PPL Corp
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Kentucky Utilities Company - Statement of Income Analysis
KU: Statement of Income Analysis
| Change | |||
|---|---|---|---|
| 2023 | 2022 | 2023 vs. 2022 | |
| Operating Revenues | |||
| Retail and wholesale | $1,872 | $2,049 | $(177) |
| Electric revenue from affiliate | 12 | 25 | (13) |
| Total Operating Revenues | 1,884 | 2,074 | (190) |
| Operating Expenses | |||
| Operation | |||
| Fuel | 447 | 585 | (138) |
| Energy purchases | 24 | 28 | (4) |
| Energy purchases from affiliates | 33 | 36 | (3) |
| Other operation and maintenance | 427 | 487 | (60) |
| Depreciation | 392 | 386 | 6 |
| Taxes, other than income | 45 | 45 | — |
| Total Operating Expenses | 1,368 | 1,567 | (199) |
| Other Income (Expense) - net | 8 | 8 | — |
| Interest Expense | 134 | 117 | 17 |
| Interest Expense from Affiliate | 1 | — | 1 |
| Income Taxes | 77 | 76 | 1 |
| Net Income | $312 | $322 | $(10) |
| 2023 vs. 2022 | |
|---|---|
| Fuel and other energy purchases (a) | $(144) |
| Volumes (b) | (60) |
| Economic relief billing credit, net of amortization $0 | 5 |
| Other | 9 |
| Total | $(190) |
(a)The decrease was primarily due to lower recoveries of fuel and energy purchases due to lower commodity costs and volumes.
(b)The decrease was primarily due to weather.
Fuel
Fuel expense decreased $138 million in 2023 compared with 2022, primarily due to a $89 million decrease in commodity costs and a $50 million decrease in volumes primarily due to weather.
| 2023 vs. 2022 | |
|---|---|
| Plant operation and maintenance expenses | $(18) |
| Transmission credits | 10 |
| Generation outage expenses | (15) |
| Vegetation management expenses | (19) |
| Bad debt expense | (3) |
| Other | (15) |
| Total | $(60) |
Interest expense increased $17 million in 2023 compared with 2022, primarily due to an $8 million increase related to higher interest rates and a $7 million increase related to higher borrowings.
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