Utility Rate Regulation (Tables)

9 Months Ended

Sep. 30, 2026

Utility Rate Regulation [Line Items]

Regulatory Assets and Liabilities

The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations:


			PPL												PPL Electric												LG&E												KU
			September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025
Current Regulatory Assets:


Rate adjustment mechanisms			$	88					$	86					$	—					$	—					$	—					$	—					$	—					$	—

Renewable energy certificates			31						21						—						—						—						—						—						—



Storm damage expense rider			72						53						72						53						—						—						—						—
Gas supply clause			35						10						—						—						35						10						—						—

Transmission service charge			57						61						—						—						—						—						—						—


TCJA			—						40						—						40						—						—						—						—


Other			29						37						12						19						7						9						—						1
Total current regulatory assets			$	312					$	308					$	84					$	112					$	42					$	19					$	—					$	1

Noncurrent Regulatory Assets:
Defined benefit plans			$	935					$	961					$	469					$	477					$	201					$	212					$	140					$	144
Plant outage costs			17						23						—						—						3						5						14						18
Net metering			170						164						—						—						—						—						—						—
Environmental cost recovery			99						102						—						—						—						—						—						—
Storm costs			123						113						52						42						21						24						33						38
Unamortized loss on debt			16						18						2						2						7						8						5						6

Terminated interest rate swaps			45						47						—						—						26						28						19						19
Accumulated cost of removal of utility plant			218						184						218						184						—						—						—						—
AROs			245						263						—						—						69						73						176						190
Derivative instruments			18						3						—						—						—						—						—						—
RAR			69						76						—						—						69						76						—						—

Gas line inspections			23						24						—						—						21						22						2						2
Advanced metering infrastructure			64						67						—						—						27						28						37						39
IT system costs			78						18						36						18						20						—						20						—
TCJA			29						—						29						—						—						—						—						—
Other			41						29						2						2						10						6						9						11
Total noncurrent regulatory assets			$	2,190					$	2,092					$	808					$	725					$	474					$	482					$	455					$	467


			PPL												PPL Electric												LG&E												KU
			September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025
Current Regulatory Liabilities:
Generation supply charge			$	31					$	45					$	31					$	45					$	—					$	—					$	—					$	—
Transmission service charge			1						17						1						17						—						—						—						—
Universal service rider			—						17						—						17						—						—						—						—



Transmission formula rate			126						62						60						23						—						—						—						—
Rate adjustment mechanisms			108						124						—						—						—						—						—						—
Energy efficiency			25						26						—						—						—						—						—						—

DSM			16						21						—						—						6						8						10						13

Revenue decoupling mechanism			29						55						—						—						—						—						—						—


Other			17						9						—						1						5						5						9						3
Total current regulatory liabilities			$	353					$	376					$	92					$	103					$	11					$	13					$	19					$	16

Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant			$	1,052					$	1,043					$	—					$	—					$	352					$	334					$	405					$	415

Net deferred taxes			1,713						1,798						679						708						395						415						443						467
Defined benefit plans			329						342						126						120						19						23						65						69
Terminated interest rate swaps			50						52						—						—						25						26						25						26

Advanced metering infrastructure			25						30						—						—						8						10						17						20
Other			50						53						—						—						—						1						—						—
Total noncurrent regulatory liabilities			$	3,219					$	3,318					$	805					$	828					$	799					$	809					$	955					$	997