v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Derivative Instruments And Hedging Activities [Line Items]    
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair value and the location of derivatives not designated as hedging instruments on the Balance Sheets:
June 30, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Current:
Price Risk Management
Assets/Liabilities (a):
Interest rate derivatives (b)$— $— $— $1 
Gas contracts 2 12 6 5 
Total current2 12 6 6 
Noncurrent:
Price Risk Management
Assets/Liabilities (a):
Interest rate derivatives (b)— 3 — 4 
Gas contracts — 5 — 5 
Total noncurrent— 8 — 9 
Total derivatives$2 $20 $6 $15 

(a)Current portion is included in "Other current assets" and "Other current liabilities" and noncurrent portion is included in "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets.
(b)Excludes accrued interest, if applicable.
  
Derivative Instruments, Gain (Loss)
The following table presents the amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense as a result of cash flow hedging activity for the periods ended June 30, 2026.
Three MonthsSix Months
Interest ExpenseInterest Expense
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded$232 $456 
Amount of gain (loss) reclassified from AOCI to income— (1)
The following table presents the amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense as a result of cash flow hedging activity for the periods ended June 30, 2025.

Three MonthsSix Months
Interest ExpenseInterest Expense
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded$199 $389 
Amount of gain (loss) reclassified from AOCI to income(1)(2)
Derivative Positions Eligible for Offset with Related Cash Collateral The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged.
AssetsLiabilities
Eligible for OffsetEligible for Offset
GrossDerivative
Instruments		Cash
Collateral
Received		NetGrossDerivative
Instruments		Cash
Collateral
Pledged		Net
June 30, 2026
Derivatives
PPL$2 $2 $— $— $20 $2 $— $18 
LG&E— — — — 3 — — 3 

AssetsLiabilities
Eligible for OffsetEligible for Offset
GrossDerivative
Instruments		Cash
Collateral
Received		NetGrossDerivative
Instruments		Cash
Collateral
Pledged		Net
December 31, 2025
Derivatives
PPL$6 $3 $— $3 $10 $3 $— $7 
LG&E— — — — 5 — — 5 
  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the periods ended June 30, 2026.

Three MonthsSix MonthsThree MonthsSix Months
Derivative
Relationships		Derivative Gain
(Loss) Recognized in
OCI		Derivative Gain
(Loss) Recognized in
OCI		Location of Gain (Loss)
Recognized in Income
on Derivative		Gain (Loss)
Reclassified
from AOCI
into Income		Gain (Loss)
Reclassified
from AOCI
into Income
Cash Flow Hedges:
Interest rate derivatives$— $— Interest Expense$— $(1)
Derivatives Not Designated as
Hedging Instruments		Location of Gain (Loss) Recognized in
Income on Derivative		Three MonthsSix Months
Gas contractsEnergy purchases$(2)$6 
Operating revenues— (1)
Total$(2)$5 
Derivatives Not Designated as
Hedging Instruments		Location of Gain (Loss) Recognized as
Regulatory Liabilities/Assets		Three MonthsSix Months
Interest rate derivativesRegulatory assets - noncurrent$1 $1 
Gas contractsRegulatory assets - noncurrent(10)(11)
Total$(9)$(10)
The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the periods ended June 30, 2025.

Three MonthsSix MonthsThree MonthsSix Months
Derivative
Relationships		Derivative Gain
(Loss) Recognized in
OCI 		Derivative Gain
(Loss) Recognized in
OCI 		Location of Gain (Loss)
Recognized in Income
on Derivative		Gain (Loss)
Reclassified
from AOCI
into Income		Gain (Loss)
Reclassified
from AOCI
into Income
Cash Flow Hedges:
Interest rate derivatives$2 $2 Interest Expense$(1)$(2)
Derivatives Not Designated as
Hedging Instruments		Location of Gain (Loss) Recognized in
Income on Derivative		Three MonthsSix Months
Gas contractsEnergy purchases$— $(5)
Total$— $(5)
Derivatives Not Designated as
Hedging Instruments		Location of Gain (Loss) Recognized as
Regulatory Liabilities/Assets		Three MonthsSix Months
Interest rate derivativesRegulatory assets - noncurrent$(1)$(2)
Gas contractsRegulatory liabilities - current(12)6 
Regulatory assets - noncurrent(1)— 
Total$(14)$4 
Louisville Gas And Electric Co [Member]    
Derivative Instruments And Hedging Activities [Line Items]    
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments.

June 30, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Current:
Price Risk Management
        Assets/Liabilities:
Interest rate derivatives $— $— $— $1 
Total current— — — 1 
Noncurrent:
Price Risk Management
   Assets/Liabilities:
Interest rate derivatives— 3 — 4 
Total noncurrent— 3 — 4 
Total derivatives$— $3 $— $5 
  
Derivative Instruments, Gain (Loss)
The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the periods ended June 30, 2026.

Location of Gain (Loss) Recognized in
Derivative InstrumentsRegulatory AssetsThree MonthsSix Months
Interest rate derivativesRegulatory assets - noncurrent$1 $1 
The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the periods ended June 30, 2025. 

Location of Gain (Loss) Recognized in
Derivative InstrumentsRegulatory AssetsThree MonthsSix Months
Interest rate derivativesRegulatory assets - noncurrent$(1)$(2)
Derivative Positions Eligible for Offset with Related Cash Collateral The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged.
AssetsLiabilities
Eligible for OffsetEligible for Offset
GrossDerivative
Instruments		Cash
Collateral
Received		NetGrossDerivative
Instruments		Cash
Collateral
Pledged		Net
June 30, 2026
Derivatives
PPL$2 $2 $— $— $20 $2 $— $18 
LG&E— — — — 3 — — 3 

AssetsLiabilities
Eligible for OffsetEligible for Offset
GrossDerivative
Instruments		Cash
Collateral
Received		NetGrossDerivative
Instruments		Cash
Collateral
Pledged		Net
December 31, 2025
Derivatives
PPL$6 $3 $— $3 $10 $3 $— $7 
LG&E— — — — 5 — — 5