KENTUCKY UTILITIES CO
For the period ended Sep 30, 2025. Filed Nov 5, 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.
Sep 30, 2025 · Filed Nov 5, 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 | Nine Months | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | $ Change | 2025 | 2024 | $ Change | |
| Operating Revenues | ||||||
| Retail and wholesale | $420 | $396 | $24 | $1,293 | $1,219 | $74 |
| Electric revenue from affiliate | 7 | 1 | 6 | 17 | 20 | (3) |
| Total Operating Revenues | 427 | 397 | 30 | 1,310 | 1,239 | 71 |
| Operating Expenses | ||||||
| Operation | ||||||
| Fuel | 97 | 75 | 22 | 254 | 228 | 26 |
| Energy purchases | 17 | 19 | (2) | 128 | 105 | 23 |
| Energy purchases from affiliate | 6 | 11 | (5) | 18 | 19 | (1) |
| Other operation and maintenance | 91 | 84 | 7 | 271 | 259 | 12 |
| Depreciation | 77 | 76 | 1 | 228 | 229 | (1) |
| Taxes, other than income | 13 | 13 | — | 39 | 38 | 1 |
| Total Operating Expenses | 301 | 278 | 23 | 938 | 878 | 60 |
| Operating Income | 126 | 119 | 7 | 372 | 361 | 11 |
| Other Income (Expense) - net | 8 | 3 | 5 | 16 | 9 | 7 |
| Interest Income from Affiliate | — | 1 | (1) | — | 1 | (1) |
| Interest Expense | 30 | 26 | 4 | 83 | 78 | 5 |
| Income Before Income Taxes | 104 | 97 | 7 | 305 | 293 | 12 |
| Income Taxes | 21 | 20 | 1 | 61 | 61 | — |
| Net Income | $83 | $77 | $6 | $244 | $232 | $12 |
| Three Months | Nine Months | |
|---|---|---|
| Fuel and other energy purchases (a) | $16 | $40 |
| Volumes (b) | 2 | 8 |
| Off-system sales (c) | 3 | 13 |
| ECR (d) | 7 | 5 |
| Other | 2 | 5 |
| Total | $30 | $71 |
(a)The increase for the three months ended September 30, 2025 was primarily due to higher recoveries of fuel expenses. The increase for the nine months ended September 30, 2025 was primarily due to higher recoveries of fuel expenses and energy purchases.
(b)The increase for the nine months ended September 30, 2025 was primarily due to weather.
(c)The increase for the nine months ended September 30, 2025 was primarily due to higher volumes.
(d)The increase for the three months ended September 30, 2025 was primarily due to a 2024 adjustment related to the ECR mechanism revenues.
Fuel
Fuel expense increased $22 million for the three months ended September 30, 2025 compared with 2024, primarily due to a $12 million increase in volumes primarily due to weather and a $9 million increase in commodity costs.
Fuel expense increased $26 million for the nine months ended September 30, 2025 compared with 2024, primarily due to an increase in commodity costs.
Energy purchases increased $23 million for the nine months ended September 30, 2025 compared with 2024, primarily due to a $12 million increase in volumes primarily due to weather and an $11 million increase in commodity costs.
Energy Purchases from Affiliate
Energy purchases from affiliate decreased $5 million for the three months ended September 30, 2025 compared with 2024, primarily due to lower volumes.
Other operation and maintenance increased $7 million for the three months ended September 30, 2025 compared with 2024, primarily due to higher IT costs.
Other Income (Expense) - net
Other income (expense) increased $5 million for the three months ended September 30, 2025 compared with 2024, due to $3 million of higher miscellaneous other income and $2 million of higher AFUDC equity.
Interest Expense
Interest expense increased $4 million for the three months ended September 30, 2025 compared with 2024, primarily due to increased borrowings.
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