false0000922224--12-31Large Accelerated
Filerfalsefalse2022Q3false0000317187Non-accelerated
Filerfalsefalsefalse0000060549Non-accelerated
Filerfalsefalsefalse0000055387Non-accelerated
FilerfalsefalseKYVAhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMember
XX. Summary of Significant Accounting Policies
(All Registrants)
The following accounting policy disclosures represent updates to
Note 1 in each Registrant's 2022 Form 10-K and should be read in
conjunction with those disclosures.
Restricted Cash and Cash Equivalents
(PPL)
Reconciliation of Cash, Cash Equivalents and Restricted
Cash
The following provides a reconciliation of Cash, Cash Equivalents
and Restricted Cash reported within the Balance Sheets that sum to
the total of the same amounts shown on the Statements of Cash
Flows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL |
|
March 31,
2023 |
|
|
|
December 31,
2022 |
|
Cash and cash equivalents |
$ |
460 |
|
|
|
|
$ |
356 |
|
|
Restricted cash - current (a) |
1 |
|
|
|
|
1 |
|
|
Total Cash, Cash Equivalents and Restricted Cash |
$ |
461 |
|
|
|
|
$ |
357 |
|
(a)Bank
deposits and other cash equivalents that are restricted by
agreement or that have been clearly designated for a specific
purpose are classified as restricted cash. On the Balance Sheets,
the current portion of restricted cash is included in "Other
current assets."
The following provides a reconciliation of Cash, Cash Equivalents
and Restricted Cash reported within the Balance Sheets that sum to
the total of the same amounts shown on the Statements of Cash
Flows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL |
|
March 31,
2023 |
|
|
|
December 31,
2022 |
|
Cash and cash equivalents |
$ |
460 |
|
|
|
|
$ |
356 |
|
|
Restricted cash - current (a) |
1 |
|
|
|
|
1 |
|
|
Total Cash, Cash Equivalents and Restricted Cash |
$ |
461 |
|
|
|
|
$ |
357 |
|
(a)Bank
deposits and other cash equivalents that are restricted by
agreement or that have been clearly designated for a specific
purpose are classified as restricted cash. On the Balance Sheets,
the current portion of restricted cash is included in "Other
current assets."
46035611461357121111http://www.pplelectric.com/20230331#CEPReservesIncMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://www.pplelectric.com/20230331#CEPReservesIncMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpense00009222242023-01-012023-03-310000922224ppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224ppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224us-gaap:CommonStockMember2023-01-012023-03-310000922224ppl:A2007SeriesADue2067Member2023-01-012023-03-3100009222242023-04-28xbrli:shares0000922224ppl:PplElectricUtilitiesCorpMember2023-04-280000922224ppl:LouisvilleGasAndElectricCoMember2023-04-280000922224ppl:KentuckyUtilitiesCoMember2023-04-28iso4217:USD00009222242022-01-012022-03-31iso4217:USDxbrli:shares00009222242022-12-3100009222242021-12-3100009222242023-03-3100009222242022-03-310000922224us-gaap:CommonStockMember2022-12-310000922224us-gaap:AdditionalPaidInCapitalMember2022-12-310000922224us-gaap:TreasuryStockCommonMember2022-12-310000922224us-gaap:RetainedEarningsMember2022-12-310000922224us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000922224us-gaap:NoncontrollingInterestMember2022-12-310000922224us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000922224us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000922224us-gaap:RetainedEarningsMember2023-01-012023-03-310000922224us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000922224us-gaap:CommonStockMember2023-03-310000922224us-gaap:AdditionalPaidInCapitalMember2023-03-310000922224us-gaap:TreasuryStockCommonMember2023-03-310000922224us-gaap:RetainedEarningsMember2023-03-310000922224us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000922224us-gaap:NoncontrollingInterestMember2023-03-310000922224us-gaap:CommonStockMember2021-12-310000922224us-gaap:AdditionalPaidInCapitalMember2021-12-310000922224us-gaap:TreasuryStockCommonMember2021-12-310000922224us-gaap:RetainedEarningsMember2021-12-310000922224us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000922224us-gaap:NoncontrollingInterestMember2021-12-310000922224us-gaap:CommonStockMember2022-01-012022-03-310000922224us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000922224us-gaap:TreasuryStockCommonMember2022-01-012022-03-310000922224us-gaap:RetainedEarningsMember2022-01-012022-03-310000922224us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000922224us-gaap:CommonStockMember2022-03-310000922224us-gaap:AdditionalPaidInCapitalMember2022-03-310000922224us-gaap:TreasuryStockCommonMember2022-03-310000922224us-gaap:RetainedEarningsMember2022-03-310000922224us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000922224us-gaap:NoncontrollingInterestMember2022-03-31ppl:vote0000922224ppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224us-gaap:RelatedPartyMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224us-gaap:RelatedPartyMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:PplElectricUtilitiesCorpMember2021-12-310000922224ppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:PplElectricUtilitiesCorpMember2022-03-310000922224us-gaap:NonrelatedPartyMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:NonrelatedPartyMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:RelatedPartyMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:RelatedPartyMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:CommonStockMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:RetainedEarningsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:RetainedEarningsMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224us-gaap:CommonStockMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:RetainedEarningsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:CommonStockMemberppl:PplElectricUtilitiesCorpMember2021-12-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:PplElectricUtilitiesCorpMember2021-12-310000922224us-gaap:RetainedEarningsMemberppl:PplElectricUtilitiesCorpMember2021-12-310000922224us-gaap:RetainedEarningsMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224us-gaap:CommonStockMemberppl:PplElectricUtilitiesCorpMember2022-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:PplElectricUtilitiesCorpMember2022-03-310000922224us-gaap:RetainedEarningsMemberppl:PplElectricUtilitiesCorpMember2022-03-310000922224ppl:LouisvilleGasAndElectricCoMemberus-gaap:NonrelatedPartyMember2023-01-012023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberus-gaap:NonrelatedPartyMember2022-01-012022-03-310000922224us-gaap:RelatedPartyMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224us-gaap:RelatedPartyMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:LouisvilleGasAndElectricCoMember2021-12-310000922224ppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMember2022-03-310000922224ppl:LouisvilleGasAndElectricCoMemberus-gaap:NonrelatedPartyMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberus-gaap:NonrelatedPartyMember2022-12-310000922224us-gaap:RelatedPartyMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:RelatedPartyMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:CommonStockMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:RetainedEarningsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:RetainedEarningsMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224us-gaap:CommonStockMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:RetainedEarningsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:CommonStockMemberppl:LouisvilleGasAndElectricCoMember2021-12-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:LouisvilleGasAndElectricCoMember2021-12-310000922224us-gaap:RetainedEarningsMemberppl:LouisvilleGasAndElectricCoMember2021-12-310000922224us-gaap:RetainedEarningsMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224us-gaap:CommonStockMemberppl:LouisvilleGasAndElectricCoMember2022-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:LouisvilleGasAndElectricCoMember2022-03-310000922224us-gaap:RetainedEarningsMemberppl:LouisvilleGasAndElectricCoMember2022-03-310000922224ppl:KentuckyUtilitiesCoMemberus-gaap:NonrelatedPartyMember2023-01-012023-03-310000922224ppl:KentuckyUtilitiesCoMemberus-gaap:NonrelatedPartyMember2022-01-012022-03-310000922224us-gaap:RelatedPartyMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224us-gaap:RelatedPartyMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224ppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224ppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:KentuckyUtilitiesCoMember2021-12-310000922224ppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:KentuckyUtilitiesCoMember2022-03-310000922224ppl:KentuckyUtilitiesCoMemberus-gaap:NonrelatedPartyMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberus-gaap:NonrelatedPartyMember2022-12-310000922224us-gaap:RelatedPartyMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:RelatedPartyMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:CommonStockMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:RetainedEarningsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:RetainedEarningsMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224us-gaap:CommonStockMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:RetainedEarningsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:CommonStockMemberppl:KentuckyUtilitiesCoMember2021-12-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:KentuckyUtilitiesCoMember2021-12-310000922224us-gaap:RetainedEarningsMemberppl:KentuckyUtilitiesCoMember2021-12-310000922224us-gaap:RetainedEarningsMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224us-gaap:CommonStockMemberppl:KentuckyUtilitiesCoMember2022-03-310000922224us-gaap:AdditionalPaidInCapitalMemberppl:KentuckyUtilitiesCoMember2022-03-310000922224us-gaap:RetainedEarningsMemberppl:KentuckyUtilitiesCoMember2022-03-31ppl:Integer0000922224ppl:KentuckyRegulatedMember2023-01-012023-03-310000922224ppl:KentuckyRegulatedMember2022-01-012022-03-310000922224ppl:PennsylvaniaRegulatedMember2023-01-012023-03-310000922224ppl:PennsylvaniaRegulatedMember2022-01-012022-03-310000922224ppl:RhodeIslandRegulatedMember2023-01-012023-03-310000922224ppl:RhodeIslandRegulatedMember2022-01-012022-03-310000922224us-gaap:CorporateMember2023-01-012023-03-310000922224us-gaap:CorporateMember2022-01-012022-03-310000922224ppl:KentuckyRegulatedMember2023-03-310000922224ppl:KentuckyRegulatedMember2022-12-310000922224ppl:PennsylvaniaRegulatedMember2023-03-310000922224ppl:PennsylvaniaRegulatedMember2022-12-310000922224ppl:RhodeIslandRegulatedMember2023-03-310000922224ppl:RhodeIslandRegulatedMember2022-12-310000922224us-gaap:CorporateMember2023-03-310000922224us-gaap:CorporateMember2022-12-310000922224ppl:PplElectricUtilitiesCorporationMember2023-01-012023-03-310000922224ppl:ResidentialMemberppl:PennsylvaniaRegulatedMember2023-01-012023-03-310000922224ppl:CommercialMemberppl:PennsylvaniaRegulatedMember2023-01-012023-03-310000922224ppl:PennsylvaniaRegulatedMemberppl:IndustrialMember2023-01-012023-03-310000922224ppl:OtherMemberppl:PennsylvaniaRegulatedMember2023-01-012023-03-310000922224ppl:WholesaleMunicipalMemberppl:PennsylvaniaRegulatedMember2023-01-012023-03-310000922224ppl:WholesaleOtherMemberppl:PennsylvaniaRegulatedMember2023-01-012023-03-310000922224ppl:TransmissionMemberppl:PennsylvaniaRegulatedMember2023-01-012023-03-310000922224ppl:KentuckyRegulatedMemberppl:ResidentialMember2023-01-012023-03-310000922224ppl:KentuckyRegulatedMemberppl:CommercialMember2023-01-012023-03-310000922224ppl:KentuckyRegulatedMemberppl:IndustrialMember2023-01-012023-03-310000922224ppl:OtherMemberppl:KentuckyRegulatedMember2023-01-012023-03-310000922224ppl:WholesaleMunicipalMemberppl:KentuckyRegulatedMember2023-01-012023-03-310000922224ppl:KentuckyRegulatedMemberppl:WholesaleOtherMember2023-01-012023-03-310000922224ppl:KentuckyRegulatedMemberppl:TransmissionMember2023-01-012023-03-310000922224ppl:ResidentialMemberppl:RhodeIslandRegulatedMember2023-01-012023-03-310000922224ppl:CommercialMemberppl:RhodeIslandRegulatedMember2023-01-012023-03-310000922224ppl:RhodeIslandRegulatedMemberppl:IndustrialMember2023-01-012023-03-310000922224ppl:OtherMemberppl:RhodeIslandRegulatedMember2023-01-012023-03-310000922224ppl:WholesaleMunicipalMemberppl:RhodeIslandRegulatedMember2023-01-012023-03-310000922224ppl:WholesaleOtherMemberppl:RhodeIslandRegulatedMember2023-01-012023-03-310000922224ppl:TransmissionMemberppl:RhodeIslandRegulatedMember2023-01-012023-03-310000922224ppl:ResidentialMemberus-gaap:CorporateMember2023-01-012023-03-310000922224ppl:CommercialMemberus-gaap:CorporateMember2023-01-012023-03-310000922224us-gaap:CorporateMemberppl:IndustrialMember2023-01-012023-03-310000922224ppl:OtherMemberus-gaap:CorporateMember2023-01-012023-03-310000922224ppl:WholesaleMunicipalMemberus-gaap:CorporateMember2023-01-012023-03-310000922224us-gaap:CorporateMemberppl:WholesaleOtherMember2023-01-012023-03-310000922224ppl:TransmissionMemberus-gaap:CorporateMember2023-01-012023-03-310000922224ppl:ResidentialMember2023-01-012023-03-310000922224ppl:CommercialMember2023-01-012023-03-310000922224ppl:IndustrialMember2023-01-012023-03-310000922224ppl:OtherMember2023-01-012023-03-310000922224ppl:WholesaleMunicipalMember2023-01-012023-03-310000922224ppl:WholesaleOtherMember2023-01-012023-03-310000922224ppl:TransmissionMember2023-01-012023-03-310000922224ppl:ResidentialMemberppl:PennsylvaniaRegulatedMember2022-01-012022-03-310000922224ppl:CommercialMemberppl:PennsylvaniaRegulatedMember2022-01-012022-03-310000922224ppl:PennsylvaniaRegulatedMemberppl:IndustrialMember2022-01-012022-03-310000922224ppl:OtherMemberppl:PennsylvaniaRegulatedMember2022-01-012022-03-310000922224ppl:WholesaleMunicipalMemberppl:PennsylvaniaRegulatedMember2022-01-012022-03-310000922224ppl:WholesaleOtherMemberppl:PennsylvaniaRegulatedMember2022-01-012022-03-310000922224ppl:TransmissionMemberppl:PennsylvaniaRegulatedMember2022-01-012022-03-310000922224ppl:KentuckyRegulatedMemberppl:ResidentialMember2022-01-012022-03-310000922224ppl:KentuckyRegulatedMemberppl:CommercialMember2022-01-012022-03-310000922224ppl:KentuckyRegulatedMemberppl:IndustrialMember2022-01-012022-03-310000922224ppl:OtherMemberppl:KentuckyRegulatedMember2022-01-012022-03-310000922224ppl:WholesaleMunicipalMemberppl:KentuckyRegulatedMember2022-01-012022-03-310000922224ppl:KentuckyRegulatedMemberppl:WholesaleOtherMember2022-01-012022-03-310000922224ppl:KentuckyRegulatedMemberppl:TransmissionMember2022-01-012022-03-310000922224ppl:ResidentialMemberppl:RhodeIslandRegulatedMember2022-01-012022-03-310000922224ppl:CommercialMemberppl:RhodeIslandRegulatedMember2022-01-012022-03-310000922224ppl:RhodeIslandRegulatedMemberppl:IndustrialMember2022-01-012022-03-310000922224ppl:OtherMemberppl:RhodeIslandRegulatedMember2022-01-012022-03-310000922224ppl:WholesaleMunicipalMemberppl:RhodeIslandRegulatedMember2022-01-012022-03-310000922224ppl:WholesaleOtherMemberppl:RhodeIslandRegulatedMember2022-01-012022-03-310000922224ppl:TransmissionMemberppl:RhodeIslandRegulatedMember2022-01-012022-03-310000922224ppl:ResidentialMemberus-gaap:CorporateMember2022-01-012022-03-310000922224ppl:CommercialMemberus-gaap:CorporateMember2022-01-012022-03-310000922224us-gaap:CorporateMemberppl:IndustrialMember2022-01-012022-03-310000922224ppl:OtherMemberus-gaap:CorporateMember2022-01-012022-03-310000922224ppl:WholesaleMunicipalMemberus-gaap:CorporateMember2022-01-012022-03-310000922224us-gaap:CorporateMemberppl:WholesaleOtherMember2022-01-012022-03-310000922224ppl:TransmissionMemberus-gaap:CorporateMember2022-01-012022-03-310000922224ppl:ResidentialMember2022-01-012022-03-310000922224ppl:CommercialMember2022-01-012022-03-310000922224ppl:IndustrialMember2022-01-012022-03-310000922224ppl:OtherMember2022-01-012022-03-310000922224ppl:WholesaleMunicipalMember2022-01-012022-03-310000922224ppl:WholesaleOtherMember2022-01-012022-03-310000922224ppl:TransmissionMember2022-01-012022-03-310000922224ppl:ResidentialMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:CommercialMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:IndustrialMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:OtherMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:WholesaleMunicipalMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:WholesaleOtherMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:TransmissionMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:ResidentialMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:CommercialMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:IndustrialMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:OtherMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:WholesaleMunicipalMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:WholesaleOtherMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:TransmissionMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:ResidentialMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224ppl:CommercialMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224ppl:IndustrialMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224ppl:OtherMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224ppl:WholesaleMunicipalMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224ppl:WholesaleOtherMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224ppl:TransmissionMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224ppl:ResidentialMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:CommercialMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:IndustrialMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:OtherMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:WholesaleMunicipalMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:WholesaleOtherMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:TransmissionMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:ResidentialMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224ppl:CommercialMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224ppl:IndustrialMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224ppl:OtherMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224ppl:WholesaleMunicipalMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224ppl:WholesaleOtherMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224ppl:TransmissionMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224ppl:ResidentialMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224ppl:CommercialMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224ppl:IndustrialMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224ppl:OtherMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224ppl:WholesaleMunicipalMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224ppl:WholesaleOtherMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224ppl:TransmissionMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224us-gaap:EmployeeStockOptionMember2023-01-012023-03-310000922224us-gaap:EmployeeStockOptionMember2022-01-012022-03-310000922224us-gaap:AssetRecoverableGasCostsMember2023-03-310000922224us-gaap:AssetRecoverableGasCostsMember2022-12-310000922224ppl:PplElectricUtilitiesCorpMemberus-gaap:AssetRecoverableGasCostsMember2023-03-310000922224ppl:PplElectricUtilitiesCorpMemberus-gaap:AssetRecoverableGasCostsMember2022-12-310000922224ppl:LouisvilleGasAndElectricCoMemberus-gaap:AssetRecoverableGasCostsMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberus-gaap:AssetRecoverableGasCostsMember2022-12-310000922224ppl:KentuckyUtilitiesCoMemberus-gaap:AssetRecoverableGasCostsMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberus-gaap:AssetRecoverableGasCostsMember2022-12-310000922224ppl:RateAdjustmentMechanismMember2023-03-310000922224ppl:RateAdjustmentMechanismMember2022-12-310000922224ppl:PplElectricUtilitiesCorpMemberppl:RateAdjustmentMechanismMember2023-03-310000922224ppl:PplElectricUtilitiesCorpMemberppl:RateAdjustmentMechanismMember2022-12-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:RateAdjustmentMechanismMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:RateAdjustmentMechanismMember2022-12-310000922224ppl:KentuckyUtilitiesCoMemberppl:RateAdjustmentMechanismMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberppl:RateAdjustmentMechanismMember2022-12-310000922224ppl:RateClassChargeMember2023-03-310000922224ppl:RateClassChargeMember2022-12-310000922224ppl:RateClassChargeMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:RateClassChargeMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:RateClassChargeMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:RateClassChargeMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:RateClassChargeMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:RateClassChargeMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:RenewableEnergyProgramMember2023-03-310000922224us-gaap:RenewableEnergyProgramMember2022-12-310000922224ppl:PplElectricUtilitiesCorpMemberus-gaap:RenewableEnergyProgramMember2023-03-310000922224ppl:PplElectricUtilitiesCorpMemberus-gaap:RenewableEnergyProgramMember2022-12-310000922224ppl:LouisvilleGasAndElectricCoMemberus-gaap:RenewableEnergyProgramMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberus-gaap:RenewableEnergyProgramMember2022-12-310000922224ppl:KentuckyUtilitiesCoMemberus-gaap:RenewableEnergyProgramMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberus-gaap:RenewableEnergyProgramMember2022-12-310000922224ppl:DerivativeInstrumentsMember2023-03-310000922224ppl:DerivativeInstrumentsMember2022-12-310000922224ppl:PplElectricUtilitiesCorpMemberppl:DerivativeInstrumentsMember2023-03-310000922224ppl:PplElectricUtilitiesCorpMemberppl:DerivativeInstrumentsMember2022-12-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:DerivativeInstrumentsMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:DerivativeInstrumentsMember2022-12-310000922224ppl:KentuckyUtilitiesCoMemberppl:DerivativeInstrumentsMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberppl:DerivativeInstrumentsMember2022-12-310000922224ppl:SmartMeterRiderMember2023-03-310000922224ppl:SmartMeterRiderMember2022-12-310000922224ppl:PplElectricUtilitiesCorpMemberppl:SmartMeterRiderMember2023-03-310000922224ppl:PplElectricUtilitiesCorpMemberppl:SmartMeterRiderMember2022-12-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:SmartMeterRiderMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:SmartMeterRiderMember2022-12-310000922224ppl:KentuckyUtilitiesCoMemberppl:SmartMeterRiderMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberppl:SmartMeterRiderMember2022-12-310000922224ppl:UniversalServiceRiderMember2023-03-310000922224ppl:UniversalServiceRiderMember2022-12-310000922224ppl:UniversalServiceRiderMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:UniversalServiceRiderMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:UniversalServiceRiderMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:UniversalServiceRiderMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:UniversalServiceRiderMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:UniversalServiceRiderMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:StormDamageExpenseMember2023-03-310000922224ppl:StormDamageExpenseMember2022-12-310000922224ppl:PplElectricUtilitiesCorpMemberppl:StormDamageExpenseMember2023-03-310000922224ppl:PplElectricUtilitiesCorpMemberppl:StormDamageExpenseMember2022-12-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:StormDamageExpenseMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:StormDamageExpenseMember2022-12-310000922224ppl:KentuckyUtilitiesCoMemberppl:StormDamageExpenseMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberppl:StormDamageExpenseMember2022-12-310000922224us-gaap:DeferredFuelCostsMember2023-03-310000922224us-gaap:DeferredFuelCostsMember2022-12-310000922224us-gaap:DeferredFuelCostsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:DeferredFuelCostsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:DeferredFuelCostsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:DeferredFuelCostsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:DeferredFuelCostsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:DeferredFuelCostsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:OtherRegulatoryAssetsMember2023-03-310000922224ppl:OtherRegulatoryAssetsMember2022-12-310000922224ppl:OtherRegulatoryAssetsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:OtherRegulatoryAssetsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:OtherRegulatoryAssetsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:OtherRegulatoryAssetsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:OtherRegulatoryAssetsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:OtherRegulatoryAssetsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMember2023-03-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMember2022-12-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:PlantoutagecostsMember2023-03-310000922224ppl:PlantoutagecostsMember2022-12-310000922224ppl:PlantoutagecostsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:PlantoutagecostsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:PlantoutagecostsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:PlantoutagecostsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:PlantoutagecostsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:PlantoutagecostsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:NetMeteringMember2023-03-310000922224ppl:NetMeteringMember2022-12-310000922224ppl:PplElectricUtilitiesCorpMemberppl:NetMeteringMember2023-03-310000922224ppl:PplElectricUtilitiesCorpMemberppl:NetMeteringMember2022-12-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:NetMeteringMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:NetMeteringMember2022-12-310000922224ppl:KentuckyUtilitiesCoMemberppl:NetMeteringMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberppl:NetMeteringMember2022-12-310000922224ppl:EnvironmentalCostRecoveryMember2023-03-310000922224ppl:EnvironmentalCostRecoveryMember2022-12-310000922224ppl:EnvironmentalCostRecoveryMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:EnvironmentalCostRecoveryMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:EnvironmentalCostRecoveryMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:EnvironmentalCostRecoveryMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:EnvironmentalCostRecoveryMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:EnvironmentalCostRecoveryMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:TaxesRecoverableThroughFutureRatesMember2023-03-310000922224ppl:TaxesRecoverableThroughFutureRatesMember2022-12-310000922224ppl:TaxesRecoverableThroughFutureRatesMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:TaxesRecoverableThroughFutureRatesMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:TaxesRecoverableThroughFutureRatesMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:TaxesRecoverableThroughFutureRatesMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:TaxesRecoverableThroughFutureRatesMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:TaxesRecoverableThroughFutureRatesMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:StormCostsMember2023-03-310000922224us-gaap:StormCostsMember2022-12-310000922224us-gaap:StormCostsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:StormCostsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:StormCostsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:StormCostsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:StormCostsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:StormCostsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:LossOnReacquiredDebtMember2023-03-310000922224us-gaap:LossOnReacquiredDebtMember2022-12-310000922224us-gaap:LossOnReacquiredDebtMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:LossOnReacquiredDebtMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:LossOnReacquiredDebtMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:LossOnReacquiredDebtMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:LossOnReacquiredDebtMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:LossOnReacquiredDebtMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:InterestRateSwapMember2023-03-310000922224us-gaap:InterestRateSwapMember2022-12-310000922224us-gaap:InterestRateSwapMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:InterestRateSwapMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:InterestRateSwapMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:InterestRateSwapMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:TerminatedInterestRateSwapMember2023-03-310000922224ppl:TerminatedInterestRateSwapMember2022-12-310000922224ppl:TerminatedInterestRateSwapMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:TerminatedInterestRateSwapMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:TerminatedInterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:TerminatedInterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:TerminatedInterestRateSwapMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:TerminatedInterestRateSwapMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:RemovalCostsMember2023-03-310000922224us-gaap:RemovalCostsMember2022-12-310000922224us-gaap:RemovalCostsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:RemovalCostsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:RemovalCostsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:RemovalCostsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:RemovalCostsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:RemovalCostsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:AssetRetirementObligationCostsMember2023-03-310000922224us-gaap:AssetRetirementObligationCostsMember2022-12-310000922224us-gaap:AssetRetirementObligationCostsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:AssetRetirementObligationCostsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:AssetRetirementObligationCostsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:AssetRetirementObligationCostsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:AssetRetirementObligationCostsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:AssetRetirementObligationCostsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:GenerationSupplyChargeMember2023-03-310000922224ppl:GenerationSupplyChargeMember2022-12-310000922224ppl:GenerationSupplyChargeMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:GenerationSupplyChargeMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:GenerationSupplyChargeMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:GenerationSupplyChargeMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:GenerationSupplyChargeMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:GenerationSupplyChargeMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:TransmissionServiceChargeMember2023-03-310000922224ppl:TransmissionServiceChargeMember2022-12-310000922224ppl:TransmissionServiceChargeMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:TransmissionServiceChargeMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:TransmissionServiceChargeMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:TransmissionServiceChargeMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:TransmissionServiceChargeMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:TransmissionServiceChargeMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:TCJAsurcreditMember2023-03-310000922224ppl:TCJAsurcreditMember2022-12-310000922224ppl:TCJAsurcreditMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:TCJAsurcreditMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:TCJAsurcreditMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:TCJAsurcreditMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:TCJAsurcreditMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:TCJAsurcreditMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:Act129ComplianceRiderMember2023-03-310000922224ppl:Act129ComplianceRiderMember2022-12-310000922224ppl:Act129ComplianceRiderMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:Act129ComplianceRiderMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:Act129ComplianceRiderMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:Act129ComplianceRiderMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:Act129ComplianceRiderMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:Act129ComplianceRiderMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:TransmissionFormulaRateMember2023-03-310000922224ppl:TransmissionFormulaRateMember2022-12-310000922224ppl:TransmissionFormulaRateMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:TransmissionFormulaRateMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:TransmissionFormulaRateMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:TransmissionFormulaRateMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:TransmissionFormulaRateMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:TransmissionFormulaRateMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:RateAdjustmentMechanismMember2023-03-310000922224ppl:RateAdjustmentMechanismMember2022-12-310000922224ppl:RateAdjustmentMechanismMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:RateAdjustmentMechanismMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:RateAdjustmentMechanismMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:RateAdjustmentMechanismMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:RateAdjustmentMechanismMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:RateAdjustmentMechanismMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:EnergyEfficiencyChargeMember2023-03-310000922224ppl:EnergyEfficiencyChargeMember2022-12-310000922224ppl:EnergyEfficiencyChargeMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:EnergyEfficiencyChargeMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:EnergyEfficiencyChargeMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:EnergyEfficiencyChargeMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:EnergyEfficiencyChargeMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:EnergyEfficiencyChargeMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:AssetRecoverableGasCostsMember2023-03-310000922224us-gaap:AssetRecoverableGasCostsMember2022-12-310000922224us-gaap:AssetRecoverableGasCostsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:AssetRecoverableGasCostsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:AssetRecoverableGasCostsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:AssetRecoverableGasCostsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:AssetRecoverableGasCostsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:AssetRecoverableGasCostsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:OtherRegulatoryLiabilitiesMember2023-03-310000922224ppl:OtherRegulatoryLiabilitiesMember2022-12-310000922224ppl:OtherRegulatoryLiabilitiesMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:OtherRegulatoryLiabilitiesMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:OtherRegulatoryLiabilitiesMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:OtherRegulatoryLiabilitiesMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:OtherRegulatoryLiabilitiesMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:OtherRegulatoryLiabilitiesMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:RemovalCostsMember2023-03-310000922224us-gaap:RemovalCostsMember2022-12-310000922224us-gaap:RemovalCostsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:RemovalCostsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:RemovalCostsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:RemovalCostsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:RemovalCostsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:RemovalCostsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:PowerPurchaseAgreementOhioValleyElectricCorporationMember2023-03-310000922224ppl:PowerPurchaseAgreementOhioValleyElectricCorporationMember2022-12-310000922224ppl:PplElectricUtilitiesCorpMemberppl:PowerPurchaseAgreementOhioValleyElectricCorporationMember2023-03-310000922224ppl:PplElectricUtilitiesCorpMemberppl:PowerPurchaseAgreementOhioValleyElectricCorporationMember2022-12-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:PowerPurchaseAgreementOhioValleyElectricCorporationMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:PowerPurchaseAgreementOhioValleyElectricCorporationMember2022-12-310000922224ppl:KentuckyUtilitiesCoMemberppl:PowerPurchaseAgreementOhioValleyElectricCorporationMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberppl:PowerPurchaseAgreementOhioValleyElectricCorporationMember2022-12-310000922224ppl:NetDeferredTaxAssetsMember2023-03-310000922224ppl:NetDeferredTaxAssetsMember2022-12-310000922224ppl:NetDeferredTaxAssetsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:NetDeferredTaxAssetsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:NetDeferredTaxAssetsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:NetDeferredTaxAssetsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:NetDeferredTaxAssetsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:NetDeferredTaxAssetsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMember2023-03-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMember2022-12-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:PensionAndOtherPostretirementPlansCostsMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:TerminatedInterestRateSwapMember2023-03-310000922224ppl:TerminatedInterestRateSwapMember2022-12-310000922224ppl:TerminatedInterestRateSwapMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:TerminatedInterestRateSwapMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:TerminatedInterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:TerminatedInterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:TerminatedInterestRateSwapMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:TerminatedInterestRateSwapMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMember2018-08-242018-08-24xbrli:pure0000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMemberppl:CommonEquityPercentageRelatedToApprovedRateMember2018-08-242018-08-240000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMember2022-11-012022-11-300000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMember2023-01-272023-01-270000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMember2023-02-032023-02-030000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMember2023-03-292023-03-290000922224ppl:RhodeIslandEnergyMemberppl:VegetationManagementMemberppl:RhodeIslandPublicUitiltyCommsionMember2023-01-272023-01-270000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMemberppl:OtherOMMember2023-01-272023-01-270000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMember2023-03-212023-03-210000922224ppl:RhodeIslandEnergyMemberppl:VegetationManagementMemberppl:RhodeIslandPublicUitiltyCommsionMember2023-03-212023-03-210000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMemberppl:OtherOMMember2023-03-212023-03-210000922224ppl:RhodeIslandEnergyMemberppl:VegetationManagementMemberppl:RhodeIslandPublicUitiltyCommsionMember2023-03-292023-03-290000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandPublicUitiltyCommsionMemberppl:OtherOMMember2023-03-292023-03-290000922224ppl:KentuckyUtilitiesCoMember2022-12-152022-12-15utr:MW0000922224ppl:LouisvilleGasAndElectricCoMember2022-12-152022-12-150000922224ppl:LouisvilleGasAndElectricCompanyMember2022-12-152022-12-150000922224ppl:KentuckyUtilitiesCompanyMember2022-12-152022-12-150000922224ppl:LouisvilleGasAndElectricCompanyMember2023-01-012023-03-310000922224ppl:KentuckyUtilitiesCompanyMember2023-01-012023-03-310000922224ppl:KentuckyUtilitiesCompanyMember2023-03-310000922224ppl:LouisvilleGasAndElectricCompanyMember2023-03-310000922224ppl:March2023KentuckyWindStormsMember2023-03-030000922224ppl:March2023KentuckyWindStormsMemberppl:LouisvilleGasAndElectricCoMember2023-03-030000922224ppl:March2023KentuckyWindStormsMemberppl:LouisvilleGasAndElectricCompanyMember2023-03-030000922224ppl:March2023KentuckyWindStormsMemberppl:KentuckyUtilitiesCoMember2023-03-030000922224ppl:KentuckyUtilitiesCompanyMemberppl:March2023KentuckyWindStormsMember2023-03-030000922224us-gaap:StormCostsMemberppl:LouisvilleGasAndElectricCoMemberppl:KentuckyPublicServiceCommissionMember2023-03-310000922224ppl:LouisvilleGasAndElectricCompanyMemberus-gaap:StormCostsMemberppl:KentuckyPublicServiceCommissionMember2023-03-310000922224us-gaap:StormCostsMemberppl:KentuckyUtilitiesCoMemberppl:KentuckyPublicServiceCommissionMember2023-03-310000922224ppl:KentuckyUtilitiesCompanyMemberus-gaap:StormCostsMemberppl:KentuckyPublicServiceCommissionMember2023-03-310000922224ppl:FederalEnergyRegulatoryCommissionMemberppl:RhodeIslandEnergyMemberppl:MaximumROEAuthorizedMember2023-01-012023-03-310000922224ppl:FederalEnergyRegulatoryCommissionMemberppl:RhodeIslandEnergyMember2015-01-012015-03-310000922224ppl:FederalEnergyRegulatoryCommissionMemberppl:RhodeIslandEnergyMember2018-10-162018-10-160000922224ppl:PplElectricUtilitiesCorporationMemberppl:UnaffiliatedThirdPartyEntityMember2023-01-012023-03-310000922224ppl:UnaffiliatedThirdPartyEntityMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:UnaffiliatedThirdPartyEntityMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:UnaffiliatedThirdPartyEntityMember2022-01-012022-03-310000922224ppl:SyndicatedCreditFacilityMemberppl:PplCapitalFundingMember2023-03-310000922224ppl:SyndicatedCreditFacilityMemberppl:PplCapitalFundingMember2022-12-310000922224ppl:PplCapitalFundingMemberppl:BilateralCreditFacility2Member2023-03-310000922224ppl:PplCapitalFundingMemberppl:BilateralCreditFacility2Member2022-12-310000922224ppl:PplCapitalFundingMemberppl:BilateralCreditFacilityMember2023-03-310000922224ppl:PplCapitalFundingMemberppl:BilateralCreditFacilityMember2022-12-310000922224ppl:PplCapitalFundingMember2023-03-310000922224ppl:PplCapitalFundingMember2022-12-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:SyndicatedCreditFacilityMember2023-03-310000922224ppl:SyndicatedCreditFacilityMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:SyndicatedCreditFacilityMember2022-12-310000922224ppl:SyndicatedCreditFacilityMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:TermLoanFacilityMember2023-03-310000922224ppl:TermLoanFacilityMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:TermLoanFacilityMember2022-12-310000922224ppl:TermLoanFacilityMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:PplElectricUtilitiesCorporationMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMember2022-12-310000922224ppl:SyndicatedCreditFacilityMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:SyndicatedCreditFacilityMemberppl:LouisvilleGasAndElectricCompanyMember2023-03-310000922224ppl:SyndicatedCreditFacilityMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:SyndicatedCreditFacilityMemberppl:LouisvilleGasAndElectricCompanyMember2022-12-310000922224ppl:TermLoanFacilityMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:TermLoanFacilityMemberppl:LouisvilleGasAndElectricCompanyMember2023-03-310000922224ppl:TermLoanFacilityMemberppl:LouisvilleGasAndElectricCompanyMember2022-12-310000922224ppl:TermLoanFacilityMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:LouisvilleGasAndElectricCompanyMember2022-12-310000922224ppl:SyndicatedCreditFacilityMemberppl:KentuckyUtilitiesCompanyMember2023-03-310000922224ppl:SyndicatedCreditFacilityMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:SyndicatedCreditFacilityMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:SyndicatedCreditFacilityMemberppl:KentuckyUtilitiesCompanyMember2022-12-310000922224ppl:KentuckyUtilitiesCompanyMemberppl:TermLoanFacilityMember2023-03-310000922224ppl:TermLoanFacilityMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:KentuckyUtilitiesCompanyMemberppl:TermLoanFacilityMember2022-12-310000922224ppl:TermLoanFacilityMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:KentuckyUtilitiesCompanyMember2022-12-310000922224ppl:SyndicatedCreditFacilityMemberppl:RhodeIslandEnergyMember2023-03-310000922224ppl:RhodeIslandEnergyMemberppl:PplCapitalFundingMemberppl:BilateralCreditFacilityMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:RepaymentMemberppl:TermLoanFacilityMember2023-03-310000922224ppl:RepaymentMemberppl:TermLoanFacilityMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:RepaymentMemberppl:TermLoanFacilityMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:RepaymentMemberppl:TermLoanFacilityMemberppl:LouisvilleGasAndElectricCompanyMember2023-03-310000922224ppl:KentuckyUtilitiesCompanyMemberppl:RepaymentMemberppl:TermLoanFacilityMember2023-03-310000922224ppl:RepaymentMemberppl:TermLoanFacilityMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:PplCapitalFundingMemberus-gaap:CommercialPaperMember2023-03-310000922224ppl:PplCapitalFundingMemberus-gaap:CommercialPaperMember2022-12-310000922224us-gaap:CommercialPaperMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberus-gaap:CommercialPaperMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberus-gaap:CommercialPaperMember2022-12-310000922224us-gaap:CommercialPaperMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:LouisvilleGasAndElectricCompanyMemberus-gaap:CommercialPaperMember2023-03-310000922224us-gaap:CommercialPaperMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:CommercialPaperMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:LouisvilleGasAndElectricCompanyMemberus-gaap:CommercialPaperMember2022-12-310000922224ppl:KentuckyUtilitiesCompanyMemberus-gaap:CommercialPaperMember2023-03-310000922224us-gaap:CommercialPaperMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:CommercialPaperMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224ppl:KentuckyUtilitiesCompanyMemberus-gaap:CommercialPaperMember2022-12-310000922224us-gaap:CommercialPaperMember2023-03-310000922224us-gaap:CommercialPaperMember2022-12-310000922224ppl:ExchangeableSeniorNotesDue2028Memberppl:ExchangeableSeniorUnsecuredNotesMember2023-02-280000922224ppl:ExchangeableSeniorNotesDue2028Memberppl:ExchangeableSeniorUnsecuredNotesMember2023-02-012023-02-280000922224ppl:FirstMortgageBondsDue2033Memberus-gaap:FirstMortgageMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:FirstMortgageBondsDue2033Memberus-gaap:FirstMortgageMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:FirstMortgageBondsDue2053Memberus-gaap:FirstMortgageMember2023-03-310000922224ppl:FirstMortgageBondsDue2053Memberus-gaap:FirstMortgageMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:FirstMortgageBondsDue2033And2053Memberus-gaap:FirstMortgageMemberppl:PplElectricUtilitiesCorpMember2023-03-012023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:FirstMortgageBondsDue2033And2053Memberus-gaap:FirstMortgageMember2023-03-012023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:BondRedemptionMemberppl:FirstMortgageBondsFloatingRateSeriesDue2024Memberus-gaap:FirstMortgageMember2023-03-310000922224ppl:BondRedemptionMemberppl:FirstMortgageBondsFloatingRateSeriesDue2024Memberus-gaap:FirstMortgageMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:FirstMortgageBondsFloatingRateSeriesDue2023Memberppl:BondRedemptionMemberus-gaap:FirstMortgageMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:FirstMortgageBondsFloatingRateSeriesDue2023Memberppl:BondRedemptionMemberus-gaap:FirstMortgageMember2023-03-310000922224ppl:FirstMortgageBondsDue2033Memberus-gaap:FirstMortgageMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:FirstMortgageBondsDue2033Memberppl:LouisvilleGasAndElectricCompanyMemberus-gaap:FirstMortgageMember2023-03-310000922224ppl:FirstMortgageBondsDue2033Memberppl:LouisvilleGasAndElectricCompanyMemberus-gaap:FirstMortgageMember2023-03-012023-03-310000922224ppl:FirstMortgageBondsDue2033Memberus-gaap:FirstMortgageMemberppl:LouisvilleGasAndElectricCoMember2023-03-012023-03-310000922224ppl:FirstMortgageBondsDue2033Memberus-gaap:FirstMortgageMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224ppl:KentuckyUtilitiesCompanyMemberppl:FirstMortgageBondsDue2033Memberus-gaap:FirstMortgageMember2023-03-310000922224ppl:FirstMortgageBondsDue2033Memberus-gaap:FirstMortgageMemberppl:KentuckyUtilitiesCoMember2023-03-012023-03-310000922224ppl:KentuckyUtilitiesCompanyMemberppl:FirstMortgageBondsDue2033Memberus-gaap:FirstMortgageMember2023-03-012023-03-3100009222242022-06-012022-06-300000922224ppl:NarragansettElectricMember2022-01-012022-06-300000922224ppl:RhodeIslandEnergyMemberppl:RhodeIslandEnergyTSAMember2023-01-012023-03-310000922224ppl:AccrualForTSAMarkupMemberppl:RhodeIslandEnergyMember2023-01-012023-03-310000922224us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberppl:SafariHoldingsLLCConsolidatedMember2023-01-012023-03-310000922224us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-01-012023-03-310000922224us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-03-310000922224us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-03-310000922224us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-03-310000922224srt:MinimumMember2022-07-010000922224srt:MaximumMember2022-07-0100009222242023-03-1700009222242015-06-0100009222242014-11-182014-11-180000922224ppl:PplElectricAdditionalSitesMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:PplElectricAdditionalSitesMember2022-12-310000922224ppl:PplElectricAdditionalSitesMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224ppl:PplElectricUtilitiesCorporationMemberppl:PplElectricAdditionalSitesMember2023-03-310000922224ppl:RIEEnvironmentalRemediationMember2022-12-310000922224ppl:RIEEnvironmentalRemediationMember2023-03-310000922224ppl:ElectricRatesMember2023-01-012023-03-310000922224ppl:GasRatesMember2023-01-012023-03-310000922224ppl:IndemnificationsRelatedToCertainTaxLiabilitiesRelatedToTheSaleOfTheUKUtilityBusinessDomainppl:PplGuaranteeMemberus-gaap:IndemnificationGuaranteeMember2023-03-31iso4217:GBP0000922224ppl:PplGuaranteeMemberus-gaap:IndemnificationGuaranteeMemberppl:GuaranteeOfPaymentObligationsUnderCertainSaleleasebackFinancingTransactionsRelatedToTheSaleOfSafariHoldingsMember2023-03-310000922224ppl:PplGuaranteeMemberppl:GuaranteeOfPaymentObligationsUnderCertainPowerPurchaseAgreementsRelatedToTheSaleOfSafariHoldingsMemberus-gaap:IndemnificationGuaranteeMember2023-03-310000922224ppl:PplGuaranteeMemberppl:IndemnificationsForLossesSufferedRelatedToItemsNotCoveredByAspenPowersRepresentationAndWarrantyInsuranceAssociatedWithTheSaleOfSafariHoldingsMemberus-gaap:IndemnificationGuaranteeMember2023-03-310000922224ppl:LouisvilleGasAndElectricAndKuEnergyGuaranteeMemberus-gaap:FinancialGuaranteeMemberppl:GuaranteeForShortfallRelatedToOhioValleyElectricCorporationMember2023-03-310000922224us-gaap:FinancialGuaranteeMemberppl:LouisvilleGasAndElectricCoMemberppl:GuaranteeForShortfallRelatedToOhioValleyElectricCorporationMember2023-03-310000922224us-gaap:FinancialGuaranteeMemberppl:LouisvilleGasAndElectricCompanyMemberppl:GuaranteeForShortfallRelatedToOhioValleyElectricCorporationMember2023-03-310000922224ppl:KentuckyUtilitiesCompanyMemberus-gaap:FinancialGuaranteeMemberppl:GuaranteeForShortfallRelatedToOhioValleyElectricCorporationMember2023-03-310000922224us-gaap:FinancialGuaranteeMemberppl:KentuckyUtilitiesCoMemberppl:GuaranteeForShortfallRelatedToOhioValleyElectricCorporationMember2023-03-310000922224us-gaap:FinancialGuaranteeMemberppl:KentuckyUtilitiesCoMemberppl:GuaranteeForShortfallRelatedToOhioValleyElectricCorporationMember2023-01-012023-03-310000922224us-gaap:FinancialGuaranteeMemberppl:LouisvilleGasAndElectricCoMemberppl:GuaranteeForShortfallRelatedToOhioValleyElectricCorporationMember2023-01-012023-03-310000922224ppl:LouisvilleGasAndElectricAndKuEnergyGuaranteeMemberus-gaap:FinancialGuaranteeMemberppl:GuaranteeForShortfallRelatedToOhioValleyElectricCorporationMember2023-01-012023-03-310000922224ppl:ServicesCompanyAffiliateMemberppl:PplElectricUtilitiesCorpMember2023-01-012023-03-310000922224ppl:ServicesCompanyAffiliateMemberppl:PplElectricUtilitiesCorpMember2022-01-012022-03-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:LGAndEAndKUServicesCompanyMember2023-01-012023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:LGAndEAndKUServicesCompanyMember2022-01-012022-03-310000922224ppl:ServicesCompanyAffiliateMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224ppl:ServicesCompanyAffiliateMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224ppl:KentuckyUtilitiesCoMemberppl:LGAndEAndKUServicesCompanyMember2023-01-012023-03-310000922224ppl:KentuckyUtilitiesCoMemberppl:LGAndEAndKUServicesCompanyMember2022-01-012022-03-310000922224ppl:ServicesCompanyAffiliateMemberppl:KentuckyUtilitiesCoMember2023-01-012023-03-310000922224ppl:ServicesCompanyAffiliateMemberppl:KentuckyUtilitiesCoMember2022-01-012022-03-310000922224ppl:CEPReservesIncMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224ppl:LouisvilleGasAndElectricCoMemberppl:ParentAndAffiliateMember2023-03-310000922224ppl:KentuckyUtilitiesCoMemberppl:ParentAndAffiliateMember2023-03-310000922224ppl:AccountsreceivablefromaffiliatesMemberppl:ServicesCompanyAffiliateMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:FairValueMeasurementsRecurringMember2023-03-310000922224us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000922224us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000922224us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-03-310000922224us-gaap:FairValueMeasurementsRecurringMember2022-12-310000922224us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000922224us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000922224us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310000922224us-gaap:FairValueMeasurementsRecurringMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:FairValueMeasurementsRecurringMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:FairValueMeasurementsRecurringMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:FairValueMeasurementsRecurringMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:FairValueMeasurementsRecurringMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:FairValueMeasurementsRecurringMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310000922224us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310000922224us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000922224us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000922224us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000922224us-gaap:CarryingReportedAmountFairValueDisclosureMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:EstimateOfFairValueFairValueDisclosureMemberppl:PplElectricUtilitiesCorpMember2023-03-310000922224us-gaap:CarryingReportedAmountFairValueDisclosureMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:EstimateOfFairValueFairValueDisclosureMemberppl:PplElectricUtilitiesCorpMember2022-12-310000922224us-gaap:CarryingReportedAmountFairValueDisclosureMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:EstimateOfFairValueFairValueDisclosureMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:CarryingReportedAmountFairValueDisclosureMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:EstimateOfFairValueFairValueDisclosureMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:CarryingReportedAmountFairValueDisclosureMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:EstimateOfFairValueFairValueDisclosureMemberppl:KentuckyUtilitiesCoMember2023-03-310000922224us-gaap:CarryingReportedAmountFairValueDisclosureMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:EstimateOfFairValueFairValueDisclosureMemberppl:KentuckyUtilitiesCoMember2022-12-310000922224us-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCompanyMemberppl:EconomicHedgesMember2023-03-310000922224us-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMemberppl:EconomicHedgesMember2023-03-310000922224ppl:RhodeIslandEnergyMemberus-gaap:CommodityContractMemberppl:EconomicHedgesMember2023-01-012023-03-31utr:Bcf0000922224us-gaap:NondesignatedMemberppl:PriceRiskManagementAssetsCurrentMemberus-gaap:InterestRateSwapMember2023-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:OtherCurrentLiabilitiesMemberMember2023-03-310000922224us-gaap:NondesignatedMemberppl:PriceRiskManagementAssetsCurrentMemberus-gaap:InterestRateSwapMember2022-12-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:OtherCurrentLiabilitiesMemberMember2022-12-310000922224ppl:CurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2023-03-310000922224us-gaap:NondesignatedMemberppl:CurrentLiabilitiesMemberus-gaap:CommodityContractMember2023-03-310000922224ppl:CurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2022-12-310000922224us-gaap:NondesignatedMemberppl:CurrentLiabilitiesMemberus-gaap:CommodityContractMember2022-12-310000922224ppl:CurrentAssetsMemberus-gaap:NondesignatedMember2023-03-310000922224us-gaap:NondesignatedMemberppl:CurrentLiabilitiesMember2023-03-310000922224ppl:CurrentAssetsMemberus-gaap:NondesignatedMember2022-12-310000922224us-gaap:NondesignatedMemberppl:CurrentLiabilitiesMember2022-12-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:PriceRiskManagementAssetsNoncurrentMember2023-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:OtherDeferredCreditsAndNoncurrentLiabilitiesMember2023-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:PriceRiskManagementAssetsNoncurrentMember2022-12-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:OtherDeferredCreditsAndNoncurrentLiabilitiesMember2022-12-310000922224us-gaap:NondesignatedMemberppl:NoncurrentAssetsMemberus-gaap:CommodityContractMember2023-03-310000922224us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberppl:NoncurrentLiabilitiesMember2023-03-310000922224us-gaap:NondesignatedMemberppl:NoncurrentAssetsMemberus-gaap:CommodityContractMember2022-12-310000922224us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberppl:NoncurrentLiabilitiesMember2022-12-310000922224us-gaap:NondesignatedMemberppl:NoncurrentAssetsMember2023-03-310000922224us-gaap:NondesignatedMemberppl:NoncurrentLiabilitiesMember2023-03-310000922224us-gaap:NondesignatedMemberppl:NoncurrentAssetsMember2022-12-310000922224us-gaap:NondesignatedMemberppl:NoncurrentLiabilitiesMember2022-12-310000922224us-gaap:NondesignatedMember2023-03-310000922224us-gaap:NondesignatedMember2022-12-310000922224us-gaap:OtherComprehensiveIncomeMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000922224us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000922224us-gaap:OtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000922224us-gaap:CashFlowHedgingMember2023-01-012023-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2023-01-012023-03-310000922224us-gaap:NondesignatedMemberus-gaap:CommodityOptionMemberppl:EnergyPurchasesMember2023-01-012023-03-310000922224us-gaap:NondesignatedMemberus-gaap:CommodityOptionMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-01-012023-03-310000922224us-gaap:NondesignatedMember2023-01-012023-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:RegulatoryAssetsNoncurrentMember2023-01-012023-03-310000922224us-gaap:NondesignatedMemberus-gaap:CommodityOptionMemberppl:RegulatoryAssetsCurrentMember2023-01-012023-03-310000922224us-gaap:NondesignatedMemberus-gaap:CommodityOptionMemberppl:RegulatoryAssetsNoncurrentMember2023-01-012023-03-310000922224us-gaap:OtherComprehensiveIncomeMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2022-01-012022-03-310000922224us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2022-01-012022-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2022-01-012022-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:RegulatoryAssetsNoncurrentMember2022-01-012022-03-310000922224us-gaap:InterestRateSwapMemberppl:OtherIncomeExpenseNetMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000922224ppl:DiscontinuedOperationsNetOfIncomeTaxesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2022-01-012022-03-310000922224ppl:CurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:NondesignatedMemberppl:CurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:CurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:NondesignatedMemberppl:CurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224ppl:CurrentAssetsMemberus-gaap:NondesignatedMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:NondesignatedMemberppl:CurrentLiabilitiesMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224ppl:CurrentAssetsMemberus-gaap:NondesignatedMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:NondesignatedMemberppl:CurrentLiabilitiesMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:NondesignatedMemberppl:NoncurrentAssetsMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMemberppl:NoncurrentLiabilitiesMember2023-03-310000922224us-gaap:NondesignatedMemberppl:NoncurrentAssetsMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMemberppl:NoncurrentLiabilitiesMember2022-12-310000922224us-gaap:NondesignatedMemberppl:NoncurrentAssetsMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:NondesignatedMemberppl:LouisvilleGasAndElectricCoMemberppl:NoncurrentLiabilitiesMember2023-03-310000922224us-gaap:NondesignatedMemberppl:NoncurrentAssetsMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:NondesignatedMemberppl:LouisvilleGasAndElectricCoMemberppl:NoncurrentLiabilitiesMember2022-12-310000922224us-gaap:NondesignatedMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:NondesignatedMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:RegulatoryAssetsNoncurrentMemberppl:LouisvilleGasAndElectricCoMember2023-01-012023-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberppl:RegulatoryAssetsNoncurrentMemberppl:LouisvilleGasAndElectricCoMember2022-01-012022-03-310000922224us-gaap:SwapMember2023-03-310000922224us-gaap:SwapMemberppl:LouisvilleGasAndElectricCoMember2023-03-310000922224us-gaap:SwapMember2022-12-310000922224us-gaap:SwapMemberppl:LouisvilleGasAndElectricCoMember2022-12-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000922224ppl:AccumulatedOtherComprehensiveIncomeEquityMethodInvestmentMember2022-12-310000922224ppl:AccumulatedDefinedBenefitPlansPriorServiceCostsMember2022-12-310000922224ppl:AccumulatedDefinedBenefitPlansActuarialGainLossMember2022-12-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-03-310000922224ppl:AccumulatedOtherComprehensiveIncomeEquityMethodInvestmentMember2023-01-012023-03-310000922224ppl:AccumulatedDefinedBenefitPlansPriorServiceCostsMember2023-01-012023-03-310000922224ppl:AccumulatedDefinedBenefitPlansActuarialGainLossMember2023-01-012023-03-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-03-310000922224ppl:AccumulatedOtherComprehensiveIncomeEquityMethodInvestmentMember2023-03-310000922224ppl:AccumulatedDefinedBenefitPlansPriorServiceCostsMember2023-03-310000922224ppl:AccumulatedDefinedBenefitPlansActuarialGainLossMember2023-03-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000922224ppl:AccumulatedOtherComprehensiveIncomeEquityMethodInvestmentMember2021-12-310000922224ppl:AccumulatedDefinedBenefitPlansPriorServiceCostsMember2021-12-310000922224ppl:AccumulatedDefinedBenefitPlansActuarialGainLossMember2021-12-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310000922224ppl:AccumulatedOtherComprehensiveIncomeEquityMethodInvestmentMember2022-01-012022-03-310000922224ppl:AccumulatedDefinedBenefitPlansPriorServiceCostsMember2022-01-012022-03-310000922224ppl:AccumulatedDefinedBenefitPlansActuarialGainLossMember2022-01-012022-03-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310000922224ppl:AccumulatedOtherComprehensiveIncomeEquityMethodInvestmentMember2022-03-310000922224ppl:AccumulatedDefinedBenefitPlansPriorServiceCostsMember2022-03-310000922224ppl:AccumulatedDefinedBenefitPlansActuarialGainLossMember2022-03-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000922224us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000922224ppl:AccumulatedDefinedBenefitPlansPriorServiceCostsMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000922224ppl:AccumulatedDefinedBenefitPlansPriorServiceCostsMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000922224ppl:AccumulatedDefinedBenefitPlansActuarialGainLossMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000922224ppl:AccumulatedDefinedBenefitPlansActuarialGainLossMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000922224us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000922224us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000922224us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000922224us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
|
|
|
FORM 10-Q
|
|
|
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the quarterly period ended March 31,
2023
|
|
OR |
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the transition period from _________ to
___________ |
|
|
|
|
|
|
|
|
|
|
Commission File
Number
|
Registrant; State of Incorporation;
Address and Telephone Number
|
IRS Employer
Identification No.
|
|
|
|
|
1-11459 |
PPL Corporation
(Exact name of Registrant as specified in its charter)
Pennsylvania
Two North Ninth Street
Allentown, PA 18101-1179
(610) 774-5151
|
23-2758192 |
|
|
|
|
1-905 |
PPL Electric Utilities Corporation
(Exact name of Registrant as specified in its charter)
Pennsylvania
Two North Ninth Street
Allentown, PA 18101-1179
(610) 774-5151
|
23-0959590 |
|
|
|
|
|
|
|
1-2893 |
Louisville Gas and Electric Company
(Exact name of Registrant as specified in its charter)
Kentucky
220 West Main Street
Louisville, KY 40202-1377
(502) 627-2000
|
61-0264150 |
|
|
|
|
1-3464 |
Kentucky Utilities Company
(Exact name of Registrant as specified in its charter)
(Kentucky and Virginia)
One Quality Street
Lexington, KY 40507-1462
(502) 627-2000
|
61-0247570 |
Securities registered pursuant to Section 12(b) of the
Act:
|
|
|
|
|
|
|
|
|
|
Title of each class |
Trading Symbol: |
Name of each exchange on which registered |
|
Common Stock of PPL Corporation |
PPL |
New York Stock Exchange |
|
|
|
|
Junior Subordinated Notes of PPL Capital Funding, Inc. |
|
|
|
2007 Series A due 2067 |
PPL/67 |
New York Stock Exchange |
Indicate by check mark whether the registrants (1) have filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrants were required to file
such reports), and (2) have been subject to such filing
requirements for the past 90 days.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Corporation |
Yes |
☒ |
No |
☐ |
|
|
PPL Electric Utilities Corporation |
Yes |
☒ |
No |
☐ |
|
|
Louisville Gas and Electric Company |
Yes |
☒ |
No |
☐ |
|
|
Kentucky Utilities Company |
Yes |
☒ |
No |
☐ |
|
Indicate by check mark whether the registrants have submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrants were required to submit such files).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Corporation |
Yes |
☒ |
No |
☐ |
|
|
PPL Electric Utilities Corporation |
Yes |
☒ |
No |
☐ |
|
|
Louisville Gas and Electric Company |
Yes |
☒ |
No |
☐ |
|
|
Kentucky Utilities Company |
Yes |
☒ |
No |
☐ |
|
Indicate by check mark whether the registrants are large
accelerated filers, accelerated filers, non-accelerated filers,
smaller reporting companies or emerging growth companies. See the
definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company" and "emerging growth company" in Rule
12b-2 of the Exchange Act.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large accelerated
filer |
Accelerated
filer |
Non-accelerated
filer |
Smaller reporting
company |
Emerging growth company |
|
PPL Corporation |
☒ |
☐ |
☐ |
☐ |
☐ |
|
PPL Electric Utilities Corporation |
☐ |
☐ |
☒ |
☐ |
☐ |
|
Louisville Gas and Electric Company |
☐ |
☐ |
☒ |
☐ |
☐ |
|
Kentucky Utilities Company |
☐ |
☐ |
☒ |
☐ |
☐ |
If emerging growth companies, indicate by check mark if the
registrants have elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Corporation |
☐ |
|
|
|
|
|
PPL Electric Utilities Corporation |
☐ |
|
|
|
|
|
Louisville Gas and Electric Company |
☐ |
|
|
|
|
|
Kentucky Utilities Company |
☐ |
|
|
|
|
Indicate by check mark whether the registrants are shell companies
(as defined in Rule 12b-2 of the Exchange Act).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Corporation |
Yes |
☐ |
No |
☒ |
|
|
PPL Electric Utilities Corporation |
Yes |
☐ |
No |
☒ |
|
|
Louisville Gas and Electric Company |
Yes |
☐ |
No |
☒ |
|
|
Kentucky Utilities Company |
Yes |
☐ |
No |
☒ |
|
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable
date.
PPL Corporation Common stock, $0.01 par
value, 737,067,641 shares outstanding at April 28,
2023.
PPL Electric Utilities Corporation Common
stock, no par value, 66,368,056 shares outstanding and all held by
PPL Energy Holdings LLC, a wholly-owned, indirect subsidiary of PPL
Corporation, at April 28, 2023.
Louisville Gas and Electric Company Common
stock, no par value, 21,294,223 shares outstanding and all held by
LG&E and KU Energy LLC, a wholly-owned, indirect subsidiary of
PPL Corporation, at April 28, 2023.
Kentucky Utilities Company Common stock, no
par value, 37,817,878 shares outstanding and all held by LG&E
and KU Energy LLC, a wholly-owned, indirect subsidiary of PPL
Corporation, at April 28, 2023.
This document is available free of charge at the Investors section
of PPL Corporation's website at www.pplweb.com. However, other
information on this website does not constitute a part of this Form
10-Q.
PPL CORPORATION
PPL ELECTRIC UTILITIES CORPORATION
LOUISVILLE GAS AND ELECTRIC COMPANY
KENTUCKY UTILITIES COMPANY
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2023
Table of Contents
This combined Form 10-Q is separately filed by the following
Registrants in their individual capacity: PPL Corporation, PPL
Electric Utilities Corporation, Louisville Gas and Electric Company
and Kentucky Utilities Company. Information contained herein
relating to any individual Registrant is filed by such Registrant
solely on its own behalf, and no Registrant makes any
representation as to information relating to any other Registrant,
except that information under "Forward-Looking Information"
relating to subsidiaries of PPL Corporation is also attributed to
PPL Corporation.
Unless otherwise specified, references in this Report,
individually, to PPL Corporation, PPL Electric Utilities
Corporation, Louisville Gas and Electric Company and Kentucky
Utilities Company are references to such entities directly or to
one or more of their subsidiaries, as the case may be, the
financial results of which subsidiaries are consolidated into such
Registrants' financial statements in accordance with GAAP. This
presentation has been applied where identification of particular
subsidiaries is not material to the matter being disclosed, and to
conform narrative disclosures to the presentation of financial
information on a consolidated basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page |
|
|
|
|
|
|
|
PART I. FINANCIAL INFORMATION |
|
|
|
Item 1. Financial Statements |
|
|
|
|
PPL Corporation and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Electric Utilities Corporation and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisville Gas and Electric Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Utilities Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined Notes to Condensed Financial Statements
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 2. Combined Management's Discussion and Analysis of
Financial Condition and Results of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PART II. OTHER INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL
OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF
2002
|
|
|
CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL
OFFICER
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002
|
|
GLOSSARY OF TERMS AND ABBREVIATIONS
PPL Corporation and its subsidiaries
CEP Reserves
-
CEP Reserves Inc., a cash management subsidiary of PPL that
maintains cash reserves for the balance sheet management of PPL and
certain subsidiaries.
KU
- Kentucky Utilities Company, a public utility subsidiary of LKE
engaged in the regulated generation, transmission, distribution and
sale of electricity, primarily in Kentucky.
LG&E
- Louisville Gas and Electric Company, a public utility subsidiary
of LKE engaged in the regulated generation, transmission,
distribution and sale of electricity and the distribution and sale
of natural gas in Kentucky.
LKE
- LG&E and KU Energy LLC, a subsidiary of PPL and the parent of
LG&E, KU and other subsidiaries.
LKS
- LG&E and KU Services Company, a subsidiary of LKE that
provides administrative, management, and support services primarily
to LG&E and KU, as well as to LKE and its other
subsidiaries.
Narragansett Electric
- The Narragansett Electric Company, an entity that serves electric
and natural gas customers in Rhode Island. On May 25, 2022, PPL and
its subsidiary, PPL Rhode Island Holdings announced the completion
of the acquisition of Narragansett Electric, which will continue to
provide services under the name Rhode Island Energy.
PPL
- PPL Corporation, the parent holding company of PPL Capital
Funding and PPL Energy Holdings, which is the holding company of
PPL Electric, PPL Energy Funding, LKE, Rhode Island Energy, PPL
Services and other subsidiaries.
PPL Capital Funding
- PPL Capital Funding, Inc., a financing subsidiary of PPL that
provides financing for the operations of PPL and certain
subsidiaries. Debt issued by PPL Capital Funding is fully and
unconditionally guaranteed as to payment by PPL.
PPL Electric
- PPL Electric Utilities Corporation, a public utility subsidiary
of PPL engaged in the regulated transmission and distribution of
electricity in its Pennsylvania service area and that provides
electricity supply to its retail customers in this area as a
PLR.
PPL Energy Funding
- PPL Energy Funding Corporation, a subsidiary of PPL and the
parent holding company of PPL Global, LLC and other
subsidiaries.
PPL Energy Holdings
-
PPL Energy Holdings, LLC, a subsidiary of PPL and the parent
holding company of PPL Energy Funding, LKE, PPL Electric, PPL Rhode
Island Holdings, PPL Services and other subsidiaries.
PPL Rhode Island Holdings
- PPL Rhode Island Holdings, LLC, a subsidiary of PPL formed for
the purpose of acquiring Narragansett Electric to which certain
interests of PPL Energy Holdings in the Narragansett share purchase
agreement were assigned.
PPL Services
- PPL Services Corporation, a subsidiary of PPL that provides
administrative, management and support services to PPL and its
subsidiaries.
PPL WPD Limited
- PPL WPD Limited, a U.K. subsidiary of PPL Global, LLC. Prior to
the sale of the U.K. utility business on June 14, 2021, PPL WPD
Limited was an indirect parent to PPL WPD Limited Investments. PPL
WPD Limited was not included in the sale of the U.K. utility
business on June 14, 2021.
RIE
- Rhode Island Energy – the name under which Narragansett Electric
will continue to provide services subsequent to its acquisition by
PPL and its subsidiary, PPL Rhode Island Holdings, LLC on May 25,
2022.
Other terms and abbreviations
£
- British pound sterling.
2022 Form 10-K
- Annual Report to the SEC on Form 10-K for the year ended December
31, 2022.
Act 11
- Act 11 of 2012 that became effective in April 2012. The
Pennsylvania legislation authorized the PUC to approve two specific
ratemaking mechanisms: the use of a fully projected future test
year in base rate proceedings and, subject to certain conditions, a
DSIC.
Act 129
- Act 129 of 2008 that became effective in October 2008. The law
amended the Pennsylvania Public Utility Code and created an energy
efficiency and conservation program and smart metering technology
requirements, adopted new PLR electricity supply procurement rules,
provided remedies for market misconduct and changed the Alternative
Energy Portfolio Standard (AEPS).
Act 129 Smart Meter program
- PPL Electric's system wide meter replacement program that
installs wireless digital meters that provide secure communication
between PPL Electric and the meter as well as all related
infrastructure.
Adjusted Gross Margins
- a non-GAAP financial measure of performance used in "Item 2.
Combined Management's Discussion and Analysis of Financial
Condition and Results of Operations" (MD&A).
AFUDC
- allowance for funds used during construction. The cost of equity
and debt funds used to finance construction projects of regulated
businesses, which is capitalized as part of construction
costs.
AOCI
- accumulated other comprehensive income or loss.
ARO
- asset retirement obligation.
Bcf
- billion cubic feet. A unit of measure commonly used in quoting
volumes of natural gas.
CCR(s)
- coal combustion residual(s). CCRs include fly ash, bottom ash and
sulfur dioxide scrubber wastes.
Clean Air Act
- federal legislation enacted to address certain environmental
issues related to air emissions, including acid rain, ozone and
toxic air emissions.
COVID-19
- the disease caused by the novel coronavirus identified in 2019
that caused a global pandemic.
CPCN
- Certificate of Public Convenience and Necessity. Authority
granted by the KPSC pursuant to Kentucky Revised Statute 278.020 to
provide utility service to or for the public or the construction of
certain plant, equipment, property or facilities for furnishing of
utility service to the public. A CPCN is required for any capital
addition, subject to KPSC jurisdiction, in excess of $100
million.
Customer Choice Act
- the Pennsylvania Electricity Generation Customer Choice and
Competition Act, legislation enacted to restructure the state's
electric utility industry to create retail access to a competitive
market for generation of electricity.
DSIC
- Distribution System Improvement Charge. Authorized under Act 11,
which is an alternative ratemaking mechanism providing more-timely
cost recovery of qualifying distribution system capital
expenditures.
DSM
- Demand Side Management. Pursuant to Kentucky Revised Statute
278.285, the KPSC may determine the reasonableness of DSM programs
proposed by any utility under its jurisdiction. DSM programs
consist of energy efficiency programs intended to reduce peak
demand and delay the investment in additional power plant
construction, provide customers with tools and information
regarding their energy usage and support energy
efficiency.
Earnings from Ongoing Operations
- a non-GAAP financial measure of earnings adjusted for the impact
of special items and used in "Item 2. Combined Management's
Discussion and Analysis of Financial Condition and Results of
Operations" (MD&A).
ECR
- Environmental Cost Recovery. Pursuant to Kentucky Revised Statute
278.183, Kentucky electric utilities are entitled to the current
recovery of costs of complying with the Clean Air Act, as amended,
and those federal, state or local environmental requirements that
apply to coal combustion wastes and byproducts from the production
of energy from coal.
ELG(s)
-
Effluent Limitation Guidelines, regulations promulgated by the
EPA.
Environmental Response Fund
-
Established in RIPUC Docket No. 2930. Created to satisfy remedial
and clean-up obligations of RIE arising from the past ownership
and/or operation of manufactured gas plants and sites associated
with the operation and disposal activities of such gas
plants.
EPA
- Environmental Protection Agency, a U.S. government
agency.
EPS
- earnings per share.
FERC
- Federal Energy Regulatory Commission, the U.S. federal agency
that regulates, among other things, interstate transmission and
wholesale sales of electricity, hydroelectric power projects and
related matters.
GAAP
- Generally Accepted Accounting Principles in the U.S.
GHG(s)
-
greenhouse gas(es).
GLT
- gas line tracker. The KPSC approved mechanism for LG&E's
recovery of costs associated with gas transmission lines, gas
service lines, gas risers, leak mitigation, and gas main
replacements.
If-Converted Method
- A method applied to calculate diluted EPS for a company with
outstanding convertible debt. This method generally adds back the
interest charges of the debt to net income and the convertible debt
is assumed to have been converted to equity at the beginning of the
period, and the resulting common shares are treated as outstanding
shares for diluted EPS calculations.
IRS
- Internal Revenue Service, a U.S. government agency.
ISO
- Independent System Operator.
KPSC
- Kentucky Public Service Commission, the state agency that has
jurisdiction over the regulation of rates and service of utilities
in Kentucky.
LIBOR
- London Interbank Offered Rate.
Moody's
- Moody's Investors Service, Inc., a credit rating
agency.
MW
- megawatt, one thousand kilowatts.
MWac
- megawatt, alternating current. The measure of the power output
from a solar installation.
NAAQS
- National Ambient Air Quality Standards periodically adopted
pursuant to the Clean Air Act.
NEP -
New England Power Company, a National Grid USA
affiliate.
NERC
- North American Electric Reliability Corporation.
NGCC
- Natural gas combined cycle.
NPNS
- the normal purchases and normal sales exception as permitted by
derivative accounting rules. Derivatives that qualify for this
exception may receive accrual accounting treatment.
OCI
- other comprehensive income or loss.
OVEC
-
Ohio Valley Electric Corporation, located in Piketon, Ohio, an
entity in which LG&E owns a 5.63% interest and KU owns a 2.50%
interest, which are recorded at cost. OVEC owns and operates two
coal-fired power plants, the Kyger Creek plant in Ohio and the
Clifty Creek plant in Indiana, with combined capacities of 2,120
MW.
PAPUC
- Pennsylvania Public Utility Commission, the state agency that
regulates certain ratemaking, services, accounting and operations
of Pennsylvania utilities.
PLR
- Provider of Last Resort, the role of PPL Electric in providing
default electricity supply within its delivery area to retail
customers who have not chosen to select an alternative electricity
supplier under the Customer Choice Act.
PP&E
- property, plant and equipment.
PPA(s)
- power purchase agreement(s).
PPL EnergyPlus
- prior to the June 1, 2015 spinoff, PPL Energy Supply, LLC, PPL
EnergyPlus, LLC, a subsidiary of PPL Energy Supply that marketed
and traded wholesale and retail electricity and gas and supplied
energy and energy services in competitive markets.
PPL Energy Supply
- prior to the June 1, 2015 spinoff, PPL Energy Supply, LLC, a
subsidiary of PPL Energy Funding and the indirect parent company of
PPL Montana, LLC.
PPL Montana
- prior to the June 1, 2015 spinoff of PPL Energy Supply, PPL
Montana, LLC, an indirect subsidiary of PPL Energy Supply that
generated electricity for wholesale sales in Montana and the
Pacific Northwest.
RAR
– Retired Asset Recovery rider, established by KPSC orders in 2021
to provide for recovery of and return on the remaining investment
in certain electric generating units upon their retirement over a
ten-year period following retirement.
Registrant(s)
- refers to the Registrants named on the cover of this Report (each
a "Registrant" and collectively, the "Registrants").
Regulation S-X
- SEC regulation governing the form and content of and requirements
for financial statements required to be filed pursuant to the
federal securities laws.
RIPUC
- Rhode Island Public Utilities Commission, a three-member
quasi-judicial tribunal with jurisdiction, powers, and duties to
implement and enforce the standards of conduct under R.I. Gen. Laws
§ 39-1-27.6 and to hold investigations and hearings involving the
rates, tariffs, tolls, and charges, and the sufficiency and
reasonableness of facilities and accommodations of public utilities
in the state of Rhode Island.
Riverstone
- Riverstone Holdings LLC, a Delaware limited liability company
and, as of December 6, 2016, ultimate parent company of the
entities that own the competitive power generation business
contributed to Talen Energy.
Rhode Island Division of Public Utilities and Carriers -
the Rhode Island Division of Public Utilities and Carriers, which
is headed by an Administrator who is not a Commissioner of the
RIPUC, exercises the jurisdiction, supervision, power, and duties
not specifically assigned to the RIPUC.
Safari Energy
- Safari Energy, LLC, which was, prior to the sale on November 1,
2022, a subsidiary of Safari Holdings that provides solar energy
solutions for commercial customers in the U.S.
Safari Holdings
- Safari Holdings, LLC, which was, prior to the sale on November 1,
2022, a subsidiary of PPL and parent holding company of Safari
Energy.
Sarbanes-Oxley
- Sarbanes-Oxley Act of 2002, which sets requirements for
management's assessment of internal controls for financial
reporting. It also requires an independent auditor to make its own
assessment.
Scrubber
- an air pollution control device that can remove particulates
and/or gases (primarily sulfur dioxide) from exhaust
gases.
SEC
- the U.S. Securities and Exchange Commission, a U.S. government
agency primarily responsible to protect investors and maintain the
integrity of the securities markets.
Smart metering technology
- technology that can measure, among other things, time of
electricity consumption to permit offering rate incentives for
usage during lower cost or demand intervals. The use of this
technology also has the potential to strengthen network
reliability.
SOFR
- Secured Overnight Financing Rate, a broad measure of the cost of
borrowing cash overnight collateralized by Treasury
securities.
S&P
- S&P Global Ratings, a credit rating agency.
Superfund
- federal environmental statute that addresses remediation of
contaminated sites; states also have similar statutes.
Talen Energy
- Talen Energy Corporation, the Delaware corporation formed to be
the publicly traded company and owner of the competitive generation
assets of PPL Energy Supply and certain affiliates of Riverstone,
which as of December 6, 2016, became wholly owned by
Riverstone.
Talen Energy
Marketing
- Talen Energy Marketing, LLC, the successor name of PPL EnergyPlus
after the spinoff of PPL Energy Supply that marketed and traded
wholesale and retail electricity and gas, and supplied energy and
energy services in competitive markets, after the June 1, 2015
spinoff of PPL Energy Supply.
TCJA
- Tax Cuts and Jobs Act. Comprehensive U.S. federal tax legislation
enacted on December 22, 2017.
Treasury Stock Method
- a method applied to calculate diluted EPS that assumes any
proceeds that could be obtained upon exercise of options and
warrants (and their equivalents) would be used to purchase common
stock at the average market price during the relevant
period.
U.K. utility business
–
PPL WPD Investments Limited and its subsidiaries, including,
notably, Western Power Distribution plc and the four distribution
network operators, which substantially represented PPL's U.K.
Regulated segment. The U.K. utility business was sold on June 14,
2021.
VEBA
- Voluntary Employee Beneficiary Association, a tax-exempt trust
under the Internal Revenue Code Section 501(c)(9) used by employers
to fund and pay eligible medical, life and similar
benefits.
VSCC
- Virginia State Corporation Commission, the state agency that has
jurisdiction over the regulation of Virginia corporations,
including utilities.
Forward-looking Information
Statements contained in this Form 10-Q concerning expectations,
beliefs, plans, objectives, goals, strategies, future events or
performance and underlying assumptions and other statements that
are other than statements of historical fact are "forward-looking
statements" within the meaning of the federal securities laws.
Although the Registrants believe that the expectations and
assumptions reflected in these statements are reasonable, there can
be no assurance that these expectations will prove to be correct.
Forward-looking statements are subject to many risks and
uncertainties, and actual results may differ materially from the
results discussed in forward-looking statements. In addition to the
specific factors discussed in each Registrant's 2022 Form 10-K and
in "Item 2. Combined Management's Discussion and Analysis of
Financial Condition and Results of Operations" in this Form 10-Q,
the following are among the important factors that could cause
actual results to differ materially and adversely from the
forward-looking statements:
•strategic
acquisitions, dispositions, or similar transactions, and our
ability to consummate these business transactions or realize
expected benefits from them;
•pandemic
health events or other catastrophic events such as fires,
earthquakes, explosions, floods, droughts, tornadoes, hurricanes
and other extreme weather-related events (including events
potentially caused or exacerbated by climate change) and their
impact on economic conditions, financial markets and supply
chains;
•capital
market conditions, including the availability of capital, credit or
insurance, changes in interest rates and certain economic indices,
and decisions regarding capital structure;
•volatility
in or the impact of other changes in financial markets, commodity
prices and economic conditions, including inflation;
•the
outcome of rate cases or other cost recovery, revenue or regulatory
proceedings;
•the
direct or indirect effects on PPL or its subsidiaries or business
systems of cyber-based intrusion or the threat of
cyberattacks;
•significant
changes in the demand for electricity;
•expansion
of alternative and distributed sources of electricity generation
and storage;
•the
effectiveness of our risk management programs, including commodity
and interest rate hedging;
•defaults
by counterparties or suppliers for energy, capacity, coal, natural
gas or key commodities, goods or services;
•a
material decline in the market value of PPL's equity;
•significant
decreases in the fair value of debt and equity securities and their
impact on the value of assets in defined benefit plans, and the
related cash funding requirements if the fair value of those assets
decline;
•interest
rates and their effect on pension and retiree medical liabilities,
ARO liabilities, interest payable on certain debt securities, and
the general economy;
•the
potential impact of any unrecorded commitments and liabilities of
the Registrants and their subsidiaries;
•new
accounting requirements or new interpretations or applications of
existing requirements;
•adverse
changes in the corporate credit ratings or securities analyst
rankings of the Registrants and their securities;
•any
requirement to record impairment charges pursuant to GAAP with
respect to any of our significant investments;
•laws
or regulations to reduce emissions of GHGs or the physical effects
of climate change;
•continuing
ability to access fuel supply for LG&E and KU, as well as the
ability to recover fuel costs and environmental expenditures in a
timely manner at LG&E and KU and natural gas supply costs at
LG&E and RIE;
•weather
and other conditions affecting generation, transmission and
distribution operations, operating costs and customer energy
use;
•war,
armed conflicts, terrorist attacks, or similar disruptive events,
including the war in Ukraine;
•changes
in political, regulatory or economic conditions in states, regions
or countries where the Registrants or their subsidiaries conduct
business;
•receipt
of necessary governmental permits and approvals;
•changes
in state or federal tax law or regulations;
•changes
in state, federal or foreign legislation or regulatory
developments;
•the
impact of any state, federal or foreign investigations applicable
to the Registrants and their subsidiaries and the energy
industry;
•our
ability to attract and retain qualified employees;
•the
effect of changing expectations and demands of our customers,
regulators and stakeholders, including heightened emphasis on
environmental, social and governance concerns;
•the
effect of any business or industry restructuring;
•development
of new projects, markets and technologies;
•performance
of new ventures;
•collective
labor bargaining negotiations and labor costs; and
•the
outcome of litigation involving the Registrants and their
subsidiaries.
Any forward-looking statements should be considered in light of
these important factors and in conjunction with other documents of
the Registrants on file with the SEC.
New factors that could cause actual results to differ materially
from those described in forward-looking statements emerge from time
to time, and it is not possible for the Registrants to predict all
such factors, or the extent to which any such factor or combination
of factors may cause actual results to differ from those contained
in any forward-looking statement. Any forward-looking statement
speaks only as of the date on which such statement is made, and the
Registrants undertake no obligation to update the information
contained in the statement to reflect subsequent developments or
information.
Investors should note that PPL announces material financial
information in SEC filings, press releases and public conference
calls. In accordance with SEC guidelines, PPL also uses the
Investors section of its website,
www.pplweb.com,
to communicate with investors. It is possible that the financial
and other information posted there could be deemed to be material
information. The information on PPL's website is not part of this
document.
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Operating Revenues |
|
|
|
|
$ |
2,415 |
|
|
$ |
1,782 |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
Operation |
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
201 |
|
|
212 |
|
|
Energy purchases |
|
|
|
|
734 |
|
|
352 |
|
|
Other operation and maintenance |
|
|
|
|
559 |
|
|
433 |
|
|
Depreciation |
|
|
|
|
313 |
|
|
271 |
|
|
Taxes, other than income |
|
|
|
|
110 |
|
|
60 |
|
|
Total Operating Expenses |
|
|
|
|
1,917 |
|
|
1,328 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
498 |
|
|
454 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) - net (Note 12)
|
|
|
|
|
30 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
164 |
|
|
107 |
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
|
|
|
364 |
|
|
347 |
|
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
|
|
|
79 |
|
|
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
$ |
285 |
|
|
$ |
273 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
|
|
|
|
|
|
Net Income Available to PPL Common Shareowners |
|
|
|
|
$ |
0.39 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average Shares of Common Stock Outstanding
(in thousands)
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
736,829 |
|
|
735,503 |
|
|
Diluted |
|
|
|
|
737,698 |
|
|
736,184 |
|
The
accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Net income |
|
|
|
|
$ |
285 |
|
|
$ |
273 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Amounts arising during the period - gains (losses), net of tax
(expense) benefit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investees' other comprehensive income (loss), net of tax of
$0, $0
|
|
|
|
|
1 |
|
|
1 |
|
|
Defined benefit plans: |
|
|
|
|
|
|
|
|
Prior service costs, net of tax of $0, $0
|
|
|
|
|
— |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
Reclassifications from AOCI - (gains) losses, net of tax expense
(benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualifying derivatives, net of tax of $0, $0
|
|
|
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Defined benefit plans: |
|
|
|
|
|
|
|
|
Prior service costs, net of tax of $0, $0
|
|
|
|
|
— |
|
|
1 |
|
|
Net actuarial (gain) loss, net of tax of $0, ($1)
|
|
|
|
|
(1) |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) |
|
|
|
|
1 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
$ |
286 |
|
|
$ |
278 |
|
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Cash Flows from Operating Activities |
|
|
|
|
Net income |
$ |
285 |
|
|
$ |
273 |
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
Depreciation |
313 |
|
|
271 |
|
|
Amortization |
17 |
|
|
7 |
|
|
|
|
|
|
Deferred income taxes and investment tax credits |
77 |
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
(10) |
|
|
7 |
|
|
Change in current assets and current liabilities |
|
|
|
|
Accounts receivable |
(94) |
|
|
(38) |
|
|
Accounts payable |
(63) |
|
|
4 |
|
|
Unbilled revenues |
109 |
|
|
28 |
|
|
Fuel, materials and supplies |
10 |
|
|
42 |
|
|
Prepayments |
(83) |
|
|
(75) |
|
|
|
|
|
|
Taxes payable |
(42) |
|
|
(4) |
|
|
Regulatory assets and liabilities, net |
(46) |
|
|
(41) |
|
|
Accrued interest |
67 |
|
|
57 |
|
|
Other |
(14) |
|
|
(53) |
|
|
Other operating activities |
|
|
|
|
Defined benefit plans - funding |
(3) |
|
|
(3) |
|
|
|
|
|
|
Other assets |
(61) |
|
|
(18) |
|
|
Other liabilities |
(32) |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
430 |
|
|
502 |
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
Expenditures for property, plant and equipment |
(499) |
|
|
(427) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investing activities |
(4) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
(503) |
|
|
(427) |
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
Issuance of long-term debt |
3,127 |
|
|
— |
|
|
Retirement of long-term debt |
(1,750) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of common stock dividends |
(171) |
|
|
(306) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term debt |
(985) |
|
|
916 |
|
|
Other financing activities |
(44) |
|
|
(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
177 |
|
|
603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash, Cash Equivalents and Restricted
Cash |
104 |
|
|
678 |
|
|
Cash, Cash Equivalents and Restricted Cash at Beginning of
Period |
357 |
|
|
3,572 |
|
|
Cash, Cash Equivalents and Restricted Cash at End of
Period |
$ |
461 |
|
|
$ |
4,250 |
|
|
Supplemental Disclosures of Cash Flow Information |
|
|
|
|
Significant non-cash transactions: |
|
|
|
|
Accrued expenditures for property, plant and equipment at March
31,
|
$ |
257 |
|
|
$ |
236 |
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED CONSOLIDATED BALANCE SHEETS
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars, shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023 |
|
December 31,
2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
$ |
460 |
|
|
$ |
356 |
|
|
Accounts receivable (less reserve: 2023, $102; 2022,
$87)
|
|
|
|
|
Customer |
1,033 |
|
|
896 |
|
|
Other |
121 |
|
|
150 |
|
|
Unbilled revenues (less reserve: 2023, $5; 2022, $6)
|
443 |
|
|
552 |
|
|
Fuel, materials and supplies |
434 |
|
|
443 |
|
|
Prepayments |
175 |
|
|
92 |
|
|
Regulatory assets |
313 |
|
|
258 |
|
|
Other current assets |
59 |
|
|
77 |
|
|
|
|
|
|
Total Current Assets |
3,038 |
|
|
2,824 |
|
|
|
|
|
|
|
Property, Plant and Equipment |
|
|
|
|
Regulated utility plant |
37,276 |
|
|
36,961 |
|
|
Less: accumulated depreciation - regulated utility
plant |
8,580 |
|
|
8,352 |
|
|
Regulated utility plant, net |
28,696 |
|
|
28,609 |
|
|
Non-regulated property, plant and equipment |
63 |
|
|
92 |
|
|
Less: accumulated depreciation - non-regulated property,
plant and equipment |
22 |
|
|
46 |
|
|
Non-regulated property, plant and equipment, net |
41 |
|
|
46 |
|
|
Construction work in progress |
1,720 |
|
|
1,583 |
|
|
Property, Plant and Equipment, net |
30,457 |
|
|
30,238 |
|
|
|
|
|
|
|
Other Noncurrent Assets |
|
|
|
|
Regulatory assets |
1,820 |
|
|
1,819 |
|
|
Goodwill |
2,248 |
|
|
2,248 |
|
|
Other intangibles |
310 |
|
|
313 |
|
|
|
|
|
|
Other noncurrent assets (less reserve for accounts receivable:
2023, $1; 2022 $2)
|
429 |
|
|
395 |
|
|
Total Other Noncurrent Assets |
4,807 |
|
|
4,775 |
|
|
|
|
|
|
|
Total Assets |
$ |
38,302 |
|
|
$ |
37,837 |
|
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED CONSOLIDATED BALANCE SHEETS
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars, shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023 |
|
December 31,
2022 |
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
985 |
|
|
Long-term debt due within one year |
104 |
|
|
354 |
|
|
Accounts payable |
1,133 |
|
|
1,201 |
|
|
Taxes |
82 |
|
|
124 |
|
|
Interest |
164 |
|
|
97 |
|
|
Dividends |
173 |
|
|
166 |
|
|
Regulatory liabilities |
282 |
|
|
238 |
|
|
Other current liabilities |
542 |
|
|
624 |
|
|
|
|
|
|
Total Current Liabilities |
2,480 |
|
|
3,789 |
|
|
|
|
|
|
|
Long-term Debt |
14,481 |
|
|
12,889 |
|
|
|
|
|
|
|
Deferred Credits and Other Noncurrent Liabilities |
|
|
|
|
Deferred income taxes |
3,092 |
|
|
3,007 |
|
|
Investment tax credits |
116 |
|
|
117 |
|
|
Accrued pension obligations |
185 |
|
|
206 |
|
|
Asset retirement obligations |
127 |
|
|
138 |
|
|
Regulatory liabilities |
3,419 |
|
|
3,412 |
|
|
Other deferred credits and noncurrent liabilities |
366 |
|
|
361 |
|
|
Total Deferred Credits and Other Noncurrent Liabilities |
7,305 |
|
|
7,241 |
|
|
|
|
|
|
|
Commitments and Contingent Liabilities (Notes 6 and 10) |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
Common stock - $0.01 par value (a)
|
8 |
|
|
8 |
|
|
Additional paid-in capital |
12,310 |
|
|
12,317 |
|
|
Treasury stock |
(950) |
|
|
(967) |
|
|
Earnings reinvested |
2,788 |
|
|
2,681 |
|
|
Accumulated other comprehensive loss |
(123) |
|
|
(124) |
|
|
Total Shareowners' Common Equity |
14,033 |
|
|
13,915 |
|
|
Noncontrolling interests |
3 |
|
|
3 |
|
|
Total Equity |
14,036 |
|
|
13,918 |
|
|
|
|
|
|
|
Total Liabilities and Equity |
$ |
38,302 |
|
|
$ |
37,837 |
|
(a)1,560,000
shares authorized, 770,013 shares issued and 737,067 shares
outstanding at March 31, 2023. 1,560,000 shares authorized,
770,013 shares issued and 736,487 shares outstanding at
December 31, 2022.
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
shares
outstanding (a) |
Common
stock |
Additional
paid-in
capital |
Treasury stock |
Earnings
reinvested |
Accumulated
other
comprehensive
loss |
Noncontrolling interests |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
736,487 |
|
$ |
8 |
|
$ |
12,317 |
|
$ |
(967) |
|
$ |
2,681 |
|
$ |
(124) |
|
$ |
3 |
|
$ |
13,918 |
|
|
|
|
|
|
|
|
|
|
|
Treasury stock issued |
580 |
|
|
2 |
|
17 |
|
|
|
|
19 |
|
|
Stock-based compensation |
|
|
(9) |
|
|
|
|
|
(9) |
|
|
Net income |
|
|
|
|
285 |
|
|
|
285 |
|
|
Dividends and dividend equivalents (b) |
|
|
|
|
(178) |
|
|
|
(178) |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
737,067 |
|
$ |
8 |
|
$ |
12,310 |
|
$ |
(950) |
|
$ |
2,788 |
|
$ |
(123) |
|
$ |
3 |
|
$ |
14,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
735,112 |
|
$ |
8 |
|
$ |
12,303 |
|
$ |
(1,003) |
|
$ |
2,572 |
|
$ |
(157) |
|
$ |
— |
|
$ |
13,723 |
|
|
Common stock issued |
123 |
|
|
4 |
|
|
|
|
|
4 |
|
|
Treasury stock issued |
530 |
|
|
|
16 |
|
|
|
|
16 |
|
|
Stock-based compensation |
|
|
(8) |
|
|
|
|
|
(8) |
|
|
Net income |
|
|
|
|
273 |
|
|
|
273 |
|
|
Dividends and dividend equivalents (b) |
|
|
|
|
(148) |
|
|
|
(148) |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
5 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
735,765 |
|
$ |
8 |
|
$ |
12,299 |
|
$ |
(987) |
|
$ |
2,697 |
|
$ |
(152) |
|
$ |
— |
|
$ |
13,865 |
|
|
|
|
|
|
|
|
|
|
(a)Shares
in thousands. Each share entitles the holder to one vote on any
question presented at any shareowners' meeting.
(b)Dividends
declared per share of common stock were $0.240 for the three months
ended March 31, 2023 and $0.200 for the three months ended
March 31, 2022.
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
|
|
|
|
THIS PAGE INTENTIONALLY LEFT BLANK. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
PPL Electric Utilities Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Operating Revenues |
|
|
|
|
$ |
891 |
|
|
$ |
775 |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
Operation |
|
|
|
|
|
|
|
|
Energy purchases |
|
|
|
|
358 |
|
|
256 |
|
|
|
|
|
|
|
|
|
|
Other operation and maintenance |
|
|
|
|
162 |
|
|
160 |
|
|
Depreciation |
|
|
|
|
99 |
|
|
98 |
|
|
Taxes, other than income |
|
|
|
|
44 |
|
|
37 |
|
|
Total Operating Expenses |
|
|
|
|
663 |
|
|
551 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
228 |
|
|
224 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) - net (Note 12) |
|
|
|
|
12 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
Interest Income from Affiliate |
|
|
|
|
— |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
57 |
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
|
|
|
183 |
|
|
193 |
|
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
|
|
|
45 |
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
Net Income (a) |
|
|
|
|
$ |
138 |
|
|
$ |
143 |
|
(a)Net
income equals comprehensive income.
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
PPL Electric Utilities Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Cash Flows from Operating Activities |
|
|
|
|
Net income |
$ |
138 |
|
|
$ |
143 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
Depreciation |
99 |
|
|
98 |
|
|
Amortization |
9 |
|
|
3 |
|
|
Defined benefit plans - expense (income) |
(10) |
|
|
(6) |
|
|
Deferred income taxes and investment tax credits |
26 |
|
|
41 |
|
|
Other |
(5) |
|
|
(4) |
|
|
Change in current assets and current liabilities |
|
|
|
|
Accounts receivable |
(115) |
|
|
(52) |
|
|
Accounts payable |
30 |
|
|
20 |
|
|
Unbilled revenues |
20 |
|
|
14 |
|
|
|
|
|
|
Prepayments |
(77) |
|
|
(72) |
|
|
Regulatory assets and liabilities, net |
(12) |
|
|
(43) |
|
|
Taxes payable |
(36) |
|
|
(15) |
|
|
|
|
|
|
Other |
15 |
|
|
2 |
|
|
Other operating activities |
|
|
|
|
Defined benefit plans - funding |
(1) |
|
|
— |
|
|
Other assets |
(22) |
|
|
(2) |
|
|
Other liabilities |
(20) |
|
|
(5) |
|
|
Net cash provided by operating activities |
39 |
|
|
122 |
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
Expenditures for property, plant and equipment |
(156) |
|
|
(188) |
|
|
|
|
|
|
Notes receivable from affiliates |
— |
|
|
203 |
|
|
|
|
|
|
Net cash (used in) investing activities |
(156) |
|
|
15 |
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
Issuance of long-term debt |
1,329 |
|
|
— |
|
|
Retirement of long-term debt |
(1,150) |
|
|
— |
|
|
Contributions from parent |
200 |
|
|
— |
|
|
Return of capital to parent |
— |
|
|
(40) |
|
|
Payment of common stock dividends to parent |
(74) |
|
|
(72) |
|
|
Net decrease in short-term debt |
(145) |
|
|
— |
|
|
Debt issuance costs |
(12) |
|
|
— |
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
148 |
|
|
(112) |
|
|
|
|
|
|
|
Net Increase in Cash, Cash Equivalents and Restricted
Cash |
31 |
|
|
25 |
|
|
Cash, Cash Equivalents and Restricted Cash at Beginning of
Period |
25 |
|
|
21 |
|
|
Cash, Cash Equivalents and Restricted Cash at End of
Period |
$ |
56 |
|
|
$ |
46 |
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
Significant non-cash transactions: |
|
|
|
|
Accrued expenditures for property, plant and equipment at March
31,
|
$ |
142 |
|
|
$ |
153 |
|
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED CONSOLIDATED BALANCE SHEETS
PPL Electric Utilities Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars, shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023 |
|
December 31,
2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
$ |
56 |
|
|
$ |
25 |
|
|
Accounts receivable (less reserve: 2023, $35; 2022,
$28)
|
|
|
|
|
Customer |
488 |
|
|
357 |
|
|
Other |
9 |
|
|
12 |
|
|
Accounts receivable from affiliates |
4 |
|
|
3 |
|
|
|
|
|
|
Unbilled revenues (less reserve: 2023, $2; 2022, $2)
|
204 |
|
|
224 |
|
|
Materials and supplies |
86 |
|
|
69 |
|
|
Prepayments |
111 |
|
|
34 |
|
|
Regulatory assets |
34 |
|
|
13 |
|
|
Other current assets |
25 |
|
|
22 |
|
|
Total Current Assets |
1,017 |
|
|
759 |
|
|
|
|
|
|
|
Property, Plant and Equipment |
|
|
|
|
Regulated utility plant |
14,921 |
|
|
14,794 |
|
|
Less: accumulated depreciation - regulated utility
plant |
3,611 |
|
|
3,544 |
|
|
Regulated utility plant, net |
11,310 |
|
|
11,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction work in progress |
629 |
|
|
593 |
|
|
Property, Plant and Equipment, net |
11,939 |
|
|
11,843 |
|
|
|
|
|
|
|
Other Noncurrent Assets |
|
|
|
|
Regulatory assets |
560 |
|
|
568 |
|
|
Intangibles |
268 |
|
|
269 |
|
|
|
|
|
|
Other noncurrent assets (less reserve for accounts receivable:
2023, $1; 2022, $2)
|
137 |
|
|
126 |
|
|
Total Other Noncurrent Assets |
965 |
|
|
963 |
|
|
|
|
|
|
|
Total Assets |
$ |
13,921 |
|
|
$ |
13,565 |
|
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED CONSOLIDATED BALANCE SHEETS
PPL Electric Utilities Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars, shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023 |
|
December 31,
2022 |
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
145 |
|
|
Long-term debt due within one year |
90 |
|
|
340 |
|
|
Accounts payable |
492 |
|
|
480 |
|
|
Accounts payable to affiliates |
43 |
|
|
16 |
|
|
Taxes |
— |
|
|
36 |
|
|
Interest |
50 |
|
|
35 |
|
|
Regulatory liabilities |
94 |
|
|
85 |
|
|
|
|
|
|
Other current liabilities |
105 |
|
|
86 |
|
|
Total Current Liabilities |
874 |
|
|
1,223 |
|
|
|
|
|
|
|
Long-term Debt |
4,566 |
|
|
4,146 |
|
|
|
|
|
|
|
Deferred Credits and Other Noncurrent Liabilities |
|
|
|
|
Deferred income taxes |
1,536 |
|
|
1,514 |
|
|
Regulatory liabilities |
832 |
|
|
820 |
|
|
Other deferred credits and noncurrent liabilities |
98 |
|
|
111 |
|
|
Total Deferred Credits and Other Noncurrent Liabilities |
2,466 |
|
|
2,445 |
|
|
|
|
|
|
|
Commitments and Contingent Liabilities (Notes 6 and 10) |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
Common stock - no par value (a)
|
364 |
|
|
364 |
|
|
Additional paid-in capital |
4,284 |
|
|
4,084 |
|
|
Earnings reinvested |
1,367 |
|
|
1,303 |
|
|
Total Equity |
6,015 |
|
|
5,751 |
|
|
|
|
|
|
|
Total Liabilities and Equity |
$ |
13,921 |
|
|
$ |
13,565 |
|
(a)170,000
shares authorized; 66,368 shares issued and outstanding at
March 31, 2023 and December 31, 2022.
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
PPL Electric Utilities Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
shares
outstanding
(a) |
|
Common
stock |
|
Additional
paid-in
capital |
|
Earnings
reinvested |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
66,368 |
|
|
$ |
364 |
|
|
$ |
4,084 |
|
|
$ |
1,303 |
|
|
$ |
5,751 |
|
|
Net income |
|
|
|
|
|
|
138 |
|
|
138 |
|
|
Capital contributions from parent |
|
|
|
|
200 |
|
|
|
|
200 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
|
|
|
|
|
|
(74) |
|
|
(74) |
|
|
March 31, 2023 |
66,368 |
|
|
$ |
364 |
|
|
$ |
4,284 |
|
|
$ |
1,367 |
|
|
$ |
6,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
66,368 |
|
|
$ |
364 |
|
|
$ |
4,254 |
|
|
$ |
1,118 |
|
|
$ |
5,736 |
|
|
Net income |
|
|
|
|
|
|
143 |
|
|
143 |
|
|
|
|
|
|
|
|
|
|
|
|
Return of capital to parent |
|
|
|
|
(40) |
|
|
|
|
(40) |
|
|
Dividends declared |
|
|
|
|
|
|
(72) |
|
|
(72) |
|
|
March 31, 2022 |
66,368 |
|
|
$ |
364 |
|
|
$ |
4,214 |
|
|
$ |
1,189 |
|
|
$ |
5,767 |
|
(a)Shares
in thousands. All common shares of PPL Electric stock are owned by
PPL Energy Holdings.
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
|
|
|
|
THIS PAGE INTENTIONALLY LEFT BLANK.
|
CONDENSED STATEMENTS OF INCOME
Louisville Gas and Electric Company
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Operating Revenues |
|
|
|
|
|
|
|
|
Retail and wholesale |
|
|
|
|
$ |
461 |
|
|
$ |
481 |
|
|
Electric revenue from affiliate |
|
|
|
|
13 |
|
|
12 |
|
|
Total Operating Revenues |
|
|
|
|
474 |
|
|
493 |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
Operation |
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
79 |
|
|
81 |
|
|
Energy purchases |
|
|
|
|
84 |
|
|
91 |
|
|
Energy purchases from affiliate |
|
|
|
|
1 |
|
|
2 |
|
|
Other operation and maintenance |
|
|
|
|
91 |
|
|
100 |
|
|
Depreciation |
|
|
|
|
75 |
|
|
74 |
|
|
Taxes, other than income |
|
|
|
|
12 |
|
|
12 |
|
|
Total Operating Expenses |
|
|
|
|
342 |
|
|
360 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
132 |
|
|
133 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) - net |
|
|
|
|
2 |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
25 |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
|
|
|
109 |
|
|
112 |
|
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
|
|
|
23 |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
Net Income (a) |
|
|
|
|
$ |
86 |
|
|
$ |
93 |
|
(a)Net
income equals comprehensive income.
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED STATEMENTS OF CASH FLOWS
Louisville Gas and Electric Company
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Cash Flows from Operating Activities |
|
|
|
|
Net income |
$ |
86 |
|
|
$ |
93 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
Depreciation |
75 |
|
|
74 |
|
|
Amortization |
3 |
|
|
(1) |
|
|
|
|
|
|
Deferred income taxes and investment tax credits |
— |
|
|
(4) |
|
|
Other |
— |
|
|
1 |
|
|
Change in current assets and current liabilities |
|
|
|
|
Accounts receivable |
28 |
|
|
4 |
|
|
Accounts receivable from affiliates |
14 |
|
|
2 |
|
|
Accounts payable |
(35) |
|
|
(1) |
|
|
Accounts payable to affiliates |
31 |
|
|
(10) |
|
|
Unbilled revenues |
33 |
|
|
10 |
|
|
Fuel, materials and supplies |
41 |
|
|
42 |
|
|
Regulatory assets and liabilities, net |
21 |
|
|
5 |
|
|
|
|
|
|
Taxes payable |
(27) |
|
|
— |
|
|
Accrued interest |
18 |
|
|
17 |
|
|
Other |
(11) |
|
|
(6) |
|
|
Other operating activities |
|
|
|
|
|
|
|
|
Expenditures for asset retirement obligations |
(2) |
|
|
(6) |
|
|
|
|
|
|
Other assets |
(10) |
|
|
(1) |
|
|
Other liabilities |
(1) |
|
|
(1) |
|
|
Net cash provided by operating activities |
264 |
|
|
218 |
|
|
Cash Flows from Investing Activities |
|
|
|
|
Expenditures for property, plant and equipment |
(86) |
|
|
(99) |
|
|
Net increase in notes receivable with affiliates |
(9) |
|
|
(4) |
|
|
|
|
|
|
Net cash used in investing activities |
(95) |
|
|
(103) |
|
|
Cash Flows from Financing Activities |
|
|
|
|
Net decrease in notes payable to affiliates |
— |
|
|
(324) |
|
|
Issuance of long-term debt |
399 |
|
|
— |
|
|
Retirement of long-term debt |
(300) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term debt |
(179) |
|
|
284 |
|
|
|
|
|
|
Payment of common stock dividends to parent |
(31) |
|
|
(75) |
|
|
Return of capital to parent |
(120) |
|
|
— |
|
|
Other financing activities |
(3) |
|
|
— |
|
|
Net cash used in financing activities |
(234) |
|
|
(115) |
|
|
Net Increase (Decrease) in Cash and Cash Equivalents |
(65) |
|
|
— |
|
|
Cash and Cash Equivalents at Beginning of Period |
93 |
|
|
9 |
|
|
Cash and Cash Equivalents at End of Period |
$ |
28 |
|
|
$ |
9 |
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant non-cash transactions: |
|
|
|
|
Accrued expenditures for property, plant and equipment at March
31, |
$ |
46 |
|
|
$ |
30 |
|
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED BALANCE SHEETS
Louisville Gas and Electric Company
(Unaudited)
(Millions of Dollars, shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023 |
|
December 31,
2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
$ |
28 |
|
|
$ |
93 |
|
|
Accounts receivable (less reserve: 2023, $4; 2022, $4)
|
|
|
|
|
Customer |
124 |
|
|
157 |
|
|
Other |
17 |
|
|
13 |
|
|
Unbilled revenues (less reserve: 2023, $0; 2022, $0)
|
79 |
|
|
112 |
|
|
Accounts receivable from affiliates |
23 |
|
|
37 |
|
|
Notes receivable from affiliates |
9 |
|
|
— |
|
|
Fuel, materials and supplies |
125 |
|
|
166 |
|
|
Prepayments |
14 |
|
|
13 |
|
|
|
|
|
|
Regulatory assets |
8 |
|
|
23 |
|
|
Other current assets |
— |
|
|
2 |
|
|
|
|
|
|
Total Current Assets |
427 |
|
|
616 |
|
|
|
|
|
|
|
Property, Plant and Equipment |
|
|
|
|
Regulated utility plant |
7,444 |
|
|
7,429 |
|
|
Less: accumulated depreciation - regulated utility
plant |
1,403 |
|
|
1,355 |
|
|
Regulated utility plant, net |
6,041 |
|
|
6,074 |
|
|
Construction work in progress |
317 |
|
|
268 |
|
|
Property, Plant and Equipment, net |
6,358 |
|
|
6,342 |
|
|
|
|
|
|
|
Other Noncurrent Assets |
|
|
|
|
Regulatory assets |
378 |
|
|
373 |
|
|
Goodwill |
389 |
|
|
389 |
|
|
Other intangibles |
22 |
|
|
24 |
|
|
Other noncurrent assets |
71 |
|
|
66 |
|
|
Total Other Noncurrent Assets |
860 |
|
|
852 |
|
|
|
|
|
|
|
Total Assets |
$ |
7,645 |
|
|
$ |
7,810 |
|
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED BALANCE SHEETS
Louisville Gas and Electric Company
(Unaudited)
(Millions of Dollars, shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023 |
|
December 31,
2022 |
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
179 |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
132 |
|
|
165 |
|
|
Accounts payable to affiliates |
90 |
|
|
60 |
|
|
Customer deposits |
33 |
|
|
32 |
|
|
Taxes |
14 |
|
|
41 |
|
|
Price risk management liabilities |
1 |
|
|
1 |
|
|
Regulatory liabilities |
13 |
|
|
7 |
|
|
Interest |
33 |
|
|
15 |
|
|
Asset retirement obligations |
14 |
|
|
13 |
|
|
Other current liabilities |
35 |
|
|
46 |
|
|
Total Current Liabilities |
365 |
|
|
559 |
|
|
|
|
|
|
|
Long-term Debt |
2,404 |
|
|
2,307 |
|
|
|
|
|
|
|
Deferred Credits and Other Noncurrent Liabilities |
|
|
|
|
Deferred income taxes |
775 |
|
|
771 |
|
|
Investment tax credits |
31 |
|
|
31 |
|
|
Price risk management liabilities |
7 |
|
|
6 |
|
|
|
|
|
|
Asset retirement obligations |
65 |
|
|
73 |
|
|
Regulatory liabilities |
834 |
|
|
833 |
|
|
Other deferred credits and noncurrent liabilities |
63 |
|
|
64 |
|
|
Total Deferred Credits and Other Noncurrent Liabilities |
1,775 |
|
|
1,778 |
|
|
|
|
|
|
|
Commitments and Contingent Liabilities (Notes 6 and 10) |
|
|
|
|
|
|
|
|
|
Stockholder's Equity |
|
|
|
|
Common stock - no par value (a)
|
424 |
|
|
424 |
|
|
Additional paid-in capital |
1,967 |
|
|
2,087 |
|
|
Earnings reinvested |
710 |
|
|
655 |
|
|
Total Equity |
3,101 |
|
|
3,166 |
|
|
|
|
|
|
|
Total Liabilities and Equity |
$ |
7,645 |
|
|
$ |
7,810 |
|
(a)75,000
shares authorized; 21,294 shares issued and outstanding at
March 31, 2023 and December 31, 2022.
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED STATEMENTS OF EQUITY
Louisville Gas and Electric Company
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
shares
outstanding
(a) |
|
Common
stock |
|
Additional
paid-in
capital |
|
Earnings
reinvested |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
21,294 |
|
|
$ |
424 |
|
|
$ |
2,087 |
|
|
$ |
655 |
|
|
$ |
3,166 |
|
|
Net income |
|
|
|
|
|
|
86 |
|
|
86 |
|
|
Return of capital to parent |
|
|
|
|
(120) |
|
|
|
|
(120) |
|
|
Dividends declared |
|
|
|
|
|
|
(31) |
|
|
(31) |
|
|
March 31, 2023 |
21,294 |
|
|
$ |
424 |
|
|
$ |
1,967 |
|
|
$ |
710 |
|
|
$ |
3,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
21,294 |
|
|
$ |
424 |
|
|
$ |
1,997 |
|
|
$ |
658 |
|
|
$ |
3,079 |
|
|
Net income |
|
|
|
|
|
|
93 |
|
|
93 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
|
|
|
|
|
|
(75) |
|
|
(75) |
|
|
March 31, 2022 |
21,294 |
|
|
$ |
424 |
|
|
$ |
1,997 |
|
|
$ |
676 |
|
|
$ |
3,097 |
|
(a)Shares
in thousands. All common shares of LG&E stock are owned by
LKE.
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
|
|
|
THIS PAGE INTENTIONALLY LEFT BLANK.
|
CONDENSED STATEMENTS OF INCOME
Kentucky Utilities Company
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Operating Revenues |
|
|
|
|
|
|
|
|
Retail and wholesale |
|
|
|
|
$ |
498 |
|
|
$ |
523 |
|
|
Electric revenue from affiliate |
|
|
|
|
1 |
|
|
2 |
|
|
Total Operating Revenues |
|
|
|
|
499 |
|
|
525 |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
Operation |
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
122 |
|
|
131 |
|
|
Energy purchases |
|
|
|
|
6 |
|
|
5 |
|
|
Energy purchases from affiliate |
|
|
|
|
13 |
|
|
12 |
|
|
Other operation and maintenance |
|
|
|
|
109 |
|
|
113 |
|
|
Depreciation |
|
|
|
|
98 |
|
|
95 |
|
|
Taxes, other than income |
|
|
|
|
10 |
|
|
11 |
|
|
Total Operating Expenses |
|
|
|
|
358 |
|
|
367 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
141 |
|
|
158 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) - net |
|
|
|
|
2 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
33 |
|
|
27 |
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
|
|
|
110 |
|
|
131 |
|
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
|
|
|
22 |
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
Net Income (a) |
|
|
|
|
$ |
88 |
|
|
$ |
107 |
|
(a)Net
income equals comprehensive income.
The accompanying Notes to Condensed Financial Statements are an
integral part of the financial statements.
CONDENSED STATEMENTS OF CASH FLOWS
Kentucky Utilities Company
(Unaudited)
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Cash Flows from Operating Activities |
|
|
|
|
Net income |
$ |
88 |
|
|
$ |
107 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
Depreciation |
98 |
|
|
95 |
|
|
Amortization |
5 |
|
|
4 |
|
|
|
|
|
|
Deferred income taxes and investment tax credits |
(1) |
|
|
(3) |
|
|
Other |
(1) |
|
|
1 |
|
|
Change in current assets and current liabilities |
|
|
|