v3.25.2
Financing Activities
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Financing Activities
7. Financing Activities

Credit Arrangements and Short-term Debt

(All Registrants)

The Registrants maintain credit facilities to enhance liquidity, provide credit support and provide a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, the credit facilities and commercial paper programs of PPL Electric, LG&E and KU are attributable to PPL. The amounts listed in the borrowed column below are recorded as "Short-term debt" on the Balance Sheets. The following credit facilities were in place at:
 June 30, 2025December 31, 2024
 Expiration
Date		CapacityBorrowedLetters of
Credit
and
Commercial
Paper
Issued (c)		Unused
Capacity		BorrowedLetters of
Credit
and
Commercial
Paper
Issued (c)
PPL       
PPL Capital Funding (a)       
Syndicated Credit Facility (b)Dec. 2029$1,500 $— $470 $1,030 $— $138 
Bilateral Credit FacilityFeb. 2026100 — — 100 — — 
Bilateral Credit FacilityFeb. 2026100 — 20 80 — 15 
Total PPL Capital Funding Credit Facilities$1,700 $— $490 $1,210 $— $153 
PPL Electric        
Syndicated Credit FacilityDec. 2029$750 $— $386 $364 $— $1 
Total PPL Electric Credit Facilities$750 $— $386 $364 $— $1 
LG&E      
Syndicated Credit FacilityDec. 2029$600 $— $158 $442 $— $25 
Total LG&E Credit Facilities$600 $— $158 $442 $— $25 
KU       
Syndicated Credit FacilityDec. 2029$600 $— $275 $325 $— $140 
Total KU Credit Facilities $600 $— $275 $325 $— $140 

(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL.
(b)In January 2025, PPL Capital Funding increased the borrowing capacity of this facility from $1.25 billion to $1.50 billion. At June 30, 2025, the facility included a $250 million borrowing sublimit for RIE and a $1.25 billion sublimit for PPL Capital Funding. At December 31, 2024, the facility included a $250 million borrowing sublimit for RIE and a $1 billion borrowing sublimit for PPL Capital Funding. RIE’s borrowing sublimit is adjustable, at the borrowers’ option, from $0 to $600 million, with the remaining balance available under the facility allocated to PPL Capital Funding. At June 30, 2025, PPL Capital Funding had $470 million of commercial paper outstanding and RIE had no commercial paper outstanding. At December 31, 2024, PPL Capital Funding had $138 million of commercial paper outstanding and RIE had no commercial paper outstanding. RIE's obligations under the facility are not guaranteed by PPL.
(c)Commercial paper issued reflects the undiscounted face value of the issuance.

(PPL)

In January 2025, PPL Capital Funding amended its existing $1.25 billion syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $1.50 billion.

(PPL and PPL Electric)

In January 2025, PPL Electric amended its existing $650 million syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $750 million.

(PPL and LG&E)

In January 2025, LG&E amended its existing $500 million syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $600 million.

(PPL and KU)

In January 2025, KU amended its existing $400 million syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $600 million.

(All Registrants)

The Registrants maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's credit facilities. The following commercial paper programs were in place at:
 June 30, 2025December 31, 2024
Weighted -
Average
Interest Rate		Capacity (c)Commercial
Paper
Issuances (d)		Unused
Capacity		Weighted -
Average
Interest Rate		Commercial
Paper
Issuances (d)
PPL Capital Funding (a)(b)4.66%$1,350 $470 $880 4.76%$138 
RIE (b)250 — 250 — 
PPL Electric
4.63%650 385 265 — 
LG&E4.66%500 158 342 4.72%25 
KU4.66%400 275 125 4.71%140 
Total $3,150 $1,288 $1,862  $303 

(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL.
(b)Issuances under the PPL Capital Funding and RIE commercial paper programs are supported by the PPL Capital Funding syndicated credit facility. At June 30, 2025, the borrowing sublimits were $250 million for RIE and $1.25 billion for PPL Capital Funding. At December 31, 2024, the borrowing sublimits were $250 million for RIE and $1 billion for PPL Capital Funding. PPL Capital Funding’s commercial paper program is also backed by a separate bilateral credit facility for $100 million.
(c)On July 14, 2025, the capacity of the commercial paper programs were increased to $1,600 million for PPL Capital Funding, $750 million for PPL Electric, $600 million for LG&E and $600 million for KU, bringing the capacity of each program into alignment with the increased capacity of the supporting syndicated credit facilities for each entity, as amended in January 2025.
(d)Commercial paper issued reflects the undiscounted face value of the issuance.

(PPL Electric, LG&E, and KU)

See Note 11 for discussion of intercompany borrowings.

(PPL)
Equity Securities

ATM Program

In February 2025, PPL entered into an equity distribution agreement, pursuant to which PPL may sell, from time to time, up to an aggregate of $2 billion of its common stock through an ATM Program, which may utilize an optional forward sales component. Each forward contract under the agreement must be settled within 24 months. The compensation paid to the selling agents by PPL may be up to 2% of the gross offering proceeds of the shares. During the six months ended June 30, 2025, PPL entered into forwards contracts to sell approximately 9.9 million shares of its common stock at a blended initial forward price of approximately $34.77 per share. The forward sale price may be adjusted based on changes in daily interest rates, for certain stock loan fees as determined by a third-party agent, and will be subject to predetermined reductions based on expected dividends. Each outstanding forward contract must be settled on or before December 30, 2025. PPL may elect, at its discretion, to physically settle, net share settle or net cash settle the forward contracts. At June 30, 2025, PPL could have settled the forward sale contracts with physical delivery of approximately 9.9 million shares of common stock for proceeds of approximately $344 million. The forward contracts under the ATM program are classified as equity transactions.

Dividends
In May 2025, PPL declared a quarterly cash dividend on its common stock, payable July 1, 2025, of 27.25 cents per share (equivalent to $1.09 per annum).