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Financing Activities | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Financing Activities | Credit Arrangements and Short-term Debt (All Registrants) The Registrants maintain credit facilities to enhance liquidity, provide credit support and provide a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, the credit facilities and commercial paper programs of PPL Electric, LG&E and KU also apply to PPL. The amounts listed in the borrowed column below are recorded as "Short-term debt" on the Balance Sheets except for borrowings under PPL Electric's term loan agreement due March 2024 and borrowings under LG&E's and KU's term loan agreements due July 2024, which were reflected in "Long-term debt" at December 31, 2022 and were repaid in 2023. The following credit facilities were in place at:
| December 31, 2023 |  | December 31, 2022
| Expiration Date |  | Capacity |  | Borrowed |  | Letters of Credit and Commercial Paper Issued (d) |  | Unused Capacity |  | Borrowed |  | Letters of Credit and Commercial Paper Issued (d)
PPL |  |  |  |  |  |  |  |  |  |  |  |  |
PPL Capital Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Syndicated Credit Facility (a) (b) (c) | Dec 2027 |  | $ | 1,250 |  |  | $ | — |  |  | $ | 390 |  |  | $ | 860 |  |  | $ | — |  |  | $ | 561 |
Bilateral Credit Facility (a) (b) | Mar 2024 |  | 100 |  |  | — |  |  | — |  |  | 100 |  |  | — |  |  | — |
Bilateral Credit Facility (a) (b) | Mar 2024 |  | 100 |  |  | — |  |  | 13 |  |  | 87 |  |  | — |  |  | 58 |
Total PPL Capital Funding Credit Facilities |  |  | $ | 1,450 |  |  | $ | — |  |  | $ | 403 |  |  | $ | 1,047 |  |  | $ | — |  |  | $ | 619 |
PPL Electric |  |  |  |  |  |  |  |  |  |  |  |  |
Syndicated Credit Facility (a) (b) | Dec 2027 |  | 650 |  |  | — |  |  | 511 |  |  | 139 |  |  | — |  |  | 146 |
Term Loan Credit Facility (a) (b) | Mar 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | 250 |  |  | — |
Total PPL Electric Credit Facilities |  |  | $ | 650 |  |  | $ | — |  |  | $ | 511 |  |  | $ | 139 |  |  | $ | 250 |  |  | $ | 146 |
| December 31, 2023 |  | December 31, 2022
| Expiration Date |  | Capacity |  | Borrowed |  | Letters of Credit and Commercial Paper Issued (d) |  | Unused Capacity |  | Borrowed |  | Letters of Credit and Commercial Paper Issued (d)
LG&E |  |  |  |  |  |  |  |  |  |  |  |  |
Syndicated Credit Facility (a) (b) | Dec 2027 |  | 500 |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | 180 |
Term Loan Credit Facility (a) (b) | Jul 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  | — |
Total LG&E Credit Facilities |  |  | $ | 500 |  |  | $ | — |  |  | $ | — |  |  | $ | 500 |  |  | $ | 300 |  |  | $ | 180 |
KU |  |  |  |  |  |  |  |  |  |  |  |  |
Syndicated Credit Facility (a) (b) | Dec 2027 |  | 400 |  |  | — |  |  | 93 |  |  | 307 |  |  | — |  |  | 101 |
Term Loan Credit Facility (a) (b) | Jul 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  | — |
Total KU Credit Facilities |  |  | $ | 400 |  |  | $ | — |  |  | $ | 93 |  |  | $ | 307 |  |  | $ | 300 |  |  | $ | 101 |
(a)Each company pays customary fees under its respective facility and borrowings generally bear interest at applicable secured overnight financing rates or base rates, plus an applicable margin. (b)The facilities contain a financial covenant requiring debt to total capitalization not to exceed 70% for PPL Capital Funding, RIE, PPL Electric, LG&E and KU, as calculated in accordance with the facilities and other customary covenants. Additionally, subject to certain conditions, PPL Capital Funding may request that the capacity of one of its bilateral credit facilities expiring in March 2024 be increased by up to $30 million and PPL Capital Funding, PPL Electric, LG&E and KU may each request up to a $250 million increase in its syndicated credit facility's capacity. Participation in any such increase is at the sole discretion of each lender. (c)Included a $250 million borrowing sublimit for RIE and a $1 billion sublimit for PPL Capital Funding at December 31, 2023. At December 31, 2023, PPL Capital Funding had $365 million commercial paper outstanding and RIE had $25 million of commercial paper outstanding. RIE's obligations under the facility are not guaranteed by PPL. On January 5, 2024, the borrowing sublimits under the facility were reallocated to $400 million at RIE and $850 million at PPL Capital Funding. (d)Commercial paper issued reflects the undiscounted face value of the issuance. (PPL) In March 2023, RIE was added as an authorized borrower under the PPL Capital Funding syndicated credit facility. At December 31, 2023, RIE’s borrowing limit under the facility was set at $250 million and PPL Capital Funding's borrowing limit was set at $1 billion. At December 31, 2023, PPL Capital Funding had $365 million commercial paper outstanding and RIE had $25 million of commercial paper outstanding. On January 5, 2024, the borrowing sublimits under the facility were reset to $400 million at RIE and $850 million at PPL Capital Funding. (PPL and PPL Electric) In March 2023, PPL Electric repaid its $250 million term loan expiring in March 2024 and terminated the facility. (PPL and LG&E) In March 2023, LG&E repaid its $300 million term loan expiring in July 2024 and terminated the facility. (PPL and KU) In March 2023, KU repaid its $300 million term loan expiring in July 2024 and terminated the facility. (All Registrants) The Registrants maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's credit facilities. The following commercial paper programs were in place at:
| December 31, 2023 |  | December 31, 2022
| Weighted - Average Interest Rate |  | Capacity |  | Commercial Paper Issuances (c) |  | Unused Capacity |  | Weighted - Average Interest Rate |  | Commercial Paper Issuances (c)
PPL Capital Funding (a) | 5.66% |  | $ | 1,350 |  |  | $ | 365 |  |  | $ | 985 |  |  | 4.84% |  | $ | 561 |
RIE (b) | 5.72% |  | 400 |  |  | 25 |  |  | 375 |  |  |  |  |
PPL Electric | 5.67% |  | 650 |  |  | 510 |  |  | 140 |  |  | 4.74% |  | 145 |
LG&E |  |  | 500 |  |  | — |  |  | 500 |  |  | 4.94% |  | 180 |
KU | 5.64% |  | 400 |  |  | 93 |  |  | 307 |  |  | 4.90% |  | 101 |
Total |  |  | $ | 3,300 |  |  | $ | 993 |  |  | $ | 2,307 |  |  |  |  | $ | 987 |
(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL. (b)Issuances under the PPL Capital Funding and RIE commercial paper programs are supported by the PPL Capital Funding syndicated credit facility, which has a total capacity of $1.25 billion and under which they are both borrowers. PPL Capital Funding’s Commercial paper program is also backed by a separate bilateral credit facility for $100 million. The PPL Capital Funding syndicated credit facility includes a borrowing sublimit for RIE, which at December 31, 2023 was set at $250 million with the remaining $1 billion allocated to PPL Capital Funding. RIE's obligations under the facility are not guaranteed by PPL. The sublimits of each borrower may be decreased or increased at the borrowers’ option up to a prescribed amount such that all borrowings under the syndicated credit facility cannot exceed the size of the credit facility of $1.25 billion. On January 5, 2024, the borrowing sublimits under the facility were reallocated to $400 million at RIE and $850 million at PPL Capital Funding. (c)Commercial paper issued reflects the undiscounted face value of the issuance. (PPL) In June 2023, RIE established a commercial paper program with a capacity of $400 million. This program is supported by PPL Capital Funding's syndicated credit facility, under which RIE is a co-borrower. (PPL Electric, LG&E and KU) See Note 14 for a discussion of intercompany borrowings. Long-term Debt (All Registrants)
|  |  |  |  | December 31,
| Weighted-Average Rate (d) |  | Maturities (d) |  | 2023 |  | 2022
PPL |  |  |  |  |  |  |
Senior Unsecured Notes | 3.95 | % |  | 2026 - 2047 |  | $ | 3,066 |  |  | $ | 3,066 |
Senior Secured Notes/First Mortgage Bonds (a) (b) (c) | 4.35 | % |  | 2025 - 2053 |  | 10,229 |  |  | 8,957 |
Exchangeable Senior Unsecured Notes | 2.88 | % |  | 2028 |  | 1,000 |  |  | — |
Junior Subordinated Notes | 8.27 | % |  | 2067 |  | 480 |  |  | 480 |
Term Loan Credit Facility |  |  |  |  | — |  |  | 850 |
Total Long-term Debt before adjustments |  |  |  |  | 14,775 |  |  | 13,353 |
Unamortized premium and (discount), net |  |  |  |  | (55) |  |  | (32) |
Unamortized debt issuance costs |  |  |  |  | (108) |  |  | (78) |
Total Long-term Debt |  |  |  |  | 14,612 |  |  | 13,243 |
Less current portion of Long-term Debt |  |  |  |  | 1 |  |  | 354 |
Total Long-term Debt, noncurrent |  |  |  |  | $ | 14,611 |  |  | $ | 12,889 |
|  |  |  |  | December 31,
| Weighted-Average Rate (d) |  | Maturities (d) |  | 2023 |  | 2022
PPL Electric |  |  |  |  |  |  |
Senior Secured Notes/First Mortgage Bonds (a) (b) | 4.61 | % |  | 2027 - 2053 |  | $ | 4,649 |  |  | $ | 4,289 |
Term Loan Credit Facility |  |  |  |  | — |  |  | 250 |
Total Long-term Debt Before Adjustments |  |  |  |  | 4,649 |  |  | 4,539 |
Unamortized discount |  |  |  |  | (42) |  |  | (22) |
Unamortized debt issuance costs |  |  |  |  | (40) |  |  | (31) |
Total Long-term Debt |  |  |  |  | 4,567 |  |  | 4,486 |
Less current portion of Long-term Debt |  |  |  |  | — |  |  | 340 |
Total Long-term Debt, noncurrent |  |  |  |  | $ | 4,567 |  |  | $ | 4,146 |
LG&E |  |  |  |  |  |  |
Senior Secured Notes/First Mortgage Bonds (a) (c) | 4.02 | % |  | 2025 - 2054 |  | $ | 2,489 |  |  | $ | 2,024 |
Term Loan Credit Facility |  |  |  |  | — |  |  | 300 |
Total Long-term Debt Before Adjustments |  |  |  |  | 2,489 |  |  | 2,324 |
Unamortized discount |  |  |  |  | (4) |  |  | (4) |
Unamortized debt issuance costs |  |  |  |  | (16) |  |  | (13) |
Total Long-term Debt |  |  |  |  | 2,469 |  |  | 2,307 |
Less current portion of Long-term Debt |  |  |  |  | — |  |  | — |
Total Long-term Debt, noncurrent |  |  |  |  | $ | 2,469 |  |  | $ | 2,307 |
KU |  |  |  |  |  |  |
Senior Secured Notes/First Mortgage Bonds (a) (c) | 4.22 | % |  | 2025 - 2054 |  | $ | 3,089 |  |  | $ | 2,642 |
Term Loan Credit Facility |  |  |  |  | — |  |  | 300 |
Total Long-term Debt Before Adjustments |  |  |  |  | 3,089 |  |  | 2,942 |
Unamortized premium |  |  |  |  | 5 |  |  | 5 |
Unamortized discount |  |  |  |  | (9) |  |  | (9) |
Unamortized debt issuance costs |  |  |  |  | (21) |  |  | (18) |
Total Long-term Debt |  |  |  |  | 3,064 |  |  | 2,920 |
Less current portion of Long-term Debt |  |  |  |  | — |  |  | 13 |
Total Long-term Debt, noncurrent |  |  |  |  | $ | 3,064 |  |  | $ | 2,907 |
(a)Includes PPL Electric's senior secured and first mortgage bonds that are secured by the lien of PPL Electric's 2001 Mortgage Indenture, which covers substantially all of PPL Electric’s tangible distribution properties and certain of its tangible transmission properties located in Pennsylvania, subject to certain exceptions and exclusions. The carrying value of PPL Electric's property, plant and equipment was approximately $12.4 billion and $11.8 billion at December 31, 2023 and 2022. Includes LG&E's first mortgage bonds that are secured by the lien of the LG&E 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of LG&E's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity and the storage and distribution of natural gas. The aggregate carrying value of the property subject to the lien was $5.9 billion and $5.8 billion at December 31, 2023 and 2022. Includes KU's first mortgage bonds that are secured by the lien of the KU 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of KU's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity. The aggregate carrying value of the property subject to the lien was $7.3 billion and $7.1 billion at December 31, 2023 and 2022. (b)Includes PPL Electric's series of senior secured bonds that secure its obligations to make payments with respect to each series of Pollution Control Bonds that were issued by the LCIDA and the PEDFA on behalf of PPL Electric. These senior secured bonds were issued in the same principal amount, contain payment and redemption provisions that correspond to and bear the same interest rate as such Pollution Control Bonds. These senior secured bonds were issued under PPL Electric's 2001 Mortgage Indenture and are secured as noted in (a) above. The tax-exempt revenue bonds are subject to mandatory redemption upon determination that the interest rate on the bonds would be included in the holders' gross income for federal tax purposes. (c)Includes LG&E's and KU's series of first mortgage bonds that were issued to the respective trustees of tax-exempt revenue bonds to secure its respective obligations to make payments with respect to each series of bonds. The first mortgage bonds were issued in the same principal amounts, contain payment and redemption provisions that correspond to and bear the same interest rate as such tax-exempt revenue bonds. These first mortgage bonds were issued under the LG&E 2010 Mortgage Indenture and the KU 2010 Mortgage Indenture and are secured as noted in (a) above. The related tax-exempt revenue bonds were issued by various governmental entities, principally counties in Kentucky, on behalf of LG&E and KU. The related revenue bond documents allow LG&E and KU to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, term rate of at least one year or, in some cases, an auction rate or a SOFR index rate. At December 31, 2023, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a term rate mode totaled $894 million for PPL, comprised of $538 million and $356 million for LG&E and KU. At December 31, 2023, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $66 million and $33 million for LG&E and KU. These variable rate tax-exempt revenue bonds are subject to tender for purchase by LG&E and KU at the option of the holder and to mandatory tender for purchase by LG&E and KU upon the occurrence of certain events. (d)The table reflects principal maturities only, based on stated maturities, sinking fund requirements, or earlier put dates, and the weighted-average rates as of December 31, 2023. The aggregate maturities of long-term debt, based on sinking fund requirements, stated maturities or earlier put dates, for the periods 2024 through 2028 and thereafter are as follows:
| PPL |  | PPL Electric |  |  |  | LG&E |  | KU
2024 | $ | 1 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |
2025 | 551 |  |  | — |  |  |  |  | 300 |  |  | 250 |
2026 | 904 |  |  | — |  |  |  |  | 90 |  |  | 164 |
2027 | 428 |  |  | 108 |  |  |  |  | 260 |  |  | 60 |
2028 | 1,350 |  |  | — |  |  |  |  | — |  |  | — |
Thereafter | 11,541 |  |  | 4,541 |  |  |  |  | 1,839 |  |  | 2,615 |
Total | $ | 14,775 |  |  | $ | 4,649 |  |  |  |  | $ | 2,489 |  |  | $ | 3,089 |
(PPL) In February 2023, PPL Capital Funding issued $1.0 billion of 2.875% Exchangeable Senior Notes due 2028 (the Notes). PPL Capital Funding received proceeds of $980 million, net of underwriting fees, which were used to repay short-term debt and for general corporate purposes. The Notes are senior unsecured notes, fully guaranteed by PPL. The Notes are scheduled to mature on March 15, 2028, unless earlier exchanged, redeemed or repurchased. The Notes are exchangeable at an initial exchange rate of 29.3432 shares of PPL's common stock per $1,000 principal amount (equivalent to an initial exchange price of approximately $34.08 per share of common stock). The initial exchange rate is subject to adjustment, as provided in the indenture for anti-dilutive events and fundamental change and redemption provisions. Upon exchange of the Notes, PPL Capital Funding expects to redeem the aggregate principal amount of the Notes in cash. PPL Capital Funding will pay cash, deliver shares of common stock or a combination of cash and shares of common stock, at PPL Capital Funding's election, in respect of the remainder, if any, of its exchange obligation in excess of the aggregate principal amount of the Notes being exchanged. Prior to December 15, 2027, the Notes will be exchangeable at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods described in the indenture pursuant to which the Notes were issued. On or after December 15, 2027 until the maturity date, the Notes will be exchangeable at the option of the noteholders at any time regardless of these conditions or periods. PPL Capital Funding may redeem all or any portion of the Notes, at its option, on or after March 20, 2026, if the last reported sale price of the common stock has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive), during any 30 consecutive trading day period, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest. No sinking fund is provided for the Notes. Subject to certain conditions, holders of the Notes will have the right to require PPL Capital Funding to repurchase all or a portion of their Notes upon the occurrence of a fundamental change, as defined in the indenture pursuant to which the Notes were issued at a repurchase price of 100% of their principal amount plus any accrued and unpaid interest. In connection with certain corporate events or if PPL Capital Funding calls any Notes for redemption, PPL Capital Funding will, under certain circumstances, increase the exchange rate for noteholders who elect to exchange their Notes in connection with any such corporate event or exchange their Notes called for redemption. (PPL and PPL Electric) In March 2023, PPL Electric issued $600 million of 5.00% First Mortgage Bonds due 2033 and $750 million of 5.25% First Mortgage Bonds due 2053. PPL Electric received proceeds of $1.32 billion, net of discounts and underwriting fees, which were used to repay debt, including PPL Electric's $250 million term loan, and for other general corporate purposes. In March 2023, PPL Electric redeemed all of the outstanding $650 million aggregate principal amount of its First Mortgage Bonds, Floating Rate Series due 2024. In March 2023, PPL Electric redeemed all of the outstanding $250 million aggregate principal amount of its First Mortgage Bonds, Floating Rate Series due 2023. In January 2024, PPL Electric issued $650 million of 4.85% First Mortgage Bonds due 2034. PPL Electric received proceeds of $644 million, net of discounts and underwriting fees, which will be used to repay short-term debt and for other general corporate purposes. (PPL and LG&E) In March 2023, LG&E issued $400 million of 5.45% First Mortgage Bonds due 2033. LG&E received proceeds of $396 million, net of discounts and underwriting fees, which were used to repay LG&E's $300 million term loan and for other general corporate purposes. In December 2023, the County of Trimble, Kentucky issued $65 million of 4.70% Environmental Facilities Revenue Bonds 2023 Series A due 2054 on behalf of LG&E which reimburses LG&E for costs used to finance the acquisition, construction, installation, and equipping of certain solid waste disposal facilities owned by LG&E located in Trimble County, Kentucky. In December 2023, LG&E received proceeds of $40 million for expenditures made. The remaining balance of $25 million is being held in escrow until qualifying expenditures are made and has been recorded as restricted cash and included in "Other noncurrent assets" on the Balance Sheet at December 31, 2023. (PPL and KU) In March 2023, KU issued $400 million of 5.45% First Mortgage Bonds due 2033. KU received proceeds of $396 million, net of discounts and underwriting fees, which were used to repay KU's $300 million term loan and for general corporate purposes. In December 2023, the County of Trimble, Kentucky issued $60 million of 4.70% Environmental Facilities Revenue Bonds 2023 Series A due 2054 on behalf of KU which reimburses KU for costs used to finance the acquisition, construction, installation, and equipping of certain solid waste disposal facilities owned by KU located in Trimble County, Kentucky. In December 2023, KU received proceeds of $37 million for expenditures made. The remaining balance of $23 million is being held in escrow until qualifying expenditures are made and has been recorded as restricted cash and included in "Other noncurrent assets" on the Balance Sheet at December 31, 2023. (PPL Electric, LG&E and KU) See Note 14 for additional information related to intercompany borrowings. Legal Separateness (All Registrants) The subsidiaries of PPL are separate legal entities. PPL's subsidiaries are not liable for the debts of PPL. Accordingly, creditors of PPL may not satisfy their debts from the assets of PPL's subsidiaries absent a specific contractual undertaking by a subsidiary to pay PPL's creditors or as required by applicable law or regulation. Similarly, other than PPL's guarantee of PPL Capital Funding's obligations, PPL is not liable for the debts of its subsidiaries, nor are its subsidiaries liable for the debts of one another. Accordingly, creditors of PPL's subsidiaries may not satisfy their debts from the assets of PPL or its other subsidiaries absent a specific contractual undertaking by PPL or its other subsidiaries to pay the creditors or as required by applicable law or regulation. Similarly, the subsidiaries of PPL Electric are each separate legal entities. These subsidiaries are not liable for the debts of PPL Electric. Accordingly, creditors of PPL Electric may not satisfy its debts from the assets of its subsidiaries absent a specific contractual undertaking by a subsidiary to pay the creditors or as required by applicable law or regulation. Similarly, PPL Electric is not liable for the debts of its subsidiaries, nor are its subsidiaries liable for the debts of one another. Accordingly, creditors of these subsidiaries may not satisfy their debts from the assets of PPL Electric (or its other subsidiaries) absent a specific contractual undertaking by PPL Electric or any such other subsidiary to pay such creditors or as required by applicable law or regulation. (PPL) Equity Securities In June 2023, RIE redeemed all 49,089 shares of its outstanding preferred stock at a redemption price equal to the par value of $50 per share, plus a premium of $5 per share, plus a prorated dividend of $0.1875 per share. The total payment was $3 million. Distributions and Related Restrictions In November 2023, PPL declared its quarterly common stock dividend, payable January 2, 2024, at 24.00 cents per share (equivalent to 0.96 cents per annum). On February 16, 2024, PPL announced a quarterly common stock dividend of 25.75 cents per share, payable April 1, 2024, to shareowners of record as of March 8, 2024. Future dividends will be declared at the discretion of the Board of Directors and will depend upon future earnings, cash flows, financial and legal requirements and other factors. Neither PPL Capital Funding nor PPL may declare or pay any cash dividend or distribution on its capital stock during any period in which PPL Capital Funding defers interest payments on its 2007 Series A Junior Subordinated Notes due 2067. At December 31, 2023, no interest payments were deferred. (All Registrants) PPL relies on dividends or loans from its subsidiaries to fund PPL's dividends to its common shareholders. The net assets of certain PPL subsidiaries are subject to legal restrictions. LG&E, KU, PPL Electric and RIE are subject to Section 305(a) of the Federal Power Act, which makes it unlawful for a public utility to make or pay a dividend from any funds "properly included in capital account." The meaning of this limitation has never been clarified under the Federal Power Act. LG&E, KU, PPL Electric and RIE believe, however, that this statutory restriction, as applied to their circumstances, would not be construed or applied by the FERC to prohibit the payment from retained earnings of dividends that are not excessive and are for lawful and legitimate business purposes. In February 2012, LG&E and KU petitioned the FERC requesting authorization to pay dividends in the future based on retained earnings balances calculated without giving effect to the impact of purchase accounting adjustments for PPL's 2010 acquisition of LG&E and KU. In May 2012, the FERC approved the petitions with the further condition that each utility may not pay dividends if such payment would cause its adjusted equity ratio to fall below 30% of total capitalization. Accordingly, at December 31, 2023, net assets of $1.5 billion for LG&E and $2.0 billion for KU were restricted for purposes of paying dividends to LKE, and net assets of $1.7 billion for LG&E and $2.2 billion for KU were available for payment of dividends to LKE. LG&E and KU believe they will not be required to change their current dividend practices as a result of the foregoing requirement. In addition, under Virginia law, KU is prohibited from making loans to affiliates without the prior approval of the VSCC. There are no comparable statutes under Kentucky law applicable to LG&E and KU, or under Pennsylvania law applicable to PPL Electric. However, orders from the KPSC require LG&E and KU to obtain prior consent or approval before lending amounts to PPL.

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