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 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
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 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
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 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
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