Exhibit 99.2

First Quarter Earnings Call

May 3, 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

P. Farr

W. H. Spence

Agenda

•

First Quarter 2007 Earnings and

Review of Longer-Term Earnings and Outlook

•

First Quarter Operating Results,

2007 Forecast and Financial
Overview

•

Operational Review

•

Q&A

Solid First Quarter Results

Earnings from Ongoing Operations

Per

share

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

Per

share

Reported Earnings

Forecast

* Midpoint of $2.30 to $2.40 earnings forecast.

** Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from

ongoing operations

Strong Long-Term Earnings Growth

	1st Quarter
	2007	2006	Variance
Supply	$0.32	$0.32	$ -
Pennsylvania Delivery	0.15	0.15	-
International Delivery	0.18	0.21	(0.03)
Total	$0.65	$0.68	$(0.03)

(Dollars per Share)

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

Ongoing Earnings Overview

	1^st Quarter
Q1 2006 EPS – Ongoing Earnings		$0.32
Margins – East	($0.01)
Margins – West	(0.01)
Synfuel	0.03
Income Taxes & Other	(0.01)
Total		0.00

Q1 2007 EPS – Ongoing Earnings		$0.32

(Dollars per Share)

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

Supply Segment

Earnings Drivers

	1^st Quarter
Q1 2006 EPS – Ongoing Earnings		$0.15
Delivery Margins	$0.02
O&M	(0.01)
Income Taxes & Other	(0.01)
Total		0.00

Q1 2007 EPS – Ongoing Earnings		$0.15

(Dollars per Share)

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

Pennsylvania Delivery Segment

Earnings Drivers

	1^st Quarter
Q1 2006 EPS – Ongoing Earnings		$0.21
Delivery Margins	($0.02)
O&M	(0.01)
Income Taxes & Other	(0.02)
Foreign currency translation	0.02
Total		(0.03)
Q1 2007 EPS – Ongoing Earnings		$0.18

(Dollars per Share)

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

International Delivery Segment

Earnings Drivers

2007 Ongoing Earnings Forecast

EPS

$2.08

(Dollars per Share)

$2.25

$2.30

$2.40

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

$2.25

Energy

Margins

$0.22

International

Delivery

Margins

$0.07

U.K.

Liquidations

($0.07)

O&M

($0.03)

Depreciation

($0.05)

Income Taxes

& Other

($0.04)

$2.35*

(Dollars per Share)

*Midpoint of forecast

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

2007 Ongoing Earnings Contributions

Millions

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

Cash Flow Forecast

$/share

Annualized

Dividend Payout Ratio Greater than

50% after 2006

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

Operational Update

•

Scrubbers expected to be completed on

schedule and on budget

•

Generation uprates remain on schedule

•

PUC action expected shortly regarding PPL

Electric Utilities’ POLR transition proposal

•

PPL EU filed for $83.6 million rate increase

•

Continued strength of customer service at

delivery businesses

•

Divestitures of Latin American and

telecommunications businesses

$1,675

$1,818

$1,845

$1,984

$2,748

Supply Margins

(Millions)

Key Drivers of Margin Growth

Existing Constraint

Constrained Region

Montour

Brunner Island

Holtwood

Wallenpaupack

Martins Creek

Keystone

Conemaugh

Safe Harbor

Lower Mt. Bethel

PA Combustion Turbines

Susquehanna

Constrained Region

PJM Projected

Constrained Region

Beginning in 2009

Source: Map developed based on PJM RPM

Planning Period Parameters.

Growing Constrained Region in PJM

Increases Value of PPL Generation

EAST

PJM

On-Peak

Off-Peak

ATC⁽²⁾

WEST

Mid-Columbia

On-Peak

Off-Peak

ATC⁽²⁾

GAS

NYMEX Price⁽³⁾

(1) Market prices based on the average of broker quotes as of 3/30/2007.

(2) 24-hour average.

(3) NYMEX forward gas price on 3/30/2007.

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

A-1

2010

Actual

Forward ⁽¹⁾

2006

2007

2008

2010

$62 $76 $79 $73 $72

$37 $47 $49 $48 $48

$51 $61 $63 $60 $59

$50 $56 $68 $65

$39 $43 $54 $52

$45 $50 $62 $59

$7.25 $8.24 $8.70 $7.98 $8.00

At 12/05 ⁽⁴⁾

Market Prices

A-2

	2007	2008	2009
Electricity Sales
East	96%	100%	97%
West	100%	100%	77%
Total	97%	100%	94%
Coal
East	96%	82%	74%
West	100%	100%	78%
Total	97%	87%	75%

Current Hedge Positions - Electricity and Fuel

In 2007, 94% of our owned generation output

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

PPL Supply Business Overview

Production GWh

A-4

Gas/Oil

32%

Coal

39%

Nuclear

18%

Hydro

QFs 3%

Installed Capacity MW

Gas/Oil
6%

Coal

56%

Nuclear

30%

Hydro

Proactive Coal Supply Management

Supports Growth in Margins

Projected 2007 Coal Supply

A-5

Central PA

17%

PRB

Montana

Mine-mouth
21%

Central

Appalachia
11%

Southwest PA

45%

•

Supply region diversity

•

Fleet trains (1600 cars)

•

Average delivered costs

–

4%-5% annual

increase
2006 to 2010

•

PPL enters into a sales contract to deliver 100 MWs per hour ATC from January

through June 2007 for $75/MWh. This contract receives accrual accounting.

•

On October 1, 2006, PPL enters into a corresponding forward purchase at

$65/Mwh to “lock in” a gross margin of $10/MWh.

Assumed market prices at the end of each quarter:

Q4 2006 $68/MWh

Q1 2007 $64/MWh

Q2 2007 $65/MWh

•

As the power is sold PPL will recognize $10/MWh and any mark-to-market gain or

loss will reverse.

A-7

Key Drivers/Challenges Through 2010

•

Increased prices for POLR sales

•

Expiration of supply contracts remarketed at

current forward prices

•

Power plant uprates

•

Net economic 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-8

Increasing Prices Under the POLR Contract

Montour Unit #2 Absorber

A-9

In-Service Dates
Montour 1	Q1-08
Montour 2	Q2-08
Brunner Island 3	Q4-08
Brunner Island 1 & 2	Q2-09

Scrubbers Expected to be Completed

on Budget and on Schedule

A-10

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 half of 2007

Amount of distribution revenue increase request	$83.6 million
% Total revenue increase	2.7%
% Distribution revenue increase	13%

	12/31/2006	Proposed
Distribution rate base	$1,925 million	$2,023 million
Rate of return on rate base	6.62%	8.36%
Common equity	42.6%	43.1%
Return on equity	7.32%	11.50%

A-11

Sensitivity: 1% change in ROE = $16.0 million

PPL Electric Utilities

Distribution Rate Case Facts

(Millions of Dollars)

A-12

	2006	2007	2008	2009	2010
Cash from Operations	$1,758	$1,642	$1,779	$1,679	$2,082
Increase/(Decrease) in cash due to:
Transition Bond Repayment	(282)	(294)	(310)	-	-
Capital Expenditures	(1,394)	(1,732)	(1,397)	(1,212)	(1,168)
Other Investing Activities-net	85	130	19	(2)	34
Free Cash Flow before Dividends	$167	$(254)	$91	$465	$948

Reconciliation of Cash from Operations

to Free Cash Flow before Dividends

Millions

$1,394

$1,168

$1,271

$1,212

$1,397

$811

$1,732

A-13

Capital Expenditures by Segment

A-14

(Millions of Dollars)

Reconciliation of First Quarter Reported

Earnings and Earnings from Ongoing Operations

A-15

(Dollars Per Share)

Reconciliation of First Quarter Reported Earnings

and Earnings from Ongoing Operations

A-16

Reconciliation of PPL’s Reported Earnings and

Earnings from Ongoing Operations

Statements contained in this presentation, including statements with respect to future earnings, energy prices, margins and sales, marketing performance, regulatory action, growth, rates, revenues, expenses, cash flows, cash from
operations, dividends, credit profile, business dispositions, 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; disposition proceeds; 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-19

Forward-Looking Information Statement

A-20

“Earnings from ongoing operations” excludes the impact of special items. Special items include charges, credits or gains that are unusual or non-recurring and the mark-to-market impact of energy-related, non-trading
economic hedges. The mark-to-market impact of these hedges is economically neutral to the company in that
offsetting gains or losses on underlying accrual positions will be recognized as energy is delivered over the
terms of the contracts. 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, although a non-GAAP measure, 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.

Definitions of Financial Measures