Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Millions of Dollars)
	Nine Months Ended September 30,		Years Ended December 31,
	2009		2008		2007		2006		2005		2004
Earnings, as defined:
Income from Continuing Operations Before Income Taxes	$	423	$	1,357	$	1,281	$	1,099	$	780	$	849
Less earnings of equity method investments		1		1		3		4		5		3
Distributed income from equity method investments		1		1		5		3		5		5
		423		1,357		1,283		1,098		780		851
Total fixed charges as below		375		568		609		559		569		563
Less:
Capitalized interest		38		59		58		24		9		6
Preferred security distributions of subsidiaries on a pre-tax basis		18		27		23		24		5		5
Interest expense related to discontinued operations		3		8		35		36		37		30
Total fixed charges included in Income from Continuing Operations Before Income Taxes		316		474		493		475		518		522
Total earnings	$	739	$	1,831	$	1,776	$	1,573	$	1,298	$	1,373
Fixed charges, as defined:
Interest on long-term debt	$	299	$	478	$	522	$	482	$	480	$	496
Interest on short-term debt and other interest		25		28		35		13		29		20
Amortization of debt discount, expense and premium - net		11		12		8		11		23		8
Estimated interest component of operating rentals		21		22		21		29		32		34
Preferred securities distributions of subsidiaries on a pre-tax basis		18		27		23		24		5		5
Fixed charges of majority-owned share of 50% or less-owned persons		1		1
Total fixed charges (a)	$	375	$	568	$	609	$	559	$	569	$	563
Ratio of earnings to fixed charges		2.0		3.2		2.9		2.8		2.3		2.4
Ratio of earnings to combined fixed charges and preferred stock dividends (b)		2.0		3.2		2.9		2.8		2.3		2.4

(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.