Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Millions of Dollars)
	2008		2007		2006		2005		2004
Earnings, as defined:
Income from Continuing Operations Before Income Taxes, Minority Interest and Dividends on Preferred Securities of a Subsidiary	$	1,382	$	1,304	$	1,124	$	825	$	879
Less earnings of equity method investments		3		5		6		7		4
Distributed income from equity method investments		3		7		3		5		5
		1,382		1,306		1,121		823		880
Total fixed charges as below		568		609		559		554		558
Less:
Capitalized interest		59		58		24		9		6
Preferred security distributions of subsidiaries on a pre-tax basis		27		23		24		5		5
Interest expense related to discontinued operations		4		33		35		35		28
Total fixed charges included in Income from Continuing Operations Before Income Taxes, Minority Interest and Dividends on Preferred Securities of a Subsidiary		478		495		476		505		519
Total earnings	$	1,860	$	1,801	$	1,597	$	1,328	$	1,399
Fixed charges, as defined:
Interest on long-term debt	$	478	$	522	$	482	$	465	$	491
Interest on short-term debt and other interest		28		35		13		29		20
Amortization of debt discount, expense and premium - net		12		8		11		23		8
Estimated interest component of operating rentals		22		21		29		32		34
Preferred securities distributions of subsidiaries on a pre-tax basis		27		23		24		5		5
Fixed charges of majority-owned share of 50% or less-owned persons		1
Total fixed charges (a)	$	568	$	609	$	559	$	554	$	558
Ratio of earnings to fixed charges		3.3		3.0		2.9		2.4		2.5
Ratio of earnings to combined fixed charges and preferred stock dividends (b)		3.3		3.0		2.9		2.4		2.5

(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.