Exhibit 99.2

Goldman Sachs

Seventh Annual Power & Utility Conference

New York City

May 10-11, 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 355 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

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

iii

Table of Contents

Table of Contents (cont.)

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.

Growing Shareowner Value

•

Continued focus on execution of our

current growth plan

•

Extract additional value from our

energy marketing operations

•

Multi-faceted expansion of the

generation portfolio

Optimize Energy Marketing

•

Expand marketing capabilities

•

Active participation in energy and

commodity markets

•

Manage market, operational and

financial risks

$1,675

$1,818

$1,845

$1,984

$2,748

Supply Margins

(Millions)

Key Drivers of Margin Growth

Reserve Margin

Shrinking Reserve Margins Create

Potential Value for PPL

Constrained Region

Montour

Brunner Island

Holtwood

Wallenpaupack

Martins Creek

Keystone

Conemaugh

Safe Harbor

Lower Mt. Bethel

PA Combustion Turbines

Susquehanna

Existing

Constraint

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

PPL Capacity Hedge Position

2007 2008 2009 2010

97% 94% 87% 0%

$/MWD

PJM 2007/08 Planning Year

•

08/09 Planning year auction – July 2007

•

09/10 Planning year auction – Oct. 2007

•

10/11 Planning year auction – Jan. 2008

RPM Auction Provided Robust Prices

Montour/Coal

1,542 MW

+16 MW

+600-800 MW

Brunner Island

Coal

1,483 MW

+21 MW

Holtwood

Hydro

109 MW

+125 MW

Wallenpaupack

Hydro

44 MW

Martins Creek

Coal, Gas, Oil

1970 MW

Keystone

Coal

211 MW

Conemaugh

Coal

278 MW

Safe Harbor

Hydro

140 MW

Lower Mt. Bethe

Gas

582 MWl

PA Combustion Turbines

(11 Sites in Central & Eastern PA)

Oil

451 MW

Susquehanna

Nuclear

2,120 MW

+137 MW

+600-800 MW

8,930 MW	Existing Generation
299 MW	Planned Uprates
Base load expansion capabilities

Pennsylvania Generation Expansion

Expanding Renewable Energy Portfolio

•

Currently there are not enough

renewable energy credits in the market

•

Plan to invest $100 million to develop

renewable projects over next five years

–

Included in current capex program

•

Contracts in place with renewable

energy facilities

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

Latin American Assets to be Sold

Del Sur

291,000 customers

El Salvador

5 yr. avg. load growth = 6.2%

PPL ownership = 86.4%

Emel

576,000 customers

Chile

5 yr. avg. load growth = 7.7%

PPL ownership = 95.4%

Elfec S.A.

281,000 customers

Bolivia

5 yr. avg. load growth = 5.1%

PPL ownership = 92.1%

Schedule
April 2007	Agreed to sell Bolivian assets to group led by their management team
Q3 2007	Expected closing on Bolivian assets
By year-end 2007	Expected completion of sale of remaining assets

PPL Electric Utilities Bridge Plan

•

Procure 2010 POLR Supply in 2007,

2008, 2009 to reduce exposure to
price spikes

•

Supply costs to be passed directly

to customers

•

Continue optional time-of-use rates

for residential and large industrial
customers

PUC Proposed Regulations

•

Purchase POLR supply through

competitive process

•

Include fixed-term and spot-market

energy purchases to reduce risks of
price spikes

•

Simplified rate design with incentives

for energy conservation and facilitation
of customer choice

•

Supply costs to be passed directly to

customers

Governor’s Energy Independence Strategy

•

Utilities required to offer time-of-use pilot program to

residential and small business customers

•

Mix of long-term, short-term and spot-market purchases

•

Opt-in program to phase in generation rate increases over

three years

–

Details for deferral of cost and recovery of interest

delegated to the PUC

Pennsylvania Energy Issues

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%

Sensitivity: 1% change in ROE = $16.0 million

PPL Electric Utilities

Distribution Rate Case Facts

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.

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

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

Montour Unit #2 Absorber

A-3

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-4

Generation Uprates

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-5

Gas/Oill
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-6

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

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

A-9

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

$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)

A-10

*Midpoint of forecast

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

2007 Ongoing Earnings Contributions

(Millions of Dollars)

A-11

	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

$1,732

A-12

Capital Expenditures by Segment

A-13

(Millions of Dollars)

Reconciliation of First Quarter Reported

Earnings and Earnings from Ongoing Operations

A-14

(Dollars Per Share)

Reconciliation of First Quarter Reported Earnings

and Earnings from Ongoing Operations

A-15

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-18

Forward-Looking Information Statement

A-19

“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