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v3.23.3

Related Party Transactions | 9 Months Ended
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Sep. 30, 2023
PPL Electric Utilities Corp [Member] |
Related Party Transactions [Line Items] |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LG&E and KU) PPL Services and LKS provide the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and LKS use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable.
| Three Months |  | Nine Months
| 2023 |  | 2022 |  | 2023 |  | 2022
PPL Electric from PPL Services | $ | 52 |  |  | $ | 51 |  |  | $ | 166 |  |  | $ | 172 |
LG&E from LKS | 25 |  |  | 34 |  |  | 85 |  |  | 114 |
LG&E from PPL Services | 10 |  |  | — |  |  | 30 |  |  | — |
KU from LKS | 35 |  |  | 39 |  |  | 110 |  |  | 125 |
KU from PPL Services | 11 |  |  | — |  |  | 33 |  |  | — |
In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between PPL and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) CEP Reserves maintains a $500 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2023 and December 31, 2022, CEP Reserves had no borrowings outstanding. The interest rates on borrowings are equal to an adjusted one-month SOFR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the applicable Income Statements. (LG&E and KU) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on SOFR. At September 30, 2023, LG&E's money pool unused capacity was $744 million. At September 30, 2023, LG&E had borrowings outstanding from KU and/or LKE of $6 million. These balances are reflected in "Notes payable to affiliates" on the LG&E Balance Sheets. At December 31, 2022, LG&E had no borrowings outstanding from KU and/or LKE. KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on SOFR. At September 30, 2023, KU's money pool unused capacity was $604 million. At September 30, 2023, KU had borrowings outstanding from LG&E and/or LKE of $21 million. These balances are reflected in "Notes payable to affiliates" on the KU Balance Sheets. At December 31, 2022, KU had no borrowings outstanding from LG&E and/or LKE. VEBA Funds Receivable (PPL Electric) In 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. There was no intercompany receivable balance associated with these funds as of September 30, 2023, which would be reflected in "Accounts receivable from affiliates" on the PPL Electric Balance Sheets. The intercompany receivable balance associated with these funds was immaterial as of December 31, 2022.
Louisville Gas And Electric Co [Member] |
Related Party Transactions [Line Items] |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LG&E and KU) PPL Services and LKS provide the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and LKS use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable.
| Three Months |  | Nine Months
| 2023 |  | 2022 |  | 2023 |  | 2022
PPL Electric from PPL Services | $ | 52 |  |  | $ | 51 |  |  | $ | 166 |  |  | $ | 172 |
LG&E from LKS | 25 |  |  | 34 |  |  | 85 |  |  | 114 |
LG&E from PPL Services | 10 |  |  | — |  |  | 30 |  |  | — |
KU from LKS | 35 |  |  | 39 |  |  | 110 |  |  | 125 |
KU from PPL Services | 11 |  |  | — |  |  | 33 |  |  | — |
In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between PPL and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) CEP Reserves maintains a $500 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2023 and December 31, 2022, CEP Reserves had no borrowings outstanding. The interest rates on borrowings are equal to an adjusted one-month SOFR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the applicable Income Statements. (LG&E and KU) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on SOFR. At September 30, 2023, LG&E's money pool unused capacity was $744 million. At September 30, 2023, LG&E had borrowings outstanding from KU and/or LKE of $6 million. These balances are reflected in "Notes payable to affiliates" on the LG&E Balance Sheets. At December 31, 2022, LG&E had no borrowings outstanding from KU and/or LKE. KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on SOFR. At September 30, 2023, KU's money pool unused capacity was $604 million. At September 30, 2023, KU had borrowings outstanding from LG&E and/or LKE of $21 million. These balances are reflected in "Notes payable to affiliates" on the KU Balance Sheets. At December 31, 2022, KU had no borrowings outstanding from LG&E and/or LKE. VEBA Funds Receivable (PPL Electric) In 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. There was no intercompany receivable balance associated with these funds as of September 30, 2023, which would be reflected in "Accounts receivable from affiliates" on the PPL Electric Balance Sheets. The intercompany receivable balance associated with these funds was immaterial as of December 31, 2022.
Kentucky Utilities Co [Member] |
Related Party Transactions [Line Items] |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LG&E and KU) PPL Services and LKS provide the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and LKS use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable.
| Three Months |  | Nine Months
| 2023 |  | 2022 |  | 2023 |  | 2022
PPL Electric from PPL Services | $ | 52 |  |  | $ | 51 |  |  | $ | 166 |  |  | $ | 172 |
LG&E from LKS | 25 |  |  | 34 |  |  | 85 |  |  | 114 |
LG&E from PPL Services | 10 |  |  | — |  |  | 30 |  |  | — |
KU from LKS | 35 |  |  | 39 |  |  | 110 |  |  | 125 |
KU from PPL Services | 11 |  |  | — |  |  | 33 |  |  | — |
In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between PPL and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) CEP Reserves maintains a $500 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2023 and December 31, 2022, CEP Reserves had no borrowings outstanding. The interest rates on borrowings are equal to an adjusted one-month SOFR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the applicable Income Statements. (LG&E and KU) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on SOFR. At September 30, 2023, LG&E's money pool unused capacity was $744 million. At September 30, 2023, LG&E had borrowings outstanding from KU and/or LKE of $6 million. These balances are reflected in "Notes payable to affiliates" on the LG&E Balance Sheets. At December 31, 2022, LG&E had no borrowings outstanding from KU and/or LKE. KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on SOFR. At September 30, 2023, KU's money pool unused capacity was $604 million. At September 30, 2023, KU had borrowings outstanding from LG&E and/or LKE of $21 million. These balances are reflected in "Notes payable to affiliates" on the KU Balance Sheets. At December 31, 2022, KU had no borrowings outstanding from LG&E and/or LKE. VEBA Funds Receivable (PPL Electric) In 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. There was no intercompany receivable balance associated with these funds as of September 30, 2023, which would be reflected in "Accounts receivable from affiliates" on the PPL Electric Balance Sheets. The intercompany receivable balance associated with these funds was immaterial as of December 31, 2022.

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