Utility Rate Regulation (Tables)

12 Months Ended

Dec. 31, 2023

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				LG&E				KU
	2023		2022		2023		2022		2023		2022		2023		2022
Current Regulatory Assets:
Gas supply clause	$	—	$	41	$	—	$	—	$	—	$	13	$	—	$	—
Rate adjustment mechanism	118		96		—		—		—		—		—		—
Renewable energy certificates	14		14		—		—		—		—		—		—
Derivative Instruments	51		41		—		—		—		—		—		—
Smart meter rider	6		5		6		5		—		—		—		—
Storm damage expense	12		—		12		—		—		—		—		—
Universal service rider	—		3		—		3		—		—		—		—
Fuel adjustment clause	4		38		—		—		3		9		—		29
Transmission service charge	43		—		31		—		—		—		—		—
DSIC	7		5		7		5		—		—		—		—
Other	38		15		1		—		4		1		3		3
Total current regulatory assets	$	293	$	258	$	57	$	13	$	7	$	23	$	3	$	32
Noncurrent Regulatory Assets:
Defined benefit plans	$	887	$	778	$	417	$	353	$	217	$	209	$	136	$	140
Plant outage cost	38		46		—		—		10		12		28		34
Net Metering	112		61		—		—		—		—		—		—
Environmental Cost recovery	99		102		—		—		—		—		—		—
Taxes recoverable through future rates	—		47		—		—		—		—		—		—
Storm costs	97		118		—		—		15		7		14		3
Unamortized loss on debt	22		21		3		3		10		11		7		7
Interest rate swaps	7		7		—		—		7		7		—		—
Terminated interest rate swaps	58		63		—		—		34		37		24		26
Accumulated cost of removal of utility plant	178		212		178		212		—		—		—		—
AROs	289		295		—		—		76		76		213		219
Derivative Instruments	8		—		—		—		—		—		—		—
Other	79		69		—		—		26		14		17		13
Total noncurrent regulatory assets	$	1,874	$	1,819	$	598	$	568	$	395	$	373	$	439	$	442

	PPL				PPL Electric				LG&E				KU
	2023		2022		2023		2022		2023		2022		2023		2022
Current Regulatory Liabilities:
Generation supply charge	$	51	$	37	$	51	$	37	$	—	$	—	$	—	$	—
Transmission service charge	—		14		—		7		—		—		—		—
TCJA customer refund	5		15		5		15		—		—		—		—
Act 129 compliance rider	15		14		15		14		—		—		—		—
Transmission formula rate	21		12		18		12		—		—		—		—
Rate adjustment mechanism	72		96		—		—		—		—		—		—
Energy efficiency	23		23		—		—		—		—		—		—
Gas supply clause	15		—		—		—		15		—		—		—
Other	23		27		2		—		1		7		1		6
Total current regulatory liabilities	$	225	$	238	$	91	$	85	$	16	$	7	$	1	$	6
Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	996	$	950	$	—	$	—	$	306	$	287	$	399	$	389
Power purchase agreement - OVEC	19		26		—		—		13		18		6		8
Net deferred taxes	1,977		2,094		763		775		459		477		523		546
Defined benefit plans	252		187		73		45		20		21		59		56
Terminated interest rate swaps	57		60		—		—		29		30		28		30
Energy efficiency	5		32		—		—		—		—		—		—
Other	34		63		—		—		—		—		3		—
Total noncurrent regulatory liabilities	$	3,340	$	3,412	$	836	$	820	$	827	$	833	$	1,018	$	1,029