PPL Corp
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 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
| Three Months | Nine Months | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | $ Change | 2024 | 2023 | $ Change | |
| Operating Revenues | ||||||
| Retail and wholesale | $498 | $497 | $1 | $1,479 | $1,428 | $51 |
| Electric revenue from affiliate | 11 | 8 | 3 | 19 | 11 | 8 |
| Total Operating Revenues | 509 | 505 | 4 | 1,498 | 1,439 | 59 |
| Operating Expenses | ||||||
| Operation | ||||||
| Fuel | 131 | 129 | 2 | 369 | 350 | 19 |
| Energy purchases | 7 | 6 | 1 | 19 | 18 | 1 |
| Energy purchases from affiliate | 1 | 2 | (1) | 20 | 23 | (3) |
| Other operation and maintenance | 103 | 101 | 2 | 306 | 327 | (21) |
| Depreciation | 102 | 98 | 4 | 302 | 294 | 8 |
| Taxes, other than income | 12 | 12 | — | 36 | 34 | 2 |
| Total Operating Expenses | 356 | 348 | 8 | 1,052 | 1,046 | 6 |
| Operating Income | 153 | 157 | (4) | 446 | 393 | 53 |
| Other Income (Expense) - net | 4 | 1 | 3 | 10 | 6 | 4 |
| Interest Expense | 35 | 33 | 2 | 102 | 99 | 3 |
| Interest Expense with Affiliate | — | — | — | 1 | 1 | — |
| Income Before Income Taxes | 122 | 125 | (3) | 353 | 299 | 54 |
| Income Taxes | 24 | 24 | — | 70 | 59 | 11 |
| Net Income | $98 | $101 | $(3) | $283 | $240 | $43 |
| Three Months | Nine Months | |
|---|---|---|
| Fuel and other energy purchases (a) | $1 | $18 |
| Volumes (b) | 4 | 37 |
| ECR (c) | (7) | (9) |
| Demand | 2 | 6 |
| Other | 4 | 7 |
| Total | $4 | $59 |
(a)The increase for the nine months ended September 30, 2024 was primarily due to higher recoveries of fuel expenses.
(b)The increase for the nine months ended September 30, 2024 was primarily due to weather.
(c)The decreases were primarily due to an adjustment related to the ECR mechanism revenues.
Fuel
Fuel expense increased $19 million for the nine months ended September 30, 2024 compared with 2023, primarily due to a $33 million increase in volumes due to weather, partially offset by a $14 million decrease in commodity costs.
| Three Months | Nine Months | |
|---|---|---|
| ECR expenses | $— | $(8) |
| Transmission expenses | 1 | (4) |
| Overhead line expenses | — | (5) |
| Other | 1 | (4) |
| Total | $2 | $(21) |
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