Utility Rate Regulation (Tables)

3 Months Ended

Mar. 31, 2021

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
	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Current Regulatory Assets:
Plant outage costs	$	55	$	46	$	—	$	—
Gas supply clause	8		4		—		—
Smart meter rider	21		17		21		17
Transmission formula rate	20		15		20		15
Storm costs	5		7		5		7
Other	12		10		1		1
Total current regulatory assets	$	121	$	99	$	47	$	40
Noncurrent Regulatory Assets:
Defined benefit plans	$	556	$	570	$	282	$	290
Storm costs	14		17		—		—
Unamortized loss on debt	29		30		7		8
Interest rate swaps	18		23		—		—
Terminated interest rate swaps	74		75		—		—
Accumulated cost of removal of utility plant	234		240		234		240
AROs	304		300		—		—
Other	4		7		2		3
Total noncurrent regulatory assets	$	1,233	$	1,262	$	525	$	541

	PPL				PPL Electric
	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Current Regulatory Liabilities:
Generation supply charge	$	18	$	21	$	18	$	21
Transmission service charge	27		1		27		1
Environmental cost recovery	6		4		—		—
Universal service rider	16		22		16		22
Fuel adjustment clause	5		5		—		—
TCJA customer refund	15		11		15		11
Storm damage expense rider	5		6		5		6
Act 129 compliance rider	6		7		6		7
Challenge to transmission formula rate return on equity reserve (a)	27		—		27		—
Other	5		2		—		—
Total current regulatory liabilities	$	130	$	79	$	114	$	68
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	665	$	653	$	—	$	—
Power purchase agreement - OVEC	41		43		—		—
Net deferred taxes	1,673		1,690		552		560
Defined benefit plans	64		60		21		18
Terminated interest rate swaps	65		66		—		—
Other	18		18		—		—
Total noncurrent regulatory liabilities	$	2,526	$	2,530	$	573	$	578

	LKE				LG&E				KU
	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Current Regulatory Assets:
Plant outage costs	$	55	$	46	$	20	$	12	$	35	$	34
Gas supply clause	8		4		8		4		—		—
Other	11		9		8		7		3		2
Total current regulatory assets	$	74	$	59	$	36	$	23	$	38	$	36
Noncurrent Regulatory Assets:
Defined benefit plans	$	274	$	280	$	170	$	174	$	104	$	106
Storm costs	14		17		9		11		5		6
Unamortized loss on debt	22		22		13		13		9		9
Interest rate swaps	18		23		18		23		—		—
Terminated interest rate swaps	74		75		43		44		31		31
AROs	304		300		85		85		219		215
Other	2		4		1		1		1		3
Total noncurrent regulatory assets	$	708	$	721	$	339	$	351	$	369	$	370

	LKE				LG&E				KU
	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Current Regulatory Liabilities:
Environmental cost recovery	$	6	$	4	$	—	$	—	$	6	$	4
Fuel adjustment clause	5		5		1		—		4		5
Other	5		2		2		—		3		2
Total current regulatory liabilities	$	16	$	11	$	3	$	—	$	13	$	11
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	665	$	653	$	278	$	274	$	387	$	379
Power purchase agreement - OVEC	41		43		28		30		13		13
Net deferred taxes	1,121		1,130		525		528		596		602
Defined benefit plans	43		42		1		—		42		42
Terminated interest rate swaps	65		66		33		33		32		33
Other	18		18		16		17		2		1
Total noncurrent regulatory liabilities	$	1,953	$	1,952	$	881	$	882	$	1,072	$	1,070