Exhibit 99.2

Exhibit 99.2

Fourth Quarter Earnings Webcast

February 1, 2007

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

Fourth Quarter and Year-End 2006

Earnings and Review of Longer-Term
Earnings and Outlook

2006 Operating Results, 2007 Forecast

and Financial Overview

Operational Review

Q&A

Solid 2006 Results

Millions

Per share

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

Earnings from Ongoing Operations

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

earnings and earnings from ongoing operations.

Forecast

* Midpoint of $2.30 to $2.40 earnings forecast.

Strong Long-Term Earnings Growth

(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.

2006 Ongoing Earnings Contributions

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)

$2.22

$2.30

$2.40

(Dollars per Share)

* Midpoint of forecast

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

$2.35*

2007 Expected Ongoing Earnings Contributions

Millions

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

Cash Flow Forecast

Equity %

Actual

Forecast

Strong Balance Sheet

$/share

Annualized

Dividend Payout Ratio Greater than 50% after 2006

Supply Margins

(Millions)

$1,488

$1,675

$1,818

$1,845

$1,984

$2,748

Key Drivers of Margin Growth

Generation Equivalent Availability

Generation Uprates

Global Climate Change

Pre-eminent public policy issue

Efforts should be national in scope and cover all major

industrial and transportation sectors

If mandatory program is adopted we support

cap-and-trade system

PPL to be fully involved in policy debate

PPL is active in renewable energy as well as numerous

R&D efforts

In-Service Dates

Montour 1 Q1-08

Montour 2 Q2-08

Brunner Island 3 Q4-08

Brunner Island 1 & 2 Q2-09

Montour Unit #2 Absorber

Scrubbers Expected to be Completed

on Budget and on Schedule

Reserve Margin

Shrinking Reserve Margins Create

Potential Value for PPL

PPL Electric Utilities Regulatory Update

Modest rate increase request to be filed in late March

For the 12-months ending September 30, 2006

Rate Base $1,926B

Equity 43.4%

Return on Rate Base 6.97%

Return on Equity 8.10%

New rates to be effective beginning in 2008

PUC action expected shortly regarding PPL Electric

Utilities’ POLR transition proposal

A-1

(1) Market prices based on the average of broker quotes as of 12/29/2006.

(2) 24-hour average.

(3) NYMEX forward gas price on 12/29/2006.

Market Prices

A-2

Current Hedge Positions - Electricity and Fuel

PPL’s Generation Portfolio

Total Domestic Generation: 11,196 MW

Planned Uprate Projects: 369 MW

East 9,907 MW*

Coal 3,454*

Nuclear 2,120

Oil 1,722

Gas 1,524

Hydro 337

CTs 451

QFs 299

Nuclear Uprate (2008-2010) 185

Hydro Uprate (2011) 125

Coal Uprate (2007-2009) 37

West 1,289 MW

Coal 687

Hydro 602

Coal Uprate (2007-2008) 10

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

55%

Gas/Oil

Nuclear

30%

Hydro

In 2007, 93% 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

Proactive Coal Supply Management

Supports Growth in Margins

Projected 2007 Coal Supply

Central

Appalachia

Southwest PA

Central PA

Powder

River
Basin

Montana

Mine-mouth

17%

45%

11%

21%

A-5

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

PPL Proposal to Transition to

Competitive Electricity Markets

Conduct procurements for 2010 POLR supply in March

and September of 2007, 2008 and 2009

Reduce 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

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

Actual Actual Forecast Forecast

12/31/05 12/31/06 12/31/07 12/31/10

GAAP Equity to

Total Capitalization Ratio 38% 41% 43% 45%

Adjustments to Debt

(millions of dollars)

Less Non-Recourse Debt:

Transition Bonds $ 892 $ 605 $ 305 $ -

International 2,166 2,733 2,552 2,760

Adjusted Equity to

Total Capitalization Ratio 51% 55% 55% 55%

A-12

Millions

Capital Expenditures by Segment

A-13

(Millions of Dollars)

Reconciliation of Fourth Quarter Reported Earnings

and Earnings from Ongoing Operations

A-14

(Dollars Per Share)

Reconciliation of Fourth Quarter Reported Earnings

and Earnings from Ongoing Operations

(Millions of Dollars)

A-15

Reconciliation of Reported Earnings and Earnings

from Ongoing Operations

(Dollars Per Share)

A-16

Reconciliation of Reported Earnings and

Earnings from Ongoing Operations

A-17

Reconciliation of PPL’s Reported Earnings and

Earnings from Ongoing Operations

Credit Ratings

A-18

Credit Ratings (cont.)

A-19

Statements contained in this presentation, including statements with respect to future earnings, energy prices, margins and sales, growth, rates, revenues, expenses, cash flows, cash from operations, dividends, credit profile, financing, capital additions and expenditures, and generating capacity and availability, 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-20

Forward-Looking Information Statement

A-21

“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 certain other investing activities, as well as the repayment of transition bonds, from cash flow from operations. (Other investing activities
are adjusted to exclude the purchases and sales of short-term investments and changes in restricted cash.)
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