This excerpt taken from the PLS 10-Q filed May 5, 2005.
Interest expense increased by $4 million, primarily due to $8 million of interest accrued for the PJM billing dispute and additional interest paid on collateral held by PPL Electric relating to the PLR contract. This increase was partially offset by the net impact of long-term debt retirements. Over the last 12 months, $480 million of long-term debt retirements have occurred, while new issuances over the same period totaled $116 million. See Note 10 to the Financial Statements for further discussion of collateral held under the PLR contract.