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):  October 31, 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 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition

On October 31, 2007, PPL Corporation (“PPL”) issued a press release announcing its financial results for the quarter ended September 30, 2007, and other business matters. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On October 31, 2007, at 9:00 a.m. (Eastern Standard Time), members of PPL's senior management will hold a teleconference and webcast with financial analysts to discuss PPL’s financial results for the quarter ended September 30, 2007, and other business matters. A copy of the slides to be used during the webcast is attached as Exhibit 99.2 and is incorporated herein by reference. The event 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.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1 -	Press Release, dated October 31, 2007, announcing PPL’s financial results for the quarter ended September 30, 2007, and other business matters.
	99.2 -	Slides to be used on the October 31, 2007 webcast among members of PPL’s senior management and financial analysts.

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/ J. Matt Simmons, Jr.
	J. Matt Simmons, Jr. Vice President and Controller

Dated:   October 31, 2007

EX-99.1

Exhibit 99.1

Contacts:         For news media – George Biechler, 610-774-5997

For financial analysts – Tim Paukovits, 610-774-4124

PPL Corporation Reports Strong Quarterly Earnings,

Increases 2007 and 2010 Earnings Forecasts

·   Quarterly reported earnings per share up 45 percent,including benefit of two special items

·   Quarterly ongoing earnings per share up 24 percent, on higher energy supply margins and improved energy marketing results

·   Company initiates earnings forecast for 2008

ALLENTOWN, Pa. (Oct. 31, 2007) ― PPL Corporation (NYSE: PPL) on Wednesday (10/31) reported third-quarter earnings of $0.84 per share, 45 percent higher than the $0.58 per share earned in the third quarter a year ago.

PPL also increased its existing 2007 forecast of earnings from ongoing operations to $2.50 to $2.60 per share from $2.40 to $2.50 per share. With this revised forecast of earnings from ongoing operations, the company’s 2007 forecast of reported earnings is now $2.75 to $2.85 per share, including special items recorded through Sept. 30, 2007.

The company also initiated a 2008 earnings forecast of $2.35 to $2.45 per share, as continued growth in energy margins in its unregulated supply business segment and increased revenues in its regulated Pennsylvania delivery segment are expected to substantially offset the loss of earnings from expiring synfuel tax credits and divested Latin American operations. PPL also raised its existing 2010 earnings forecast to a range of $4.00 to $4.60 per share from $3.50 per share, primarily as a result of higher observed energy and capacity prices in the competitive market for 2010.

Driving the company’s strong third-quarter performance were higher realized wholesale energy margins in PPL’s unregulated supply business and increased profitability in the company’s energy marketing operations. Also contributing to reported earnings in the third quarter were two significant special item credits: a decrease in the income tax rate in the United Kingdom effective April 1, 2008, which benefited PPL’s earnings by reducing the company’s net deferred tax liabilities; and recognition of revenue related to an energy supply contract in Connecticut.

Excluding special items, PPL’s earnings per share from ongoing operations for the third quarter increased by 24 percent to $0.72 per share compared with $0.58 per share in the same period of 2006.

For the first nine months of 2007, PPL’s reported earnings per share increased by 26 percent compared with a year ago. Per share earnings from ongoing operations for the first nine months of 2007 increased by 12 percent compared with a year ago.

“Our continued strong earnings performance reinforces that PPL is strategically positioned to succeed in the competitive wholesale energy markets because of our excellent generation assets, disciplined risk management practices and proven energy marketing program in the Eastern and Western United States,” said James H. Miller, PPL’s chairman, president and chief executive officer.

Miller said the company is continuing to sharpen its focus on core businesses by selling non-strategic assets. In late July, PPL announced that it is pursuing the sale of its natural gas and propane delivery businesses, with completion of the sale expected during the second half of 2008. Earlier this year, PPL completed the sales of its electricity delivery businesses in El Salvador and Bolivia and its telecommunication operations in the U.S. In September, PPL also reached an agreement to sell its Chilean electricity delivery business, with closing expected in early November 2007.

“We have established a business model with two fundamentalobjectives: sustainable, long-term growth in our core businesses and expansion of those businesses,” Miller said. He said the company continues to implement transition plans related to the 2010 expiration of generation rate caps in its Pennsylvania electricity delivery company. These plans include a variety of rate mitigation, educational and energy conservation programs, consistent with a number of initiatives being developed by the administration and the Legislature in Pennsylvania, to help customers transition to market rates.

Third-Quarter Reported and Ongoing Earnings Details

PPL’s reported earnings in the most recent quarter included net special item credits of $0.12 per share. Total special item credits were $0.24 per share, including a decrease in the income tax rate in the United Kingdom effective April 1, 2008, which benefited earnings by $0.14 per share by reducing PPL’s net deferred tax liabilities; and revenue recognized as part of the recent settlement of an energy supply contract dispute involving PPL’s Wallingford power plant in Connecticut, amounting to $0.09 per share.

Total special item charges were $0.12 per share in the third quarter of 2007, including $0.06 per share resulting from tax adjustments related to the planned sale of PPL’s natural gas distribution and propane businesses; and $0.03 per share resulting from an impairment in the value of certain electricity transmission rights owned by PPL in Maine. In the third quarter of 2006, there was no net earnings impact due to special items.

Excluding these and other special items, PPL’s earnings from ongoing operations for the third quarter of 2007 were $0.72 per share, a 24 percent increase compared with $0.58 per share in earnings from ongoing operations a year ago. This increase was primarily due to higher wholesale energy margins in the Eastern and Western U.S. The higher margins were driven by higher wholesale prices compared with a year ago, realized gains from new full-requirements supply contracts and increased generation output from PPL’s power plants.

Reported earnings are calculated in accordance with generally accepted accounting principles (GAAP). Earnings from ongoing operations is a non-GAAP financial measure that excludes special items. Special items include charges or credits that are unusual or non-recurring as well as the mark-to-market impact of energy-related, non-trading economic hedges.

(Dollars in millions, except for per share amounts)

	3rd Quarter
	2007	2006	% Change
Reported Earnings	$322	$226	+42%
Reported Earnings per Share	$0.84	$0.58	+45%
Earnings from Ongoing Operations	$276	$225	+23%
Per Share Earnings from Ongoing Operations	$0.72	$0.58	+24%

(See the tables at the end of the news release for details as to the reconciliation of reported earnings versus earnings from ongoing operations.)

Nine-Month Reported and Ongoing Earnings Details

For the first nine months of 2007, PPL’s reported earnings were $2.25 per share, a 26 percent increase from $1.78 per share in the same period of 2006. The reported earnings for the 2007 period included net special item credits of $0.25 per share. A $0.14 per share credit resulted from the decrease of the income tax rate in the U.K. effective April 1, 2008, which benefited earnings by reducing PPL’s net deferred tax liabilities; and a $0.09 per share credit resulted from the revenue recognized as part of an energy supply contract settlement in Connecticut. In addition, the current nine-month period included a special item net credit of $0.12 per share from the sale of PPL’s electricity distribution businesses in Latin America and a $0.05 per share special item credit for the mark-to-market impact of energy-related, non-trading economic hedges.

In addition to the special item charges of $0.06 per share resulting from tax adjustments related to the planned sale of PPL’s natural gas distribution and propane businesses and $0.03 per share resulting from the impairment of PPL’s transmission rights in Maine, PPL also incurred a special item charge of $0.06 per share for the sale of its telecommunication operations in the U.S. The same period of 2006 reflected net special item charges of $0.01 per share.

Excluding these and other special items, PPL’s earnings from ongoing operations for the first nine months of 2007 were $2.00 per share, a 12 percent increase from $1.79 per share a year ago. This increase was primarily due to higher wholesale energy margins in the Eastern U.S. driven by higher wholesale prices compared with a year ago, realized gains from new and existing full-requirements supply contracts and increased generation output from PPL’s power plants. Also positively affecting the nine-month results was a U.S. income tax benefit recorded by PPL’s international delivery business segment in the second quarter of 2007.

Third-Quarter and Nine-Month Earnings by Business Segment

per share	3rd Quarter						Year to Date
	2007			2006			2007			2006
Earnings from ongoing operations
Supply	$	0.50		$	0.34		$	1.12		$	0.91
Pennsylvania Delivery		0.09			0.09			0.31			0.31
International Delivery		0.13			0.15			0.57			0.57
Total	$	0.72		$	0.58		$	2.00		$	1.79
Special Items
Supply	$	0.03		$	(0.03	)	$	0.05		$	(0.04	)
Pennsylvania Delivery		(0.06	)		0.03			(0.06	)		0.03
International Delivery		0.15			-			0.26			-
Total	$	0.12		$	-		$	0.25		$	(0.01	)
Reported earnings
Supply	$	0.53		$	0.31		$	1.17		$	0.87
Pennsylvania Delivery		0.03			0.12			0.25			0.34
International Delivery		0.28			0.15			0.83			0.57
Total	$	0.84		$	0.58		$	2.25		$	1.78

(For more details and a breakout of special items by segment, see the reconciliation tables at the end of this news release.)

Key Factors Impacting Business Segment Earnings from Ongoing Operations

Supply Segment

PPL’s supply business segment primarily consists of the domestic energy generation and marketing operations of PPL Energy Supply.

Per share earnings from ongoing operations for PPL’s supply business segment in the third quarter of 2007 increased by 47 percent compared with a year ago. This increase primarily resulted from higher wholesale energy margins in the Eastern and Western U.S. driven by higher wholesale prices compared with a year ago, higher total margins from new and existing full-requirements supply contracts, increased generation output from PPL’s power plants, and improved energy marketing activities.

Per share earnings from ongoing operations for PPL’s supply business segment during the first nine months of 2007 increased by 23 percent compared with a year ago. This increase was primarily due to higher wholesale energy margins in the Eastern and Western U.S., primarily driven by the same factors as in the third quarter of 2007 and by higher synfuel earnings. These benefits were partially offset by higher outage costs at PPL’s fossil and nuclear power plants and higher financing costs.

Pennsylvania Delivery Segment

PPL’s Pennsylvania delivery business segment includes the regulated electric and gas delivery operations of PPL Electric Utilities and PPL Gas Utilities.

Per share earnings from ongoing operations for PPL’s Pennsylvania delivery business segment in the third quarter and for the first nine months of 2007 were flat compared with a year ago. Performance in the first nine months of 2007 was positively affected by higher electricity delivery sales due to warmer-than-usual weather, partially offset by higher depreciation.

International Delivery Segment

The quarterly and nine-month results for PPL’s international delivery business segment include regulated electric distribution companies in the United Kingdom and Latin America.

Per share earnings from ongoing operations for PPL’s international delivery business segment in the third quarter of 2007 declined by 13 percent compared with a year ago. This business segment benefited from higher U.K. delivery revenues and a positive currency exchange rate in the U.K. These factors were more than offset by lower operating results in Latin America compared with a year ago, in part due to the divestiture of the Latin American businesses, and higher operation and maintenance expenses in the U.K.

Per share earnings from ongoing operations for PPL’s international delivery business segment during the first nine months of 2007 were flat compared with a year ago. Factors affecting this business segment’s performance in the first nine months of 2007 were higher local taxes and higher operation and maintenance expenses in the U.K. and a U.S. income tax benefit realized in the second quarter of 2007. In addition, last year’s results benefited from higher income realized from the ongoing liquidation of certain non-core businesses in the U.K.

2007 Forecast of Business Segment Earnings from Ongoing Operations

Earnings from Ongoing Operations (per share)	2007               (forecast)		2006    (actual)
	Low	High
Supply	$1.40	$1.45	$1.18
Pennsylvania Delivery	0.39	0.41	0.38
International Delivery	0.71	0.74	0.69
Total	$2.50	$2.60	$2.25

Supply Segment

PPL projects significantly higher earnings in its supply business segment in 2007 compared with 2006, driven by higher wholesale energy margins. A significant portion of these increased energy margins was recognized in the third quarter of 2007 from the replacement of expiring supply obligations with new higher-value wholesale energy contracts and growth in energy marketing results. These same factors are expected to drive margin growth into 2008.

In addition, the company now expects slightly higher base load power plant output in 2007, due primarily to enhanced performance by PPL’s coal-fired power plants in the Eastern and Western U.S., despite the retirement of the two small coal-fired units in Pennsylvania that occurred in September and other planned power plant outages. The 2007 earnings forecast also includes $0.11 per share in synfuel earnings, which have been substantially realized through the third quarter of 2007.

Pennsylvania Delivery Segment

PPL expects the Pennsylvania delivery business segment to have slightly higher earnings in 2007, with higher sales as a result of warmer-than-usual weather and modest load growth being partially offset by increased operation and maintenance expenses.

International Delivery Segment

PPL projects higher earnings from its international delivery business segment in 2007 compared with 2006, driven primarily by favorable currency exchange rates and higher delivery revenue in the U.K. and U.S. tax benefits recorded in the second quarter of 2007. These benefits are expected to be partially offset by increased operation and maintenance expenses in the U.K. In addition, gains from the sale or liquidation of non-electricity delivery businesses in the U.K. are not expected at the same level in 2007 as occurred in 2006.

2008 Earnings Forecast

The company’s 2008 forecasted earnings of $2.35 to $2.45 per share reflect the loss of $0.11 per share of synfuel earnings and a $0.04 per share increase in coal expense as a result of the expiration of synfuel tax credits at the end of 2007, and a net loss of $0.05 per share as a result of the divestiture of Latin American operations in 2007. In addition, 2007 earnings included a U.S. tax benefit of $0.08 per share, which is not likely to recur at similar levels. PPL expects to partially offset these reductions through higher-valued wholesale energy contracts, higher baseload generation, and increased revenues from its Pennsylvania delivery business segment as a result of PPL Electric Utilities’ pending settlement of its 2007 distribution base rate filing.

Revised 2010 Earnings Forecast

At the end of 2009, the full-requirements supply contract between PPL EnergyPlus and PPL Electric Utilities will expire. As a result of higher forward energy prices seen in the competitive marketplace and the 2010 capacity prices set in PJM Interconnection’s October 2007 auction, PPL Supply expects a significant improvement in energy margins in 2010. Accordingly, PPL also announced an increase in its 2010 earnings forecast to a range of $4.00 to $4.60 per share from $3.50 per share.

The higher energy margins that drive the increased 2010 earnings forecast are based on the following key assumptions:

·   Higher wholesale prices as observed in competitive markets;

·   Higher capacity prices in PJM based on the October 2007 auction results;

·   Increased marketing and trading activities;

·   Continued strong power plant performance;

·   Increased nuclear output through the previously announced planned power uprates;

·   The completion of PPL’s previously announced scrubber construction project on schedule and on budget;

·   Increased fuel expenses; and

·   Higher costs of environmental compliance.

This forecast does not depend upon new assets being added to the company’s portfolio and assumes PPL Electric Utilities’ ability to fully recover its market-based energy costs as provided under Pennsylvania law.

Credit and Cash Flow Profiles

Miller said that the company’s strong credit profile, coupled with the cash proceeds from the sale of its Latin American businesses and domestic telecommunicationoperations, has allowed  PPL to substantially complete its previously announced $750 million stock repurchase program. He said 14.9 million shares of PPL’s common stock have been repurchased for $712 million. He also said the company’s current business plan reflects additional common stock repurchases beginning in 2009, assuming the absence of other opportunities to enhance shareowner value at that time through business growth investments. “PPL’s improving credit and cash flow profiles provide a strong base for future investment,” Miller said.

Dividend Growth Rate

Miller said he views dividend growth as an integral component of shareowner return and expects PPL to continue its recent trend of strong stock dividend increases. The company increased the annualized dividend rate on its common stock from $1.10 to $1.22 per share, effective with the April 1, 2007, dividend payment.

PPL Corporation, headquartered in Allentown, Pa., controls more than 11,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to more than 4 million customers in Pennsylvania and the United Kingdom. More information is available at www.pplweb.com.

###

(Note: All references to earnings per share in the text and tables of this news release are stated in terms of diluted earnings per share.)

Conference Call and Webcast

PPL invites interested parties to listen to the live webcast of management’s teleconference with financial analysts about third-quarter 2007 financial results at 9 a.m. EDT Wednesday, Oct. 31. The meeting is available online live, in audio format, along with slides of the presentation, on PPL’s Web site: www.pplweb.com. The webcast will be available for replay on the PPL Web site for 30 days. Interested individuals also can access the live conference call via telephone at 719-325-4840.

PPL CORPORATION AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)

Condensed Consolidated Balance Sheet (Unaudited)

(Millions of Dollars)

	Sept. 30, 2007			Dec. 31, 2006
Assets
Cash and cash equivalents	$	439		$	794
Assets held for sale		979			0
Other current assets		2,539			2,836
Investments		612			564
Property, plant and equipment
Electric plant		19,562			19,395
Gas and oil plant		66			373
Other property		191			311
		19,819			20,079
Less: accumulated depreciation		7,696			8,010
		12,123			12,069
Recoverable transition costs		654			884
Goodwill and other acquired intangibles		1,276			1,521
Regulatory and other noncurrent assets		1,203			1,079
Total assets	$	19,825		$	19,747
Liabilities and Equity
Short-term debt (including current portion of long-term debt)	$	662		$	1,149
Liabilities held for sale and related minority interest		394			0
Other current liabilities		1,968			2,199
Long-term debt (less current portion)		7,171			6,728
Deferred income taxes and investment tax credits		2,059			2,331
Other noncurrent liabilities		2,084			1,857
Minority interest		26			60
Preferred securities of a subsidiary		301			301
Earnings reinvested		3,144			2,626
Common stock and capital in excess of par value		2,307			2,814
Accumulated other comprehensive loss		(291	)		(318	)
Total liabilities and equity	$	19,825		$	19,747

(a) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation. Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.

Condensed Consolidated Income Statement (Unaudited)

(Millions of Dollars, Except per Share Data)

			3 Months Ended Sept. 30,					9 Months Ended Sept. 30,
			2007(a)			2006(a)(b)		2007(a)		2006(a)(b)
Operating Revenues
	Utility		$	1,016		$	972	$	3,074	$	2,892
	Unregulated retail electric			28			23		73		68
	Wholesale energy marketing			516			446		1,144		1,164
	Net energy trading margins			10			15		23		26
	Energy-related businesses			193			133		563		454
				1,763			1,589		4,877		4,604
Operating Expenses
	Fuel and energy purchases			481			520		1,226		1,326
	Other operation and maintenance			324			299		996		914
	Amortization of recoverable transition costs			78			75		229		210
	Depreciation			108			105		334		308
	Taxes, other than income			73			74		223		213
	Energy-related businesses			178			156		581		453
				1,242			1,229		3,589		3,424
Operating Income				521			360		1,288		1,180
Other Income – net				23			19		71		55
Interest Expense				117			114		357		338
Income from Continuing Operations Before
	Income Taxes, Minority Interest and
	Dividends on Preferred Securities of a Subsidiary			427			265		1,002		897
Income Taxes				88			44		188		214
Minority Interest				1			1		2		2
Dividends on Preferred Securities of a Subsidiary				5			5		14		10
Income from Continuing Operations				333			215		798		671
		Income (Loss) from Discontinued Operations
		(net of income taxes)		(11	)		11		72		16
Net Income			$	322		$	226	$	870	$	687
Earnings per share of common stock – basic
	Earnings from ongoing operations		$	0.73		$	0.59	$	2.03	$	1.82
	Special items			0.12			0.00		0.24		(0.01	)
	Net Income		$	0.85		$	0.59	$	2.27	$	1.81
Earnings per share of common stock – diluted
	Earnings from ongoing operations		$	0.72		$	0.58	$	2.00	$	1.79
	Special Items			0.12			0.00		0.25		(0.01	)
	Net Income		$	0.84		$	0.58	$	2.25	$	1.78
Average shares outstanding (thousands)
	Basic			379,896			380,806		383,036		380,269
	Diluted			384,575			387,602		387,658		386,273

(a)	Earnings in the 2007 and 2006 periods were impacted by several special items, as described in the text and tables of this news release. Earnings from ongoing operations excludes the impact of these special items.
(b)	Certain amounts from 2006 have been reclassified to conform to the current year presentation, including the reclassification of Latin American and Gas Utilities accounts to Discontinued Operations.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Millions of Dollars)

	9 Months Ended Sept. 30,
	2007			2006
Cash Flows from Operating Activities
Net income	$	870		$	687
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		345			326
Amortizations - recoverable transition costs and other		327			234
Pre-tax gain from the sale of the El Salvadoran business		(94	)		0
Pre-tax loss from the sale of interest in the Griffith plant		0			40
Deferred income taxes and investment tax credits		(95	)		(81	)
Pension and other postretirement benefits		31			(28	)
Impairment of assets		97			0
Unrealized gains on derivatives and other hedging activities		(68	)		(2	)
Changes in working capital		(31	)		62
Other		(130	)		20
Net cash provided by operating activities		1,252			1,258
Cash Flows from Investing Activities
Expenditures for property, plant and equipment		(1,121	)		(859	)
Proceeds from the sale of the El Salvadoran and Bolivian businesses		191			0
Proceeds from the sale of telecommunication operations		47			0
Net sales (purchases) of emission allowances		62			(26	)
Net sales (purchases) of short-term investments		58			(60	)
Proceeds from the sale of interest in the Griffith plant		0			115
Other investing activities		(34	)		12
Net cash used in investing activities		(797	)		(818	)
Cash Flows from Financing Activities
Net (retirements) issuances of long-term debt		(49	)		43
Repurchase of common stock		(565	)		0
Payment of common stock dividends		(343	)		(304	)
Net increase (decrease) in short-term debt		150			(172	)
Issuance of preference stock, net of issuance costs		0			245
Other financing activities		8			(8	)
Net cash used in financing activities		(799	)		(196	)
Effect of Exchange Rates on Cash and Cash Equivalents		2			1
Net (Decrease) Increase in Cash and Cash Equivalents		(342	)		245
Cash and cash equivalents at beginning of period		794			555
Cash and cash equivalents included in assets held for sale		(13	)		0
Cash and cash equivalents at end of period	$	439		$	800

Key Indicators

Financial

	12 Months Ended Sept. 30, 2007	12 Months Ended Sept. 30, 2006
Dividends declared per share	$1.19	$1.075
Book value per share (a)	$13.75	$13.34
Market price per share (a)	$46.30	$32.90
Dividend yield (a)	2.6%	3.3%
Dividend payout ratio (b)	44%	48%
Dividend payout ratio - earnings from ongoing operations (b)(c)	48%	47%
Price/earnings ratio (a)(b)	17.1	14.6
Price/earnings ratio - earnings from ongoing operations (a)(b)(c)	18.8	14.2
Return on average common equity	20.09%	18.60%
Return on average common equity -  earnings from ongoing operations (c)	18.30%	18.75%

(a)	End of period.
(b)	Based on diluted earnings per share.
(c)	Calculated using earnings from ongoing operations, which excludes the impact of special items, as described in the text and tables of this news release.

Reconciliation of Business Segment Earnings from Ongoing Operations and Reported Earnings (Diluted)
3rd Quarter 2007					(millions of dollars)											(per share)
					Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery			Int'l Delivery		Total
Earnings from Ongoing Operations					$	193		$	32		$	51	$	276		$	0.50		$	0.09		$	0.13	$	0.72
	Special Items
		MTM adj's from energy-related,
			non-trading economic hedges			(6	)							(6	)		(0.02	)							(0.02	)
		Divestiture of Latin American     businesses										3		3									0.01		0.01
		Sale of telecommunication operations				(3	)							(3	)		(0.01	)							(0.01	)
		Sale of gas and propane operations							(23	)				(23	)					(0.06	)				(0.06	)
		Settlement of Wallingford cost-based rates				33								33			0.09								0.09
		Impairment of certain transmission rights				(12	)							(12	)		(0.03	)							(0.03	)
		Change in U.K. tax rate										54		54									0.14		0.14
				Total special items		12			(23	)		57		46			0.03			(0.06	)		0.15		0.12
Reported earnings					$	205		$	9		$	108	$	322		$	0.53		$	0.03		$	0.28	$	0.84
Year-to-Date Sept. 30, 2007					(millions of dollars)											(per share)
					Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery			Int'l Delivery		Total
Earnings from Ongoing Operations					$	437		$	120		$	219	$	776		$	1.12		$	0.31		$	0.57	$	2.00
	Special Items
		MTM adj's from energy-related,
			non-trading economic hedges			20								20			0.05								0.05
		PJM billing dispute (Q1, '07)				(1	)							(1	)
		Divestiture of Latin American businesses
			(Q1, '07; Q2, '07; Q3, '07)									46		46									0.12		0.12
		Sale of telecommunication operations
			(Q1, '07; Q2, '07; Q3, '07)			(23	)							(23	)		(0.06	)							(0.06	)
		Sale of gas and propane operations     (Q3, '07)							(23	)				(23	)					(0.06	)				(0.06	)
		Settlement of Wallingford cost-based
			rates (Q3, '07)			33								33			0.09								0.09
		Impairment of certain transmission rights (Q3, '07)				(12	)							(12	)		(0.03	)							(0.03	)
		Change in U.K. tax rate (Q3, '07)										54		54									0.14		0.14
			Total special items			17			(23	)		100		94			0.05			(0.06	)		0.26		0.25
Reported earnings					$	454		$	97		$	319	$	870		$	1.17		$	0.25		$	0.83	$	2.25
12 Months Ended Sept. 30, 2007					(millions of dollars)											(per share)
					Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery			Int'l Delivery		Total
Earnings from Ongoing Operations					$	536		$	150		$	268	$	954		$	1.38		$	0.39		$	0.69	$	2.46
	Special Items
		MTM adj's from energy-related,
			non-tradingeconomic hedges			23								23			0.06								0.06
		PJM billing dispute (Q4, '06; Q1, '07)				(18	)		20					2			(0.04	)		0.05					0.01
		Sale of interest in Griffith (Q4, '06)				1								1
		Susquehanna workforce reduction    (Q4, '06)				(3	)							(3	)		(0.01	)							(0.01	)
		Impairment of nuclear decom. trust
			investments (Q4, '06)			(3	)							(3	)		(0.01	)							(0.01	)
		Divestiture of Latin American businesses
			(Q1, '07; Q2, '07; Q3, '07)									46		46									0.12		0.12
		Sale of telecommunication operations
			(Q1, '07; Q2, '07; Q3, '07)			(23	)							(23	)		(0.06	)							(0.06	)
		Sale of gas and propane operations     (Q3, '07)							(23	)				(23	)					(0.06	)				(0.06	)
		Settlement of Wallingford cost-based
			rates (Q3, '07)			33								33			0.09								0.09
		Impairment of certain transmission rights      (Q3, '07)				(12	)							(12	)		(0.03	)							(0.03	)
		Change in U.K. tax rate (Q3, '07)										54		54									0.14		0.14
				Total special items		(2	)		(3	)		100		95						(0.01	)		0.26		0.25
Reported earnings					$	534		$	147		$	368	$	1,049		$	1.38		$	0.38		$	0.95	$	2.71

Reconciliation of Business Segment Earnings from Ongoing Operations and Reported Earnings (Diluted)
3rd Quarter 2006					(millions of dollars)											(per share)
					Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery			Int'l Delivery		Total
Earnings from Ongoing Operations					$	133		$	33		$	59	$	225		$	0.34		$	0.09		$	0.15	$	0.58
	Special Items
		MTM adj's from energy-related, non-
			trading economic hedges			(13	)							(13	)		(0.03	)							(0.03	)
		Write-off of Hurricane Isabel regulatory
		asset							(7	)				(7	)					(0.02	)				(0.02	)
		Realization of benefits related to Black
		Lung Trust assets							21					21						0.05					0.05
				Total special items		(13	)		14					1			(0.03	)		0.03
Reported earnings					$	120		$	47		$	59	$	226		$	0.31		$	0.12		$	0.15	$	0.58

Year-to-Date Sept. 30, 2006					(millions of dollars)											(per share)
					Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery			Int'l Delivery		Total
Earnings from Ongoing Operations					$	357		$	117		$	218	$	692		$	0.91		$	0.31		$	0.57	$	1.79
	Special Items
		MTM adj's from energy-related, non-
			trading economic hedges			(14	)							(14	)		(0.03	)							(0.03	)
		Off-site remediation of ash basin leak (Q1,
			'06; Q2, '06)			6								6			0.02								0.02
		Enron reserve adjustment (Q1, '06;     Q2, '06)				11						1		12			0.03								0.03
		Sale of interest in Griffith (Q2, '06)				(17	)							(17	)		(0.05	)							(0.05	)
		Synfuels impairment (Q2, '06)				(6	)							(6	)		(0.01	)							(0.01	)
		Write-off of Hurricane Isabel regulatory
		asset (Q3, '06)							(7	)				(7	)					(0.02	)				(0.02	)
		Realization of benefits related to Black
		Lung Trust assets (Q3, '06)							21					21						0.05					0.05
				Total special items		(20	)		14			1		(5	)		(0.04	)		0.03					(0.01	)
Reported earnings					$	337		$	131		$	219	$	687		$	0.87		$	0.34		$	0.57	$	1.78

12 Months Ended Sept. 30, 2006				(millions of dollars)											(per share)
				Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery			Int'l Delivery		Total
Earnings from Ongoing Operations				$	446		$	165		$	282	$	893		$	1.14		$	0.44		$	0.73	$	2.31
	Special Items
		MTM adj's from energy-related, non-
		trading economic hedges			(14	)							(14	)		(0.03	)							(0.03	)
		Off-site remediation of ash basin leak
		(Q4, '05; Q1, '06; Q2, '06)			(2	)							(2	)
		Conditional asset retirement obligation
		(Q4, '05)			(8	)							(8	)		(0.02	)							(0.02	)
		Enron reserve adjustment (Q1, '06;     Q2, '06)			11						1		12			0.03								0.03
		Sale of interest in Griffith (Q2, '06)			(17	)							(17	)		(0.05	)							(0.05	)
		Synfuels impairment (Q2, '06)			(6	)							(6	)		(0.01	)							(0.01	)
		Write-off of Hurricane Isabel regulatory
		asset (Q3, '06)						(7	)				(7	)					(0.02	)				(0.02	)
		Realization of benefits related to Black
		Lung Trust assets (Q3, '06)						21					21						0.05					0.05
			Total special items		(36	)		14			1		(21	)		(0.08	)		0.03					(0.05	)
Reported earnings				$	410		$	179		$	283	$	872		$	1.06		$	0.47		$	0.73	$	2.26

Operating – Domestic & International Electricity Sales

(millions of kwh)
	3 Months Ended Sept. 30				9 Months Ended Sept. 30
	2007	2006	Percent Change		2007	2006	Percent Change
Domestic Retail
Delivered (a)	9,699	9,735	(0.4%	)	28,880	28,076	2.9%
Supplied	10,249	10,275	(0.3%	)	30,486	29,700	2.6%
International Delivered
United Kingdom	6,326	6,345	(0.3%	)	20,891	21,774	(4.1%	)
Chile	703	666	5.6%		2,241	2,102	6.6%
El Salvador and Bolivia (c)	82	450	(81.8%	)	989	1,322	(25.2%	)
Domestic Wholesale
East	6,826	5,145	32.7%		15,637	15,013	4.2%
West
NorthWestern Energy	569	850	(33.1%	)	2,238	2,518	(11.1%	)
Other West (b)	3,251	2,251	44.4%		8,696	7,684	13.2%

(a)	Electricity delivered to retail customers represents the kwh delivered to customers within PPL Electric Utilities Corporation’s service territory.
(b)	Certain amounts have been reclassified to conform to the current year presentation.
(c)	PPL’s businesses in El Salvador and Bolivia were sold on May 24, 2007, and July 12, 2007, respectively, and electricity deliveries were made to the dates of sale.

“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.

Statements contained in this news release, including statements with respect to future earnings, energy prices, margins, sales and supply, marketing performance, growth, revenues, expenses, rates, regulation, cash flows, credit profile, financing, dividends, business disposition, corporate strategy, capital additions, and generating capacity and performance, 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 the phase-out of synthetic fuel tax credits and synthetic fuel operations; 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 due to weather conditions, contractor performance or other reasons; 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 and its subsidiaries, 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; any impact of 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; disposition proceeds; 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.

#      #      #

Note to Editors:  Visit PPL’s media Web site at www.pplnewsroom.com for additional news and background about the corporation and its subsidiaries.

EX-99.2

Third Quarter Earnings Call  October 31, 2007  Exhibit 99.2

 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.  1

 Agenda  • Third Quarter 2007 Earnings and  Review of 2010 Earnings  Forecast and Outlook  • Third Quarter Segment Results,  Revised Forecasts and Financial  Overview  • Operational Review, 2008 and  2010 Earnings Assumptions  • Q&A  J. H. Miller  P. Farr  W. H. Spence  2

 Strong Third Quarter Results  Earnings from Ongoing Operations  Per  share  $0.58  $0.72  $0.00  $0.50  $1.00  3Q 2006 3Q 2007  3  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  Per  share  $0.58  $0.84  $0.00  $0.50  $1.00  3Q 2006 3Q 2007  Reported Earnings

 Outstanding Year-to-Date Results  Earnings from Ongoing Operations  Per  share  $1.79  $2.00  $0.00  $0.50  $1.00  $1.50  $2.00  $2.50  YTD 2006 YTD 2007  4  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  Per  share  $1.78  $2.25  $0.00  $0.50  $1.00  $1.50  $2.00  $2.50  YTD 2006 YTD 2007  Reported Earnings

 $2.00  $2.50  $3.00  $3.50  $4.00  $4.50  $5.00  2007* 2008 2010  Strong Long-Term Earnings Growth  Forecast  5  *Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  $2.60  $2.50  $2.35  $2.45  $4.00  $4.60

 Ongoing Earnings Overview  3rd Quarter  $0.14$0.58$0.72Total  (0.02)0.150.13International Delivery  -0.090.09Pennsylvania Delivery  $ 0.16$0.34$0.50Supply  Change20062007  (Dollars per Share)  6  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 Supply Segment  Earnings Drivers  0.01Synfuel  0.03Income taxes and other  $0.50Q3 2007 EPS – Ongoing Earnings  0.16Total  0.03Margins – West  $0.09Margins – East  $0.34Q3 2006 EPS – Ongoing Earnings  3rd Quarter  (Dollars per Share)  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  7

 Pennsylvania Delivery Segment  Earnings Drivers  $0.09Q3 2007 EPS – Ongoing Earnings  -Total  (0.01)Income Taxes & Other  0.01O&M  $ -Delivery Margins  $0.09Q3 2006 EPS – Ongoing Earnings  3rd Quarter  8  (Dollars per Share)  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 International Delivery Segment  Earnings Drivers  (0.04)Latin American Operations  0.01Foreign currency translation  $0.13Q3 2007 EPS – Ongoing Earnings  (0.02)Total  (0.01)Income Taxes & Other  (0.01)O&M  0.03Delivery Margins  $0.15Q3 2006 EPS – Ongoing Earnings  3rd Quarter  (Dollars per Share)  9  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 $2.00  $2.25  $2.50  $2.75  2006A* 2007* 2008  2007 and 2008 Earnings Forecasts  Forecast  10  *Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  $2.25  $2.50  $2.60  $2.35  $2.45

 Expected 2007 Ongoing Earnings Contributions  (Dollars per Share)  11  *Midpoint of forecast  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  $2.00  $2.25  $2.50  $2.75  2006A 2007E  $2.25  Energy  Margins  $0.22  U.K.  Liquidations  ($0.07)  O&M  ($0.05)  International  Tax Benefit  $0.08 $2.55*  Foreign  Currency  Translation  $0.06  PA Delivery  Margins  $0.05  Income  Taxes &  Other  $0.01

 Expected 2008 Earnings Contributions  (Dollars per Share)  12  *Midpoint of forecast  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  $2.00  $2.25  $2.50  $2.75  $3.00  2007E 2008E  $2.55*  PA Delivery  Margins  $0.06  Depreciation  ($0.05)  $2.40*  Energy  Margins  $0.07  Synfuels  ($0.11) International  Tax Benefit  ($0.08) Net Impact  of Asset  Divestiture  ($0.05)  Income  Taxes &  Other  $0.01

 Expected 2010 Earnings Contributions  (Dollars per Share)  13  *Midpoint of forecast  $3.00  $3.50  $4.00  $4.50  $5.00  12/2005  Plan  10/2007  Plan  $3.50*  Increased  Energy  Margins  $0.90  $4.30*  Net Impact of  Asset  Divestitures  $(0.06)  WPD  $0.05  Increased  O&M  $(0.09)

 Cash Flow Forecast  Millions  -$300  -$100  $100  $300  $500  $700  $900  2006A 2007 2008 2009 2010  Free cash flow before dividends  14  Note: See Appendix for the reconciliation of cash flow measures.

 Operational Update – Delivery Segment  • Reached a settlement agreement on  distribution rate increase; approval  recommended by PUC Judge  • Completed two solicitations for one-third of  2010 generation supply  • Designing options to help customers  mitigate price increases  • Divesting of gas and propane delivery  businesses  15

 PPL EU Completed Second RFP for 2010  • Solicitation for 850 MWs of residential and  small commercial and industrial load  • PUC approval of winning bids received  October 4, 2007  • Based on two solicitation results, residential  bills could increase by approximately 34.5%  • Third solicitation bids due March 24, 2008,  PUC approval expected March 27, 2008  16

 PPL Electric Utilities Customer Initiatives  • Complete the transition from generation  rate caps  • Rate design strategies  • Energy efficiency and DSM programs  • Education and outreach  • Proposal to smooth impact of rate cap  expiration  17

 PPL Electric Utilities Phase-in Plan Proposal  18  54-Month Phase-In Plan  Average Residential Customer - 1,000 kWh per month  $1,000.00  $1,100.00  $1,200.00  $1,300.00  $1,400.00  $1,500.00  $1,600.00  $1,700.00  $1,800.00  1/1/2008 7/1/2008 2009 2010 2011 2012  Annualized Electric Cost  ~6%  ~6%  ~7%  ~6%  ~6%

 Operational Update – Supply Segment  • Scrubbers expected to be completed on  schedule and on budget  • Generation uprates continue to progress  • PJM completed 2009/2010 planning year  RPM auction  • Divestiture of non-core businesses  • Asset expansion  19

 $188.54  $111.92 $111.92  $148.80  $210.11  $40.80 $40.80  $197.67 $191.32 $191.32  $102.04  $0.00  $20.00  $40.00  $60.00  $80.00  $100.00  $120.00  $140.00  $160.00  $180.00  $200.00  $220.00  $240.00  $260.00  Rest of Pool MAAC/APS Eastern MAAC Southwest MAAC  April 2007 Auction Results - 07/08 Planning Year  July 2007 Auction Results - 08/09 Planning Year  October 2007 Auction Results - 09/10 Planning Year  RPM Auction Continues to Provide Robust Prices  20  PJM RPM Auction Results  10/11 Auction results – Feb. 1, 2008  PPL Capacity Hedge Position  46%100%97% 97%  2010200920082007  $/MWD  $237.33

 Expected Changes in Margins -2007 to 2008  21  *Includes power prices and spark spread changes as well as value from portfolio management.  1700  1800  1900  2000  2007A 2008E  $1,818  $1,866  Improved  Power  Value*  $110  Higher  Nuclear  Generation  $34  Higher  Coal  Generation  $17  Higher  Hydro  Generation  $10  Higher  Fuel  Costs  ($91)  Loss of  MC 1&2  Energy  Value  ($32)  $/Million

 Expected 2008 to 2010 Margin Walk  22  1700  2100  2500  2900  3300  3700  2008E 2010E  $1,866  $3,307  Improved  Power  Value*  $969  Higher  Capacity  Value  $540  Higher  Nuclear  Generation  $61  Higher  Fuel  Costs  ($80)  Increased  Environmental  Costs  ($49)  *Includes power prices and spark spread changes as well as value from portfolio management.  $/Million

 0 20 40 60 80 100 120  2009  2009  2010  $/MWh  Shaped Energy & Capacity Including Congestion Other Adders Line Losses GRT  Load-following Components Example  23  Total  $105 $82.00*  $45.47 Total  $51.23  * Shaped price based on $63/MWh ATC energy price, $150/MW-Day capacity price, and congestion.  $48.29 Total  $54.41  Residential and Small C&I  Residential and Small C&I  All Customers  50.20  $10  Volumetric  Risk  Credit Ancillary  Green  $8 $5

 Key Driver to Fleet Value: Open EBITDA  24  2010E  Generation Output - millions of MWh 56.2  Unhedged Gross Margin - millions * 3,450 $  O&M - millions (810) $  Open EBITDA - millions 2,640 $  Market value of Hedges - millions * (143) $  * Based on forward market prices as of mid-October 2007

 2010 Margin Sensitivities  • PJM electricity price change of $1/MWh = ±$23M  (Based on average ATC price of $64/MWh)  • PJM capacity price change of $1/MWD = ±$1.7M  (Based on PJM capacity price of $191/MWD)  • Baseload generation availability changed by 1% = ±$20M  (Based on an EQA of 91%)  25

 PPL

 Market Prices  EAST   PJM  On-Peak  Off-Peak  ATC (3)   WEST   Mid-Columbia   On-Peak  Off-Peak  ATC (3)   GAS (4)  NYMEX  TZ6NNY   PJM MARKET  HEAT  RATE (5)   Actual Forward (1) At 12/05 (2)  2006 2007 2008 2010 2010  8.5  $7.30  $7.25  $45  $39  $50  $51  $37  $62  8.0  $9.01  $8.00  $58  $52  $62  $59  $48  $72  8.88.79.0  $9.04$8.87$7.80  $8.08$7.93$6.88  $60$57$50  $53$50$43  $67$62$55  $64$62$55  $51$49$42  $79$77$70   (1) Market prices based on the average of broker quotes as of 10/12/2007.  (2) Prices at 12/2005 when 2010 earnings forecast of $3.50 was developed.  (3) 24-hour average.  (4) NYMEX and TZ6NNY forward gas prices on 10/12/2007.  (5) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price.  A-1

 Current Hedge Positions -Electricity and Fuel  A-2  2007 2008 2009 2010  Electricity Sales  East 98% 94% 90% 47%  West 100% 100% 80% 64%  Total 98% 95% 89% 49%  Coal  East 100% 92% 79% 69%  West 100% 100% 100% 100%  Total 100% 94% 84% 77%

 Growing Constrained Region in PJM  Increases Value of PPL Generation  Constrained Region  Constrained Region  Montour  Brunner Island  Holtwood  Wallenpaupack  Martins Creek  Keystone  Conemaugh  Safe Harbor  Lower Mt. Bethel PA Combustion Turbines  Susquehanna  Existing Constraint  PJM Constrained  Region (MAAC + APS) Beginning in 2009  Source: Map developed based on PJM RPM  Planning Period Parameters.  A-3

 Proactive Coal Supply Management  Supports Growth in Margins  Projected 2007 Coal Supply  • Supply region diversity  • Fleet trains (1600 cars)  • Average delivered costs  – 5% to 6% annual  increase in  2007 to 2010  A-4  Central PA  16%  PRB  6%  Montana  Mine-mouth  20%  Central  Appalachia  13%  Southwest PA  45%

 PPL Supply Business Overview  2007  Production GWh  A-5  Gas/Oil  33%  Coal  37%  Nuclear  19%  Hydro8%  QFs 3%  2007  Installed Capacity MW*  Gas/  Oil  5%  Coal  56%  Nuclear  31%  Hydro  8%  *Excludes Martins Creek Units 1&2, which were retired in September 2007.

 Key Drivers/Challenges Through 2010 and Beyond  • 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  • Continued growth of marketing and trading activities  • Increased fuel and O&M costs  • Loss of synfuel tax credits and increased replacement coal costs  • Cost of compliance with evolving environmental regulation  • Stable electricity regulatory environment  A-6

 Increasing Prices Under the POLR Contract  $42.30 $42.70 $43.30 $44.10  $47.80 $48.40 $49.10 $50.20  0  10  20  30  40  50  60  2002 2003 2004 2005 2006 2007 2008 2009  $/MWh  A-7  Note: Includes Gross Receipts Tax (GRT) at a rate of 4.4%.

 Shrinking Reserve Margins Create  Potential Value for PPL  5%  10%  15%  20%  2007 2008 2009 2010  PJM Mid-Atlantic Expected Reserve Margin  PJM Required 15% Reserve Margin  A-8

 PPL’s Generation Portfolio  Total Domestic Generation: 11,196 MW  Planned Uprate Projects:  355 MW  *Reflects reduction of 300 MW at Martins Creek that PPL retired in September 2007 and 60  MW expected loss due to increased plant usage during scrubber operation.  A-9  Coal 3,454*  Nuclear 2,120  Oil 1,722  Gas 1,524  Hydro 337  CTs 451  QFs 299  East 9,907 MW*  Nuclear Uprate (2008-2010) 143  Hydro Uprate (2011) 125  Coal Uprate (2007-2009) 37  Coal 687  Hydro 602  West 1,289 MW  Coal Uprate (2007-2008) 10  Hydro Uprate (2007) -Completed 12  Hydro Uprate (2011) 28

 Scrubbers Expected to be Completed  on Budget and on Schedule  Montour Unit #2 Absorber  A-10  Q2-09Brunner Island 1 & 2  Q4-08Brunner Island 3  Q2-08Montour 2  Q1-08Montour 1  Scheduled In-Service Dates

 $0.82  $0.92  $1.00  $1.10  $1.22  $0.00  $0.25  $0.50  $0.75  $1.00  $1.25  2004 April  2005  October  2005  April  2006  April  2007*  $/share  Annualized  Continued Dividend Growth  A-11  *Annualized rate based on quarterly dividend declared in February 2007.

 PPL Electric Utilities Distribution Rate Case Settlement  $2,020 million Distribution rate base  43.1%Common equity  11.5%Return on equity  $55.0 million$77.0 million Revenue increase  Global Settlement  PPL Electric  Utilities Request  A-12  October 2007 ALJ recommended settlement approval (non-binding)  By December 2007 PUC adopts and enters final order  January 1, 2008 New distribution rates effective

 Reconciliation of Cash from Operations  to Free Cash Flow before Dividends  (Millions of Dollars)  A-13  $907$169$(180)$491$167Free Cash Flow before Dividends  (15)10124198385Other Investing Activities-net  (1,468)(1,446)(1,621)(1,747)(1,394)Capital Expenditures  --(310)(301)(282)Transition Bond Repayment  Increase/(Decrease) in cash due to:  $2,390$1,514$1,510$1,556$1,758Cash from Operations  2010*2009*2008*20072006  Note: 2007 free cash flow before dividends includes the net proceeds from the disposition of Latin American and domestic  telecommunication operations.  *Capital expenditure projections are preliminary and subject to approval by PPL’s Board of Directors as part of the annual five-year business  plan review, which is expected to occur prior to year-end.

 Millions  $746  $1,121 $1,036  $822 $746 $689  $309  $315  $282  $297 $386 $474  $339  $311  $303  $327 $336 $342  $0  $400  $800  $1,200  $1,600  $2,000  2006A 2007E 2008E* 2009E* 2010E* 2011E*  Supply PA Delivery International Delivery  $1,394  $1,468 $1,505$1,446  $1,621  $1,747  Capital Expenditures by Segment  A-14  *Capital expenditure projections are preliminary and subject to approval by PPL’s Board of Directors as part of the annual five- year business plan review, which is expected to occur prior to year-end.

 Reconciliation of Third Quarter Reported  Earnings and Earnings from Ongoing Operations  A-15  (Millions of Dollars)  Pennsylvania International  Supply Delivery Delivery Total  Qtr. Ending September 30, 2007  Reported earnings $205 $9 $108 $322  Special Items:  MTM adj's from energy-related, nontrading  economic hedges (6) (6)  Divestiture of Latin American businesses 3 3  Sale of telecommunication operations (3) (3)  Sale of gas and propane operations (23) (23)  Settlement of Wallingford cost-based rates 33 33  Impairment of certain transmission rights (12) (12)  Change in U.K. tax rate 54 54  12 (23) 57 46  Earnings from ongoing operations $193 $32 $51 $276  Qtr. Ending September 30, 2006  Reported earnings $120 $47 $59 $226  Special Items:  MTM adj's from energy-related, nontrading  economic hedges (13) (13)  Write-off of Hurricane Isabel regulatory asset (7) (7)  Realization of benefits related to Black Lung  Trust assets 21 21  (13) 14 0 1  Earnings from ongoing operations $133 $33 $59 $225  Change excluding special items $60 ($1) ($8) $51

 Reconciliation of Third Quarter Reported  Earnings and Earnings from Ongoing Operations  A-16  Pennsylvania International  Supply Delivery Delivery Total  Qtr. Ending September 30, 2007  Reported earnings $0.53 $0.03 $0.28 $0.84  Special Items:  MTM adj's from energy-related, nontrading  economic hedges (0.02) (0.02)  Divestiture of Latin American businesses 0.01 0.01  Sale of telecommunication operations (0.01) (0.01)  Sale of gas and propane operations (0.06) (0.06)  Settlement of Wallingford cost-based rates 0.09 0.09  Impairment of certain transmission rights (0.03) (0.03)  Change in U.K. tax rate 0.14 0.14  0.03 (0.06) 0.15 0.12  Earnings from ongoing operations $0.50 $0.09 $0.13 $0.72  Qtr. Ending September 30, 2006  Reported earnings $0.31 $0.12 $0.15 $0.58  Special Items:  MTM adj's from energy-related, nontrading  economic hedges (0.03) (0.03)  Write-off of Hurricane Isabel regulatory asset (0.02) (0.02)  Realization of benefits related to Black Lung  Trust assets 0.05 0.05  (0.03) 0.03 0.00 0.00  Earnings from ongoing operations $0.34 $0.09 $0.15 $0.58  Change excluding special items $0.16 $0.00 ($0.02) $0.14  (Dollars Per Share)

 Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-17  (Millions of Dollars) Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date September 30, 2007  Reported earnings $454 $97 $319 $870  Special Items:  MTM adj's from energy-related, nontrading  economic hedges 20 20  PJM billing dispute (1) (1)  Divestiture of Latin American businesses 46 46  Sale of telecommunication operations (23) (23)  Sale of gas and propane operations (23) (23)  Settlement of Wallingford cost-based rates 33 33  Impairment of certain transmission rights (12) (12)  Change in U.K. tax rate 54 54  17 (23) 100 94  Earnings from ongoing operations $437 $120 $219 $776  Year-to-Date September 30, 2006  Reported earnings $337 $131 $219 $687  Special Items:  MTM adj's from energy-related, nontrading  economic hedges (14) (14)  Off-site remediation of ash basin leak 6 6  Enron reserve adjustment 11 1 12  Sale of interest in Griffith (17) (17)  Synfuels impairment (6) (6)  Write-off of Hurricane Isabel regulatory asset (7) (7)  Realization of benefits related to Black Lung  Trust assets 21 21  (20) 14 1 (5)  Earnings from ongoing operations $357 $117 $218 $692  Change excluding special items $80 $3 $1 $84

 Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-18  Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date September 30, 2007  Reported earnings $1.17 $0.25 $0.83 $2.25  Special Items:  MTM adj's from energy-related, nontrading  economic hedges 0.05 0.05  Divestiture of Latin American businesses 0.12 0.12  Sale of telecommunication operations (0.06) (0.06)  Sale of gas and propane operations (0.06) (0.06)  Settlement of Wallingford cost-based rates 0.09 0.09  Impairment of certain transmission rights (0.03) (0.03)  Change in U.K. tax rate 0.14 0.14  0.05 (0.06) 0.26 0.25  Earnings from ongoing operations $1.12 $0.31 $0.57 $2.00  Year-to-Date September 30, 2006  Reported earnings $0.87 $0.34 $0.57 $1.78  Special Items:  MTM adj's from energy-related, nontrading  economic hedges (0.03) (0.03)  Off-site remediation of ash basin leak 0.02 0.02  Enron reserve adjustment 0.03 0.03  Sale of interest in Griffith (0.05) (0.05)  Synfuels impairment (0.01) (0.01)  Write-off of Hurricane Isabel regulatory asset (0.02) (0.02)  Realization of benefits related to Black Lung  Trust assets 0.05 0.05  (0.04) 0.03 0.00 (0.01)  Earnings from ongoing operations $0.91 $0.31 $0.57 $1.79  Change excluding special items $0.21 $0.00 $0.00 $0.21  (Dollars Per Share)

Reconciliation of PPL’s Reported Earnings and  Earnings from Ongoing Operations  High Low  2007 2007 2006 2005  Per Share Earnings from Ongoing Operations $2.60 $2.50 $2.25 $2.08  Special items (net of taxes):  economic hedges 0.05 0.05 (0.03)  Write-off of Hurricane Isabel regulatory asset (0.02)  Synfuels impairment (0.01)  Sale of interest in Griffith (0.04)  Enron reserve adjustment 0.03  Stock-based compensation adjustment (0.01)  Conditional asset retirement obligation (0.02)  Off-site remediation of ash basin leak 0.02 (0.07)  Sale of Sundance (0.12)  PJM billing dispute 0.01 (0.07)  NorthWestern litigation (0.02)  Realization of benefits related to Black Lung  Trust assets 0.05  Susquehanna workforce reduction (0.01)  Impairment of nuclear decom. trust investments (0.01)  Divestiture of Latin American businesses  0.70 0.65  Sale of telecommunication operations (0.06) (0.06)  Sale of gas and propane operations (0.06) (0.06)  Settlement of Wallingford cost-based rates 0.09 0.09  Impairment of certain transmission rights (0.03) (0.03)  Change in U.K. tax rate 0.14 0.14  0.83 0.78 (0.01) (0.31)  Reported Earnings Per Share* $3.43 $3.28 $2.24 $1.77  Note: Per share amounts are based on diluted shares outstanding.  Forecast  MTM adj's from energy-related, non-trading  Actual  * Includes special item net credits of $0.25 per share recorded through September 30, 2007, and the expected gain on the sale of the Chilean delivery business, anticipated in early November 2007 of $0.53 to $0.58 per share.  A-19

 Credit Ratings  A-20  STABLE STABLE STABLE Outlook  AAA3Senior  Secured Debt  F-2A-2P-2Commercial Paper  BBB+ BBBBaa3Preferred Stock  ABaa1Issuer  Rating  AAA3First  Mortgage Bonds  AAAAaa Pollution Control Bonds*  BBBBBBBaa3Preference Stock  PPL Electric Utilities  BBBBBBBaa2Senior  Unsecured Debt  BBBBB+  Baa3Subordinated Debt  BBBBBBBaa2Medium- Term Notes  STABLE STABLE STABLE Outlook  PPL Capital Funding  BBB Issuer Rating  BBB+ BBBBaa2Senior Notes  F-2A-2P-2Commercial paper  STABLE STABLE STABLE Outlook  PPL Energy Supply  STABLE STABLE STABLE Outlook  BBBBaa2Issuer Rating  PPL Corporation  Fitch Standard & Poor’s Moody’s  *Insured

 Credit Ratings (cont.)  A-21  A-3Commercial Paper  ABBB+  Baa1Senior Unsecured Debt  F2A-2P-2Commercial Paper  STABLE STABLE STABLE Outlook  BBB+ BBB+ Baa1Issuer Rating  ABBB+  Baa1Senior Unsecured Debt  F2A-2Commercial Paper  STABLE STABLE STABLE Outlook  Western Power Distribution (South West) PLC  BBB+ BBB+ Issuer Rating  Western Power Distribution (South Wales) PLC  STABLE STABLE STABLE Outlook  STABLE STABLE STABLE Outlook  BBBBBB-Issuer Rating  WPD Holdings LLP  BBBBBBBaa3Issuer  Rating  BBBBBBBaa3Senior  Unsecured Debt  A-3Commercial Paper  WPD Holdings Limited  BBBBBBBaa3Pass- Through Certificates  STABLE STABLE Outlook  PPL Montana  AAAAAAAaa Transition Bonds  PPL Transition Bond Co.  Fitch Standard & Poor’s Moody’s

 Forward-Looking Information Statement  Statements contained in this news release, including statements with respect to future earnings, energy prices, margins, sales  and supply, marketing performance, growth, revenues, expenses, rates, regulation, cash flows, credit profile, financing,  dividends, business disposition, corporate strategy, capital additions and expenditures, and generating capacity and  performance, 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 the phaseout of synthetic fuel tax credits and synthetic fuel operations; 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 due to weather conditions, contractor performance or other reasons; 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 and its subsidiaries, 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; any impact of 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; disposition proceeds; 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

 Definitions of Financial Measures  A-23  “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.