Exhibit 12(d)
PPL MONTANA, LLC AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of Dollars)
				2003		2002		2001		2000
Fixed charges, as defined:
	Interest expense on credit facility			$	1	$	2	$	2	$	18
	Amortization of debt expenses								1		3
	Amortization of wholesale energy commitments				4		4		6		7
	Estimated interest component of operating rentals				15		15		15		6
			Total fixed charges	$	20	$	21	$	24	$	34
Earnings, as defined:
	Net income (a)			$	69	$	47	$	103	$	86
Add:
	Income taxes				45		35		68		57
	Total fixed charges as above				20		21		24		34
			Total earnings	$	134	$	103	$	195	$	177
Ratio of earnings to fixed charges					6.7		4.9		8.1		5.2
(a)		Net income excludes extraordinary item and the cumulative effect of a change in accounting principle.