Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Millions of Dollars)
				12 Months Ended March 31,			12 Months Ended December 31,
				2004			2003			2002			2001		2000		1999
Fixed charges, as defined:
	Interest on long-term debt			$	441		$	417		$	486		$	351	$	323	$	233
	Interest on short-term debt and   other interest				22			25			71			44		64		47
	Amortization of debt discount,   expense and premium - net				38			41			25			17		5		4
	Interest on capital lease obligations
		Charged to expense														4		9
		Capitalized																1
	Estimated interest component of   operating rentals				44			52			39			36		25		20
	Preferred securities distributions of   subsidiaries on a pre-tax basis				28			45			79			64		31		30
			Total fixed charges	$	573		$	580		$	700		$	512	$	452	$	344
Earnings, as defined:
	Net income (a)			$	729		$	726		$	438		$	167	$	491	$	492
	Preferred security dividend requirement				17			29			67			52		26		26
	Less undistributed income (loss)   of equity method investments				(15	)		(18	)		(23	)		20		74		56
					761			773			528			199		443		462
Add:
	Income taxes				174			170			210			261		294		174
	Amortization of capitalized interest on   capital leases															2		2
	Total fixed charges as above (excluding capitalized interest,   capitalized interest on capital lease   obligations and preferred security   distributions of subsidiaries on a   pre-tax basis)				537			528			600			419		405		307
			Total earnings	$	1,472		$	1,471		$	1,338		$	879	$	1,144	$	945
Ratio of earnings to fixed charges					2.6			2.5			1.9			1.7		2.5		2.7
Ratio of earnings to combined fixed   charges and preferred stock   dividends (b)					2.6			2.5			1.9			1.7		2.5		2.7
(a)	Net income excludes extraordinary item, minority interest, loss from discontinued operations and the cumulative effects of changes in accounting principles.
(b)	PPL, the parent holding company, does not have any preferred stock outstanding; therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.