Exhibit 12(d)
PPL MONTANA, LLC AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(Millions of Dollars)
			2002		2001		2000
Fixed charges, as defined:
	Interest expense on credit facility		$	2	$	2	$	18
	Amortization of debt expenses					1		3
	Amortization of wholesale energy commitments			4		6		7
	Estimated interest component of operating rentals			15		15		6
		Total fixed charges	$	21	$	24	$	34
Earnings, as defined:
	Net income		$	47	$	103	$	86
Add:
	Income taxes			35		68		57
	Total fixed charges as above			21		24		34
		Total earnings	$	103	$	195	$	177
Ratio of earnings to fixed charges				4.9		8.1		5.2