Utility Rate Regulation (Tables)

3 Months Ended

Mar. 31, 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
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Current Regulatory Assets:
Gas supply clause	$	—	$	41	$	—	$	—	$	—	$	13	$	—	$	—
Rate adjustment mechanisms	194		96		—		—		—		—		—		—
Rate class charge	18		—		—		—		—		—		—		—
Renewable energy certificates	14		—		—		—		—		—		—		—
Derivative Instruments	13		41		—		—		—		—		—		—
Smart meter rider	4		5		4		5		—		—		—		—
Universal service rider	20		3		20		3		—		—		—		—
Storm damage costs	4		—		4		—		—		—		—		—
Fuel adjustment clause	25		38		—		—		6		9		19		29
Other	21		34		6		5		2		1		4		3
Total current regulatory assets	$	313	$	258	$	34	$	13	$	8	$	23	$	23	$	32
Noncurrent Regulatory Assets:
Defined benefit plans	$	771	$	778	$	353	$	353	$	205	$	209	$	136	$	140
Plant outage costs	43		46		—		—		11		12		32		34
Net metering	70		61		—		—		—		—		—		—
Environmental cost recovery	101		102		—		—		—		—		—		—
Taxes recoverable through future rates	46		47		—		—		—		—		—		—
Storm costs	123		118		—		—		15		7		14		3
Unamortized loss on debt	24		21		4		3		11		11		7		7
Interest rate swaps	8		7		—		—		8		7		—		—
Terminated interest rate swaps	63		63		—		—		37		37		26		26
Accumulated cost of removal of utility plant	203		212		203		212		—		—		—		—
AROs	293		295		—		—		76		76		217		219
Derivative instruments	7		—		—		—		—		—		—		—
Other	68		69		—		—		15		14		15		13
Total noncurrent regulatory assets	$	1,820	$	1,819	$	560	$	568	$	378	$	373	$	447	$	442

	PPL				PPL Electric				LG&E				KU
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Current Regulatory Liabilities:
Generation supply charge	$	48	$	37	$	48	$	37	$	—	$	—	$	—	$	—
Transmission service charge	11		14		11		7		—		—		—		—
TCJA customer refund	6		15		6		15		—		—		—		—
Act 129 compliance rider	16		14		16		14		—		—		—		—
Transmission formula rate	13		12		13		12		—		—		—		—
Rate adjustment mechanism	124		96		—		—		—		—		—		—
Energy efficiency	23		23		—		—		—		—		—		—
Gas supply clause	9		—		—		—		9		—		—		—
Other	32		27		—		—		4		7		5		6
Total current regulatory liabilities	$	282	$	238	$	94	$	85	$	13	$	7	$	5	$	6

	PPL				PPL Electric				LG&E				KU
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	965	$	950	$	—	$	—	$	293	$	287	$	393	$	389
Power purchase agreement - OVEC	24		26		—		—		17		18		7		8
Net deferred taxes	2,086		2,094		780		775		473		477		541		546
Defined benefit plans	212		187		52		45		21		21		57		56
Terminated interest rate swaps	60		60		—		—		30		30		30		30
Energy efficiency	36		32		—		—		—		—		—		—
Other	36		63		—		—		—		—		—		—
Total noncurrent regulatory liabilities	$	3,419	$	3,412	$	832	$	820	$	834	$	833	$	1,028	$	1,029