Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Millions of Dollars)
				2004			2003			2002			2001		2000
Fixed charges, as defined:
	Interest on long-term debt			$	500		$	417		$	486		$	351	$	323
	Interest on short-term debt and   other interest				20			25			71			44		64
	Amortization of debt discount,   expense and premium - net				8			41			25			17		5
	Interest on capital lease obligations   charged to expense															4
	Estimated interest component of   operating rentals				34			52			39			36		25
	Preferred security distributions of   subsidiaries on a pre-tax basis				5			45			79			64		31
			Total fixed charges	$	567		$	580		$	700		$	512	$	452
Earnings, as defined:
	Net income (a)			$	708		$	726		$	438		$	167	$	491
	Preferred security dividend requirements				2			29			67			52		26
	Less undistributed income (loss) of   equity method investments				(13	)		(18	)		(23	)		20		74
					723			773			528			199		443
Add:
	Income taxes				195			170			210			261		294
	Amortization of capitalized interest on   capital leases															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)				558			528			600			419		405
			Total earnings	$	1,476		$	1,471		$	1,338		$	879	$	1,144
Ratio of earnings to fixed charges					2.6			2.5			1.9			1.7		2.5
Ratio of earnings to combined fixed   charges and preferred stock   dividends (b)					2.6			2.5			1.9			1.7		2.5
(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.