KENTUCKY UTILITIES CO
For the period ended Jun 30, 2026. Filed Aug 7, 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.
Jun 30, 2026 · Filed Aug 7, 2026
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 | |||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | $ Change | 2026 | 2025 | $ Change | |
| Operating Revenues | ||||||
| Retail and wholesale | $396 | $373 | $23 | $984 | $873 | $111 |
| Electric revenue from affiliate | 2 | 5 | (3) | 11 | 10 | 1 |
| Total Operating Revenues | 398 | 378 | 20 | 995 | 883 | 112 |
| Operating Expenses | ||||||
| Operation | ||||||
| Fuel | 66 | 75 | (9) | 167 | 157 | 10 |
| Energy purchases | 20 | 23 | (3) | 139 | 111 | 28 |
| Energy purchases from affiliate | 12 | 7 | 5 | 18 | 12 | 6 |
| Other operation and maintenance | 97 | 91 | 6 | 180 | 180 | — |
| Depreciation | 87 | 77 | 10 | 170 | 151 | 19 |
| Taxes, other than income | 14 | 13 | 1 | 28 | 26 | 2 |
| Total Operating Expenses | 296 | 286 | 10 | 702 | 637 | 65 |
| Operating Income | 102 | 92 | 10 | 293 | 246 | 47 |
| Other Income (Expense) - net | 6 | 5 | 1 | 12 | 8 | 4 |
| Interest Expense | 32 | 27 | 5 | 64 | 53 | 11 |
| Income Before Income Taxes | 76 | 70 | 6 | 241 | 201 | 40 |
| Income Taxes | 16 | 14 | 2 | 49 | 40 | 9 |
| Net Income | $60 | $56 | $4 | $192 | $161 | $31 |
| Three Months | Six Months | |
|---|---|---|
| Retail rates (a) | $21 | $54 |
| Fuel and other energy purchases (b) | (4) | 49 |
| Off-system sales (c) | (3) | (2) |
| RAR | 5 | 10 |
| Other | 1 | 1 |
| Total | $20 | $112 |
(a)The increases were due to new base rates approved by the KPSC effective January 1, 2026.
(b)The decrease for the three months ended June 30, 2026 was primarily due to lower recoveries of fuel expenses and energy purchases, partially offset by higher recoveries of energy purchases from affiliate. The increase for the six months ended June 30, 2026 was primarily due to higher recoveries of fuel expenses and energy purchases.
(c)The decrease for the three months ended June 30, 2026 was primarily due to lower volumes.
Fuel
Fuel expense decreased $9 million for the three months ended June 30, 2026 compared with 2025, primarily due to a decrease in generation volumes related to a planned plant outage.
Fuel expense increased $10 million for the six months ended June 30, 2026 compared with 2025, primarily due to a $20 million increase in commodity costs, partially offset by an $8 million decrease in volumes due to weather.
Energy purchases decreased $3 million for the three months ended June 30, 2026 compared with 2025, primarily due to a decrease in commodity costs.
Energy purchases increased $28 million for the six months ended June 30, 2026 compared with 2025, primarily due to a $39 million increase in commodity costs, partially offset by a $9 million decrease in volumes due to weather.
Energy Purchases from Affiliate
Energy purchases from affiliate increased $5 million for the three months ended June 30, 2026 compared with 2025, primarily due to higher volumes.
Other operation and maintenance increased $6 million for the three months ended June 30, 2026 compared with 2025, primarily due to an increase in generation maintenance expenses.
Other operation and maintenance was flat for the six months ended June 30, 2026 compared with 2025, primarily due to an $8 million increase in generation maintenance expenses and a $4 million increase in other items that were not individually significant, offset by a $12 million decrease for a reclassification of 2025 costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems to a regulatory asset.
Depreciation increased $10 million for the three months ended June 30, 2026 compared with 2025, primarily due to a $6 million increase from PP&E additions, net of retirements and a $4 million increase due to higher depreciation rates effective March 1, 2026.
Depreciation increased $19 million for the six months ended June 30, 2026 compared with 2025, primarily due to a $10 million increase from PP&E additions, net of retirements and a $6 million increase due to higher depreciation rates effective March 1, 2026.
Interest expense increased $5 million for the three months ended June 30, 2026 compared with 2025, primarily due to an increase in long-term debt borrowings.
Interest expense increased $11 million for the six months ended June 30, 2026 compared with 2025, primarily due to an $8 million increase in long-term debt borrowings and a $7 million increase related to higher interest rates on long-term debt.
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