v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Assets, Current [Abstract]    
Cash and cash equivalents $ 332 $ 1,071
Accounts receivable (less reserve:)    
Customer 1,156 1,108
Other 92 117
Unbilled revenues 416 558
Fuel, materials and supplies 597 551
Prepayments 178 106
Regulatory Assets, Current 279 308
Other current assets 115 112
Total Current Assets 3,165 3,931
Property, Plant and Equipment    
Regulated utility plant 44,248 42,953
Less: accumulated depreciation - regulated utility plant 10,683 10,303
Regulated utility plant, net 33,565 32,650
Non-regulated property, plant and equipment 82 71
Less: accumulated depreciation - non-regulated property, plant and equipment 26 26
Non-regulated property, plant and equipment, net 56 45
Construction work in progress 4,149 3,437
Property, Plant and Equipment, net 37,770 36,132
Other Noncurrent Assets    
Regulatory assets 2,148 2,092
Goodwill 2,247 2,247
Other intangibles 331 327
Other noncurrent assets 640 515
Assets, Noncurrent 5,366 5,181
Total Assets 46,301 45,244
Current Liabilities    
Short-term debt 65 456
Long-term debt due within one year 469 904
Accounts payable 1,360 1,559
Taxes 118 190
Interest 201 195
Dividends 210 198
Regulatory liabilities 367 376
Other current liabilities 707 668
Liabilities, Current, Total 3,497 4,546
Long-term Debt, Unclassified [Abstract]    
Long-term Debt 19,789 17,990
Deferred Credits and Other Noncurrent Liabilities    
Deferred income taxes 3,669 3,506
Investment tax credits 107 109
Accrued pension obligations 262 281
Asset retirement obligations 109 133
Regulatory liabilities 3,253 3,318
Other deferred credits and noncurrent liabilities 570 480
Total Deferred Credits and Other Noncurrent Liabilities 7,970 7,827
Commitments and Contingent Liabilities
Equity    
Common stock [1] 8 8
Additional paid-in capital 12,331 12,443
Treasury Stock (547) (575)
Earnings reinvested 3,458 3,207
Accumulated other comprehensive loss (205) (202)
Total Equity 15,045 14,881
Total Liabilities and Equity 46,301 45,244
PPL Electric Utilities Corp [Member]    
Assets, Current [Abstract]    
Cash and cash equivalents 33 30
Accounts receivable (less reserve:)    
Other 26 29
Unbilled revenues 128 209
Notes Receivable from affiliates 509 143
Fuel, materials and supplies 184 151
Prepayments 76 38
Regulatory Assets, Current 54 112
Other current assets 68 46
Total Current Assets 1,612 1,215
Property, Plant and Equipment    
Regulated utility plant 18,108 17,476
Less: accumulated depreciation - regulated utility plant 4,231 4,124
Regulated utility plant, net 13,877 13,352
Construction work in progress 1,407 1,216
Property, Plant and Equipment, net 15,284 14,568
Other Noncurrent Assets    
Regulatory assets 771 725
Other intangibles 286 282
Other noncurrent assets 90 96
Assets, Noncurrent 1,147 1,103
Total Assets 18,043 16,886
Current Liabilities    
Long-term debt due within one year 108 0
Taxes 3 47
Interest 69 66
Regulatory liabilities 106 103
Customer Advances, Current 126 92
Other current liabilities 80 58
Liabilities, Current, Total 1,228 1,110
Long-term Debt, Unclassified [Abstract]    
Long-term Debt 6,091 5,707
Deferred Credits and Other Noncurrent Liabilities    
Deferred income taxes 1,843 1,781
Regulatory liabilities 807 828
Other deferred credits and noncurrent liabilities 111 122
Total Deferred Credits and Other Noncurrent Liabilities 2,761 2,731
Commitments and Contingent Liabilities
Equity    
Common stock [2] 364 364
Additional paid-in capital 5,568 5,038
Earnings reinvested 2,031 1,936
Total Equity 7,963 7,338
Total Liabilities and Equity 18,043 $ 16,886
Financing Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]   CEP Reserves, Inc
PPL Electric Utilities Corp [Member] | Related Party    
Accounts receivable (less reserve:)    
Customer 9 $ 7
Notes Receivable from affiliates 509 143
Current Liabilities    
Accounts payable 61 54
PPL Electric Utilities Corp [Member] | Nonrelated Party    
Accounts receivable (less reserve:)    
Customer 525 450
Current Liabilities    
Accounts payable 675 690
Louisville Gas And Electric Co [Member]    
Assets, Current [Abstract]    
Cash and cash equivalents 11 162
Accounts receivable (less reserve:)    
Other 33 26
Unbilled revenues 87 97
Fuel, materials and supplies 154 160
Prepayments 15 11
Regulatory Assets, Current 48 19
Other current assets 8 2
Total Current Assets 527 713
Property, Plant and Equipment    
Regulated utility plant 8,406 8,270
Less: accumulated depreciation - regulated utility plant 1,946 1,842
Regulated utility plant, net 6,460 6,428
Construction work in progress 984 689
Property, Plant and Equipment, net 7,444 7,117
Other Noncurrent Assets    
Regulatory assets 477 482
Goodwill 389 389
Other intangibles 11 11
Other noncurrent assets 122 106
Assets, Noncurrent 999 988
Total Assets 8,970 8,818
Current Liabilities    
Long-term debt due within one year $ 155 $ 90
Notes Payable, Related Party, Type [Extensible Enumeration] Related Party Related Party
Notes Payable to affiliates $ 108 $ 0
Taxes 29 60
Interest 33 34
Current Customer Deposits 37 37
Regulatory liabilities 10 13
Asset Retirement Obligation, Current 2 2
Other current liabilities 56 54
Liabilities, Current, Total 682 625
Long-term Debt, Unclassified [Abstract]    
Long-term Debt 2,711 2,775
Deferred Credits and Other Noncurrent Liabilities    
Deferred income taxes 837 819
Investment tax credits 29 29
Asset retirement obligations 58 73
Regulatory liabilities 806 809
Price risk management liabilities 3 4
Other deferred credits and noncurrent liabilities 89 78
Total Deferred Credits and Other Noncurrent Liabilities 1,822 1,812
Commitments and Contingent Liabilities
Equity    
Common stock [3] 424 424
Additional paid-in capital 2,295 2,208
Earnings reinvested 1,036 974
Total Equity 3,755 3,606
Total Liabilities and Equity 8,970 8,818
Louisville Gas And Electric Co [Member] | Related Party    
Accounts receivable (less reserve:)    
Customer 30 46
Notes Receivable from affiliates 0 36
Current Liabilities    
Accounts payable 59 73
Louisville Gas And Electric Co [Member] | Nonrelated Party    
Accounts receivable (less reserve:)    
Customer 141 154
Current Liabilities    
Accounts payable 193 262
Kentucky Utilities Co [Member]    
Assets, Current [Abstract]    
Cash and cash equivalents 12 10
Accounts receivable (less reserve:)    
Customer 186 171
Other 29 26
Unbilled revenues 110 106
Fuel, materials and supplies 204 183
Prepayments 17 12
Regulatory Assets, Current 1 1
Other current assets 23 16
Total Current Assets 582 525
Property, Plant and Equipment    
Regulated utility plant 11,143 10,929
Less: accumulated depreciation - regulated utility plant 3,084 2,934
Regulated utility plant, net 8,059 7,995
Construction work in progress 1,173 952
Property, Plant and Equipment, net 9,232 8,947
Other Noncurrent Assets    
Regulatory assets 463 467
Goodwill 607 607
Other intangibles 33 34
Other noncurrent assets 190 178
Assets, Noncurrent 1,293 1,286
Total Assets 11,107 10,758
Current Liabilities    
Short-term debt 65 0
Long-term debt due within one year $ 206 $ 164
Notes Payable, Related Party, Type [Extensible Enumeration] Related Party Related Party
Notes Payable to affiliates $ 172 $ 36
Taxes 29 63
Interest 37 38
Current Customer Deposits 40 41
Regulatory liabilities 15 16
Asset Retirement Obligation, Current 8 6
Other current liabilities 63 69
Liabilities, Current, Total 868 676
Long-term Debt, Unclassified [Abstract]    
Long-term Debt 3,287 3,346
Deferred Credits and Other Noncurrent Liabilities    
Deferred income taxes 973 956
Investment tax credits 78 79
Asset retirement obligations 41 51
Regulatory liabilities 975 997
Other deferred credits and noncurrent liabilities 55 44
Total Deferred Credits and Other Noncurrent Liabilities 2,122 2,127
Commitments and Contingent Liabilities
Equity    
Common stock [4] 308 308
Additional paid-in capital 3,365 3,217
Earnings reinvested 1,157 1,084
Total Equity 4,830 4,609
Total Liabilities and Equity 11,107 10,758
Kentucky Utilities Co [Member] | Related Party    
Current Liabilities    
Accounts payable 94 106
Kentucky Utilities Co [Member] | Nonrelated Party    
Current Liabilities    
Accounts payable $ 139 $ 137
[1] 1,560,000 shares authorized, 771,335 shares issued and 752,369 shares outstanding at June 30, 2026. 1,560,000 shares authorized, 770,978 shares issued and 751,041 shares outstanding at December 31, 2025.
[2] 170,000 shares authorized; 66,368 shares issued and outstanding at June 30, 2026 and December 31, 2025.
[3] 75,000 shares authorized; 21,294 shares issued and outstanding at June 30, 2026 and December 31, 2025.
[4] 80,000 shares authorized; 37,818 shares issued and outstanding at June 30, 2026 and December 31, 2025.