mar. 2024 100 — 58 42 — 58 Total PPL Capital Funding Credit Facilities $ 1,450 $ — $ 58 $ 1,392 $ — $ 619 PPL Electric Syndicated Credit Facility Dec. 2027 $ 650 $ — $ 131 $ 519 $ — $ 146 Term Loan Credit Facility Mar. 2024 — — — — 250 — Total PPL Electric Credit Facilities $ 650 $ — $ 131 $ 519 $ 250 $ 146 LG&E Syndicated Credit Facility Dec. 2027 $ 500 $ — $ 21 $ 479 $ — $ 180 Term Loan Credit Facility Jul. 2024 — — — — 300 — Total LG&E Credit Facilities $ 500 $ — $ 21 $ 479 $ 300 $ 180 KU Syndicated Credit Facility Dec. 2027 $ 400 $ — $ 92 $ 308 $ — $ 101 Term Loan Credit Facility Jul. 2024 — — — — 300 — Total KU Credit Facilities $ 400 $ — $ 92 $ 308 $ 300 $ 101 (a) PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL. (b) Includes a $250 million borrowing sublimit for RIE and a $1 billion sublimit for PPL Capital Funding. (c) Includes a $45 million letter of credit on behalf of RIE. (d) Commercial paper issued reflects the undiscounted face value of the issuance. |
Schedule of Short-term Debt | The following commercial paper programs were in place at: June 30, 2023 December 31, 2022 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding (a) (b) $ 1,350 $ — $ 1,350 4.84% $ 561 RIE (b) 400 — 400 — PPL Electric 5.31% 650 130 520 4.74% 145 LG&E 5.30% 500 21 479 4.94% 180 KU 5.34% 400 92 308 4.90% 101 Total $ 3,300 $ 243 $ 3,057 $ 987 (a) PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL. (b) Issuances under the PPL Capital Funding and RIE commercial paper programs are supported by the PPL Capital Funding syndicated credit facility, which has a total capacity of $1.25 billion and under which they are both borrowers. PPL Capital Funding’s Commercial paper program is also backed by a separate bilateral credit facility for $100 million. The PPL Capital Funding syndicated credit facility includes a borrowing sublimit for RIE, which is currently set at $250 million with the remaining $1 billion allocated to PPL Capital Funding. The sublimits of each borrower may be decreased or increased at the borrowers’ option up to a prescribed amount such that all borrowings under the syndicated credit facility cannot exceed the size of the credit facility of $1.25 billion. |
Defined Benefits (Tables)
Defined Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30: Pension Benefits Three Months Six Months 2023 2022 2023 2022 PPL Service cost $ 8 $ 13 $ 17 $ 25 Interest cost 48 30 94 62 Expected return on plan assets (77) (63) (155) (127) Amortization of: Prior service cost 1 2 3 4 Actuarial loss 1 17 1 29 Net periodic defined benefit costs (credits) before settlements (19) (1) (40) (7) Settlements (a) — 12 — 12 Net periodic defined benefit costs (credits) $ (19) $ 11 $ (40) $ 5 (a) Due to the amount of lump sum payment distributions from the LKE qualified pension plan, settlement charges were incurred during the three and six months ended, June 30, 2022. 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 Six Months 2023 2022 2023 2022 PPL Service cost $ 1 $ 2 $ 3 $ 3 Interest cost 8 4 15 8 Expected return on plan assets (7) (6) (15) (12) Amortization of: Prior service cost 1 1 1 1 Actuarial loss (2) (2) (3) (2) Net periodic defined benefit costs (credits) $ 1 $ (1) $ 1 $ (2) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees | The table below details guarantees provided as of June 30, 2023. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services and LKS charged the following amounts for the periods ended June 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 Six Months 2023 2022 2023 2022 PPL Electric from PPL Services $ 55 $ 60 $ 114 $ 121 LG&E from LKS 28 41 60 80 LG&E from PPL Services 12 — 20 — KU from LKS 34 42 75 86 KU from PPL Services 13 — 23 — |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services and LKS charged the following amounts for the periods ended June 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 Six Months 2023 2022 2023 2022 PPL Electric from PPL Services $ 55 $ 60 $ 114 $ 121 LG&E from LKS 28 41 60 80 LG&E from PPL Services 12 — 20 — KU from LKS 34 42 75 86 KU from PPL Services 13 — 23 — |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services and LKS charged the following amounts for the periods ended June 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 Six Months 2023 2022 2023 2022 PPL Electric from PPL Services $ 55 $ 60 $ 114 $ 121 LG&E from LKS 28 41 60 80 LG&E from PPL Services 12 — 20 — KU from LKS 34 42 75 86 KU from PPL Services 13 — 23 — |
Other Income (Expense) - net (T
Other Income (Expense) - net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income (Expense) Net [Line Items] | |
Schedule of Other Nonoperating Income (Expense) | The details of "Other Income (Expense) - net" for the periods ended June 30, were: Three Months Six Months 2023 2022 2023 2022 Defined benefit plans - non-service credits (Note 9) $ (1) $ 9 $ 16 $ 20 Interest income (expense) 8 (1) 17 (2) AFUDC - equity component 8 6 14 10 Charitable contributions — (1) (2) (2) Miscellaneous (a) (10) 13 (10) — Other Income (Expense) - net $ 5 $ 26 $ 35 $ 26 (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 June 30, were: Three Months Six Months 2023 2022 2023 2022 Defined benefit plans - non-service credits (Note 9) $ 5 $ 4 $ 10 $ 8 Interest income (expense) 1 — 5 1 AFUDC - equity component 4 4 8 8 Charitable contributions — — (2) (2) Miscellaneous (1) (1) — (2) Other Income (Expense) - net $ 9 $ 7 $ 21 $ 13 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The assets and liabilities measured at fair value were: June 30, 2023 December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 326 $ 326 $ — $ — $ 356 $ 356 $ — $ — Restricted cash and cash equivalents (a) 1 1 — — 1 1 — — Total Cash, Cash Equivalents and Restricted Cash (b) 327 327 — — 357 357 — — Special use funds (a): Money market fund 1 1 — — 1 1 — — Commingled debt fund measured at NAV (c) 11 — — — 13 — — — Commingled equity fund measured at NAV (c) 10 — — — 11 — — — Total special use funds 22 1 — — 25 1 — — Price risk management assets (d): Gas contracts 1 — 1 — 25 — 25 — Total assets $ 350 $ 328 $ 1 $ — $ 407 $ 358 $ 25 $ — Liabilities Price risk management liabilities (d): Interest rate swaps $ 7 $ — $ 7 $ — $ 7 $ — $ 7 $ — Gas contracts (23) — (23) — 66 — 10 56 Total price risk management liabilities $ (16) $ — $ (16) $ — $ 73 $ — $ 17 $ 56 PPL Electric Assets Cash and cash equivalents $ 26 $ 26 $ — $ — $ 25 $ 25 $ — $ — Total assets $ 26 $ 26 $ — $ — $ 25 $ 25 $ — $ — LG&E Assets Cash and cash equivalents $ 7 $ 7 $ — $ — $ 93 $ 93 $ — $ — Total assets $ 7 $ 7 $ — $ — $ 93 $ 93 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 7 $ — $ 7 $ — $ 7 $ — $ 7 $ — Total price risk management liabilities $ 7 $ — $ 7 $ — $ 7 $ — $ 7 $ — KU Assets Cash and cash equivalents $ 9 $ 9 $ — $ — $ 21 $ 21 $ — $ — Total assets $ 9 $ 9 $ — $ — $ 21 $ 21 $ — $ — (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. A reconciliation of net assets and liabilities classified as Level 3 for the six months ended June 30 is as follows: Gas Contracts 2023 Balance at beginning of period $ 56 Settlements (56) Balance at end of period $ — |
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. June 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value PPL $ 14,572 $ 13,613 $ 13,243 $ 12,239 PPL Electric 4,655 4,432 4,486 4,259 LG&E 2,404 2,236 2,307 2,128 KU 3,003 2,722 2,920 2,616 (a) Amounts are net of debt issuance costs. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
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. June 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps (a) $ — $ 1 $ — $ 1 Gas contracts (a) 1 16 20 62 Total current 1 17 20 63 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps (a) — 6 — 6 Gas contracts (a) — 7 5 4 Total noncurrent — 13 5 10 Total derivatives $ 1 $ 30 $ 25 $ 73 (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 June 30, 2023. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Six 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 $ 165 $ 5 $ 329 $ 35 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) — (2) — | The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended June 30, 2022. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Six 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 $ 118 $ 26 $ 225 $ 26 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) — (2) — |
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 June 30, 2023 Derivatives PPL $ 1 $ 1 $ — $ — $ 30 $ 1 $ — $ 29 LG&E — — — — 7 — — 7 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net December 31, 2022 Derivatives PPL $ 25 $ 20 $ — $ 5 $ 73 $ 62 $ — $ 11 LG&E — — — — 7 — — 7 | |
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 June 30, 2023. Three Months Six Months Three Months Six Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (1) $ (2) Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Six Months Gas contracts Energy purchases $ (4) $ (6) Other income(expense) -net (1) — Total $ (5) $ (6) Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Six Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ 1 Gas contracts Regulatory assets - current 2 (26) Regulatory assets - noncurrent — 7 Total $ 4 $ (18) | 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 June 30, 2022. Three Months Six Months Three Months Six Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (1) $ (2) Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Six Months Interest rate swaps Interest expense $ — $ 1 Gas contracts Energy purchases 9 9 Total $ 9 $ 10 Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Six Months Interest rate swaps Regulatory assets - noncurrent $ 4 $ 8 |
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. June 30, 2023 December 31, 2022 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 — 6 Total noncurrent — 6 — 6 Total derivatives $ — $ 7 $ — $ 7 | |
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 June 30, 2023. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Six Months Interest rate swaps Interest expense $ — $ — Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Six Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ 1 | 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 June 30, 2022. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Six Months Interest rate swaps Interest expense $ — $ 1 Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Six Months Interest rate swaps Regulatory assets - noncurrent $ 4 $ 8 |
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 June 30, 2023 Derivatives PPL $ 1 $ 1 $ — $ — $ 30 $ 1 $ — $ 29 LG&E — — — — 7 — — 7 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net December 31, 2022 Derivatives PPL $ 25 $ 20 $ — $ 5 $ 73 $ 62 $ — $ 11 LG&E — — — — 7 — — 7 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 $ 177 $ 86 $ 82 Accretion 4 2 2 New obligations incurred 2 1 1 Changes in estimated cash flow or settlement date (1) 1 — Obligations settled (16) (6) (10) Other (5) (6) — Balance at June 30, 2023 $ 161 $ 78 $ 75 |
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, 2022 $ 177 $ 86 $ 82 Accretion 4 2 2 New obligations incurred 2 1 1 Changes in estimated cash flow or settlement date (1) 1 — Obligations settled (16) (6) (10) Other (5) (6) — Balance at June 30, 2023 $ 161 $ 78 $ 75 |
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, 2022 $ 177 $ 86 $ 82 Accretion 4 2 2 New obligations incurred 2 1 1 Changes in estimated cash flow or settlement date (1) 1 — Obligations settled (16) (6) (10) Other (5) (6) — Balance at June 30, 2023 $ 161 $ 78 $ 75 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30 were as follows. Unrealized gains (losses) Defined benefit plans Equity Prior Actuarial Total PPL March 31, 2023 $ 4 $ 3 $ (5) $ (125) $ (123) Amounts arising during the period — — — (15) (15) Reclassifications from AOCI — — 1 — 1 Net OCI during the period — — 1 (15) (14) June 30, 2023 $ 4 $ 3 $ (4) $ (140) $ (137) December 31, 2022 $ 3 $ 2 $ (5) $ (124) $ (124) Amounts arising during the period — 1 — (15) (14) Reclassifications from AOCI 1 — 1 (1) 1 Net OCI during the period 1 1 1 (16) (13) June 30, 2023 $ 4 $ 3 $ (4) $ (140) $ (137) March 31, 2022 $ 2 $ 1 $ (6) $ (149) $ (152) Amounts arising during the period — 1 — 21 22 Reclassifications from AOCI — — — 6 6 Net OCI during the period — 1 — 27 28 June 30, 2022 $ 2 $ 2 $ (6) $ (122) $ (124) December 31, 2021 $ 1 $ — $ (6) $ (152) $ (157) Amounts arising during the period — 2 (1) 21 22 Reclassifications from AOCI 1 — 1 9 11 Net OCI during the period 1 2 — 30 33 June 30, 2022 $ 2 $ 2 $ (6) $ (122) $ (124) |
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 June 30. Three Months Six Months Affected Line Item on the Details about AOCI 2023 2022 2023 2022 Statements of Income Qualifying derivatives Interest rate swaps $ (1) $ (1) $ (2) $ (2) Interest Expense Total Pre-tax (1) (1) (2) (2) Income Taxes 1 1 1 1 Total After-tax — — (1) (1) Defined benefit plans Prior service costs (a) (1) — (1) (1) Net actuarial loss (a) 1 (8) 2 (12) Total Pre-tax — (8) 1 (13) Income Taxes (1) 2 (1) 3 Total After-tax (1) (6) — (10) Total reclassifications during the period $ (1) $ (6) $ (1) $ (11) (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 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | $ 2,247 | $ 2,248 | ||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | 326 | 356 | ||
Restricted Cash, Current | 1 | 1 | ||
Cash, Cash Equivalents and Restricted Cash | 327 | 357 | ||
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 | 26 | 25 | ||
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 | 7 | 93 | $ 18 | $ 9 |
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 | $ 9 | $ 21 | $ 17 | $ 13 |
Segment and Related Informati_3
Segment and Related Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Integer | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | ||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | $ 1,823 | $ 1,696 | $ 4,238 | $ 3,478 | ||
Net income (loss) | 112 | 119 | 397 | 392 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 38,296 | 38,296 | $ 37,837 | |||
Segment (Numeric) [Abstract] | ||||||
Goodwill | 2,247 | $ 2,247 | 2,248 | |||
Number of Reportable Segments | Integer | 3 | |||||
Kentucky Regulated [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 778 | 883 | $ 1,738 | 1,887 | ||
Net income (loss) | 91 | 112 | 257 | 301 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 16,794 | 16,794 | 16,904 | |||
Pennsylvania Regulated [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 667 | 676 | 1,558 | 1,451 | ||
Net income (loss) | 110 | 124 | 248 | 267 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 13,929 | 13,929 | 13,565 | |||
Corporate and Other [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 1 | 9 | 0 | 12 | ||
Net income (loss) | (99) | (88) | (172) | (147) | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 1,356 | 1,356 | 1,287 | |||
Rhode Island Regulated | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 377 | 128 | 942 | 128 | ||
Net income (loss) | 10 | (29) | 64 | (29) | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 6,217 | 6,217 | 6,081 | |||
Segment (Numeric) [Abstract] | ||||||
Goodwill | 725 | 725 | ||||
PPL Electric Utilities Corp [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 667 | 676 | 1,558 | 1,451 | ||
Net income (loss) | [1] | 110 | 124 | 248 | 267 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 13,929 | $ 13,929 | 13,565 | |||
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 | 355 | 410 | $ 829 | 903 | ||
Net income (loss) | [2] | 45 | 54 | 131 | 147 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 7,619 | 7,619 | 7,810 | |||
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 | 435 | 491 | $ 934 | 1,016 | ||
Net income (loss) | [3] | 51 | $ 66 | 139 | $ 173 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 9,610 | 9,610 | 9,542 | |||
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_2
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | $ 1,823 | $ 1,696 | $ 4,238 | $ 3,478 | ||
Alternative Revenue Programs | 5 | (40) | 42 | (67) | ||
Other Revenue | (7) | (6) | (11) | (13) | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 1,821 | 1,650 | 4,269 | 3,398 | ||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 6 | 25 | 26 | 33 | ||
Contract with Customer, Liability | 48 | 33 | 48 | 33 | $ 34 | $ 42 |
Contract with Customer, Liability, Revenue Recognized | 18 | 24 | ||||
Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 779 | 699 | 2,079 | 1,630 | ||
Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 391 | 380 | 914 | 758 | ||
Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 175 | 198 | 371 | 367 | ||
Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 228 | 163 | 516 | 261 | ||
Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 4 | 8 | 11 | 14 | ||
Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 9 | 26 | 20 | 45 | ||
Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 235 | 176 | 358 | 323 | ||
Pennsylvania Regulated [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 667 | 676 | 1,558 | 1,451 | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 668 | 650 | 1,558 | 1,385 | ||
Pennsylvania Regulated [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 340 | 329 | 968 | 782 | ||
Pennsylvania Regulated [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 105 | 117 | 253 | 225 | ||
Pennsylvania Regulated [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 11 | 30 | 34 | 45 | ||
Pennsylvania Regulated [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 13 | 14 | 26 | 26 | ||
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 | 199 | 160 | 277 | 307 | ||
Kentucky Regulated [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 778 | 883 | 1,738 | 1,887 | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 774 | 884 | 1,733 | 1,894 | ||
Kentucky Regulated [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 298 | 339 | 741 | 817 | ||
Kentucky Regulated [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 237 | 251 | 511 | 521 | ||
Kentucky Regulated [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 160 | 167 | 324 | 321 | ||
Kentucky Regulated [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 66 | 93 | 126 | 176 | ||
Kentucky Regulated [Member] | Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 4 | 8 | 11 | 14 | ||
Kentucky Regulated [Member] | Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 9 | 26 | 20 | 45 | ||
Kentucky Regulated [Member] | Transmission [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | |||
Corporate and Other [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 1 | 9 | 0 | 12 | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 0 | 9 | 0 | 12 | ||
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 | 0 | 9 | 0 | 12 | ||
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 | 377 | 128 | 942 | 128 | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 379 | 107 | 978 | 107 | ||
Rhode Island Regulated | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 141 | 31 | 370 | 31 | ||
Rhode Island Regulated | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 49 | 12 | 150 | 12 | ||
Rhode Island Regulated | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 4 | 1 | 13 | 1 | ||
Rhode Island Regulated | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 149 | 47 | 364 | 47 | ||
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 | 36 | 16 | 81 | 16 | ||
PPL Electric [Member] | ||||||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Amortization of Revenue Reserve for ROE Challenge | 30 | 74 | ||||
PPL Electric Utilities Corp [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 667 | 676 | 1,558 | 1,451 | ||
Alternative Revenue Programs | 6 | (23) | 7 | (59) | ||
Other Revenue | (5) | (3) | (7) | (7) | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 668 | 650 | 1,558 | 1,385 | ||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 7 | 0 | 17 | 5 | ||
Contract with Customer, Liability | 35 | 16 | 35 | 16 | 23 | 25 |
Contract with Customer, Liability, Revenue Recognized | 7 | 12 | ||||
Amortization of Revenue Reserve for ROE Challenge | 30 | 74 | ||||
PPL Electric Utilities Corp [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 340 | 329 | 968 | 782 | ||
PPL Electric Utilities Corp [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 105 | 117 | 253 | 225 | ||
PPL Electric Utilities Corp [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 11 | 30 | 34 | 45 | ||
PPL Electric Utilities Corp [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 13 | 14 | 26 | 26 | ||
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 | 199 | 160 | 277 | 307 | ||
Louisville Gas And Electric Co [Member] | ||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | ||||||
Operating Revenues | 355 | 410 | 829 | 903 | ||
Alternative Revenue Programs | 0 | 3 | 1 | 9 | ||
Other Revenue | (1) | (2) | (2) | (4) | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 354 | 411 | 828 | 908 | ||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | 1 | 1 | 2 | ||
Contract with Customer, Liability | 6 | 6 | 6 | 6 | 5 | 6 |
Contract with Customer, Liability, Revenue Recognized | 5 | 6 | ||||
Louisville Gas And Electric Co [Member] | Residential [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 151 | 169 | 392 | 415 | ||
Louisville Gas And Electric Co [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 119 | 124 | 271 | 270 | ||
Louisville Gas And Electric Co [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 47 | 49 | 96 | 94 | ||
Louisville Gas And Electric Co [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 26 | 47 | 42 | 86 | ||
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 | 11 | 22 | 27 | 43 | ||
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 | 435 | 491 | 934 | 1,016 | ||
Alternative Revenue Programs | (3) | 1 | (3) | 4 | ||
Other Revenue | (1) | (2) | (2) | (3) | ||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 431 | 490 | 929 | 1,017 | ||
Contract with Customer, Asset and Liability [Abstract] | ||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 1 | 1 | 1 | 2 | ||
Contract with Customer, Liability | 7 | 5 | 7 | 5 | $ 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 | 147 | 170 | 349 | 402 | ||
Kentucky Utilities Co [Member] | Commercial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 117 | 127 | 240 | 251 | ||
Kentucky Utilities Co [Member] | Industrial [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 113 | 118 | 228 | 227 | ||
Kentucky Utilities Co [Member] | Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 40 | 45 | 84 | 89 | ||
Kentucky Utilities Co [Member] | Wholesale - municipal [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 4 | 8 | 11 | 14 | ||
Kentucky Utilities Co [Member] | Wholesale - other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Revenues from Contracts with Customers | 10 | 22 | 17 | 34 | ||
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income (Numerator) [Abstract] | ||||
Net income (loss) | $ 112 | $ 119 | $ 397 | $ 392 |
Less amounts allocated to participating securities | 0 | 0 | 1 | 0 |
Net income (loss) available to PPL common shareowners - Basic | 112 | 119 | 396 | 392 |
Net income (loss) available to PPL common shareowners - Diluted | $ 112 | $ 119 | $ 396 | $ 392 |
Shares of Common Stock (Denominator) [Abstract] | ||||
Weighted-average shares - Basic EPS (in shares) | 737,075 | 735,977 | 736,953 | 735,741 |
Add incremental non-participating securities: [Abstract] | ||||
Share-based payment awards (in shares) | 1,102 | 792 | 985 | 737 |
Weighted-average shares - Diluted EPS (in shares) | 738,177 | 736,769 | 737,938 | 736,478 |
Income (Loss) from Continuing Operations after income taxes, Diluted | $ 0.15 | $ 0.16 | $ 0.54 | $ 0.53 |
Income (Loss) from Continuing Operations After Income Taxes, Basic | 0.15 | 0.16 | 0.54 | 0.53 |
Basic EPS - Available to PPL common shareowners: [Abstract] | ||||
Net Income Available to PPL common shareowners (in dollars per share) | 0.15 | 0.16 | 0.54 | 0.53 |
Diluted EPS - Available to PPL common shareowners: [Abstract] | ||||
Net Income Available to PPL common shareowners (in dollars per share) | $ 0.15 | $ 0.16 | $ 0.54 | $ 0.53 |
Shares Issued (Numeric) [Abstract] | ||||
Common stock issued under stock-based compensation plans (in shares) | 0 | 0 | 0 | 124 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computations of diluted EPS | 258 | 66 | 396 | 110 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | $ 30 | $ 32 | $ 107 | $ 104 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 11 | 27 | 33 | 48 |
Depreciation and other items not normalized | (2) | (5) | (7) | (8) |
Valuation allowance adjustments | 5 | 7 | 7 | 10 |
Amortization of excess deferred income taxes | (8) | (22) | (20) | (40) |
Other | (3) | (3) | (7) | (1) |
Total increase (decrease) | 3 | 0 | 5 | 2 |
Total income tax expense (benefit) | 33 | 32 | 112 | 106 |
Amortization of investment tax credit including deferred taxes on basis adjustment | 0 | (4) | (1) | (7) |
PPL Electric Utilities Corp [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 31 | 35 | 70 | 76 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 11 | 13 | 24 | 28 |
Depreciation and other items not normalized | (3) | (3) | (7) | (6) |
Amortization of excess deferred income taxes | (2) | (2) | (4) | (5) |
Other | 1 | 1 | 0 | 1 |
Total increase (decrease) | 7 | 9 | 13 | 18 |
Total income tax expense (benefit) | 38 | 44 | 83 | 94 |
Louisville Gas And Electric Co [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 12 | 13 | 35 | 37 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 2 | 2 | 6 | 7 |
Amortization of excess deferred income taxes | (3) | (7) | (6) | (14) |
Other | 0 | 1 | (1) | (2) |
Total increase (decrease) | (1) | (4) | (1) | (9) |
Total income tax expense (benefit) | 11 | 9 | 34 | 28 |
Kentucky Utilities Co [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 13 | 17 | 36 | 45 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 3 | 3 | 7 | 8 |
Amortization of excess deferred income taxes | (4) | (6) | (8) | (12) |
Other | 1 | 1 | 0 | (2) |
Total increase (decrease) | 0 | (2) | (1) | (6) |
Total income tax expense (benefit) | $ 13 | $ 15 | $ 35 | $ 39 |
Utility Rate Regulation - Regul
Utility Rate Regulation - Regulatory Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 331 | $ 258 |
Noncurrent regulatory assets | 1,826 | 1,819 |
Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 42 | 46 |
Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 41 |
Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 5 |
Transmission Service Charge [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 12 | 0 |
Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 783 | 778 |
Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 111 | 118 |
Storm Costs [Member] | LGE [Member] | Kentucky Public Service Commission [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 8 | |
Storm Costs [Member] | KU [Member] | Kentucky Public Service Commission [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 11 | |
Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 24 | 21 |
Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 6 | 7 |
Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 61 | 63 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 195 | 212 |
Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 292 | 295 |
Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 42 | 20 |
Noncurrent regulatory assets | 77 | 69 |
Fuel adjustment clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 9 | 38 |
Net metering | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 89 | 61 |
Rate adjustment mechanism | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 214 | 96 |
Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 101 | 102 |
Taxs recoverable through future rates | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 38 | 47 |
Derivative Instruments [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 15 | 41 |
Noncurrent regulatory assets | 7 | 0 |
Renewable energy certificates | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 13 | 14 |
Universal Service Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 21 | 3 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 49 | 13 |
Noncurrent regulatory assets | 552 | 568 |
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 | 5 |
PPL Electric Utilities Corp [Member] | Transmission Service Charge [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 12 | 0 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 353 | 353 |
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 | 4 | 3 |
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 | 195 | 212 |
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 | 11 | 5 |
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 |
PPL Electric Utilities Corp [Member] | Derivative Instruments [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Renewable energy certificates | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Universal Service Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 21 | 3 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4 | 23 |
Noncurrent regulatory assets | 384 | 373 |
Louisville Gas And Electric Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 11 | 12 |
Louisville Gas And Electric Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 13 |
Louisville Gas And Electric Co [Member] | Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Transmission Service Charge [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 208 | 209 |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 15 | 7 |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | Kentucky Public Service Commission [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 8 | |
Louisville Gas And Electric Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 11 | 11 |
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 6 | 7 |
Louisville Gas And Electric Co [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 36 | 37 |
Louisville Gas And Electric Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 76 | 76 |
Louisville Gas And Electric Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 2 | 1 |
Noncurrent regulatory assets | 21 | 14 |
Louisville Gas And Electric Co [Member] | Fuel adjustment clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 2 | 9 |
Louisville Gas And Electric Co [Member] | Net metering | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Rate adjustment mechanism | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Taxs recoverable through future rates | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Derivative Instruments [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Noncurrent regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Renewable energy certificates | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Universal Service Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 10 | 32 |
Noncurrent regulatory assets | 447 | 442 |
Kentucky Utilities Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 31 | 34 |
Kentucky Utilities Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Transmission Service Charge [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 | 139 | 140 |
Kentucky Utilities Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 14 | 3 |
Kentucky Utilities Co [Member] | Storm Costs [Member] | Kentucky Public Service Commission [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 11 | |
Kentucky Utilities Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 7 | 7 |
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 | 25 | 26 |
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 216 | 219 |
Kentucky Utilities Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 3 |
Noncurrent regulatory assets | 15 | 13 |
Kentucky Utilities Co [Member] | Fuel adjustment clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 7 | 29 |
Kentucky Utilities Co [Member] | Net metering | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Rate adjustment mechanism | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Taxs recoverable through future rates | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Derivative Instruments [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Noncurrent regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Renewable energy certificates | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Universal Service Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 0 | $ 0 |
Utility Rate Regulation - Reg_2
Utility Rate Regulation - Regulatory Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 280 | $ 238 |
Noncurrent regulatory liabilities | $ 3,421 | 3,412 |
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 LG&E KU June December 31, June December 31, June December 31, June December 31, Current Regulatory Assets: Gas supply clause $ — $ 41 $ — $ — $ — $ 13 $ — $ — Rate adjustment mechanisms 214 96 — — — — — — Renewable energy certificates 13 14 — — — — — — Derivative instruments 15 41 — — — — — — Smart meter rider 5 5 5 5 — — — — Universal service rider 21 3 21 3 — — — — Fuel adjustment clause 9 38 — — 2 9 7 29 Transmission service charge 12 — 12 — — — — — Other 42 20 11 5 2 1 3 3 Total current regulatory assets $ 331 $ 258 $ 49 $ 13 $ 4 $ 23 $ 10 $ 32 Noncurrent Regulatory Assets: Defined benefit plans $ 783 $ 778 $ 353 $ 353 $ 208 $ 209 $ 139 $ 140 Plant outage costs 42 46 — — 11 12 31 34 Net metering 89 61 — — — — — — Environmental cost recovery 101 102 — — — — — — Taxes recoverable through future rates 38 47 — — — — — — Storm costs 111 118 — — 15 7 14 3 Unamortized loss on debt 24 21 4 3 11 11 7 7 Interest rate swaps 6 7 — — 6 7 — — Terminated interest rate swaps 61 63 — — 36 37 25 26 Accumulated cost of removal of utility plant 195 212 195 212 — — — — AROs 292 295 — — 76 76 216 219 Derivatives instruments 7 — — — — — — — Other 77 69 — — 21 14 15 13 Total noncurrent regulatory assets $ 1,826 $ 1,819 $ 552 $ 568 $ 384 $ 373 $ 447 $ 442 PPL PPL Electric LG&E KU June December 31, June December 31, June December 31, June December 31, Current Regulatory Liabilities: Generation supply charge $ 41 $ 37 $ 41 $ 37 $ — $ — $ — $ — Transmission service charge — 14 — 7 — — — — TCJA customer refund 6 15 6 15 — — — — Act 129 compliance rider 15 14 15 14 — — — — Transmission formula rate 23 12 20 12 — — — — Rate adjustment mechanism 133 96 — — — — — — Energy efficiency 23 23 — — — — — — Gas supply clause 16 — — — 16 — — — Other 23 27 — — 3 7 2 6 Total current regulatory liabilities $ 280 $ 238 $ 82 $ 85 $ 19 $ 7 $ 2 $ 6 PPL PPL Electric LG&E KU June December 31, June December 31, June December 31, June December 31, Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 978 $ 950 $ — $ — $ 296 $ 287 $ 396 $ 389 Power purchase agreement - OVEC 22 26 — — 15 18 7 8 Net deferred taxes 2,054 2,094 776 775 469 477 535 546 Defined benefit plans 225 187 59 45 21 21 57 56 Terminated interest rate swaps 58 60 — — 29 30 29 30 Energy efficiency 39 32 — — — — — — Other 45 63 — — 3 — 8 — Total noncurrent regulatory liabilities $ 3,421 $ 3,412 $ 835 $ 820 $ 833 $ 833 $ 1,032 $ 1,029 Regulatory Matters Rhode Island Activities (PPL) Rate Case proceedings 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 five 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. 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 before May 25, 2025. 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, (ii) two energy storage demonstration projects, which are on track for timely completion, (iii) an incentive-only performance incentive for System Efficiency: Annual Megawatt Capacity Savings, which sunset in 2021 and is now a tracking and reporting only metric, 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 RIE 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. As of June 30, 2023, the RIPUC had not made any rulings regarding the timing of crediting customers the deferral balance pursuant to the ASA. RIE cannot predict the outcome of this matter. Advanced Metering Functionality and Grid Modernization In 2021, RIE filed its Updated Advanced Metering Functionality (AMF) Business Case and Grid Modernization Plan (GMP) with the RIPUC in accordance with the ASA, and which, among other things, sought approval to deploy smart meters throughout the service territory. In 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 of RIE. RIE filed notice of withdrawal of the original Updated AMF Business Case and GMP with the RIPUC, and in November 2022 filed a new AMF Business Case with the RIPUC. The new AMF Business Case filing consists of a detailed proposal for full-scale deployment of AMF across its electric service territory. The proposal will enable significant customer and grid benefits in line with the state’s climate mandates. In its filing, RIE estimated that the proposed program would cost $188 million on a net present value (NPV) basis and provide benefits of $729 million NPV over the 20-year project life, yielding a benefit-cost ratio of 3.9%. RIE believes AMF is a foundational technology that is a necessary first step to transforming Rhode Island’s electric distribution system. In its filing, RIE requested a RIPUC decision by June 2023; the RIPUC issued a revised procedural schedule for the AMF Business Case filing that provides for hearings in July 2023. Evidentiary hearings commenced on July 20, 2023 and continued on July 25, 2023 through July 27, 2023. In addition, the RIPUC held a public comment hearing on April 4, 2023, and technical sessions on February 22, 2023, May 10, 2023 and June 13, 2023. The RIPUC also held a separate evidentiary hearing on April 14, 2023, regarding certain Motions for Confidential Treatment by RIE. RIE filed a new GMP with the RIPUC on December 30, 2022. The new GMP filing consists of a holistic suite of grid modernization investments that will provide RIE with the tools and capability to manage the electric distribution system more granularly considering a range of distributed energy resources adoption levels, accelerated by Rhode Island's climate mandates, while at the same time maintaining a safe and reliable electric distribution system. The GMP is an informational guidance document that supports the grid modernization investments to be proposed in future electric ISR plans. Consequently, RIE did not request approval from the RIPUC for any specific investments or seek cost recovery as part of the GMP; rather, RIE requested that the RIPUC issue an order affirming RIE’s compliance with its obligation to file a GMP that meets the requirements of the ASA. 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 sought 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. RIE is evaluating 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. RIE cannot predict the outcome of this matter. 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. The RIPUC held an Open Meeting on September 13, 2022, and issued its Order on November 18, 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 FY2023 Gas ISR plan. 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, the RIPUC has not taken any action to date on this issue. RIE cannot predict the outcome of this matter. FY 2024 Gas ISR Plan On December 23, 2022, RIE filed its FY 2024 Gas ISR Plan with the RIPUC. At its January 20, 2023 Open Meeting, the RIPUC directed RIE to file supplemental budget and rate schedules to reflect an April 1 to March 31 fiscal year. The supplemental budget that was filed with the RIPUC on January 27, 2023 includes $187 million of capital investment spend. The supplemental rate schedules were filed on February 3, 2023. RIE and the Rhode Island Division of Public Utilities and Carrier s reached an agreement on an approximately $171 million capital investment spending plan, and RIE filed a second supplemental budget on March 13, 2023. The RIPUC held a hearing on the plan on March 14, 2023. At an Open Meeting on March 29, 2023, the RIPUC approved the plan with an adjustment to the budget for the Proactive Main Replacement Program category resulting in a total approved FY 2024 Gas ISR Plan of $163 million for capital investment spend. On March 31, 2023, the RIPUC approved RIE's March 30, 2023 compliance filing for rates effective April 1, 2023. The RIPUC continues to consider the appropriate rate recovery treatment of projects not covered by an ISR plan for the applicable fiscal year, and additional definitions and procedures that may be implemented related to the ISR plan process. RIE cannot predict the outcome of this matter. FY 2024 Electric ISR Plan On December 23, 2022, RIE filed its FY 2024 Electric ISR Plan with the RIPUC. At its January 20, 2023 Open Meeting, the RIPUC directed RIE to file supplemental budget and rate schedules to reflect an April 1 to March 31 fiscal year. The supplemental budget filed with the RIPUC on January 27, 2023 includes $176 million of capital investment spend, $14 million of vegetation operations and management (O&M) spend and $3 million of Other O&M spend. The supplemental rate schedules were filed on February 3, 2023. RIE filed second supplemental budget schedules on March 21, 2023, which includes $166 million of capital investment spend, $14 million of vegetation management O&M spend and $1 million of Other O&M spend. The RIPUC held hearings in March 2023, and on March 29, 2023, approved the plan with modifications to the proposed capital investment spend, resulting in a total approved FY 2024 Electric ISR Plan of $112 million for capital investment spend, $14 million for vegetation management O&M spend, and $1 million for Other O&M spend. On March 31, 2023, the RIPUC approved RIE's March 30, 2023 compliance filing for rates effective April 1, 2023. The RIPUC continues to consider the appropriate rate recovery treatment of projects not covered by an ISR plan for the applicable fiscal year, and additional definitions and procedures that may be implemented related to the ISR plan process. RIE cannot predict the outcome of this matter. Kentucky Activities (PPL, LG&E and KU) CPCN and SB 4 Application On December 15, 2022, LG&E and KU filed an application with the KPSC for a CPCN for the construction of two 621 MW net summer rating NGCC combustion turbine facilities, one at LG&E's Mill Creek Generating Station in Jefferson County, Kentucky and the other at KU's E.W. Brown Generating Station in Mercer County, Kentucky, including on-site natural gas and electric transmission construction associated with those facilities and site compatibility certificates. LG&E and KU also applied for a CPCN to construct a 120 MWac solar photovoltaic electric generating facility in Mercer County, Kentucky, and for a CPCN to acquire a 120 MWac solar facility to be built by a third-party solar developer in Marion County, Kentucky. LG&E and KU further applied for a CPCN to construct a 125 MW, 4-hour battery energy storage system facility at KU's E.W. Brown Generating Station and for approval of their proposed 2024-2030 DSM programs. The plan includes adding 14 new, adjusted or expanded energy efficiency programs, which would reduce LG&E's and KU's overall need by approximately 100 MW each. Finally, LG&E and KU requested a declaratory order to confirm that their entry into non-firm energy-only power-purchase agreements for the output of four solar photovoltaic facilities with a combined capacity of 637 MW does not require KPSC approval and that LG&E and KU may recover the costs of the solar PPAs through their fuel adjustment clause mechanisms as previously approved for a prior solar PPA. LG&E and KU plan to accrue AFUDC on the constructed NGCC facilities, the solar facility in Mercer County, Kentucky and the battery energy storage system facility and have requested regulatory asset treatment to recover the financing costs of these projects. The new NGCC facilities would be jointly owned by LG&E (31%) and KU (69%) and the solar units would be jointly owned by LG&E (37%) and KU (63%), the battery storage unit would be owned by LG&E, and the proposed PPA transactions and DSM programs would be entered into or conducted jointly by LG&E and KU, consistent with LG&E and KU's shared dispatch, cost allocation, tariff or other frameworks. The filing also notes planned retirement dates for certain existing coal-fired generation units, including Mill Creek 1 (300 MW) in 2024 and E.W. Brown 3 (412 MW) in 2028 , and updates and advances the planned retirement dates for Mill Creek 2 (297 MW) to 2027 and Ghent 2 (486 MW) to 2028 . LG&E and KU anticipate the recovery of associated retirement costs, including the remaining net book value, for these coal-fired generating units through the RAR or other rate mechanisms. The KPSC accepted the CPCN filing as of January 6, 2023. On March 24, 2023, Kentucky Senate Bill 4 (SB 4) went into effect, which requires KPSC approval of fossil fuel-fired electric generating unit retirements in the state. On May 10, 2023, LG&E and KU filed an application with the KPSC seeking approval of the retirement of seven fossil fuel-fired generating units as required by the recently enacted SB 4. On May 16, 2023, the KPSC entered an Order consolidating the SB 4 filing proceeding into the CPCN case. The KPSC has indicated its intention to issue an order on all issues by November 6, 2023. PPL, LG&E and KU cannot predict the outcome of these matters. Kentucky March 2023 Storm On March 3, 2023, LG&E and KU experienced significant windstorm activity in their service territories, resulting in substantial damage to certain of LG&E's and KU's assets with total costs incurred through June 30, 2023 of $75 million ($33 million at LG&E and $42 million at KU). On March 17, 2023, LG&E and KU submitted a filing with the KPSC requesting regulatory asset treatment of the extraordinary operations and maintenance expenses portion of the costs incurred related to the windstorm. On April 5, 2023, the KPSC issued an order approving the request for accounting purposes, noting that approval for recovery would be determined in LG&E’s and KU’s next base rate cases. As of June 30, 2023, LG&E and KU recorded regulatory assets related to the storm of $8 million and $11 million. Pennsylvania Activities (PPL and PPL Electric) PAPUC investigation into billing issues On January 31, 2023, the PAPUC initiated an investigation focused on billing issues related to estimated, irregular bills and customer service concerns following customer complaints, which for many customers were driven by increased prices for electricity supply. Certain bills issued during the time period of December 20, 2022 through January 25, 2023 were estimated due to a technical issue that prevented PPL Electric from providing actual collected meter data to customer facing and other internal systems. Customers also reported difficulties accessing PPL Electric's website and contacting the customer service call center. The PAPUC’s Bureau of Investigation & Enforcement has directed PPL Electric to respond to certain inquiries and document requests. PPL Electric has submitted its responses to the information request and is cooperating fully with the investigation. PPL Electric cannot predict the outcome of this matter. Federal Matters 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 waivers and 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. In August 2022, the D.C. Circuit Court of Appeals issued an order remanding the proceedings back to the FERC. On May 18, 2023, the FERC issued an order on remand reversing its 2019 decision and requiring LG&E and KU to refund credits previously withheld, including under such transition mechanism. On June 9, 2023, the FERC granted LG&E’s and KU’s motion for an extension of time to process refunds until November 2023. LG&E and KU filed a request for rehearing of the May 18, 2023 order, which was denied by operation of law on July 17, 2023. LG&E and KU filed petition for review of FERC's May 18, 2023 order with the D.C. Circuit Court of Appeals on July 28, 2023. In the second quarter of 2023, LG&E and KU recorded regulatory liabilities of $3 million and $8 million related to potential refunds resulting from the FERC’s May 18, 2023 order. LG&E and KU cannot predict the ultimate outcome of the proceedings or any other post decision process but do not expect the annual impact to have a material effect on their operations or financial condition. LG&E and KU currently receive recovery of certain waivers and credits provided primarily through base rates with increases associated with the FERC's May 18, 2023 order expected to be primarily subject to base rate recovery in future rate proceedings. Recovery of Transmission Costs (PPL) Until December 2022, RIE's transmission facilities were operated in combination with the transmission facilities of National Grid's New England affiliates, Massachusetts Electric Company (MECO) and New England Power (NEP), as a single integrated system with NEP designated as the combined operator. As of January 1, 2023, RIE operates its own transmission facilities. NE-ISO allocates RIE's 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 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 D. C. Circuit Court of Appeals (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 distinguish 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 six months ended June 30, 2023, PPL Electric purchased $374 million and $732 million of accounts receivable from alternative suppliers. During the three and six months ended June 30, 2022, PPL Electric purchased $273 million and $622 million of receivables. (PPL) | |
Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 41 | 37 |
TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 6 | 15 |
Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 15 | 14 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 978 | 950 |
Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 22 | 26 |
Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 2,054 | 2,094 |
Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 225 | 187 |
Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 58 | 60 |
Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 23 | 27 |
Noncurrent regulatory liabilities | 45 | 63 |
Transmission Service Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 14 |
Energy efficiency charge | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 23 | 23 |
Noncurrent regulatory liabilities | 39 | 32 |
Rate adjustment mechanism | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 133 | 96 |
Transmission Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 23 | 12 |
Gas supply clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 16 | 0 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 82 | 85 |
Noncurrent regulatory liabilities | 835 | 820 |
PPL Electric Utilities Corp [Member] | Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 41 | 37 |
PPL Electric Utilities Corp [Member] | TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 6 | 15 |
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 15 | 14 |
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 | 776 | 775 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 59 | 45 |
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 | 0 | 0 |
Noncurrent regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Transmission Service Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 7 |
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] | Transmission Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 20 | 12 |
PPL Electric Utilities Corp [Member] | Gas supply clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 19 | 7 |
Noncurrent regulatory liabilities | 833 | 833 |
Louisville Gas And Electric Co [Member] | Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 296 | 287 |
Louisville Gas And Electric Co [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 15 | 18 |
Louisville Gas And Electric Co [Member] | Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 469 | 477 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 21 | 21 |
Louisville Gas And Electric Co [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 29 | 30 |
Louisville Gas And Electric Co [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 3 | 7 |
Noncurrent regulatory liabilities | 3 | 0 |
Louisville Gas And Electric Co [Member] | Transmission Service Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Energy efficiency charge | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Noncurrent regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Rate adjustment mechanism | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Transmission Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Gas supply clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 16 | 0 |
Kentucky Utilities Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 2 | 6 |
Noncurrent regulatory liabilities | 1,032 | 1,029 |
Kentucky Utilities Co [Member] | Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 396 | 389 |
Kentucky Utilities Co [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 7 | 8 |
Kentucky Utilities Co [Member] | Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 535 | 546 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 57 | 56 |
Kentucky Utilities Co [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 29 | 30 |
Kentucky Utilities Co [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 2 | 6 |
Noncurrent regulatory liabilities | 8 | 0 |
Kentucky Utilities Co [Member] | Transmission Service Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | Energy efficiency charge | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Noncurrent regulatory liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | Rate adjustment mechanism | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | Transmission Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | Gas supply clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 0 | $ 0 |
Utility Rate Regulation - Reg_3
Utility Rate Regulation - Regulatory Matters (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
Mar. 29, 2023 USD ($) | Mar. 21, 2023 USD ($) | Feb. 03, 2023 USD ($) | Jan. 27, 2023 USD ($) | Dec. 15, 2022 MW | Oct. 16, 2018 | Aug. 24, 2018 | Nov. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) MW | Jun. 30, 2022 USD ($) | Jun. 30, 2015 | Jun. 30, 2023 USD ($) MW | Jun. 30, 2022 USD ($) | |
March 2023 Kentucky Wind Storms | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Amount of Regulatory Costs Not yet Approved | $ | $ 75 | $ 75 | |||||||||||
PPL Electric [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Amortization of Revenue Reserve for ROE Challenge | $ | 30 | 74 | |||||||||||
PPL Electric [Member] | Unaffiliated Third Party Entity [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Accounts Receivable, Purchase | $ | $ 374 | $ 273 | $ 732 | $ 622 | |||||||||
LGE [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
CPCN NGCC Combustion Turbine Facilities Power | 621 | ||||||||||||
CPCN Solar Photovoltaic Facility to be constructed, Power | 120 | ||||||||||||
CPCN Solar Photovoltaic Facility to be acquired, Power | 120 | ||||||||||||
CPCN 4-Hour Energy Storage Facility to be Constructed, Power | 125 | ||||||||||||
CPCN New and Adjusted Energy Efficiency Programs, Overall Power Need Reduction | 100 | ||||||||||||
Total Capacity of Power Purchase Agreements Not Subject to KPSC Approval, Power | 637 | ||||||||||||
New NGCC LG&E Planned Ownership Percentage | 31% | ||||||||||||
New Solar Units LG&E Planned Ownership Percentage | 37% | ||||||||||||
Mill Creek 1 Unit, Generation Capacity, Power | 300 | 300 | |||||||||||
E. W. Brown 3 Unit, Generation Capacity, Power | 412 | 412 | |||||||||||
Mill Creek 2 Unit, Generation Capacity, Power | 297 | 297 | |||||||||||
Ghent 2 Unit, Generation Capacity, Power | 486 | 486 | |||||||||||
LGE [Member] | March 2023 Kentucky Wind Storms | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Amount of Regulatory Costs Not yet Approved | $ | $ 33 | $ 33 | |||||||||||
LGE [Member] | Federal Energy Regulatory Commsion [Member] | Other Regulatory Assets [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Increase (Decrease) in Regulatory Liabilities | $ | $ 3 | ||||||||||||
KU [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
CPCN NGCC Combustion Turbine Facilities Power | 621 | ||||||||||||
CPCN Solar Photovoltaic Facility to be constructed, Power | 120 | ||||||||||||
CPCN Solar Photovoltaic Facility to be acquired, Power | 120 | ||||||||||||
CPCN 4-Hour Energy Storage Facility to be Constructed, Power | 125 | ||||||||||||
CPCN New and Adjusted Energy Efficiency Programs, Overall Power Need Reduction | 100 | ||||||||||||
Total Capacity of Power Purchase Agreements Not Subject to KPSC Approval, Power | 637 | ||||||||||||
New NGCC KU Planned Ownership Percentage | 69% | ||||||||||||
New Solar units LG&E Planned Ownership Percentage | 63% | ||||||||||||
Mill Creek 1 Unit, Generation Capacity, Power | 300 | 300 | |||||||||||
E. W. Brown 3 Unit, Generation Capacity, Power | 412 | 412 | |||||||||||
Mill Creek 2 Unit, Generation Capacity, Power | 297 | 297 | |||||||||||
Ghent 2 Unit, Generation Capacity, Power | 486 | 486 | |||||||||||
KU [Member] | March 2023 Kentucky Wind Storms | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Amount of Regulatory Costs Not yet Approved | $ | $ 42 | $ 42 | |||||||||||
KU [Member] | Federal Energy Regulatory Commsion [Member] | Other Regulatory Assets [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Increase (Decrease) in Regulatory Liabilities | $ | 8 | ||||||||||||
Rhode Island Energy | Rhode Island Public Uitilty Commsion | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.275% | ||||||||||||
Supplemental Capital Investment to spend on the FY 2024 Gas ISR Plan | $ | $ 187 | ||||||||||||
Supplemental Capital Investment Spend amount agreed to between RIE and RIPUC | $ | $ 171 | ||||||||||||
Supplemental Capital Investment to spend on the FY 2024 Electric ISR Plan | $ | 176 | ||||||||||||
2nd Supplemental Capita Investment to spend on the FY 2024 Electrical ISR Plan | $ | $ 166 | ||||||||||||
RIPUC Approved FY 2024 Gas ISR Plan for capital investment spend | $ | $ 163 | ||||||||||||
RIPUC Approved FY 2024 Electric ISR Plan for capital investment spend | $ | 112 | ||||||||||||
Estimated net present value costs of AMF program | $ | $ 188 | ||||||||||||
Benefit - cost ratio yield of the AMF program | 3.90% | ||||||||||||
NPV to be obtained through AMF program over 20 years | $ | $ 729 | ||||||||||||
AMF Program Project Life, Years | 20 years | ||||||||||||
Rhode Island Energy | Rhode Island Public Uitilty Commsion | Vegetation management | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Supplemental Capital Investment to spend on the FY 2024 Electric ISR Plan | $ | 14 | ||||||||||||
2nd Supplemental Capita Investment to spend on the FY 2024 Electrical ISR Plan | $ | 14 | ||||||||||||
RIPUC Approved FY 2024 Electric ISR Plan for capital investment spend | $ | 14 | ||||||||||||
Rhode Island Energy | Rhode Island Public Uitilty Commsion | Other O&M | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Supplemental Capital Investment to spend on the FY 2024 Electric ISR Plan | $ | $ 3 | ||||||||||||
2nd Supplemental Capita Investment to spend on the FY 2024 Electrical ISR Plan | $ | $ 1 | ||||||||||||
RIPUC Approved FY 2024 Electric ISR Plan for capital investment spend | $ | $ 1 | ||||||||||||
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% | ||||||||||||
PPL Electric Utilities Corp [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Amortization of Revenue Reserve for ROE Challenge | $ | 30 | $ 74 | |||||||||||
PPL Electric Utilities Corp [Member] | Unaffiliated Third Party Entity [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Accounts Receivable, Purchase | $ | $ 374 | $ 273 | $ 732 | $ 622 | |||||||||
Louisville Gas And Electric Co [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
CPCN NGCC Combustion Turbine Facilities Power | 621 | ||||||||||||
CPCN Solar Photovoltaic Facility to be constructed, Power | 120 | ||||||||||||
CPCN Solar Photovoltaic Facility to be acquired, Power | 120 | ||||||||||||
CPCN 4-Hour Energy Storage Facility to be Constructed, Power | 125 | ||||||||||||
CPCN New and Adjusted Energy Efficiency Programs, Overall Power Need Reduction | 100 | ||||||||||||
Total Capacity of Power Purchase Agreements Not Subject to KPSC Approval, Power | 637 | ||||||||||||
New NGCC LG&E Planned Ownership Percentage | 31% | ||||||||||||
New Solar Units LG&E Planned Ownership Percentage | 37% | ||||||||||||
Mill Creek 1 Unit, Generation Capacity, Power | 300 | 300 | |||||||||||
E. W. Brown 3 Unit, Generation Capacity, Power | 412 | 412 | |||||||||||
Mill Creek 2 Unit, Generation Capacity, Power | 297 | 297 | |||||||||||
Ghent 2 Unit, Generation Capacity, Power | 486 | 486 | |||||||||||
Louisville Gas And Electric Co [Member] | March 2023 Kentucky Wind Storms | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Amount of Regulatory Costs Not yet Approved | $ | $ 33 | $ 33 | |||||||||||
Louisville Gas And Electric Co [Member] | Federal Energy Regulatory Commsion [Member] | Other Regulatory Assets [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Increase (Decrease) in Regulatory Liabilities | $ | $ 3 | ||||||||||||
Kentucky Utilities Co [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
CPCN NGCC Combustion Turbine Facilities Power | 621 | ||||||||||||
CPCN Solar Photovoltaic Facility to be constructed, Power | 120 | ||||||||||||
CPCN Solar Photovoltaic Facility to be acquired, Power | 120 | ||||||||||||
CPCN 4-Hour Energy Storage Facility to be Constructed, Power | 125 | ||||||||||||
CPCN New and Adjusted Energy Efficiency Programs, Overall Power Need Reduction | 100 | ||||||||||||
Total Capacity of Power Purchase Agreements Not Subject to KPSC Approval, Power | 637 | ||||||||||||
New NGCC KU Planned Ownership Percentage | 69% | ||||||||||||
New Solar units LG&E Planned Ownership Percentage | 63% | ||||||||||||
Mill Creek 1 Unit, Generation Capacity, Power | 300 | 300 | |||||||||||
E. W. Brown 3 Unit, Generation Capacity, Power | 412 | 412 | |||||||||||
Mill Creek 2 Unit, Generation Capacity, Power | 297 | 297 | |||||||||||
Ghent 2 Unit, Generation Capacity, Power | 486 | 486 | |||||||||||
Kentucky Utilities Co [Member] | March 2023 Kentucky Wind Storms | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Amount of Regulatory Costs Not yet Approved | $ | $ 42 | $ 42 | |||||||||||
Kentucky Utilities Co [Member] | Federal Energy Regulatory Commsion [Member] | Other Regulatory Assets [Member] | |||||||||||||
Regulatory Matters - Rate Case Proceedings (Numeric) [Abstract] | |||||||||||||
Increase (Decrease) in Regulatory Liabilities | $ | $ 8 |
Utility Rate Regulation - Other
Utility Rate Regulation - Other (Details) - Unaffiliated Third Party Entity [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
PPL Electric [Member] | ||||
Purchases Of Accounts Receivable [Line Items] | ||||
Accounts Receivable, Purchase | $ 374 | $ 273 | $ 732 | $ 622 |
PPL Electric Utilities Corp [Member] | ||||
Purchases Of Accounts Receivable [Line Items] | ||||
Accounts Receivable, Purchase | $ 374 | $ 273 | $ 732 | $ 622 |
Financing Activities - Credit A
Financing Activities - Credit Arrangements (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
PPL Capital Funding [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | $ 1,450 | |
Borrowed | 0 | $ 0 |
Letters of Credit and Commercial Paper Issued (d) | 58 | 619 |
Unused Capacity | 1,392 | |
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 (d) | 0 | 561 |
Unused Capacity | 1,250 | |
Line of Credit Facility, Borrowing Capacity Sublimit | 1,000 | |
PPL Capital Funding [Member] | Bilateral Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 100 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued (d) | 58 | 58 |
Unused Capacity | 42 | |
PPL Capital Funding [Member] | Bilateral Credit Facility [Member] | Rhode Island Energy | ||
Line of Credit Facility [Line Items] | ||
Letters of Credit and Commercial Paper Issued (d) | 45 | |
PPL Capital Funding [Member] | Bilateral Credit Facility #2 | ||
Line of Credit Facility [Line Items] | ||
Capacity | 100 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued (d) | 0 | 0 |
Unused Capacity | 100 | |
PPL Electric [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 650 | |
Borrowed | 0 | 250 |
Letters of Credit and Commercial Paper Issued (d) | 131 | 146 |
Unused Capacity | 519 | |
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 (d) | 131 | 146 |
Unused Capacity | 519 | |
PPL Electric [Member] | Term Loan Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 0 | |
Borrowed | 0 | 250 |
Letters of Credit and Commercial Paper Issued (d) | 0 | 0 |
Unused Capacity | 0 | |
LGE [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 500 | |
Borrowed | 0 | 300 |
Letters of Credit and Commercial Paper Issued (d) | 21 | 180 |
Unused Capacity | 479 | |
LGE [Member] | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 500 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued (d) | 21 | 180 |
Unused Capacity | 479 | |
LGE [Member] | Term Loan Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 0 | |
Borrowed | 0 | 300 |
Letters of Credit and Commercial Paper Issued (d) | 0 | 0 |
Unused Capacity | 0 | |
KU [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 400 | |
Borrowed | 0 | 300 |
Letters of Credit and Commercial Paper Issued (d) | 92 | 101 |
Unused Capacity | 308 | |
KU [Member] | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 400 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued (d) | 92 | 101 |
Unused Capacity | 308 | |
KU [Member] | Term Loan Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 0 | |
Borrowed | 0 | 300 |
Letters of Credit and Commercial Paper Issued (d) | 0 | 0 |
Unused Capacity | 0 | |
Rhode Island Energy | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Borrowing Capacity Sublimit | 250 | |
PPL Electric Utilities Corp [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 650 | |
Borrowed | 0 | 250 |
Letters of Credit and Commercial Paper Issued (d) | 131 | 146 |
Unused Capacity | 519 | |
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 (d) | 131 | 146 |
Unused Capacity | 519 | |
PPL Electric Utilities Corp [Member] | Term Loan Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 0 | |
Borrowed | 0 | 250 |
Letters of Credit and Commercial Paper Issued (d) | 0 | 0 |
Unused Capacity | 0 | |
Louisville Gas And Electric Co [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 500 | |
Borrowed | 0 | 300 |
Letters of Credit and Commercial Paper Issued (d) | 21 | 180 |
Unused Capacity | 479 | |
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 (d) | 21 | 180 |
Unused Capacity | 479 | |
Louisville Gas And Electric Co [Member] | Term Loan Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 0 | |
Borrowed | 0 | 300 |
Letters of Credit and Commercial Paper Issued (d) | 0 | 0 |
Unused Capacity | 0 | |
Kentucky Utilities Co [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 400 | |
Borrowed | 0 | 300 |
Letters of Credit and Commercial Paper Issued (d) | 92 | 101 |
Unused Capacity | 308 | |
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 (d) | 92 | 101 |
Unused Capacity | 308 | |
Kentucky Utilities Co [Member] | Term Loan Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 0 | |
Borrowed | 0 | 300 |
Letters of Credit and Commercial Paper Issued (d) | 0 | $ 0 |
Unused Capacity | $ 0 |
Financing Activities - Short-te
Financing Activities - Short-term Debt (Details) - Commercial Paper [Member] - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Short-term Debt [Line Items] | |||
Capacity | $ 3,300 | ||
Commercial Paper Issuances (c) | 243 | $ 987 | |
Unused Capacity | 3,057 | ||
PPL Capital Funding [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 4.84% | ||
Capacity | 1,350 | ||
Commercial Paper Issuances (c) | 0 | $ 561 | |
Unused Capacity | 1,350 | ||
PPL Electric [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 4.74% | 5.31% | |
Capacity | 650 | ||
Commercial Paper Issuances (c) | 130 | $ 145 | |
Unused Capacity | 520 | ||
LGE [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 4.94% | 5.30% | |
Capacity | 500 | ||
Commercial Paper Issuances (c) | 21 | $ 180 | |
Unused Capacity | 479 | ||
KU [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 4.90% | 5.34% | |
Capacity | 400 | ||
Commercial Paper Issuances (c) | 92 | $ 101 | |
Unused Capacity | 308 | ||
Rhode Island Energy | |||
Short-term Debt [Line Items] | |||
Capacity | 400 | ||
Commercial Paper Issuances (c) | 0 | $ 0 | |
Unused Capacity | 400 | ||
PPL Electric Utilities Corp [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 4.74% | 5.31% | |
Capacity | 650 | ||
Commercial Paper Issuances (c) | 130 | $ 145 | |
Unused Capacity | 520 | ||
Louisville Gas And Electric Co [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 4.94% | 5.30% | |
Capacity | 500 | ||
Commercial Paper Issuances (c) | 21 | $ 180 | |
Unused Capacity | 479 | ||
Kentucky Utilities Co [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 4.90% | 5.34% | |
Capacity | 400 | ||
Commercial Paper Issuances (c) | 92 | $ 101 | |
Unused Capacity | $ 308 |
Financing Activities - Long-ter
Financing Activities - Long-term Debt (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Mar. 31, 2023 | Feb. 28, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Long-term Debt (Numeric) [Abstract] | ||||
Long-term debt due within one year | $ 91 | $ 354 | ||
Long-term Debt, Excluding Current Maturities | 14,481 | 12,889 | ||
Exchangeable Senior Unsecured Notes | Exchangeable Senior Notes Due 2028 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | $ 1,000 | |||
Stated interest rate | 2.875% | |||
Exchangeable Senior Notes Initial Exchange Rate, Shares per $1000 Principal Amount | 29.3432 | |||
Exchangeable Senior Notes Initial Exchange Rate, Dollars per Share | $ 34.08 | |||
Proceeds from Convertible Debt | $ 980 | |||
PPL Electric [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 650 | |||
Borrowed | 0 | 250 | ||
PPL Electric [Member] | Term Loan Facility [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 0 | |||
Borrowed | 0 | 250 | ||
PPL Electric [Member] | Term Loan Facility [Member] | Repayment | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | $ 250 | |||
PPL Electric [Member] | First Mortgage Bond [Member] | First Mortgage Bonds, Floating Rate Series due 2023 [Member] | Bond Redemption [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | 250 | |||
PPL Electric [Member] | First Mortgage Bond [Member] | First Mortgage Bonds, Floating Rate Series due 2024 | Bond Redemption [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | 650 | |||
PPL Electric [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2033 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | $ 600 | |||
Stated interest rate | 5% | |||
PPL Electric [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2053 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | $ 750 | |||
Stated interest rate | 5.25% | |||
PPL Electric [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2033 and 2053 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Proceeds from Issuance of First Mortgage Bond | $ 1,320 | |||
PPL Capital Funding [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 1,450 | |||
Borrowed | 0 | 0 | ||
LGE [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 500 | |||
Borrowed | 0 | 300 | ||
LGE [Member] | Term Loan Facility [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 0 | |||
Borrowed | 0 | 300 | ||
LGE [Member] | Term Loan Facility [Member] | Repayment | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 300 | |||
LGE [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2033 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | $ 400 | |||
Stated interest rate | 5.45% | |||
Proceeds from Issuance of First Mortgage Bond | $ 396 | |||
KU [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 400 | |||
Borrowed | 0 | 300 | ||
KU [Member] | Term Loan Facility [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 0 | |||
Borrowed | 0 | 300 | ||
KU [Member] | Term Loan Facility [Member] | Repayment | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 300 | |||
KU [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2033 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | $ 400 | |||
Stated interest rate | 5.45% | |||
Proceeds from Issuance of First Mortgage Bond | $ 396 | |||
PPL Electric Utilities Corp [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 650 | |||
Borrowed | 0 | 250 | ||
Long-term debt due within one year | 90 | 340 | ||
Long-term Debt, Excluding Current Maturities | 4,565 | 4,146 | ||
PPL Electric Utilities Corp [Member] | Term Loan Facility [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 0 | |||
Borrowed | 0 | 250 | ||
PPL Electric Utilities Corp [Member] | Term Loan Facility [Member] | Repayment | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 250 | |||
PPL Electric Utilities Corp [Member] | First Mortgage Bond [Member] | First Mortgage Bonds, Floating Rate Series due 2023 [Member] | Bond Redemption [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | 250 | |||
PPL Electric Utilities Corp [Member] | First Mortgage Bond [Member] | First Mortgage Bonds, Floating Rate Series due 2024 | Bond Redemption [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | 650 | |||
PPL Electric Utilities Corp [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2033 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | $ 600 | |||
Stated interest rate | 5% | |||
PPL Electric Utilities Corp [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2053 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | $ 750 | |||
Stated interest rate | 5.25% | |||
PPL Electric Utilities Corp [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2033 and 2053 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Proceeds from Issuance of First Mortgage Bond | $ 1,320 | |||
Louisville Gas And Electric Co [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 500 | |||
Borrowed | 0 | 300 | ||
Long-term Debt, Excluding Current Maturities | 2,404 | 2,307 | ||
Louisville Gas And Electric Co [Member] | Term Loan Facility [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 0 | |||
Borrowed | 0 | 300 | ||
Louisville Gas And Electric Co [Member] | Term Loan Facility [Member] | Repayment | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 300 | |||
Louisville Gas And Electric Co [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2033 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | $ 400 | |||
Stated interest rate | 5.45% | |||
Proceeds from Issuance of First Mortgage Bond | $ 396 | |||
Kentucky Utilities Co [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 400 | |||
Borrowed | 0 | 300 | ||
Long-term debt due within one year | 0 | 13 | ||
Long-term Debt, Excluding Current Maturities | 3,003 | 2,907 | ||
Kentucky Utilities Co [Member] | Term Loan Facility [Member] | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 0 | |||
Borrowed | $ 0 | $ 300 | ||
Kentucky Utilities Co [Member] | Term Loan Facility [Member] | Repayment | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Capacity | 300 | |||
Kentucky Utilities Co [Member] | First Mortgage Bond [Member] | First Mortgage Bonds Due 2033 | ||||
Long-term Debt (Numeric) [Abstract] | ||||
Principal amount | $ 400 | |||
Stated interest rate | 5.45% | |||
Proceeds from Issuance of First Mortgage Bond | $ 396 |
Financing Activities - Equity S
Financing Activities - Equity Securities (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 01, 2023 | |
Securities Financing Transaction [Line Items] | ||||
Annualized current quarterly common stock dividend (in dollars per share) | $ 96 | |||
Preferred Stock, Par or Stated Value Per Share | $ 50 | $ 50 | ||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 3 | |||
Preferred Stock, Shares Outstanding | 49,089 | |||
Preferred Stock Redeemed, Prorated Dividend, Per Share | $ 0.1875 | |||
Preferred Stock Redemption, Premium, Per Share | $ 5 | |||
Treasury Stock, Common | ||||
Securities Financing Transaction [Line Items] | ||||
Treasury stock acquired | 19,000 |
Financing Activities - Distribu
Financing Activities - Distributions (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Distributions (Numeric) [Abstract] | |||||
Current quarterly common stock dividend (in dollars per share) | $ 0.240 | $ 0.240 | $ 0.225 | $ 0.480 | $ 0.425 |
Annualized current quarterly common stock dividend (in dollars per share) | $ 96 |
Acquisitions, Development and D
Acquisitions, Development and Divestitures - Discontinued Operations (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] - Safari Holdings LLC, Consolidated $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |
Loss on Sale | $ 6 |
gain (loss) on disposition of business, net of tax | 4 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |
Gain (Loss) on Sale | 6 |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Gain (Loss) on Sale | $ 6 |
Acquisitions, Development and_2
Acquisitions, Development and Divestitures - Development (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | $ 1,585 | ||||
Transition Service Agreement Cost | $ 63 | $ 120 | |||
Goodwill | 2,247 | 2,247 | $ 2,248 | ||
Operating Revenues from external customers | 1,823 | $ 1,696 | 4,238 | 3,478 | |
Net income (loss) | 112 | 119 | 397 | 392 | |
Indemnification for Safari sale/leaseback | 25 | ||||
Narragansett Electric | |||||
Business Acquisition [Line Items] | |||||
Total cash consideration | 3,800 | ||||
Rhode Island Regulated | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 725 | 725 | |||
Operating Revenues from external customers | 377 | 128 | 942 | 128 | |
Net income (loss) | 10 | (29) | 64 | (29) | |
Corporate and Other [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | 860 | ||||
Goodwill, Purchase Accounting Adjustments | 1 | ||||
Operating Revenues from external customers | 1 | 9 | 0 | 12 | |
Net income (loss) | (99) | $ (88) | (172) | $ (147) | |
Rhode Island Energy | Rhode Island Energy TSA | |||||
Business Acquisition [Line Items] | |||||
Other Nonrecurring (Income) Expense | 70 | 124 | |||
Rhode Island Energy | Accrual for TSA Markup | |||||
Business Acquisition [Line Items] | |||||
Other Nonrecurring (Income) Expense | $ 2 | $ 4 |
Defined Benefits (Details)
Defined Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | $ 7 | $ 7 | ||
Pension Plan [Member] | U.S. | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 8 | $ 13 | 17 | 25 |
Interest cost | 48 | 30 | 94 | 62 |
Expected return on plan assets | (77) | (63) | (155) | (127) |
Amortization of: [Abstract] | ||||
Prior service cost | 1 | 2 | 3 | 4 |
Actuarial loss | 1 | 17 | 1 | 29 |
Net Periodic Defined Benefit Costs (Credits) Prior To Settlements | (19) | (1) | (40) | (7) |
Settlements | 0 | 12 | 0 | 12 |
Net periodic defined benefit costs (credits) | (19) | 11 | (40) | 5 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 1 | 2 | 3 | 3 |
Interest cost | 8 | 4 | 15 | 8 |
Expected return on plan assets | (7) | (6) | (15) | (12) |
Amortization of: [Abstract] | ||||
Prior service cost | 1 | 1 | 1 | 1 |
Actuarial loss | (2) | (2) | (3) | (2) |
Net periodic defined benefit costs (credits) | $ 1 | $ (1) | 1 | (2) |
PPL Electric Utilities Corp [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | 1 | 0 | ||
Louisville Gas And Electric Co [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | 0 | 2 | ||
Kentucky Utilities Co [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | $ 0 | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Legal Matters and Regulatory Issues (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Nov. 18, 2014 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 01, 2015 | |
Claim By Former Affiliate [Abstract] | ||||
Percent of ownership of Talen Energy by Riverstone | 35% | |||
Period Over Which Distribution Adjustment Charge-related Costs Are amortized | 10 years | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 900 | |||
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] | ||||
Accrual for Environmental Loss Contingencies, Gross | 100 | $ 100 | ||
PPL Electric [Member] | PPL Electric Additional Sites [Member] | ||||
Claim By Former Affiliate [Abstract] | ||||
Accrual for Environmental Loss Contingencies, Gross | 11 | 11 | ||
PPL Electric Utilities Corp [Member] | PPL Electric Additional Sites [Member] | ||||
Claim By Former Affiliate [Abstract] | ||||
Accrual for Environmental Loss Contingencies, Gross | $ 11 | $ 11 |
Commitments and Contingencies_2
Commitments and Contingencies - Environmental Matters and Other (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Amortization of excess deferred income taxes | $ (8) | $ (22) | $ (20) | $ (40) | |
Period RIE Environmental Remediation Costs To Be Incurred Over | 30 years | 30 years | |||
RIE Environmental Remediation | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Accrual for Environmental Loss Contingencies, Gross | $ 100 | $ 100 | $ 100 | ||
PPL Electric [Member] | PPL Electric Additional Sites [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Accrual for Environmental Loss Contingencies, Gross | 11 | 11 | 11 | ||
PPL Electric Utilities Corp [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Amortization of excess deferred income taxes | (2) | (2) | (4) | (5) | |
PPL Electric Utilities Corp [Member] | PPL Electric Additional Sites [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Accrual for Environmental Loss Contingencies, Gross | 11 | 11 | $ 11 | ||
Louisville Gas And Electric Co [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Amortization of excess deferred income taxes | (3) | (7) | (6) | (14) | |
Kentucky Utilities Co [Member] | |||||
Other - Labor Union Agreements (Numeric) [Abstract] | |||||
Amortization of excess deferred income taxes | $ (4) | $ (6) | $ (8) | $ (12) |
Commitments and Contingencies_3
Commitments and Contingencies - Guarantees and Other Assurances (Details) - 6 months ended Jun. 30, 2023 £ in Millions, $ in Millions | USD ($) | GBP (£) | USD ($) |
Other Guarantee (Numeric) [Abstract] | |||
Maximum aggregate coverage bodily injury and property damage | $ 225 | ||
Indemnification Cap, Surrenders of Tax Losses | £ | £ 50 | ||
Indemnification for Safari sale/leaseback | $ 25 | ||
Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | LGE [Member] | |||
Guarantor Obligations [Line Items] | |||
Recorded liability for all guarantees | 62 | ||
Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | KU [Member] | |||
Guarantor Obligations [Line Items] | |||
Recorded liability for all guarantees | 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 | ||
PPL Guarantee [Member] | Indemnification Guarantee [Member] | Guarantee of payment obligations under certain sale/leaseback financing transactions related to the sale of Safari Holdings | |||
Other Guarantee (Numeric) [Abstract] | |||
Maximum exposure | 137 | ||
PPL Guarantee [Member] | Indemnification Guarantee [Member] | Guarantee of payment obligations under certain power purchase agreements related to the sale of Safari Holdings | |||
Other Guarantee (Numeric) [Abstract] | |||
Maximum exposure | 55 | ||
PPL Guarantee [Member] | Indemnification Guarantee [Member] | Indemnifications for losses suffered related to items not covered by Aspen Power's representation and warranty insurance associated with the sale of Safari Holdings | |||
Other Guarantee (Numeric) [Abstract] | |||
Maximum exposure | 140 | ||
LKE Guarantee [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | |||
Guarantor Obligations [Line Items] | |||
Recorded liability for all guarantees | 89 | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | ||
Louisville Gas And Electric Co [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | |||
Guarantor Obligations [Line Items] | |||
Recorded liability for all guarantees | 62 | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable | ||
Kentucky Utilities Co [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | |||
Guarantor Obligations [Line Items] | |||
Recorded liability for all guarantees | $ 27 | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable |
Commitments and Contingencies_4
Commitments and Contingencies - Energy Purchase Commitments (Details - MW | Mar. 17, 2023 | Jul. 01, 2022 |
Legal Matters [Line Items] | ||
ACES Offshore wind proposal | 884 | |
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 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
PPL Electric Utilities Corp [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes Receivable from affiliates | $ 0 | $ 0 | $ 0 | ||
Financing Receivable, after Allowance for Credit Loss, Related Party, Name [Extensible Enumeration] | CEP Reserves, Inc | CEP Reserves, Inc | CEP Reserves, Inc | ||
Financing Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party | Related Party | Related Party | ||
PPL Electric Utilities Corp [Member] | PPL Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | $ 55 | $ 60 | $ 114 | $ 121 | |
PPL Electric Utilities Corp [Member] | CEP Reserves, Inc | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany note with affiliate maximum borrowing capacity | 500 | 500 | |||
PPL Electric Utilities Corp [Member] | Accounts receivable from affiliates [Member] | PPL Services [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
VEBA Funds Receivable | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes Payable to affiliates | $ 0 | ||||
Notes Payable, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party | ||||
Notes Receivable from affiliates | $ 8 | $ 8 | $ 0 | ||
Financing Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party | Related Party | Related Party | ||
Louisville Gas And Electric Co [Member] | PPL Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | $ 12 | 0 | $ 20 | 0 | |
Louisville Gas And Electric Co [Member] | Parent And Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany Money Pool Agreement Unused Borrowing Capacity | 729 | 729 | |||
Louisville Gas And Electric Co [Member] | LKS [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 28 | 41 | 60 | 80 | |
Kentucky Utilities Co [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes Payable to affiliates | $ 8 | $ 8 | $ 0 | ||
Notes Payable, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party | Related Party | Related Party | ||
Kentucky Utilities Co [Member] | PPL Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | $ 13 | 0 | $ 23 | 0 | |
Kentucky Utilities Co [Member] | Parent And Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany Money Pool Agreement Unused Borrowing Capacity | 550 | 550 | |||
Kentucky Utilities Co [Member] | LKS [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | $ 34 | $ 42 | $ 75 | $ 86 |
Other Income (Expense) - net (D
Other Income (Expense) - net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income | ||||
Defined benefit plans - non-service credits | $ (1) | $ 9 | $ 16 | $ 20 |
AFUDC - equity component | 8 | 6 | 14 | 10 |
Miscellaneous | (10) | 13 | (10) | 0 |
Other Expense | ||||
Charitable Contributions | 0 | (1) | (2) | (2) |
Other Income (Expense) - net | 5 | 26 | 35 | 26 |
Interest Income (Expense), Nonoperating, Net | 8 | (1) | 17 | (2) |
PPL Electric Utilities Corp [Member] | ||||
Other Income | ||||
Defined benefit plans - non-service credits | 5 | 4 | 10 | 8 |
AFUDC - equity component | 4 | 4 | 8 | 8 |
Miscellaneous | (1) | (1) | 0 | (2) |
Other Expense | ||||
Charitable Contributions | 0 | 0 | (2) | (2) |
Other Income (Expense) - net | 9 | 7 | 21 | 13 |
Interest Income (Expense), Nonoperating, Net | $ 1 | $ 0 | $ 5 | $ 1 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis Table (Details) - Recurring Fair Value Measurements [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | ||
Cash and cash equivalents | $ 326 | $ 356 |
Restricted cash and cash equivalents | 1 | 1 |
Total Cash, Cash Equivalents and Restricted Cash | 327 | 357 |
Special Use Funds [Abstract] | ||
Money market fund | 1 | 1 |
Commingled debt fund measured at NAV | 11 | 13 |
Commingled equity fund measured at NAV | 10 | 11 |
Total special use funds | 22 | 25 |
Gas Contracts | 1 | 25 |
Price risk management assets: | ||
Total Assets | 350 | 407 |
Price risk management liabilities: | ||
Interest rate swaps | 7 | 7 |
Gas Contracts | (23) | 66 |
Total price risk management liabilities | (16) | 73 |
Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 326 | 356 |
Restricted cash and cash equivalents | 1 | 1 |
Total Cash, Cash Equivalents and Restricted Cash | 327 | 357 |
Special Use Funds [Abstract] | ||
Money market fund | 1 | 1 |
Total special use funds | 1 | 1 |
Gas Contracts | 0 | 0 |
Price risk management assets: | ||
Total Assets | 328 | 358 |
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 | 1 | 25 |
Price risk management assets: | ||
Total Assets | 1 | 25 |
Price risk management liabilities: | ||
Interest rate swaps | 7 | 7 |
Gas Contracts | (23) | 10 |
Total price risk management liabilities | (16) | 17 |
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 | 56 |
Gas Contracts, Liability, Settlements | (56) | |
Total price risk management liabilities | 0 | 56 |
PPL Electric Utilities Corp [Member] | ||
Assets | ||
Cash and cash equivalents | 26 | 25 |
Price risk management assets: | ||
Total Assets | 26 | 25 |
PPL Electric Utilities Corp [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 26 | 25 |
Price risk management assets: | ||
Total Assets | 26 | 25 |
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 | 7 | 93 |
Price risk management assets: | ||
Total Assets | 7 | 93 |
Price risk management liabilities: | ||
Interest rate swaps | 7 | 7 |
Total price risk management liabilities | 7 | 7 |
Louisville Gas And Electric Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 7 | 93 |
Price risk management assets: | ||
Total Assets | 7 | 93 |
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 | 7 |
Total price risk management liabilities | 7 | 7 |
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 | 9 | 21 |
Price risk management assets: | ||
Total Assets | 9 | 21 |
Kentucky Utilities Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 9 | 21 |
Price risk management assets: | ||
Total Assets | 9 | 21 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 14,572 | $ 13,243 |
Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 13,613 | 12,239 |
PPL Electric Utilities Corp [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 4,655 | 4,486 |
PPL Electric Utilities Corp [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 4,432 | 4,259 |
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 | 2,404 | 2,307 |
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 | 2,236 | 2,128 |
Kentucky Utilities Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 3,003 | 2,920 |
Kentucky Utilities Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 2,722 | $ 2,616 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Intro (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | $ 0 | $ 0 |
Cash collateral posted under master netting arrangements | 0 | 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) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) Bcf | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
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 | 0 | 0 | $ 0 | ||
Cash collateral pledged - eligible for offset | 0 | 0 | 0 | ||
Cash collateral pledged - eligible for offset | 0 | 0 | 0 | ||
Not Designated As Hedging Instruments [Member] | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Asset value | 1 | 1 | 25 | ||
Liability value | 30 | 30 | 73 | ||
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 | 6 | ||
LGE [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | |||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||
Derivative, Notional Amount | $ 64 | 64 | |||
Rhode Island Energy | Economic Hedges [Member] | Gas Contract | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||
Derivative, Nonmonetary Notional Amount, Volume | Bcf | 45 | ||||
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 | 7 | ||
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | $ 1 | $ 25 |
Liability value | 30 | 73 |
Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 1 | 20 |
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 | 0 | 5 |
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 | 6 |
Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 17 | 63 |
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 | 13 | 10 |
Louisville Gas And Electric Co [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Liability value | 7 | 7 |
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 | 6 |
Louisville Gas And Electric Co [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | $ 6 | $ 6 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest Expense | $ 165 | $ 118 | $ 329 | $ 225 | |
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Other Income (Expense) - net | 5 | 26 | 35 | 26 | |
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 | (1) | (1) | (2) | (2) | |
Amount of gain (loss) reclassified from AOCI to income | (1) | (1) | (2) | (2) | |
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] | |||||
Amount of gain (loss) reclassified from AOCI to income | 0 | 0 | |||
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 | |||
Not Designated As Hedging Instruments [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | (5) | 9 | (6) | 10 | |
Gain (loss) recognized as regulatory liabilities/assets | 4 | (18) | |||
Asset value | 1 | 1 | $ 25 | ||
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 0 | 0 | 5 | ||
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 | $ 1 | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | 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 | 2 | $ 4 | 1 | $ 8 | |
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 | $ 9 | $ 9 | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Energy purchases | Energy purchases | |||
Not Designated As Hedging Instruments [Member] | Gas Contracts | Regulatory Assets Noncurrent [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized as regulatory liabilities/assets | 0 | 7 | |||
Not Designated As Hedging Instruments [Member] | Gas Contracts | Regulatory Assets, current | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized as regulatory liabilities/assets | 2 | (26) | |||
Not Designated As Hedging Instruments [Member] | Gas Contracts | Other Nonoperating Income (Expense) | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | (1) | 0 | |||
Not Designated As Hedging Instruments [Member] | Gas Contracts | Energy Purchases | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | (4) | (6) | |||
Louisville Gas And Electric Co [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest Expense | 26 | $ 21 | 51 | $ 41 | |
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Other Income (Expense) - net | 0 | 4 | 2 | 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 | $ 0 | $ 1 | |
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 | 2 | $ 4 | 1 | $ 8 | |
Kentucky Utilities Co [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Other Income (Expense) - net | $ 3 | $ 4 | $ 5 | $ 4 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments and Credit Risk-Related Features (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets [Abstract] | ||
Cash collateral received - eligible for offset | $ 0 | $ 0 |
Liabilities [Abstract] | ||
Cash collateral pledged - eligible for offset | 0 | 0 |
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 22 | |
Derivative, Net Liability Position, Aggregate Fair Value | 22 | |
Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 1 | 25 |
Derivative instruments - eligible for offset | 1 | 20 |
Cash collateral received - eligible for offset | 0 | 0 |
Net | 0 | 5 |
Liabilities [Abstract] | ||
Gross | 30 | 73 |
Derivative instruments - eligible for offset | 1 | 62 |
Cash collateral pledged - eligible for offset | 0 | 0 |
Net | 29 | 11 |
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 | 7 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral pledged - eligible for offset | 0 | 0 |
Net | $ 7 | $ 7 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Commodity Purchases (Details) - Not Designated As Hedging Instruments [Member] - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Commodity Purchases [Line Items] | ||
Liability value | $ 30 | $ 73 |
Asset value | 1 | 25 |
Current Assets [Member] | ||
Commodity Purchases [Line Items] | ||
Asset value | 1 | 20 |
Current Assets [Member] | Gas Contract | ||
Commodity Purchases [Line Items] | ||
Asset value | 1 | 20 |
Current Liabilities [Member] | ||
Commodity Purchases [Line Items] | ||
Liability value | 17 | 63 |
Current Liabilities [Member] | Gas Contract | ||
Commodity Purchases [Line Items] | ||
Liability value | 16 | 62 |
Noncurrent Assets [Member] | ||
Commodity Purchases [Line Items] | ||
Asset value | 0 | 5 |
Noncurrent Assets [Member] | Gas Contract | ||
Commodity Purchases [Line Items] | ||
Asset value | 0 | 5 |
Noncurrent Liabilities [Member] | ||
Commodity Purchases [Line Items] | ||
Liability value | 13 | 10 |
Noncurrent Liabilities [Member] | Gas Contract | ||
Commodity Purchases [Line Items] | ||
Liability value | $ 7 | $ 4 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | $ 177 |
Accretion | 4 |
New Obligation s Incurred | 2 |
Changes in estimated timing or cost | (1) |
Obligations settled | (16) |
Asset Retirement Obligations, Period Change, Miscellaneous | (5) |
Balance at End of Period | 161 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 86 |
Accretion | 2 |
New Obligation s Incurred | 1 |
Changes in estimated timing or cost | 1 |
Obligations settled | (6) |
Asset Retirement Obligations, Period Change, Miscellaneous | (6) |
Balance at End of Period | 78 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 82 |
Accretion | 2 |
New Obligation s Incurred | 1 |
Changes in estimated timing or cost | 0 |
Obligations settled | (10) |
Asset Retirement Obligations, Period Change, Miscellaneous | 0 |
Balance at End of Period | $ 75 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - After-tax Changes by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (123) | $ (152) | $ (124) | $ (157) |
Amounts arising during the period | (15) | 22 | (14) | 22 |
Reclassifications from AOCI | 1 | 6 | 1 | 11 |
Net OCI during the period | (14) | 28 | (13) | 33 |
Balance at end of period | (137) | (124) | (137) | (124) |
Unrealized gains (losses) on qualifying derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 4 | 2 | 3 | 1 |
Amounts arising during the period | 0 | 0 | 0 | 0 |
Reclassifications from AOCI | 0 | 0 | 1 | 1 |
Net OCI during the period | 0 | 0 | 1 | 1 |
Balance at end of period | 4 | 2 | 4 | 2 |
Defined benefit plans Prior service costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (5) | (6) | (5) | (6) |
Amounts arising during the period | 0 | 0 | 0 | (1) |
Reclassifications from AOCI | 1 | 0 | 1 | 1 |
Net OCI during the period | 1 | 0 | 1 | 0 |
Balance at end of period | (4) | (6) | (4) | (6) |
Defined benefit plans Actuarial gain (loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (125) | (149) | (124) | (152) |
Amounts arising during the period | (15) | 21 | (15) | 21 |
Reclassifications from AOCI | 0 | 6 | (1) | 9 |
Net OCI during the period | (15) | 27 | (16) | 30 |
Balance at end of period | (140) | (122) | (140) | (122) |
Equity Investees' OCI | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 3 | 1 | 2 | 0 |
Amounts arising during the period | 0 | 1 | 1 | 2 |
Reclassifications from AOCI | 0 | 0 | 0 | 0 |
Net OCI during the period | 0 | 1 | 1 | 2 |
Balance at end of period | $ 3 | $ 2 | $ 3 | $ 2 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Income (Expense) Effect of Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Affected Line Item on the Statements of Income [Line Items] | ||||
Interest Expense | $ (165) | $ (118) | $ (329) | $ (225) |
Other Income (Expense) - net | 5 | 26 | 35 | 26 |
Income Tax Expense (Benefit) | (33) | (32) | (112) | (106) |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Total After-tax | (1) | (6) | (1) | (11) |
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 | 0 | (8) | 1 | (13) |
Income Tax Expense (Benefit) | (1) | 2 | (1) | 3 |
Total After-tax | (1) | (6) | 0 | (10) |
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 | (1) | 0 | (1) | (1) |
Defined Benefit Plans [Member] | Net Actuarial Loss [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes | 1 | (8) | 2 | (12) |
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 | (1) | (1) | (2) | (2) |
Income Tax Expense (Benefit) | 1 | 1 | 1 | 1 |
Total After-tax | 0 | 0 | (1) | (1) |
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 | $ (1) | $ (1) | $ (2) | $ (2) |