8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 28, 2007

Commission File Number	Registrant; State of Incorporation; Address and Telephone Number	IRS Employer Identification No.
1-11459	PPL Corporation (Exact name of Registrant as specified in its charter) (Pennsylvania) Two North Ninth Street Allentown, PA 18101-1179 (610) 774-5151	23-2758192

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On February 28, 2007 at 11:15 a.m. (Eastern Standard Time), members of senior management of PPL Corporation ("PPL") will make a presentation to investors and financial analysts at the UBS Natural Gas & Electric Utilities Conference in New York, New York. John R. Biggar, PPL’s executive vice president and chief financial officer, will discuss PPL’s corporate strategy and general business outlook.

A copy of the slides to be used during the presentation is attached as Exhibit 99.1 and is incorporated herein by reference. The presentation will be available live, in audio format, along with the slides, on PPL's Internet Web site: www.pplweb.com. The webcast will be available for replay on PPL's Web site for 30 days.

During this discussion, it is expected that Mr. Biggar will reaffirm the Company’s previously announced earnings forecasts of $2.30 to $2.40 per share for 2007; an increase in earnings per share in 2008 over 2007 of at least 5 percent, based on the midpoint of the 2007 forecast and excluding projected synfuel earnings for 2007; and 2010 earnings per share of $3.50.

In addition to the discussion at the UBS presentation, representatives of PPL will be talking with analysts and investors during various meetings and discussions throughout March 2007. Unless it publicly discloses otherwise, PPL expects that during these meetings and discussions it will reaffirm the Company’s earnings forecasts.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1 -	Slides to be used at the February 28, 2007, presentation by members of PPL’s senior management at the UBS Natural Gas & Electricity Utilities Conference in New York, New York.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PPL CORPORATION
By:	/s/ Matt Simmons                            Matt Simmons Vice President and Controller

Dated:February 28, 2007

EX-99.1

UBS 2007 Natural Gas & Electric

Utilities Conference

Exhibit 99.1

February 28, 2007

PPL Corporation(NYSE: PPL) is a Fortune 500 company with headquarters in Allentown, Pa.  The Company’s

diversified corporate strategy is to achieve growth in energy supply margins while limiting volatility in both cash
flows and earnings and to achieve stable, long-term growth in regulated delivery businesses through efficient
operations and strong customer and regulatory relations.  The strategy is carried out through four principal
subsidiaries:

PPL EnergyPlus, which markets energy in key U. S. markets.

PPL Generation, which operates more than 11,000 megawatts of electricity generating capacity in Pennsylvania,

Montana, Maine, Illinois, New York and Connecticut, with an additional 349 megawatts of planned upgrade
projects.

PPL Electric Utilities, which delivers electricity to 1.4 million customers in Pennsylvania.

PPL Global, which delivers electricity to 3.7 million customers in the United Kingdom and Latin America.

Security Ratings

                                                         Moody’s              S&P                  Fitch

PPL Corp.

  Corporate Credit Rating                    Baa2                   BBB                   BBB

PPL Capital Funding, Inc.

  Medium Term Notes                          Baa2                   BBB-                  BBB

PPL Electric Utilities Corp.

  First Mortgage Bonds

   Senior Secured Bonds                     A3                        A-                     A-

PPL Energy Supply

   Senior Unsecured Notes                  Baa2                   BBB                   BBB+

WPD Holdings Limited

  Senior Unsecured Debt                     Baa3                   BBB-                 BBB-

WPD Operating Cos.

   Senior Unsecured Debt                    Baa1                  BBB+                   A-

See a complete list of all PPL rated companies in the appendix

Contacts

Timothy J. Paukovits

Director-Investor Relations

Phone: (610) 774-4124

Fax: (610) 774-5106

tjpaukovits@pplweb.com

Joseph P. Bergstein, Jr.

Financial Specialist

Phone: (610) 774-5609

Fax: (610) 774-5106

jpbergstein@pplweb.com

www.pplweb.com

PPL Facts

i

PPL Facts (cont.)

Financial and Operating Information

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

ii

iii

Table of Contents

iv

Table of Contents (cont.)

1

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.

2

Growing Shareowner Value

n

Continued focus on execution of our current

growth plan

n

Extract additional value from our energy

marketing operations

n

Multi-faceted expansion of the generation

portfolio

3

Optimize Energy Marketing

n

   Expand marketing capabilities

n

   Active participation in energy and commodity

 markets

n

   Manage market, operational and financial

      risks

Reserve Margin

4

Shrinking Reserve Margins Create

Potential Value for PPL

5

PJM Implementing RPM

Capacity Market This Year

n

Several regions within PJM are already

constrained

–

  PPL region currently projected to be constrained by

2009-2010 planning period

–

Capacity prices could be higher than the $70 per MW-day we have assumed 

n

Higher value for PPL’s unhedged capacity

   expected in 2010 and beyond

n

$1 per MW-day change in capacity prices

post-POLR ~$3 million per year in gross
margins

6

Optimize Energy Marketing

n

Expand marketing capabilities

–

Increased use of structured deals

–

Expanding geographic reach

–

Purchased long-term supply from coal plant under

development in West Virginia

–

Evaluating commercial and industrial retail

opportunities in PJM

n

Active participation in energy and commodity

markets

–

Primarily asset-backed marketing

n

Tightly manage market, operational and financial 

 risks

PPL’s Generation Portfolio

Total Domestic Generation: 11,196 MW

Planned Uprate Projects:          349 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)        137

Hydro Uprate (2001)                    125

Coal Uprate (2007-2009)               37

Hydro                                            602

West                         1,289 W

West                                        1,289 MW

Coal                                                687

Hydro                                             602

Coal Uprate (2007-2008)               10

Hydro Uprate (2007)                      12

Hydro Uprate (2011)                      28

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

7

8

8,930 MW  – Existing Generation

   299 MW –  Planned Uprates

Base load expansion capabilities

Pennsylvania Generation Expansion

9

Growing Constrained Region in PJM

Increases Value of PPL Generation

10

Expanding Renewable Energy Portfolio

n

Currently there are not enough renewable

energy credits in the market

n

Plan to invest $100 million to develop

renewable projects over next five years

–

Included in current capex program

n

Contracts in place with renewable energy

facilities

Millions

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

11

Cash Flow Forecast

$/share

Annualized

Dividend Payout Ratio Greater

than 50% after 2006 

12

*Annualized rate based on quarterly dividend declared in February 2007.

13

Global Climate Change

n

Pre-eminent public policy issue

n

Efforts should be national in scope and cover all

major industrial and transportation sectors

n

If mandatory program is adopted, we support

cap-and-trade system

n

PPL to be fully involved in policy debate

n

PPL is active in renewable energy as well as

numerous R&D efforts

14

PPL Electric Utilities Rate Filing

n

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%

n

New rates to be effective beginning in January

2008

Supply Margins

(Millions)

$1,488

$1,675

$1,818

$1,845

$1,984

$2,748

15

Key Drivers of Margin Growth

Appendix

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.

(4) Prices at 12/2005 when 2010 forecast of $3.50 was developed.

Market Prices

A-2

Current Hedge Positions - Electricity and Fuel

 **  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.

A-3

Strong Long-Term Earnings Growth

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

A-4

Scrubbers Expected to be Completed

on Budget and on Schedule

A-5

Generation Uprates

 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%

6%

A-6

n

Supply region diversity

n

Fleet trains (1600 cars)

n

Average delivered costs

n

4%-5% annual

increase 2006 to 2010

A-7

Key Drivers/Challenges Through 2010

n

Increased prices for POLR sales

n

Expiration of supply contracts remarketed at current

forward prices

n

Power plant uprates

n

Net benefits from the installation of scrubbers at the

Montour and Brunner Island coal-fired power plants

n

Increased fuel and O&M costs

n

Loss of synfuel tax credits and increased replacement

coal costs

n

Cost of compliance with evolving environmental

regulation

A-8

Increasing Prices Under the POLR Contract

(Dollars per Share)

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

A-9

Ongoing Earnings Overview

(Dollars per Share)

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

A-10

2006 Ongoing Earnings Contributions

(Dollars per Share)

* Midpoint of forecast

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

$2.35*

A-11

2007 Expected Ongoing Earnings Contributions

(millions of dollars)

A-12

Reconciliation of Cash from Operations

to Free Cash Flow before Dividends

A-13

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-14

Millions

Capital Expenditures by Segment

A-15

(Millions of Dollars)

Reconciliation of Fourth Quarter Reported

Earnings and Earnings from Ongoing Operations

A-16

(Dollars Per Share)

Reconciliation of Fourth Quarter Reported

Earnings and Earnings from Ongoing Operations

(Millions of Dollars)

A-17

Reconciliation of Reported Earnings

and Earnings from Ongoing Operations

(Dollars Per Share)

A-18

Reconciliation of Reported Earnings

and Earnings from Ongoing Operations

A-19

Reconciliation of PPL’s Reported Earnings

and Earnings from Ongoing Operations

Credit Ratings

A-20

Credit Ratings (cont.)

A-21

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-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 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