Financing Activities (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Line Items]

Credit Facilities in Place at Period End

The following credit facilities were in place at:

	December 31, 2023									December 31, 2022
	Expiration Date	Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (d)		Unused Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (d)
PPL
PPL Capital Funding
Syndicated Credit Facility (a) (b) (c)	Dec 2027	$	1,250	$	—	$	390	$	860	$	—	$	561
Bilateral Credit Facility (a) (b)	Mar 2024	100		—		—		100		—		—
Bilateral Credit Facility (a) (b)	Mar 2024	100		—		13		87		—		58
Total PPL Capital Funding Credit Facilities		$	1,450	$	—	$	403	$	1,047	$	—	$	619
PPL Electric
Syndicated Credit Facility (a) (b)	Dec 2027	650		—		511		139		—		146
Term Loan Credit Facility (a) (b)	Mar 2024	—		—		—		—		250		—
Total PPL Electric Credit Facilities		$	650	$	—	$	511	$	139	$	250	$	146

	December 31, 2023									December 31, 2022
	Expiration Date	Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (d)		Unused Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (d)
LG&E
Syndicated Credit Facility (a) (b)	Dec 2027	500		—		—		500		—		180
Term Loan Credit Facility (a) (b)	Jul 2024	—		—		—		—		300		—
Total LG&E Credit Facilities		$	500	$	—	$	—	$	500	$	300	$	180
KU
Syndicated Credit Facility (a) (b)	Dec 2027	400		—		93		307		—		101
Term Loan Credit Facility (a) (b)	Jul 2024	—		—		—		—		300		—
Total KU Credit Facilities		$	400	$	—	$	93	$	307	$	300	$	101

(a)Each company pays customary fees under its respective facility and borrowings generally bear interest at applicable secured overnight financing rates or base rates, plus an applicable margin.

(b)The facilities contain a financial covenant requiring debt to total capitalization not to exceed 70% for PPL Capital Funding, RIE, PPL Electric, LG&E and KU, as calculated in accordance with the facilities and other customary covenants. Additionally, subject to certain conditions, PPL Capital Funding may request that the capacity of one of its bilateral credit facilities expiring in March 2024 be increased by up to $30 million and PPL Capital Funding, PPL Electric, LG&E and KU may each request up to a $250 million increase in its syndicated credit facility's capacity. Participation in any such increase is at the sole discretion of each lender.

(c)Included a $250 million borrowing sublimit for RIE and a $1 billion sublimit for PPL Capital Funding at December 31, 2023. At December 31, 2023, PPL Capital Funding had $365 million commercial paper outstanding and RIE had $25 million of commercial paper outstanding. RIE's obligations under the facility are not guaranteed by PPL. On January 5, 2024, the borrowing sublimits under the facility were reallocated to $400 million at RIE and $850 million at PPL Capital Funding.

(d)Commercial paper issued reflects the undiscounted face value of the issuance.

Commercial paper

The following commercial paper programs were in place at:

	December 31, 2023							December 31, 2022
	Weighted - Average Interest Rate	Capacity		Commercial Paper Issuances (c)		Unused Capacity		Weighted - Average Interest Rate	Commercial Paper Issuances (c)
PPL Capital Funding (a)	5.66%	$	1,350	$	365	$	985	4.84%	$	561
RIE (b)	5.72%	400		25		375
PPL Electric	5.67%	650		510		140		4.74%	145
LG&E		500		—		500		4.94%	180
KU	5.64%	400		93		307		4.90%	101
Total		$	3,300	$	993	$	2,307		$	987

(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL.

(b)Issuances under the PPL Capital Funding and RIE commercial paper programs are supported by the PPL Capital Funding syndicated credit facility, which has a total capacity of $1.25 billion and under which they are both borrowers. PPL Capital Funding’s Commercial paper program is also backed by a separate bilateral credit facility for $100 million. The PPL Capital Funding syndicated credit facility includes a borrowing sublimit for RIE, which at December 31, 2023 was set at $250 million with the remaining $1 billion allocated to PPL Capital Funding. RIE's obligations under the facility are not guaranteed by PPL. The sublimits of each borrower may be decreased or increased at the borrowers’ option up to a prescribed amount such that all borrowings under the syndicated credit facility cannot exceed the size of the credit facility of $1.25 billion. On January 5, 2024, the borrowing sublimits under the facility were reallocated to $400 million at RIE and $850 million at PPL Capital Funding.

(c)Commercial paper issued reflects the undiscounted face value of the issuance.

Long-term Debt

Long-term Debt (All Registrants)

				December 31,
	Weighted-Average Rate (d)		Maturities (d)	2023		2022
PPL
Senior Unsecured Notes	3.95	%	2026 - 2047	$	3,066	$	3,066
Senior Secured Notes/First Mortgage Bonds (a) (b) (c)	4.35	%	2025 - 2053	10,229		8,957
Exchangeable Senior Unsecured Notes	2.88	%	2028	1,000		—
Junior Subordinated Notes	8.27	%	2067	480		480
Term Loan Credit Facility				—		850
Total Long-term Debt before adjustments				14,775		13,353
Unamortized premium and (discount), net				(55)		(32)
Unamortized debt issuance costs				(108)		(78)
Total Long-term Debt				14,612		13,243
Less current portion of Long-term Debt				1		354
Total Long-term Debt, noncurrent				$	14,611	$	12,889

				December 31,
	Weighted-Average Rate (d)		Maturities (d)	2023		2022
PPL Electric
Senior Secured Notes/First Mortgage Bonds (a) (b)	4.61	%	2027 - 2053	$	4,649	$	4,289
Term Loan Credit Facility				—		250
Total Long-term Debt Before Adjustments				4,649		4,539
Unamortized discount				(42)		(22)
Unamortized debt issuance costs				(40)		(31)
Total Long-term Debt				4,567		4,486
Less current portion of Long-term Debt				—		340
Total Long-term Debt, noncurrent				$	4,567	$	4,146
LG&E
Senior Secured Notes/First Mortgage Bonds (a) (c)	4.02	%	2025 - 2054	$	2,489	$	2,024
Term Loan Credit Facility				—		300
Total Long-term Debt Before Adjustments				2,489		2,324
Unamortized discount				(4)		(4)
Unamortized debt issuance costs				(16)		(13)
Total Long-term Debt				2,469		2,307
Less current portion of Long-term Debt				—		—
Total Long-term Debt, noncurrent				$	2,469	$	2,307
KU
Senior Secured Notes/First Mortgage Bonds (a) (c)	4.22	%	2025 - 2054	$	3,089	$	2,642
Term Loan Credit Facility				—		300
Total Long-term Debt Before Adjustments				3,089		2,942
Unamortized premium				5		5
Unamortized discount				(9)		(9)
Unamortized debt issuance costs				(21)		(18)
Total Long-term Debt				3,064		2,920
Less current portion of Long-term Debt				—		13
Total Long-term Debt, noncurrent				$	3,064	$	2,907

(a)Includes PPL Electric's senior secured and first mortgage bonds that are secured by the lien of PPL Electric's 2001 Mortgage Indenture, which covers substantially all of PPL Electric’s tangible distribution properties and certain of its tangible transmission properties located in Pennsylvania, subject to certain exceptions and exclusions. The carrying value of PPL Electric's property, plant and equipment was approximately $12.4 billion and $11.8 billion at December 31, 2023 and 2022.

Includes LG&E's first mortgage bonds that are secured by the lien of the LG&E 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of LG&E's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity and the storage and distribution of natural gas. The aggregate carrying value of the property subject to the lien was $5.9 billion and $5.8 billion at December 31, 2023 and 2022.

Includes KU's first mortgage bonds that are secured by the lien of the KU 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of KU's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity. The aggregate carrying value of the property subject to the lien was $7.3 billion and $7.1 billion at December 31, 2023 and 2022.

(b)Includes PPL Electric's series of senior secured bonds that secure its obligations to make payments with respect to each series of Pollution Control Bonds that were issued by the LCIDA and the PEDFA on behalf of PPL Electric. These senior secured bonds were issued in the same principal amount, contain payment and redemption provisions that correspond to and bear the same interest rate as such Pollution Control Bonds. These senior secured bonds were issued under PPL Electric's 2001 Mortgage Indenture and are secured as noted in (a) above. The tax-exempt revenue bonds are subject to mandatory redemption upon determination that the interest rate on the bonds would be included in the holders' gross income for federal tax purposes.

(c)Includes LG&E's and KU's series of first mortgage bonds that were issued to the respective trustees of tax-exempt revenue bonds to secure its respective obligations to make payments with respect to each series of bonds. The first mortgage bonds were issued in the same principal amounts, contain payment and redemption provisions that correspond to and bear the same interest rate as such tax-exempt revenue bonds. These first mortgage bonds were issued under the LG&E 2010 Mortgage Indenture and the KU 2010 Mortgage Indenture and are secured as noted in (a) above. The related tax-exempt revenue

bonds were issued by various governmental entities, principally counties in Kentucky, on behalf of LG&E and KU. The related revenue bond documents allow LG&E and KU to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, term rate of at least one year or, in some cases, an auction rate or a SOFR index rate. At December 31, 2023, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a term rate mode totaled $894 million for PPL, comprised of $538 million and $356 million for LG&E and KU. At December 31, 2023, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $66 million and $33 million for LG&E and KU. These variable rate tax-exempt revenue bonds are subject to tender for purchase by LG&E and KU at the option of the holder and to mandatory tender for purchase by LG&E and KU upon the occurrence of certain events.

(d)The table reflects principal maturities only, based on stated maturities, sinking fund requirements, or earlier put dates, and the weighted-average rates as of December 31, 2023.

Long-term Debt Maturities

The aggregate maturities of long-term debt, based on sinking fund requirements, stated maturities or earlier put dates, for the periods 2024 through 2028 and thereafter are as follows:

	PPL		PPL Electric		LG&E		KU
2024	$	1	$	—	$	—	$	—
2025	551		—		300		250
2026	904		—		90		164
2027	428		108		260		60
2028	1,350		—		—		—
Thereafter	11,541		4,541		1,839		2,615
Total	$	14,775	$	4,649	$	2,489	$	3,089