Exhibit 99.2

Exhibit 99.2

Third Quarter Earnings Webcast

October 31, 2006

Cautionary Statements And Factors

That May Affect Future Results

Any statements made in this presentation about future operating results or other future events
are forward-looking statements under the Safe
Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Actual results
may differ materially from such forward-looking
statements. A discussion of factors that could
cause actual results or events to vary is
contained in the Appendix to this presentation
and in the Company’s SEC filings.

J. H. Miller

J. R. Biggar

W. H. Spence

Agenda

Third Quarter 2006 Earnings and

Review of Longer-Term Earnings and
Outlook

Third Quarter 2006 Operating Results, 2006 and 2007 Forecasts and Financial Overview

Operational Review

Q&A

Per Share

Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing

operations.

Third Quarter 2006

Earnings from Ongoing Operations

*** Earnings from ongoing operations - see Appendix for the per share reconciliation of reported

earnings and earnings from ongoing operations.

* Midpoint of $2.20 to $2.30 ongoing earnings forecast.

Forecast

* * Midpoint of $2.30 to $2.40 earnings forecast.

11% Long-Term Growth Rate

(Dollars per Share)

Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing

operations.

Ongoing Earnings Overview

(Dollars per Share)

Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing

operations.

Supply Segment

Earnings Drivers

(Dollars per Share)

Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing

operations.

Pennsylvania Delivery Segment

Earnings Drivers

(Dollars per Share)

Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing

operations.

International Delivery Segment

Earnings Drivers

(Dollars per Share)

* Midpoint of forecast

Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing

operations.

$2.25*

2006 Ongoing Earnings Contributions

2006 and 2007 Earnings Forecast

EPS

*Earnings from ongoing operations - see Appendix for the per share reconciliation of reported earnings

and earnings from ongoing operations.

$2.08

(Dollars per Share)

$2.20

$2.30

$2.40

$/share

Annualized

Dividend Payout Ratio Greater than 50% after 2006

Millions

Note: See Appendix for the reconciliation of cash flow measures.

Cash Flow Forecast

Equity %

Note: See Appendix for the reconciliation of GAAP equity to adjusted equity. Does not reflect

any adjustments to reflect the impact of SFAS 158.

Stronger Balance Sheet

Supply Margins

(Millions)

Key Drivers of Margin Growth

PPL Proposal to Transition to

Competitive Electricity Markets

Conduct procurements for 2010 POLR supply in March

and September of 2007, 2008 and 2009

Reduces the risk of customer exposure to price spikes

in wholesale markets

PUC approval would remove risk for PPL Electric

Utilities by ensuring a pre-approved process is in place
to reflect market prices in customer rates

PUC action expected in the first quarter of 2007

In-Service Dates

Montour 1 March 2008

Montour 2 May 2008

Brunner Island 3 Q4-08

Brunner Island 1 & 2 Q2-09

Scrubbers on Budget and on Schedule

Planned Generation Uprates

Reserve Margin

Shrinking Reserve Margins Create

Potential Value for PPL

A-1

(1) Market prices based on the average of broker quotes as of 9/30/2006.

(2) 24-hour average.

(3) NYMEX forward gas price on 9/30/2006.

Market Prices

A-2

Current Hedge Positions - Electricity and Fuel

PPL’s Generation Portfolio

Total Domestic Generation: 11,192 MW

Planned Uprate Projects: 395 MW

Coal 3,454*

Nuclear 2,120

Oil 1,722

Gas 1,524

Hydro 337

CTs 451

QFs 295

East 9,903 MW*

Nuclear Uprate (2007-2010) 185

Hydro Uprate (2011) 125

Coal Uprate (2006-2009) 53

Coal 687

Hydro 602

West 1,289 MW

Coal Uprate (2006-2008) 20

Hydro Uprate (2007) 12

*Reflects reduction of 300 MW at Martins Creek that PPL has agreed to shut down by September 2007 and 60 MW expected lost due to increased plant usage during scrubber operation.

A-3

Coal

39%

Gas/Oil

32%

Nuclear

18%

Hydro

QFs

Coal

56%

Gas/Oil

Nuclear

31%

Hydro

In 2006, 95% of our owned generation output

is expected to be produced at a fuel cost of
approximately $16/MWh or less.

PPL Supply Business Overview

Installed Capacity MW

Production GWh

A-4

A-5

Projected 2007 Coal Supply

Central

Appalachia

Southwest PA

Central PA

Powder

River
Basin

Montana

Mine-mouth

Proactive Coal Supply Management

Supports Growth in Margins

21%

41%

12%

20%

Supply region diversity

Fleet trains (1600 cars)

Average delivered costs

4%-5% annual

increase
2006 to 2010

A-6

Key Drivers/Challenges Through 2010

Increased prices for POLR sales

Expiration of supply contracts remarketed at current

forward prices

Power plant uprates

Net benefits from the installation of scrubbers at the

Montour and Brunner Island coal-fired power plants

Increased fuel and O&M costs

Loss of synfuel tax credits and increased replacement

coal costs

Cost of compliance with evolving environmental

regulation

A-7

Increasing Prices Under the POLR Contract

A-8

New NorthWestern Contract Highlights

FERC reaffirmed PPL Montana’s market-based rate

authority

PPL Montana signed long-term electricity supply deal

with NorthWestern Energy

Period On-Peak Supply Off-Peak Supply

7/1/2007-6/30/2010 325 MW 175 MW

7/1/2010-6/30/2012 275 MW 150 MW

7/1/2012-6/30/2014 200 MW 125 MW

Price of supply starts at $44.95/mwh and increases to

$52.95/mwh by end of seven-year agreement

Millions

Note: See Appendix for the reconciliation of cash flow measures.

A-9

Improving Cash from Operations

(millions of dollars)

A-10

Reconciliation of Cash from Operations

to Free Cash Flow before Dividends

A-11

Reconciliation of GAAP Equity Ratios
to Adjusted Equity Ratios

A-12

Millions

Capital Expenditures by Segment

A-13

(Millions of Dollars)

Reconciliation of Third Quarter Reported Earnings

and Earnings from Ongoing Operations

(Dollars Per Share)

A-14

Reconciliation of Third Quarter Reported Earnings

and Earnings from Ongoing Operations

(Millions of Dollars)

A-15

Reconciliation of YTD Reported Earnings and

Earnings from Ongoing Operations

(Dollars per Share)

A-16

Reconciliation of YTD Reported Earnings and

Earnings from Ongoing Operations

(Millions of Dollars)

A-17

Reconciliation of 12 Mos. Ending Reported

Earnings and Earnings from Ongoing Operations

(Dollars per Share)

A-18

Reconciliation of 12 Mos. Ending Reported

Earnings and Earnings from Ongoing Operations

A-19

Reconciliation of PPL’s Reported Earnings and

Earnings from Ongoing Operations

Credit Ratings

A-14

A-20

*Insured

Credit Ratings (cont.)

A-21

Statements contained in this presentation, including statements with respect to future earnings, energy prices, marginsand sales, growth, revenues, expenses, cash flows, cash from operations, dividends, credit profile, capital expenditures
and generating capacity, are “forward-looking statements” within the meaning of the federal securities laws. Although
PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are
reasonable, these statements involve a number of risks and uncertainties, and actual results may differ materially from
the results discussed in the statements. The following are among the important factors that could cause actual results
to differ materially from the forward-looking statements: market demand and prices for energy, capacity and fuel;
market prices for crude oil and the potential impact on synthetic fuel operations, synthetic fuel purchases from third
parties and the phase-out of synthetic fuel credits; weather conditions affecting generation production, customer
energy usage and operating costs; competition in retail and wholesale power markets; liquidity of wholesale power
markets; the effect of any business or industry restructuring; the profitability and liquidity, including access to capital
markets and credit facilities, of PPL Corporation and its subsidiaries; new accounting requirements or new
interpretations or applications of existing requirements; operation and availability of existing generation facilities and
operating costs; transmission and distribution system conditions and operating costs; current and future environmental
conditions and requirements and the related costs of compliance, including environmental capital expenditures and
emission allowance and other expenses; significant delays in the planned installation of pollution control equipment at
certain coal-fired generating units in Pennsylvania because of weather conditions, contractor performance or other
reasons; market prices of commodity inputs for ongoing capital expenditures; collective labor bargaining negotiations;
development of new projects, markets and technologies; performance of new ventures; asset acquisitions and
dispositions; political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its
subsidiaries conduct business; any impact of hurricanes or other severe weather on PPL Corporation’s business,
including any impact on fuel prices; receipt of necessary governmental permits, approvals and rate relief; new state,
federal or foreign legislation, including new tax legislation; state, federal and foreign regulatory developments; the
impact of any state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries and the energy
industry; capital markets conditions, including changes in interest rates, and decisions regarding capital structure; stock
price performance of PPL Corporation; the market prices of equity securities and the impact on pension costs and
resultant cash funding requirements for defined benefit pension plans; securities and credit ratings; foreign currency
exchange rates; the outcome of litigation against PPL Corporation and its subsidiaries; potential effects of threatened
or actual terrorism or war or other hostilities; and the commitments and liabilities of PPL Corporation and its
subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in
conjunction with PPL Corporation’s Form 10-K and other reports on file with the Securities and Exchange Commission.

A-22

Forward-Looking Information Statement

A-23

“Earnings from ongoing operations” excludes the impact of unusual items. Earnings from ongoing operations should not be considered as an alternative to reported earnings, or net income, which is an indicator of operating
performance determined in accordance with generally accepted accounting principles (GAAP). PPL believes that
earnings from ongoing operations, although a non-GAAP measure, is also useful and meaningful to investors
because it provides them with PPL’s underlying earnings performance as another criterion in making their
investment decisions. PPL’s management also uses earnings from ongoing operations in measuring certain
corporate performance goals. Other companies may use different measures to present financial performance.

“Free cash flow before dividends” is derived by deducting capital expenditures and other investing activities-net, as well as the repayment of transition bonds, from cash flow from operations. Free cash flow before dividends
should not be considered as an alternative to cash flow from operations, which is determined in accordance with
GAAP. PPL believes that free cash flow before dividends is an important measure to both management and
investors since it is an indicator of the company’s ability to sustain operations and growth without additional
outside financing beyond the requirement to fund maturing debt obligations. Other companies may calculate free
cash flow before dividends in a different manner.

“Equity to total capitalization ratio” includes as equity minority interest and preferred stock, as well as all of the components of common equity as presented on the balance sheet. Total capitalization is calculated as equity
plus short-term debt plus long-term debt as presented on the balance sheet.

“Adjusted equity to total capitalization ratio” excludes transition bonds issued by PPL Transition Bond Company, LLC, under the Pennsylvania Electricity Generation Customer Choice and Competition Act and excludes debt of
international affiliates, which are non-recourse to PPL. The adjusted equity to total capitalization ratio should not
be considered as an alternative to an equity to total capitalization ratio using debt and equity balances as
reflected on the balance sheet. PPL believes that this adjusted equity ratio is useful to investors because it
provides them with another indicator of credit quality. The adjusted equity to total capitalization ratio focuses
primarily on debt that is recourse to PPL, whether the debt is on or off balance sheet. Other companies may
present adjusted equity ratios in a different manner.

Definitions of Financial Measures