KENTUCKY UTILITIES CO
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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.
Mar 31, 2026 · Filed May 8, 2026
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 | |||
|---|---|---|---|
| 2026 | 2025 | $ Change | |
| Operating Revenues | |||
| Retail and wholesale | $619 | $559 | $60 |
| Electric revenue from affiliate | 6 | 5 | 1 |
| Total Operating Revenues | 625 | 564 | 61 |
| Operating Expenses | |||
| Operation | |||
| Fuel | 173 | 152 | 21 |
| Energy purchases | 6 | 7 | (1) |
| Energy purchases from affiliate | 9 | 5 | 4 |
| Other operation and maintenance | 101 | 100 | 1 |
| Depreciation | 110 | 102 | 8 |
| Taxes, other than income | 13 | 12 | 1 |
| Total Operating Expenses | 412 | 378 | 34 |
| Operating Income | 213 | 186 | 27 |
| Other Income (Expense) - net | 7 | 5 | 2 |
| Interest Expense | 40 | 35 | 5 |
| Income Before Income Taxes | 180 | 156 | 24 |
| Income Taxes | 36 | 31 | 5 |
| Net Income | $144 | $125 | $19 |
| Three Months | |
|---|---|
| Retail rates (a) | $36 |
| Fuel and other energy purchases (b) | 24 |
| Volumes (c) | (5) |
| Other | 6 |
| Total | $61 |
(a)The increase was due to new base rates approved by the KPSC effective January 1, 2026.
(b)The increase was primarily due to higher recoveries of fuel expenses.
(c)The decrease was primarily due to weather.
Fuel
Fuel expense increased $21 million for the three months ended March 31, 2026 compared with 2025, primarily due to a $30 million increase in commodity costs, partially offset by a $10 million decrease in volumes due to weather.
The increase (decrease) in other operation and maintenance was due to:
| Three Months | |
|---|---|
| Generation maintenance expenses | $2 |
| Vegetation management expenses | 2 |
| Bad debt expense | 3 |
| IT regulatory assets (a) | (10) |
| Other | 4 |
| Total | $1 |
(a)The decrease was due to the reclassification of 2025 costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems to a regulatory asset. See Note 6 to the Financial Statements for additional information.
Depreciation increased $8 million for the three months ended March 31, 2026 compared with 2025, primarily due to an increase in PP&E additions, net of retirements.
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