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v3.22.4

Utility Rate Regulation (Tables) | 12 Months Ended
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Dec. 31, 2022
Regulated Operations [Line Items] |
Regulatory Assets and Liabilities | The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations at December 31:
| PPL |  | PPL Electric
| 2022 |  | 2021 |  | 2022 |  | 2021
Current Regulatory Assets: |  |  |  |  |  |  |
Gas supply clause | $ | 41 |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |
Rate adjustment mechanism | 96 |  |  | — |  |  | — |  |  | — |
Derivative Instruments | 41 |  |  | — |  |  | — |  |  | — |
Smart meter rider | 5 |  |  | 11 |  |  | 5 |  |  | 11 |
Universal service rider | 3 |  |  | — |  |  | 3 |  |  | — |
Fuel adjustment clause | 38 |  |  | 11 |  |  | — |  |  | — |
Other | 34 |  |  | 21 |  |  | 5 |  |  | 11 |
Total current regulatory assets | $ | 258 |  |  | $ | 64 |  |  | $ | 13 |  |  | $ | 22 |
Noncurrent Regulatory Assets: |  |  |  |  |  |  |
Defined benefit plans | $ | 778 |  |  | $ | 523 |  |  | $ | 353 |  |  | $ | 256 |
Plant outage cost | 46 |  |  | 54 |  |  | — |  |  | — |
Net Metering | 61 |  |  | — |  |  | — |  |  | — |
Environmental Cost recovery | 102 |  |  | — |  |  | — |  |  | — |
Taxes recoverable through future rates | 47 |  |  | — |  |  | — |  |  | — |
Storm costs | 118 |  |  | 11 |  |  | — |  |  | — |
Unamortized loss on debt | 21 |  |  | 24 |  |  | 3 |  |  | 4 |
Interest rate swaps | 7 |  |  | 18 |  |  | — |  |  | — |
Terminated interest rate swaps | 63 |  |  | 70 |  |  | — |  |  | — |
Accumulated cost of removal of utility plant | 212 |  |  | 228 |  |  | 212 |  |  | 228 |
AROs | 295 |  |  | 302 |  |  | — |  |  | — |
Other | 69 |  |  | 6 |  |  | — |  |  | — |
Total noncurrent regulatory assets | $ | 1,819 |  |  | $ | 1,236 |  |  | $ | 568 |  |  | $ | 488 |
| PPL |  | PPL Electric
| 2022 |  | 2021 |  | 2022 |  | 2021
Current Regulatory Liabilities: |  |  |  |  |  |  |
Generation supply charge | $ | 37 |  |  | $ | 10 |  |  | $ | 37 |  |  | $ | 10 |
Transmission service charge | 14 |  |  | 21 |  |  | 7 |  |  | 21 |
Universal service rider | — |  |  | 17 |  |  | — |  |  | 17 |
TCJA customer refund | 15 |  |  | 22 |  |  | 15 |  |  | 22 |
Act 129 compliance rider | 14 |  |  | 10 |  |  | 14 |  |  | 10 |
Transmission formula rate return on equity (b) | — |  |  | 73 |  |  | — |  |  | 73 |
Economic relief billing rate | — |  |  | 27 |  |  | — |  |  | — |
Transmission formula rate | 12 |  |  | — |  |  | 12 |  |  | — |
Rate adjustment mechanism | 96 |  |  | — |  |  | — |  |  | — |
Energy efficiency | 23 |  |  | — |  |  | — |  |  | — |
Other | 27 |  |  | 2 |  |  | — |  |  | — |
Total current regulatory liabilities | $ | 238 |  |  | $ | 182 |  |  | $ | 85 |  |  | $ | 153 |
Noncurrent Regulatory Liabilities: |  |  |  |  |  |  |
Accumulated cost of removal of utility plant | $ | 950 |  |  | $ | 639 |  |  | $ | — |  |  | $ | — |
Power purchase agreement - OVEC | 26 |  |  | 35 |  |  | — |  |  | — |
Net deferred taxes | 2,094 |  |  | 1,591 |  |  | 775 |  |  | 531 |
Defined benefit plans | 187 |  |  | 95 |  |  | 45 |  |  | 28 |
Terminated interest rate swaps | 60 |  |  | 62 |  |  | — |  |  | — |
Energy efficiency | 32 |  |  | — |  |  | — |  |  | — |
Other | 63 |  |  | — |  |  | — |  |  | — |
Total noncurrent regulatory liabilities | $ | 3,412 |  |  | $ | 2,422 |  |  | $ | 820 |  |  | $ | 559 |
| LG&E |  | KU
| 2022 |  | 2021 |  | 2022 |  | 2021
Current Regulatory Assets: |  |  |  |  |  |  |
Gas supply clause | $ | 13 |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |
Gas line tracker | — |  |  | 3 |  |  | — |  |  | — |
Generation formula rate | — |  |  | — |  |  | — |  |  | 2 |
Fuel adjustment clause | 9 |  |  | 4 |  |  | 29 |  |  | 7 |
Other | 1 |  |  | 5 |  |  | 3 |  |  | — |
Total current regulatory assets | $ | 23 |  |  | $ | 33 |  |  | $ | 32 |  |  | $ | 9 |
Noncurrent Regulatory Assets: |  |  |  |  |  |  |
Defined benefit plans | $ | 209 |  |  | $ | 164 |  |  | $ | 140 |  |  | $ | 103 |
Storm costs | 7 |  |  | 8 |  |  | 3 |  |  | 3 |
Unamortized loss on debt | 11 |  |  | 12 |  |  | 7 |  |  | 8 |
Interest rate swaps | 7 |  |  | 18 |  |  | — |  |  | — |
Terminated interest rate swaps | 37 |  |  | 41 |  |  | 26 |  |  | 29 |
AROs | 76 |  |  | 75 |  |  | 219 |  |  | 227 |
Plant outage costs | 12 |  |  | 15 |  |  | 34 |  |  | 39 |
Other | 14 |  |  | 4 |  |  | 13 |  |  | 2 |
Total noncurrent regulatory assets | $ | 373 |  |  | $ | 337 |  |  | $ | 442 |  |  | $ | 411 |
| LG&E |  | KU
| 2022 |  | 2021 |  | 2022 |  | 2021
Current Regulatory Liabilities: |  |  |  |  |  |  |
Economic relief billing credit | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | 6 |
Other | 7 |  |  | — |  |  | 6 |  |  | 2 |
Total current regulatory liabilities | $ | 7 |  |  | $ | 21 |  |  | $ | 6 |  |  | $ | 8 |
Noncurrent Regulatory Liabilities: |  |  |  |  |  |  |
Accumulated cost of removal of utility plant | $ | 287 |  |  | $ | 262 |  |  | $ | 389 |  |  | $ | 377 |
Power purchase agreement - OVEC | 18 |  |  | 24 |  |  | 8 |  |  | 11 |
Net deferred taxes | 477 |  |  | 491 |  |  | 546 |  |  | 569 |
Defined benefit plans | 21 |  |  | 10 |  |  | 56 |  |  | 57 |
Terminated interest rate swaps | 30 |  |  | 31 |  |  | 30 |  |  | 31 |
Total noncurrent regulatory liabilities | $ | 833 |  |  | $ | 818 |  |  | $ | 1,029 |  |  | $ | 1,045 |
(a)See “Regulatory Matters - Federal Matters - PPL Electric Transmission Formula Rate Return on Equity” below for additional information.

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