Utility Rate Regulation (Tables)

12 Months Ended

Dec. 31, 2020

Regulated Operations [Line Items]

Regulatory Assets and Liabilities

The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations at December 31:

	PPL				PPL Electric
	2020		2019		2020		2019
Current Regulatory Assets:
Plant outage costs	$	46	$	32	$	—	$	—
Gas supply clause	4		8		—		—
Smart meter rider	17		13		17		13
Storm costs	7		—		7		—
Transmission formula rate	15		3		15		3
Transmission service charge	—		10		—		10
Other	10		1		1		—
Total current regulatory assets (a)	$	99	$	67	$	40	$	26
Noncurrent Regulatory Assets:
Defined benefit plans	$	570	$	800	$	290	$	467
Storm costs	17		39		—		15
Unamortized loss on debt	30		41		8		18
Interest rate swaps	23		22		—		—
Terminated interest rate swaps	75		81		—		—
Accumulated cost of removal of utility plant	240		220		240		220
AROs	300		279		—		—
Act 129 compliance rider	—		6		—		6
Other	7		4		3		—
Total noncurrent regulatory assets	$	1,262	$	1,492	$	541	$	726

	PPL				PPL Electric
	2020		2019		2020		2019
Current Regulatory Liabilities:
Generation supply charge	$	21	$	23	$	21	$	23
Environmental cost recovery	4		5		—		—
Universal service rider	22		9		22		9
Fuel adjustment clause	5		8		—		—
TCJA customer refund	11		61		11		59
Storm damage expense rider	6		5		6		5
Act 129 compliance rider	7		—		7		—
Other	3		4		1		—
Total current regulatory liabilities	$	79	$	115	$	68	$	96
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	653	$	640	$	—	$	—
Power purchase agreement - OVEC	43		51		—		—
Net deferred taxes	1,690		1,756		560		588
Defined benefit plans	60		51		18		11
Terminated interest rate swaps	66		68		—		—
Other	18		6		—		—
Total noncurrent regulatory liabilities	$	2,530	$	2,572	$	578	$	599

	LKE				LG&E				KU
	2020		2019		2020		2019		2020		2019
Current Regulatory Assets:
Plant outage costs	$	46	$	32	$	12	$	16	$	34	$	16
Gas supply clause	4		8		4		8		—		—
Other	9		1		7		1		2		—
Total current regulatory assets	$	59	$	41	$	23	$	25	$	36	$	16
Noncurrent Regulatory Assets:
Defined benefit plans	$	280	$	333	$	174	$	206	$	106	$	127
Storm costs	17		24		11		14		6		10
Unamortized loss on debt	22		23		13		14		9		9
Interest rate swaps	23		22		23		22		—		—
Terminated interest rate swaps	75		81		44		47		31		34
AROs	300		279		85		76		215		203
Other	4		4		1		1		3		3
Total noncurrent regulatory assets	$	721	$	766	$	351	$	380	$	370	$	386

	LKE				LG&E				KU
	2020		2019		2020		2019		2020		2019
Current Regulatory Liabilities:
Environmental cost recovery	$	4	$	5	$	—	$	1	$	4	$	4
Fuel adjustment clauses	5		8		—		—		5		8
Other	2		6		—		1		2		5
Total current regulatory liabilities	$	11	$	19	$	—	$	2	$	11	$	17
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	653	$	640	$	274	$	266	$	379	$	374
Power purchase agreement - OVEC	43		51		30		35		13		16
Net deferred taxes	1,130		1,168		528		544		602		624
Defined benefit plans	42		40		—		—		42		40
Terminated interest rate swaps	66		68		33		34		33		34
Other	18		6		17		4		1		2
Total noncurrent regulatory liabilities	$	1,952	$	1,973	$	882	$	883	$	1,070	$	1,090

(a)For PPL, these amounts are included in "Other current assets" on the Balance Sheets.