Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Millions of Dollars)
	6 Months Ended June 30,		12 Months Ended December 31,
	2008		2007		2006		2005		2004		2003
Earnings, as defined:
Income from Continuing Operations Before Income Taxes, Minority Interest and Dividends on Preferred Securities of a Subsidiary	$	671	$	1,304	$	1,124	$	825	$	879	$	963
Less undistributed income of equity method investments		2		5		6		7		4		2
Distributed income from equity method investments		2		7		3		5		5		7
Total fixed charges as below		278		609		559		554		558		573
Less:
Capitalized interest		33		58		24		9		6		7
Preferred security distributions of subsidiaries on a pre-tax basis		14		23		24		5		5		45
Interest expense related to discontinued operations		3		33		35		35		28		27
Total fixed charges included in Income from Continuing Operations Before Income Taxes, Minority Interest and Dividends on Preferred Securities of a Subsidiary		228		495		476		505		519		494
Total earnings	$	899	$	1,801	$	1,597	$	1,328	$	1,399	$	1,462
Fixed charges, as defined:
Interest on long-term debt	$	236	$	522	$	482	$	465	$	491	$	417
Interest on short-term debt and other interest		12		35		13		29		20		25
Amortization of debt discount, expense and premium - net		6		8		11		23		8		41
Estimated interest component of operating rentals		10		21		29		32		34		45
Preferred securities distributions of subsidiaries on a pre-tax basis		14		23		24		5		5		45
Total fixed charges (a)	$	278	$	609	$	559	$	554	$	558	$	573
Ratio of earnings to fixed charges		3.2		3.0		2.9		2.4		2.5		2.6
Ratio of earnings to combined fixed charges and preferred stock dividends (b)		3.2		3.0		2.9		2.4		2.5		2.6

(a)	Interest on unrecognized tax benefits is not included in fixed charges.
(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.