KENTUCKY UTILITIES CO
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
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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.
Jun 30, 2025 · Filed Jul 31, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Louisville Gas and Electric Company - Statement of Income Analysis
LG&E: Statement of Income Analysis
| Three Months | Six Months | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | $ Change | 2025 | 2024 | $ Change | |
| Operating Revenues | ||||||
| Retail and wholesale | $373 | $363 | $10 | $873 | $823 | $50 |
| Electric revenue from affiliate | 5 | 3 | 2 | 10 | 19 | (9) |
| Total Operating Revenues | 378 | 366 | 12 | 883 | 842 | 41 |
| Operating Expenses | ||||||
| Operation | ||||||
| Fuel | 75 | 67 | 8 | 157 | 153 | 4 |
| Energy purchases | 23 | 15 | 8 | 111 | 86 | 25 |
| Energy purchases from affiliate | 7 | 7 | — | 12 | 8 | 4 |
| Other operation and maintenance | 91 | 87 | 4 | 180 | 175 | 5 |
| Depreciation | 77 | 77 | — | 151 | 153 | (2) |
| Taxes, other than income | 13 | 12 | 1 | 26 | 25 | 1 |
| Total Operating Expenses | 286 | 265 | 21 | 637 | 600 | 37 |
| Operating Income | 92 | 101 | (9) | 246 | 242 | 4 |
| Other Income (Expense) - net | 5 | 4 | 1 | 8 | 6 | 2 |
| Interest Expense | 27 | 26 | 1 | 53 | 52 | 1 |
| Income Before Income Taxes | 70 | 79 | (9) | 201 | 196 | 5 |
| Income Taxes | 14 | 17 | (3) | 40 | 41 | (1) |
| Net Income | $56 | $62 | $(6) | $161 | $155 | $6 |
| Three Months | Six Months | |
|---|---|---|
| Fuel and other energy purchases (a) | $12 | $24 |
| Volumes (b) | (3) | 7 |
| Off-system sales (c) | 3 | 11 |
| Other | — | (1) |
| Total | $12 | $41 |
(a)The increase for the three months ended June 30, 2025 was primarily due to higher recoveries of energy purchases. The increase for the six months ended June 30, 2025 was primarily due to higher recoveries of energy purchases, partially offset by lower revenues from affiliates due to timing of plant outages and retirements.
(b)The increase for the six months ended June 30, 2025 was primarily due to weather.
(c)The increases were primarily due to higher volumes.
Fuel
Fuel expense increased $8 million for the three months ended June 30, 2025 compared with 2024, primarily due to an increase in commodity costs.
Fuel expense increased $4 million for the six months ended June 30, 2025 compared with 2024, primarily due to a $13 million increase in commodity costs, partially offset by a $9 million decrease in generation volumes related to the retirement of Mill Creek Unit 1.
Energy purchases increased $8 million for the three months ended June 30, 2025 compared with 2024, primarily due to an increase in commodity costs.
Energy purchases increased $25 million for the six months ended June 30, 2025 compared with 2024, primarily due to a $15 million increase in volumes due to weather and a $10 million increase in commodity costs.
Other Operation and Maintenance
Other operation and maintenance increased $4 million for the three months ended June 30, 2025 compared with 2024, primarily due to higher IT costs.
Income Taxes
Income taxes decreased $3 million for the three months ended June 30, 2025 compared with 2024, primarily due to a decrease in pre-tax income.
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