Item Page PART I Glossary of Terms and Abbreviationsi Forward-Looking Information11. Acquisitions, Development and Divestitures17310. AIP - annual iteration process. CCRs include fly ash, bottom ash and sulfur dioxide scrubber wastes. GWh - gigawatt-hour, one million kilowatt hours. ICPKE - The PPL Incentive Compensation Plan for Key Employees. LIBOR - London Interbank Offered Rate. NERC - North American Electric Reliability Corporation. RIIO-2 refers to the second generation of price controls under the RIIO framework. KU was incorporated in Kentucky in 1912 and in Virginia in 1991. WPD's DNO base equity returns are calculated using an equity ratio of 35% of RAV. RAV additions prior to March 31, 2015 continue to be recovered in revenues over 20 years. Conversely, WPD could over-recover revenue. See "Overview - Financial and Operational Developments - RIIO-2 Framework" in "Item 7. LG&E also engages in the distribution and sale of natural gas in Kentucky. Construction of two 500-kilowatt phases was completed as of December 31, 2020. KU\'s service to eight municipalities terminated effective April 30, 2019. As a PLR, PPL Electric also purchases transmission services from PJM. Various entities filed petitions for review and petitions for reconsideration. Employees receive safety training and are encouraged to share best practices. See "Forward-Looking Information," "Item 1. PPL\'s earnings may be adversely affected by the U.K. withdrawal from the European Union. The RPI is forecasted annually by HM Treasury and subject to true-up in subsequent years. These benefits give rise to significant expenses. Business - General - Segment Information - Pennsylvania Regulated Segment." 33Table of ContentsPART IIITEM 5. Dollars are in millions, except per share data, unless otherwise noted. " The resulting measurement may result in a loss. In April 2020, PPL Capital Funding issued $1 billion of 4.125% Senior Notes due 2030. The test did not indicate impairment of the reporting unit. The Finance Act 2020 was formally enacted on July 22, 2020. The final regulations do not apply to the Registrants until the 2021 tax year. However, also on May 21, 2020, the FERC issued Opinion No. 569-A in response to numerous requests for rehearing of Opinion No. 569, which revised the method for analyzing base ROE. In November 2020, the FERC denied the parties' rehearing requests. LG&E and KU cannot predict the outcome of these proceedings. Certain counterparties have intervened in the proceedings. A hearing on the settlement and certain tariff provisions was held in January 2020. Earnings from Ongoing Operations is adjusted for the impact of special items. In addition, certain costs are allocated to the Pennsylvania Regulated segment. The factors that gave rise to the changes are described following the table. Energy PurchasesEnergy purchases decreased $58 million in 2020 compared with 2019. The amounts involved may be material. See Note 14 to the Financial Statements for additional information about guarantees. In addition, LG&E\'s rates include a mechanism for natural gas supply expenses. That assessment is not revised based on events that occur after the balance sheet date. We believe that our audits provide a reasonable basis for our opinion. Base rates are generally established based on a future test period. Accordingly, we express no such opinion. 8226;We inquired of management about regulated utility plant that may be abandoned. Derivative Instruments
