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 September 30,			12 Months Ended December 31,
					2004			2003			2002			2001		2000		1999
Fixed charges, as defined:
	Interest on long-term debt				$	492		$	417		$	486		$	351	$	323	$	233
	Interest on short-term debt and   other interest					18			25			71			44		64		47
	Amortization of debt discount,   expense and premium - net					14			41			25			17		5		4
	Interest on capital lease obligations
			Charged to expense														4		9
			Capitalized																1
	Estimated interest component of   operating rentals					39			52			39			36		25		20
	Preferred securities distributions of   subsidiaries on a pre-tax basis					6			45			79			64		31		30
				Total fixed charges	$	569		$	580		$	700		$	512	$	452	$	344
Earnings, as defined:
	Net income (a)				$	786		$	726		$	438		$	167	$	491	$	492
	Preferred security dividend   requirements					2			29			67			52		26		26
	Less undistributed income (loss) of   equity method investments					(16	)		(18	)		(23	)		20		74		56
						804			773			528			199		443		462
Add:
	Income taxes					142			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)					557			528			600			419		405		307
				Total earnings	$	1,503		$	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.