Utility Rate Regulation (Tables)

9 Months Ended

Sep. 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
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Current Regulatory Assets:
Gas supply clause	$	—	$	41	$	—	$	—	$	—	$	13	$	—	$	—
Rate adjustment mechanisms	210		96		—		—		—		—		—		—
Renewable energy certificates	13		14		—		—		—		—		—		—
Derivative instruments	29		41		—		—		—		—		—		—
Smart meter rider	5		5		5		5		—		—		—		—
Storm damage costs	5		—		5		—		—		—		—		—
Universal service rider	10		3		10		3		—		—		—		—
Fuel adjustment clause	8		38		—		—		3		9		5		29
Transmission service charge	24		—		24		—		—		—		—		—
Distribution system improvement charge	8		5		8		5		—		—		—		—
Other	3		15		—		—		2		1		2		3
Total current regulatory assets	$	315	$	258	$	52	$	13	$	5	$	23	$	7	$	32
Noncurrent Regulatory Assets:
Defined benefit plans	$	795	$	778	$	371	$	353	$	204	$	209	$	137	$	140
Plant outage costs	40		46		—		—		10		12		30		34
Net metering	98		61		—		—		—		—		—		—
Environmental cost recovery	100		102		—		—		—		—		—		—
Taxes recoverable through future rates	—		47		—		—		—		—		—		—
Storm costs	97		118		—		—		15		7		14		3
Unamortized loss on debt	24		21		4		3		11		11		7		7
Interest rate swaps	3		7		—		—		3		7		—		—
Terminated interest rate swaps	59		63		—		—		35		37		24		26
Accumulated cost of removal of utility plant	186		212		186		212		—		—		—		—
AROs	290		295		—		—		76		76		214		219
Derivatives instruments	5		—		—		—		—		—		—		—
Other	90		69		—		—		26		14		16		13
Total noncurrent regulatory assets	$	1,787	$	1,819	$	561	$	568	$	380	$	373	$	442	$	442

	PPL				PPL Electric				LG&E				KU
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Current Regulatory Liabilities:
Generation supply charge	$	41	$	37	$	41	$	37	$	—	$	—	$	—	$	—
Transmission service charge	—		14		—		7		—		—		—		—
TCJA customer refund	7		15		7		15		—		—		—		—
Act 129 compliance rider	17		14		17		14		—		—		—		—
Transmission formula rate	18		12		18		12		—		—		—		—
Rate adjustment mechanism	147		96		—		—		—		—		—		—
Energy efficiency	23		23		—		—		—		—		—		—
Gas supply clause	18		—		—		—		18		—		—		—
Other	9		27		—		—		5		7		11		6
Total current regulatory liabilities	$	280	$	238	$	83	$	85	$	23	$	7	$	11	$	6
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	991	$	950	$	—	$	—	$	301	$	287	$	400	$	389
Power purchase agreement - OVEC	20		26		—		—		14		18		6		8
Net deferred taxes	1,999		2,094		772		775		465		477		528		546
Defined benefit plans	240		187		66		45		21		21		57		56
Terminated interest rate swaps	58		60		—		—		29		30		29		30
Energy efficiency	39		32		—		—		—		—		—		—
Other	37		63		—		—		—		—		2		—
Total noncurrent regulatory liabilities	$	3,384	$	3,412	$	838	$	820	$	830	$	833	$	1,022	$	1,029