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Utility Rate Regulation (Tables) | 6 Months Ended
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Jun. 30, 2021
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
| June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 |  | December 31, 2020
Current Regulatory Assets: |  |  |  |  |  |  |
Plant outage costs | $ | — |  |  | $ | 46 |  |  | $ | — |  |  | $ | — |
Gas supply clause | 11 |  |  | 4 |  |  | — |  |  | — |
Smart meter rider | 20 |  |  | 17 |  |  | 20 |  |  | 17 |
Transmission formula rate | 21 |  |  | 15 |  |  | 21 |  |  | 15 |
Gas line tracker | 7 |  |  | 4 |  |  | — |  |  | — |
Storm costs | 4 |  |  | 7 |  |  | 4 |  |  | 7 |
Generation formula rate | 3 |  |  | 2 |  |  | — |  |  | — |
Other | 3 |  |  | 4 |  |  | — |  |  | 1 |
Total current regulatory assets | $ | 69 |  |  | $ | 99 |  |  | $ | 45 |  |  | $ | 40 |
Noncurrent Regulatory Assets: |  |  |  |  |  |  |
Defined benefit plans | $ | 550 |  |  | $ | 570 |  |  | $ | 283 |  |  | $ | 290 |
Storm costs | 12 |  |  | 17 |  |  | — |  |  | — |
Unamortized loss on debt | 26 |  |  | 30 |  |  | 5 |  |  | 8 |
Interest rate swaps | 20 |  |  | 23 |  |  | — |  |  | — |
Terminated interest rate swaps | 73 |  |  | 75 |  |  | — |  |  | — |
Accumulated cost of removal of utility plant | 234 |  |  | 240 |  |  | 234 |  |  | 240 |
AROs | 307 |  |  | 300 |  |  | — |  |  | — |
Plant outage costs | 57 |  |  | — |  |  | — |  |  | — |
Other | 2 |  |  | 7 |  |  | — |  |  | 3 |
Total noncurrent regulatory assets | $ | 1,281 |  |  | $ | 1,262 |  |  | $ | 522 |  |  | $ | 541 |
| PPL |  | PPL Electric
| June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 |  | December 31, 2020
Current Regulatory Liabilities: |  |  |  |  |  |  |
Generation supply charge | $ | 17 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 21 |
Transmission service charge | 27 |  |  | 1 |  |  | 27 |  |  | 1 |
Environmental cost recovery | 4 |  |  | 4 |  |  | — |  |  | — |
Universal service rider | 15 |  |  | 22 |  |  | 15 |  |  | 22 |
Fuel adjustment clause | 5 |  |  | 5 |  |  | — |  |  | — |
TCJA customer refund | 17 |  |  | 11 |  |  | 17 |  |  | 11 |
Storm damage expense rider | 6 |  |  | 6 |  |  | 6 |  |  | 6 |
Act 129 compliance rider | 5 |  |  | 7 |  |  | 5 |  |  | 7 |
Economic relief billing credit (b) | 50 |  |  | — |  |  | — |  |  | — |
Challenge to transmission formula rate return on equity reserve (a) | 51 |  |  | — |  |  | 51 |  |  | — |
Other | 1 |  |  | 2 |  |  | — |  |  | — |
Total current regulatory liabilities | $ | 198 |  |  | $ | 79 |  |  | $ | 138 |  |  | $ | 68 |
Noncurrent Regulatory Liabilities: |  |  |  |  |  |  |
Accumulated cost of removal of utility plant | $ | 671 |  |  | $ | 653 |  |  | $ | — |  |  | $ | — |
Power purchase agreement - OVEC | 39 |  |  | 43 |  |  | — |  |  | — |
Net deferred taxes | 1,624 |  |  | 1,690 |  |  | 545 |  |  | 560 |
Defined benefit plans | 68 |  |  | 60 |  |  | 23 |  |  | 18 |
Terminated interest rate swaps | 64 |  |  | 66 |  |  | — |  |  | — |
Other | 2 |  |  | 18 |  |  | — |  |  | — |
Total noncurrent regulatory liabilities | $ | 2,468 |  |  | $ | 2,530 |  |  | $ | 568 |  |  | $ | 578 |
| LG&E |  | KU
| June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 |  | December 31, 2020
Current Regulatory Assets: |  |  |  |  |  |  |
Gas supply clause | $ | 11 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Gas line tracker | 7 |  |  | 4 |  |  | — |  |  | — |
Plant outage costs | — |  |  | 12 |  |  | — |  |  | 34 |
Generation formula rate | — |  |  | — |  |  | 3 |  |  | 2 |
Other | 3 |  |  | 3 |  |  | — |  |  | — |
Total current regulatory assets | $ | 21 |  |  | $ | 23 |  |  | $ | 3 |  |  | $ | 36 |
Noncurrent Regulatory Assets: |  |  |  |  |  |  |
Defined benefit plans | $ | 167 |  |  | $ | 174 |  |  | $ | 100 |  |  | $ | 106 |
Storm costs | 8 |  |  | 11 |  |  | 4 |  |  | 6 |
Unamortized loss on debt | 13 |  |  | 13 |  |  | 8 |  |  | 9 |
Interest rate swaps | 20 |  |  | 23 |  |  | — |  |  | — |
Terminated interest rate swaps | 43 |  |  | 44 |  |  | 30 |  |  | 31 |
AROs | 86 |  |  | 85 |  |  | 221 |  |  | 215 |
Plant outage costs | 16 |  |  | — |  |  | 41 |  |  | — |
Other | 1 |  |  | 1 |  |  | 1 |  |  | 3 |
Total noncurrent regulatory assets | $ | 354 |  |  | $ | 351 |  |  | $ | 405 |  |  | $ | 370 |
| LG&E |  | KU
| June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 |  | December 31, 2020
Current Regulatory Liabilities: |  |  |  |  |  |  |
Environmental cost recovery | $ | 1 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4 |
Fuel adjustment clause | 1 |  |  | — |  |  | 4 |  |  | 5 |
Economic relief billing credit (b) | 39 |  |  | — |  |  | 11 |  |  | — |
Other | — |  |  | — |  |  | 1 |  |  | 2 |
Total current regulatory liabilities | $ | 41 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 11 |
Noncurrent Regulatory Liabilities: |  |  |  |  |  |  |
Accumulated cost of removal of utility plant | $ | 282 |  |  | $ | 274 |  |  | $ | 389 |  |  | $ | 379 |
Power purchase agreement - OVEC | 27 |  |  | 30 |  |  | 12 |  |  | 13 |
Net deferred taxes | 498 |  |  | 528 |  |  | 581 |  |  | 602 |
Defined benefit plans | 1 |  |  | — |  |  | 45 |  |  | 42 |
Terminated interest rate swaps | 32 |  |  | 33 |  |  | 32 |  |  | 33 |
Other | — |  |  | 17 |  |  | 1 |  |  | 1 |
Total noncurrent regulatory liabilities | $ | 840 |  |  | $ | 882 |  |  | $ | 1,060 |  |  | $ | 1,070 |
(a)See “Regulatory Matters - Federal Matters - Challenge to PPL Electric Transmission Formula Rate Return on Equity” below for further information. (b)Represents regulatory liabilities to be returned to customers through June 30, 2022, as agreed to in the Kentucky rate case, in recognition of the economic impact of COVID-19. See "Rate Case Proceedings" below for additional information.

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- Definition Tabular disclosure of assets and liabilities that are created when regulatory agencies permit public utilities to defer certain costs included in rate-setting to the balance sheet. + References No definition available. + Details
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