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Fair Value Measurements and Credit Concentration (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Measurements and Credit Concentration [Line Items]

Fair Value of Assets and Liabilities Measured on Recurring Basis

The assets and liabilities measured at fair value were:

				June 30, 2012								December 31, 2011
				Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL
Assets
	Cash and cash equivalents			$	981	$	981					$	1,202	$	1,202
	Restricted cash and cash equivalents (a)				176		176						209		209
	Price risk management assets:
		Energy commodities			3,506		3	$	3,459	$	44		3,423		3	$	3,390	$	30
		Interest rate swaps											3				3
		Foreign currency contracts			19				19				18				18
		Cross-currency swaps			70				60		10		24				20		4
	Total price risk management assets				3,595		3		3,538		54		3,468		3		3,431		34
	NDT funds:
		Cash and cash equivalents			14		14						12		12
		Equity securities
			U.S. large-cap		317		219		98				292		202		90
			U.S. mid/small-cap		127		94		33				117		87		30
		Debt securities
			U.S. Treasury		96		96						86		86
			U.S. government sponsored agency		10				10				10				10
			Municipality		81				81				83				83
			Investment-grade corporate		35				35				38				38
			Other		2				2				2				2
		Receivables (payables), net			(1)		(4)		3						(3)		3
	Total NDT funds				681		419		262				640		384		256
	Auction rate securities (b)				18				3		15		24						24
Total assets				$	5,451	$	1,579	$	3,803	$	69	$	5,543	$	1,798	$	3,687	$	58

Liabilities
	Price risk management liabilities:
		Energy commodities		$	2,528	$	3	$	2,515	$	10	$	2,345	$	1	$	2,327	$	17
		Interest rate swaps			77				77				63				63
		Foreign currency contracts			4				4
		Cross-currency swaps			2				2				2				2
	Total price risk management liabilities			$	2,611	$	3	$	2,598	$	10	$	2,410	$	1	$	2,392	$	17

PPL Energy Supply
Assets
	Cash and cash equivalents			$	446	$	446					$	379	$	379
	Restricted cash and cash equivalents (a)				110		110						145		145
	Price risk management assets:
		Energy commodities			3,506		3	$	3,459	$	44		3,423		3	$	3,390	$	30
	Total price risk management assets				3,506		3		3,459		44		3,423		3		3,390		30
	NDT funds:
		Cash and cash equivalents			14		14						12		12
		Equity securities
			U.S. large-cap		317		219		98				292		202		90
			U.S. mid/small-cap		127		94		33				117		87		30
		Debt securities
			U.S. Treasury		96		96						86		86
			U.S. government sponsored agency		10				10				10				10
			Municipality		81				81				83				83
			Investment-grade corporate		35				35				38				38
			Other		2				2				2				2
		Receivables (payables), net			(1)		(4)		3						(3)		3
	Total NDT funds				681		419		262				640		384		256
	Auction rate securities (b)				15				3		12		19						19
Total assets				$	4,758	$	978	$	3,724	$	56	$	4,606	$	911	$	3,646	$	49

Liabilities
	Price risk management liabilities:
		Energy commodities		$	2,528	$	3	$	2,515	$	10	$	2,345	$	1	$	2,327	$	17
	Total price risk management liabilities			$	2,528	$	3	$	2,515	$	10	$	2,345	$	1	$	2,327	$	17

PPL Electric
Assets
	Cash and cash equivalents			$	45	$	45					$	320	$	320
	Restricted cash and cash equivalents (c)				13		13						13		13
Total assets				$	58	$	58					$	333	$	333

LKE
Assets
	Cash and cash equivalents		$	29	$	29			$	59	$	59
	Restricted cash and cash equivalents (c)			31		31				29		29
Total assets			$	60	$	60			$	88	$	88

Liabilities
	Price risk management liabilities:
		Interest rate swaps (d)	$	62			$	62	$	60			$	60
Total liabilities			$	62			$	62	$	60			$	60

LG&E
Assets
	Cash and cash equivalents		$	25	$	25			$	25	$	25
	Restricted cash and cash equivalents (c)			31		31				29		29
Total assets			$	56	$	56			$	54	$	54

Liabilities
	Price risk management liabilities:
		Interest rate swaps (d)	$	62			$	62	$	60			$	60
Total liabilities			$	62			$	62	$	60			$	60

KU
Assets
	Cash and cash equivalents		$	3	$	3			$	31	$	31
Total assets			$	3	$	3			$	31	$	31

(a) Current portion is included in "Restricted cash and cash equivalents" and the long-term portion is included in "Other noncurrent assets" on the Balance Sheets.

(b) Included in "Other investments" on the Balance Sheets.

(c) Current portion is included in "Other current assets" and the long-term portion is included in "Other noncurrent assets" on the Balance Sheets.

(d) Current portion is included in "Other current liabilities" and the long-term portion is included in "Price risk management liabilities" on the Balance Sheets.

Reconciliation of Net Assets and Liabilities Classified as Level 3

A reconciliation of net assets and liabilities classified as Level 3 for the periods ended June 30, 2012 is as follows:

					Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
					Three Months								Six Months
					Energy		Auction		Cross-				Energy		Auction		Cross-
					Commodities,		Rate		Currency				Commodities,		Rate		Currency
					net		Securities		Swaps		Total		net		Securities		Swaps		Total
PPL
Balance at beginning of
	period				$	19	$	24	$	3	$	46	$	13	$	24	$	4	$	41
		Total realized/unrealized
			gains (losses)
				Included in earnings		(2)				(1)		(3)		16				(1)		15
				Included in OCI (a)		(1)		(1)		8		6		1		(1)		10		10
		Sales						(5)				(5)				(5)				(5)
		Settlements				(5)						(5)		(11)						(11)
		Transfers into Level 3				14						14		14						14
		Transfers out of Level 3				9		(3)				6		1		(3)		(3)		(5)
Balance at end of period					$	34	$	15	$	10	$	59	$	34	$	15	$	10	$	59

PPL Energy Supply
Balance at beginning of
	period				$	19	$	19			$	38	$	13	$	19			$	32
		Total realized/unrealized
			gains (losses)
				Included in earnings		(2)						(2)		16						16
				Included in OCI (a)		(1)		(1)				(2)		1		(1)
		Sales						(3)				(3)				(3)				(3)
		Settlements				(5)						(5)		(11)						(11)
		Transfers into Level 3				14						14		14						14
		Transfers out of Level 3				9		(3)				6		1		(3)				(2)
Balance at end of period					$	34	$	12			$	46	$	34	$	12			$	46

(a) "Energy Commodities, net" and "Cross-Currency Swaps" are included in "Qualifying derivatives" and "Auction Rate Securities" are included in "Available-for-sale securities" on the Statements of Comprehensive Income.

A reconciliation of net assets and liabilities classified as Level 3 for the periods ended June 30, 2011 is as follows:

			Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
			Three Months						Six Months
			Energy		Auction				Energy		Auction
			Commodities,		Rate				Commodities,		Rate
			net		Securities		Total		net		Securities		Total
PPL
Balance at beginning of period			$	32	$	25	$	57	$	(3)	$	25	$	22
	Total realized/unrealized gains (losses)
		Included in earnings		(5)				(5)		(4)				(4)
		Included in OCI (a)		3				3		4				4
	Purchases									2				2
	Sales			(1)				(1)		(4)				(4)
	Settlements			3				3		25				25
	Transfers out of Level 3			(6)				(6)		6				6
Balance at end of period			$	26	$	25	$	51	$	26	$	25	$	51

PPL Energy Supply
Balance at beginning of period			$	32	$	20	$	52	$	(3)	$	20	$	17
	Total realized/unrealized gains (losses)
		Included in earnings		(5)				(5)		(4)				(4)
		Included in OCI (a)		3				3		4				4
	Purchases									2				2
	Sales			(1)				(1)		(4)				(4)
	Settlements			3				3		25				25
	Transfers out of Level 3			(6)				(6)		6				6
Balance at end of period			$	26	$	20	$	46	$	26	$	20	$	46

(a) "Energy Commodities, net" are included in "Qualifying derivatives" and "Auction Rate Securities" are included in "Available-for-sale securities" on the Statements of Comprehensive Income.

Significant Unobservable Inputs Used in Fair Value Measurement of Assets and Liabilities Classified as Level 3

The significant unobservable inputs used in the fair value measurement of assets and liabilities classified as Level 3 at June 30, 2012 are as follows:

		Quantitative Information about Level 3 Fair Value Measurements
		Fair Value, net			Range
		Asset	Valuation	Unobservable	(Weighted
		(Liability)	Technique	Input(s)	Average) (a)
PPL
Energy commodities
	Retail natural gas sales contracts (b)	30	Discounted cash flow	Observable wholesale prices used as proxy for retail delivery points	20% - 100% (69%)
	Power sales contracts (c)	(7)	Discounted cash flow	Basis price between delivery points	24% - 61% (25%)

	Full-requirement sales contracts (d)	11	Discounted cash flow	Customer migration	13% - 80% (34%)

Auction rate securities (e)		15	Discounted cash flow	Modeled from SIFMA Index	54% - 80% (65%)

Cross-currency swaps (f)		10	Discounted cash flow	Credit valuation adjustment	25% - 37% (32%)

PPL Energy Supply
Energy commodities
	Retail natural gas sales contracts (b)	30	Discounted cash flow	Observable wholesale prices used as proxy for retail delivery points	20% - 100% (69%)
	Power sales contracts (c)	(7)	Discounted cash flow	Basis price between delivery points	24% - 61% (25%)

	Full-requirement sales contracts (d)	11	Discounted cash flow	Customer migration	13% - 80% (34%)

Auction rate securities (e)		12	Discounted cash flow	Modeled from SIFMA Index	61% - 80% (66%)

(a) For energy commodities and auction rate securities, the range and weighted average represent the percentage of fair value derived from the unobservable inputs. For cross-currency swaps, the range and weighted average represent the percentage decrease in fair value due to the unobservable inputs used in the model to calculate the credit valuation adjustment.

(b) Retail natural gas sales contracts extend through 2017. $14 million of the fair value is scheduled to deliver within the next 12 months. As the forward price of natural gas increases/(decreases), the fair value of the contracts (decreases)/increases.

(c) Power sales contracts extend through 2017. $(4) million of the fair value is scheduled to deliver within the next 12 months. As the forward price of basis increases/(decreases), the fair value of the contracts (decreases)/increases.

(d) Full-requirement sales contracts extend through 2013. $11 million of the fair value is scheduled to deliver within the next 12 months. As customer migration increases/(decreases), the fair value of the contracts decreases/(increases).

(e) Auction rate securities have a weighted average contractual maturity of 26 years. The model used to calculate fair value incorporates an assumption that the auctions will continue to fail. As the modeled forward rates of the SIFMA index increase/(decrease), the fair value of the securities increases/(decreases).

(f) Cross-currency swaps extend through 2021. The credit valuation adjustment incorporates projected probabilities of default and estimated recovery rates. As the credit valuation adjustment increases/(decreases), the fair value of the swaps (decreases)/increases.

Fair Value of Assets and Liabilities Classified as Level 3 Measured on Recurring Basis Included in Earnings

Net gains and losses on assets and liabilities classified as Level 3 and included in earnings for the periods ended June 30 are reported in the Statements of Income as follows:

		Three Months
																		Cross-Currency
		Energy Commodities, net																			Swaps

		Unregulated Retail				Wholesale Energy				Net Energy				Energy
		Electric and Gas				Marketing				Trading Margins				Purchases				Interest Expense
		2012		2011		2012		2011		2012		2011		2012		2011		2012		2011
PPL
Total gains (losses) included in earnings		$	2	$	4	$	(6)	$	(5)	$	1	$	2	$	1	$	(6)	$	(1)
Change in unrealized gains (losses) relating
	to positions still held at the reporting date		49		4		(12)		(7)		1				1		(2)

PPL Energy Supply
Total gains (losses) included in earnings		$	2	$	4	$	(6)	$	(5)	$	1	$	2	$	1	$	(6)
Change in unrealized gains (losses) relating
	to positions still held at the reporting date		49		4		(12)		(7)		1				1		(2)

		Six Months
																		Cross-Currency
		Energy Commodities, net																			Swaps

		Unregulated Retail				Wholesale Energy				Net Energy				Energy
		Electric and Gas				Marketing				Trading Margins				Purchases				Interest Expense
		2012		2011		2012		2011		2012		2011		2012		2011		2012		2011
PPL
Total gains (losses) included in earnings		$	18	$	5	$	(2)	$	(4)			$	(3)			$	(2)	$	(1)
Change in unrealized gains (losses) relating
	to positions still held at the reporting date		39		5		(13)		(6)	$	1			$	1		17

PPL Energy Supply
Total gains (losses) included in earnings		$	18	$	5	$	(2)	$	(4)			$	(3)			$	(2)
Change in unrealized gains (losses) relating
	to positions still held at the reporting date		39		5		(13)		(6)	$	1			$	1		17

Fair Value of Financial Instruments Not Recorded at Fair Value - Other

The carrying amounts of contract adjustment payments related to the Purchase Contract component of the Equity Units and long-term debt on the Balance Sheets and their estimated fair values are set forth below.

		June 30, 2012				December 31, 2011
		Carrying				Carrying
		Amount		Fair Value		Amount		Fair Value
PPL
	Contract adjustment payments (a)	$	152	$	154	$	198	$	198
	Long-term debt		18,710		20,402		17,993		19,392
PPL Energy Supply
	Long-term debt		3,279		3,663		3,024		3,397
PPL Electric
	Long-term debt		1,718		2,020		1,718		2,012

LKE
	Long-term debt	4,074	4,333	4,073	4,306
LG&E
	Long-term debt	1,112	1,166	1,112	1,164
KU
	Long-term debt	1,842	2,004	1,842	2,000

(a) Reflected in "Other current liabilities" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets.

PPL Energy Supply LLC [Member]

Fair Value Measurements and Credit Concentration [Line Items]

Reconciliation of Net Assets and Liabilities Classified as Level 3

A reconciliation of net assets and liabilities classified as Level 3 for the periods ended June 30, 2012 is as follows:

					Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
					Three Months								Six Months
					Energy		Auction		Cross-				Energy		Auction		Cross-
					Commodities,		Rate		Currency				Commodities,		Rate		Currency
					net		Securities		Swaps		Total		net		Securities		Swaps		Total
PPL
Balance at beginning of
	period				$	19	$	24	$	3	$	46	$	13	$	24	$	4	$	41
		Total realized/unrealized
			gains (losses)
				Included in earnings		(2)				(1)		(3)		16				(1)		15
				Included in OCI (a)		(1)		(1)		8		6		1		(1)		10		10
		Sales						(5)				(5)				(5)				(5)
		Settlements				(5)						(5)		(11)						(11)
		Transfers into Level 3				14						14		14						14
		Transfers out of Level 3				9		(3)				6		1		(3)		(3)		(5)
Balance at end of period					$	34	$	15	$	10	$	59	$	34	$	15	$	10	$	59

PPL Energy Supply
Balance at beginning of
	period				$	19	$	19			$	38	$	13	$	19			$	32
		Total realized/unrealized
			gains (losses)
				Included in earnings		(2)						(2)		16						16
				Included in OCI (a)		(1)		(1)				(2)		1		(1)
		Sales						(3)				(3)				(3)				(3)
		Settlements				(5)						(5)		(11)						(11)
		Transfers into Level 3				14						14		14						14
		Transfers out of Level 3				9		(3)				6		1		(3)				(2)
Balance at end of period					$	34	$	12			$	46	$	34	$	12			$	46

A reconciliation of net assets and liabilities classified as Level 3 for the periods ended June 30, 2011 is as follows:

			Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
			Three Months						Six Months
			Energy		Auction				Energy		Auction
			Commodities,		Rate				Commodities,		Rate
			net		Securities		Total		net		Securities		Total
PPL
Balance at beginning of period			$	32	$	25	$	57	$	(3)	$	25	$	22
	Total realized/unrealized gains (losses)
		Included in earnings		(5)				(5)		(4)				(4)
		Included in OCI (a)		3				3		4				4
	Purchases									2				2
	Sales			(1)				(1)		(4)				(4)
	Settlements			3				3		25				25
	Transfers out of Level 3			(6)				(6)		6				6
Balance at end of period			$	26	$	25	$	51	$	26	$	25	$	51

PPL Energy Supply
Balance at beginning of period			$	32	$	20	$	52	$	(3)	$	20	$	17
	Total realized/unrealized gains (losses)
		Included in earnings		(5)				(5)		(4)				(4)
		Included in OCI (a)		3				3		4				4
	Purchases									2				2
	Sales			(1)				(1)		(4)				(4)
	Settlements			3				3		25				25
	Transfers out of Level 3			(6)				(6)		6				6
Balance at end of period			$	26	$	20	$	46	$	26	$	20	$	46

(a) "Energy Commodities, net" are included in "Qualifying derivatives" and "Auction Rate Securities" are included in "Available-for-sale securities" on the Statements of Comprehensive Income.

Significant Unobservable Inputs Used in Fair Value Measurement of Assets and Liabilities Classified as Level 3

The significant unobservable inputs used in the fair value measurement of assets and liabilities classified as Level 3 at June 30, 2012 are as follows:

		Quantitative Information about Level 3 Fair Value Measurements
		Fair Value, net			Range
		Asset	Valuation	Unobservable	(Weighted
		(Liability)	Technique	Input(s)	Average) (a)
PPL
Energy commodities
	Retail natural gas sales contracts (b)	30	Discounted cash flow	Observable wholesale prices used as proxy for retail delivery points	20% - 100% (69%)
	Power sales contracts (c)	(7)	Discounted cash flow	Basis price between delivery points	24% - 61% (25%)

	Full-requirement sales contracts (d)	11	Discounted cash flow	Customer migration	13% - 80% (34%)

Auction rate securities (e)		15	Discounted cash flow	Modeled from SIFMA Index	54% - 80% (65%)

Cross-currency swaps (f)		10	Discounted cash flow	Credit valuation adjustment	25% - 37% (32%)

PPL Energy Supply
Energy commodities
	Retail natural gas sales contracts (b)	30	Discounted cash flow	Observable wholesale prices used as proxy for retail delivery points	20% - 100% (69%)
	Power sales contracts (c)	(7)	Discounted cash flow	Basis price between delivery points	24% - 61% (25%)

	Full-requirement sales contracts (d)	11	Discounted cash flow	Customer migration	13% - 80% (34%)

Auction rate securities (e)		12	Discounted cash flow	Modeled from SIFMA Index	61% - 80% (66%)

Fair Value of Assets and Liabilities Classified as Level 3 Measured on Recurring Basis Included in Earnings

Net gains and losses on assets and liabilities classified as Level 3 and included in earnings for the periods ended June 30 are reported in the Statements of Income as follows:

		Three Months
																		Cross-Currency
		Energy Commodities, net																			Swaps

		Unregulated Retail				Wholesale Energy				Net Energy				Energy
		Electric and Gas				Marketing				Trading Margins				Purchases				Interest Expense
		2012		2011		2012		2011		2012		2011		2012		2011		2012		2011
PPL
Total gains (losses) included in earnings		$	2	$	4	$	(6)	$	(5)	$	1	$	2	$	1	$	(6)	$	(1)
Change in unrealized gains (losses) relating
	to positions still held at the reporting date		49		4		(12)		(7)		1				1		(2)

PPL Energy Supply
Total gains (losses) included in earnings		$	2	$	4	$	(6)	$	(5)	$	1	$	2	$	1	$	(6)
Change in unrealized gains (losses) relating
	to positions still held at the reporting date		49		4		(12)		(7)		1				1		(2)

		Six Months
																		Cross-Currency
		Energy Commodities, net																			Swaps

		Unregulated Retail				Wholesale Energy				Net Energy				Energy
		Electric and Gas				Marketing				Trading Margins				Purchases				Interest Expense
		2012		2011		2012		2011		2012		2011		2012		2011		2012		2011
PPL
Total gains (losses) included in earnings		$	18	$	5	$	(2)	$	(4)			$	(3)			$	(2)	$	(1)
Change in unrealized gains (losses) relating
	to positions still held at the reporting date		39		5		(13)		(6)	$	1			$	1		17

PPL Energy Supply
Total gains (losses) included in earnings		$	18	$	5	$	(2)	$	(4)			$	(3)			$	(2)
Change in unrealized gains (losses) relating
	to positions still held at the reporting date		39		5		(13)		(6)	$	1			$	1		17

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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