UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 13, 2016
| Commission File Number |
Registrant; State of Incorporation; Address and Telephone Number |
IRS Employer Identification No. |
| 1-11459 | PPL Corporation (Exact name of Registrant as specified in its charter) (Pennsylvania) Two North Ninth Street Allentown, PA 18101-1179 (610) 774-5151 |
23-2758192 |
|
333-173665
|
LG&E and KU Energy LLC (Exact name of Registrant as specified in its charter) (Kentucky) 220 West Main Street Louisville, KY 40202-1377 (502) 627-2000 |
20-0523163 |
|
1-2893
|
Louisville Gas and Electric Company (Exact name of Registrant as specified in its charter) (Kentucky) 220 West Main Street Louisville, KY 40202-1377 (502) 627-2000 |
61-0264150 |
|
1-3464
|
Kentucky Utilities Company (Exact name of Registrant as specified in its charter) (Kentucky and Virginia) One Quality Street Lexington, KY 40507-1462 (502) 627-2000 |
61-0247570
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 - Other Events
Item 8.01. Other Events.
On June 13, 2016, Louisville Gas and Electric Company ("LG&E") and Kentucky Utilities Company ("KU" and, together with LG&E, the "Companies") filed a unanimous settlement agreement with intervenors in their proceedings before the Kentucky Public Service Commission ("KPSC") regarding the Companies' upcoming environmental construction plans.
The proceedings were commenced in January 2016 with respect to the Companies' applications for Certificates of Public Convenience and Necessity ("CPCN") and for Environmental Cost Recovery ("ECR") rate treatment for construction projects relating to altering landfills, closing ash ponds, water process changes and other controls at existing and retired plants in response to the U.S. Environmental Protection Agency's Coal Combustion Byproducts and Mercury and Air Toxics Standards rules.
The proposed settlement provides for cost recovery of the full amounts requested by the Companies in their original applications, with adjustments to amortization or depreciation methods and periods for certain enumerated construction projects. The proposed settlement also includes the parties' support for the Companies' requested 10% authorized return on equity. If approved, recovery of costs could commence with bills rendered on and after August 31, 2016.
The construction projects have schedules commencing in 2016 and continuing through 2023 and are estimated in the Companies' filings to cost approximately $316 million at LG&E and $678 million at KU.
A hearing on the settlement was held on June 14, 2016. The matter is subject to KPSC authority to accept, decline or modify the proposed settlement. An order in the proceeding is anticipated from the KPSC by the end of July 2016.
Statements in this report and the accompanying press releases, including statements with respect to future events and their timing, including the Companies' future rates, rate mechanisms or returns on equity ultimately authorized or achieved, as well as statements as to future costs or expenses, regulation, corporate strategy and performance, are "forward-looking statements" within the meaning of the federal securities laws. Although the Companies believe that the expectations and assumptions reflected in these forward-looking statements are reasonable, these expectations, assumptions and statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: subsequent phases of rate proceedings and regulatory cost recovery; market demand and prices for electricity; political, regulatory or economic conditions in states and regions where the Companies conduct business; and the progress of actual construction, purchase or installation of assets or operations subject to tracker mechanisms. Any such forward-looking statements should be considered in light of such important factors and in conjunction with PPL Corporation's, LG&E and KU Energy LLC's and the Companies' Form 10-K and other reports on file with the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| PPL CORPORATION | |||
| By: | /s/ Stephen K. Breininger | ||
|
Stephen K. Breininger Vice President and Controller |
|||
| LG&E AND KU ENERGY LLC | |||
| By: | /s/ Kent W. Blake | ||
|
Kent W. Blake Chief Financial Officer |
|||
| LOUISVILLE GAS AND ELECTRIC COMPANY | |||
| By: | /s/ Kent W. Blake | ||
|
Kent W. Blake Chief Financial Officer |
|||
| KENTUCKY UTILITIES COMPANY | |||
| By: | /s/ Kent W. Blake | ||
|
Kent W. Blake Chief Financial Officer |
|||
Dated: June 17, 2016