Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Millions of Dollars)
	3 Months Ended March 31,		12 Months Ended December 31,
	2009		2008		2007		2006		2005		2004
Earnings, as defined:
Income from Continuing Operations Before Income Taxes	$	347	$	1,382	$	1,304	$	1,124	$	825	$	879
Less earnings of equity method investments		1		3		5		6		7		4
Distributed income from equity method investments				3		7		3		5		5
		346		1,382		1,306		1,121		823		880
Total fixed charges as below		119		568		609		559		554		558
Less:
Capitalized interest		18		59		58		24		9		6
Preferred security distributions of subsidiaries on a pre-tax basis		6		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		95		478		495		476		505		519
Total earnings	$	441	$	1,860	$	1,801	$	1,597	$	1,328	$	1,399
Fixed charges, as defined:
Interest on long-term debt	$	98	$	478	$	522	$	482	$	465	$	491
Interest on short-term debt and other interest		6		28		35		13		29		20
Amortization of debt discount, expense and premium - net		3		12		8		11		23		8
Estimated interest component of operating rentals		6		22		21		29		32		34
Preferred securities distributions of subsidiaries on a pre-tax basis		6		27		23		24		5		5
Fixed charges of majority-owned share of 50% or less-owned persons				1
Total fixed charges (a)	$	119	$	568	$	609	$	559	$	554	$	558
Ratio of earnings to fixed charges		3.7		3.3		3.0		2.9		2.4		2.5
Ratio of earnings to combined fixed charges and preferred stock dividends (b)		3.7		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.