Exhibit 12(d)
PPL MONTANA, LLC AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of Dollars)
		12 Months Ended June 30,		12 Months Ended December 31,
		2002		2001		2000
Fixed charges, as defined:
	Interest expense on credit facility	$	2	$	2	$	16
	Amortization of debt expenses		1		1		3
	Amortization of wholesale energy commitments		5		6		7
	Estimated interest component of operating rentals		15		15		6
	Total fixed charges	$	23	$	24	$	32
Earnings, as defined:
	Net income (a)	$	20	$	103	$	87
Add:
	Income taxes		15		68		58
	Total fixed charges as above		23		24		32
	Total earnings	$	58	$	195	$	177
Ratio of earnings to fixed charges			2.5		8.1		5.5
(a)   Net income excludes extraordinary items.