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):  August 1, 2008

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 August 1, 2008, PPL Corporation (“PPL”) issued a press release announcing its financial results for the quarter ended June 30, 2008, and other business matters. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On August 1, 2008, at 9:00 a.m. (Eastern 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 June 30, 2008, and other business matters. A copy of the slides to be used during the webcast is attached as Exhibit 99.2 and 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 August 1, 2008, announcing PPL’s financial results for the quarter ended June 30, 2008, and other business matters.
	99.2 -	Slides to be used on the August 1, 2008 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:  August 1, 2008

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 Second-QuarterEarnings

·   Quarterly earnings decline versus a year ago, when PPL recorded a gain on the sale of a Latin American business

·   Company lowers ongoing earnings forecast for balance of year due to higher fuel costs and lower expected results from marketing and trading operations

·   Company expresses optimism for 2010 and longer-term earnings growth

ALLENTOWN, Pa. (Aug. 1, 2008) ― PPL Corporation (NYSE: PPL) on Friday (8/1) reported declines in both second-quarter and first-half earnings for 2008, compared with the same periods of 2007.

PPL’s reported earnings in the most recent quarter were $0.50 per share, compared with $0.88 per share a year ago. For the first six months of 2008, PPL reported earnings of $1.19 per share, compared with $1.41 per share a year ago.

Contributing to the declines in earnings versus 2007 were: the divestitures of PPL’s electricity delivery businesses in Latin America, including the loss of operating earnings; a 2007 U.S. tax benefit that did not recur in 2008; rising fuel costs; and the loss of synfuel-related earnings. Partially offsetting these negative factors were improved margins from energy marketing and trading activities.

Second-quarter earnings from ongoing operations also declined, to $0.50 per share, compared with $0.63 per share a year ago. For the first six months of 2008, earnings from ongoing operations were $1.11 per share, compared with $1.28 per share a year ago.

“As we stated last quarter, we expect stronger second-half margins in our supply business segment, compared with first-half margins,” said James H. Miller, PPL’s chairman, president and chief executive officer. “However, on top of the previously announced loss of several key 2007 earnings contributors, the continued increase in coal commodity and transportation costs, combined with lower than planned results from our marketing and trading activities, prompts us to lower our 2008 ongoing earnings forecast today.”

PPL lowered its 2008 forecast of earnings from ongoing operations to $2.25 to $2.35 per share from $2.35 to $2.45 per share. The company’s 2008 forecast of reported earnings is $2.33 to $2.43 per share, reflecting special items recorded through June 30, 2008. This forecast does not reflect the previously announced potential impairment of certain emission allowances as a result of a recent federal court decision invalidating the Environmental Protection Agency’s Clean Air Interstate Rule. Any impairment of allowances as a result of the court’s decision would be a special item charge.

“As we look ahead to initiating our 2009 earnings forecast later this year, we anticipate that rising delivered fuel prices and the completion of our scrubber construction program, coupled with the fall in sulfur dioxide allowance prices, will create challenges for us in 2009 compared with our expected results in 2008,” Miller said. “While we will clearly continue to explore ways to mitigate these cost pressures, we expect that our 2009 earnings will be lower than what we expect to achieve in 2008. Our ability to recover these fuel price increases is constrained by the fixed-price, provider-of-last-resort contract that expires at the end of 2009.”

Beyond 2009, however, Miller said the company is seeing upside earnings potential.

“We are more optimistic about our earnings outlook for 2010 than we were a year ago, when we established our current forecast range of $4.00 to $4.60 per share,” Miller said. “Based on what we have been able to achieve through our rigorous hedging program and the prices that we currently see in the marketplace, we anticipate that ― for 2010 and beyond ― our generating portfolio and marketing expertise will allow us to continue to increase value for shareowners even in the face of higher fuel and other commodity costs.”

Second-Quarter 2008 Earnings Details

PPL’s reported earnings in the second quarter of 2008 reflected a special item credit of $0.01 per share related to mark-to-market impacts of energy-related, non-trading economic hedges, and a special item charge of $0.01 for impairments of securities in PPL’s nuclear decommissioning trust funds. The second quarter of 2007 reflected net special item credits of $0.25 per share, primarily from the sale of PPL’s electricity delivery business in El Salvador.

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 nonrecurring. Special items also include the mark-to-market impact of energy-related, non-trading economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds.

(Dollars in millions, except for per share amounts)

	2nd Quarter
	2008	2007	% Change
Reported Earnings	$190	$345	-45%
Reported Earnings per Share	$0.50	$0.88	-43%
Earnings from Ongoing Operations	$190	$248	-23%
Per Share Earnings from Ongoing Operations	$0.50	$0.63	-21%

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

First-Half and Second-Quarter 2008 Earnings by Business Segment

The following chart shows PPL’s earnings by business segment for the second quarter and first half of 2008, compared with the same periods of 2007.

	2nd Quarter				Year to Date
	2008		2007		2008		2007
Per share earnings from ongoing operations
Supply	$	0.26	$	0.30	$	0.45	$	0.62
Pennsylvania Delivery		0.08		0.07		0.24		0.23
International Delivery		0.16		0.26		0.42		0.43
Total	$	0.50	$	0.63	$	1.11	$	1.28
Special Items
Supply	$	-	$	0.04	$	0.08	$	0.02
Pennsylvania Delivery		-		-		-		-
International Delivery		-		0.21		-		0.11
Total	$	-	$	0.25	$	0.08	$	0.13
Reported earnings
Supply	$	0.26	$	0.34	$	0.53	$	0.64
Pennsylvania Delivery		0.08		0.07		0.24		0.23
International Delivery		0.16		0.47		0.42		0.54
Total	$	0.50	$	0.88	$	1.19	$	1.41

(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 segmentprimarily consists of the domestic energy generation and marketing operations of PPL Energy Supply.

Earnings from ongoing operations for PPL’s supply business segment decreased in the second quarter of 2008 by $0.04 per share, or 13 percent, compared with a year ago. This decline resulted primarily from the following factors: a $0.02 per share loss in synfuel-related earnings as a result of the expiration of federal synfuel tax credits at the end of 2007; higher average fuel prices and lower base load generation; and higher operating expenses. Partially offsetting these negative factors were improved margins from energy marketing and trading activities in the East and West.

Earnings from ongoing operations for PPL’s supply business segment during the first six months of 2008 decreased by $0.17 per share, or 27 percent, compared with a year ago. This decline resulted primarily from the same factors that drove second-quarter 2008 results, including $0.10 per share related to synfuels.

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.

Earnings from ongoing operations for PPL’s Pennsylvania delivery business segment increased in the second quarter of 2008 by $0.01 per share, or 14 percent, compared with a year ago. This increase resulted primarily from the higher electricity revenues as a result of load growth and PPL Electric Utilities’ base rate increase effective Jan.1, 2008. These positive earnings factors were partially offset by higher operation and maintenance expenses.

Earnings from ongoing operations for PPL’s Pennsylvania delivery business segment increased during the first six months of 2008 by $0.01 per share, or 4 percent, compared with a year ago. This increase resulted primarily from the net impact of the same factors that drove second-quarter 2008 results.

International Delivery Segment

PPL’s international delivery business segment primarily includes investments in the regulated electric distribution companies in the United Kingdom and included the operating results of the Latin American electricity distribution businesses prior to their divestiture in 2007.

Earnings from ongoing operations for PPL’s international delivery business segment decreased in the second quarter of 2008 by $0.10 per share, or 38 percent, compared with a year ago. This decline resulted primarily from a 2007 U.S. tax benefit of $0.08 per share related to the U.K. businesses and the loss in earnings of $0.03 per share from PPL’s Latin American businesses following their divestitures throughout 2007. Partially offsetting these decreases were higher U.K. delivery revenues, due to higher rates from the annual regulatory adjustment for inflation, and lower operating expenses.

Earnings from ongoing operations for PPL’s international delivery business segment decreased during the first six months of 2008 by $0.01 per share, or 2 percent, compared with a year ago. This decline resulted primarily from the net impact of the same factors that drove second-quarter 2008 results.

2008 Earnings from Ongoing Operations Forecast by Business Segment

Earnings (per share)	2008 (forecast)	2007 (actual)
	Midpoint
Supply	$1.16	$1.42
Pennsylvania Delivery	0.45	0.40
International Delivery	0.69	0.78
Total	$2.30	$2.60

Supply Segment

PPL projects lower earnings from ongoing operations in its supply business segment in 2008 compared with 2007 as a result of the loss of synfuel-related benefits and higher depreciation and operating expenses for scrubbers that have been or will be installed during 2008 at its Montour and Brunner Island coal-fired power plants, both in Pennsylvania.

PPL now expects its energy margins to be flat in 2008 compared with 2007. During the second half of 2008, increased margins as a result of higher-valued wholesale energy contracts and higher expected base load generation are expected to be offset by higher coal commodity and transportation costs and lower expected margins from PPL’s marketing and trading activities as a result of reduced liquidity in certain energy markets.

Pennsylvania Delivery Segment

PPL projects higher earnings from ongoing operations for its Pennsylvania delivery business segment, driven by higher revenues as a result of PPL Electric Utilities’ new distribution rates, partially offset by higher operating expenses.

International Delivery Segment

PPL projects the earnings from ongoing operations of its international delivery business segment will decline in 2008 compared with 2007. This decline is a result of the 2007 divestiture of PPL’s Latin American businesses and higher U.S. income taxes primarily driven by certain U.S. income tax benefits realized in 2007. Partially offsetting the impact of these negative earnings drivers are lower U.K. pension expense and lower financing costs.

2010 Earnings Forecast

PPL also reaffirmed its 2010 earnings forecast range of $4.00 to $4.60 per share. This forecast is driven primarily by higher energy margins based on higher wholesale electricity and capacity prices, higher expected generation output, and increased earnings from marketing and trading activities.

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 in the competitive marketplace and the 2010 capacity prices set in PJM Interconnection’s auctions, PPL expects a significant improvement in energy margins in 2010.

This forecast does not include the effect of any 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.

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 second-quarter 2008 financial results at 9 a.m. EDT Friday, Aug. 1. 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 702-696-4769 (ID# 54797054).

PPL CORPORATION AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)

Condensed Consolidated Balance Sheet (Unaudited)

(Millions of Dollars)

	June 30, 2008			Dec. 31, 2007
Assets
Cash and cash equivalents	$	466		$	430
Price risk management assets - current		2,431			319
Assets held for sale		315			318
Other current assets		2,474			2,101
Investments		594			608
Property, plant and equipment
Electric plant		20,391			20,109
Gas and oil plant		67			66
Other property		193			202
		20,651			20,377
Less: accumulated depreciation		7,812			7,772
		12,839			12,605
Recoverable transition costs		430			574
Goodwill and other intangibles		1,515			1,326
Price risk management assets - noncurrent		1,697			587
Other noncurrent assets		1,140			1,104
Total assets	$	23,901		$	19,972
Liabilities and Equity
Short-term debt (including current portion of long-term debt)	$	1,162		$	770
Price risk management liabilities - current		2,312			423
Liabilities held for sale		46			68
Other current liabilities		1,942			1,621
Long-term debt (less current portion)		7,019			6,890
Deferred income taxes and investment tax credits		1,735			2,192
Price risk management liabilities - noncurrent		2,943			916
Other noncurrent liabilities		1,239			1,216
Minority interest		19			19
Preferred securities of a subsidiary		301			301
Earnings reinvested		3,647			3,448
Common stock and capital in excess of par value		2,184			2,176
Accumulated other comprehensive loss		(648	)		(68	)
Total liabilities and equity	$	23,901		$	19,972

(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 June 30,						6 Months Ended June 30,
	2008(a)			2007(a)(b)			2008(a)			2007(a)(b)
Operating Revenues
Utility	$	981		$	977		$	2,101		$	2,058
Unregulated retail electric and gas		33			23			67			45
Wholesale energy marketing (c)
Realized		443			371			881			727
Unrealized economic activity		(616	)		8			(796	)		(99	)
Net energy trading margins		52			9			50			18
Energy-related businesses		131			185			247			370
		1,024			1,573			2,550			3,119
Operating Expenses
Fuel		208			202			451			435
Energy purchases (c)
Realized		309			207			626			449
Unrealized economic activity		(623	)		(14	)		(885	)		(134	)
Other operation and maintenance		360			347			737			672
Amortization of recoverable transition costs		68			70			144			151
Depreciation		118			110			230			226
Taxes, other than income		72			72			147			150
Energy-related businesses		119			201			227			403
		631			1,195			1,677			2,352
Operating Income		393			378			873			767
Other Income – net		8			21			16			48
Interest Expense		110			120			218			240
Income from Continuing Operations Before Income Taxes, Minority Interest and Dividends on Preferred Securities of a Subsidiary		291			279			671			575
Income Taxes		97			31			226			100
Minority Interest		1						1			1
Dividends on Preferred Securities of a Subsidiary		4			4			9			9
Income from Continuing Operations		189			244			435			465
Income from Discontinued Operations (net of income taxes)		1			101			15			83
Net Income	$	190		$	345		$	450		$	548
Earnings per share of common stock – basic
Earnings from ongoing operations	$	0.51		$	0.64		$	1.13		$	1.30
Special items		-			0.25			0.08			0.12
Net Income	$	0.51		$	0.89		$	1.21		$	1.42
Earnings per share of common stock – diluted
Earnings from ongoing operations	$	0.50		$	0.63		$	1.11		$	1.28
Special items		-			0.25			0.08			0.13
Net Income	$	0.50		$	0.88		$	1.19		$	1.41
Average shares outstanding (thousands)
Basic		373,158			385,300			373,009			385,053
Diluted		376,507			390,109			376,593			389,645

(a)	Earnings in the 2008 and 2007 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 2007 have been reclassified to conform to the current year presentation. This includes the reclassification of PPL Gas Utilities Corporation accounts to Discontinued Operations.
(c)	PPL enters into certain non-trading energy or energy-related contracts to hedge future cash flows that are not eligible for hedge accounting, or where hedge accounting is not elected.  Consistent with the treatment of the hedged item, unrealized and realized gains and losses on these transactions are reflected in "Wholesale energy marketing" or "Energy purchases."

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Millions of Dollars)

	6 Months Ended June 30,
	2008			2007
Cash Flows from Operating Activities
Net income	$	450		$	548
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		230			236
Amortization-recoverable transition costs and other		178			209
Pre-tax gain from the sale of a Latin American business					(94	)
Deferred income taxes and investment tax credits		(38)			(38	)
Impairment of assets held for sale		1			70
Unrealized gain on derivatives and other hedging activities		(84	)		(35	)
Changes in working capital		164			(235	)
Other		32			(42	)
Net cash provided by operating activities		933			619
Cash Flows from Investing Activities
Expenditures for property, plant and equipment		(661	)		(687	)
Proceeds from the sale of a Latin American business					180
Net (expenditures for) sales of intangible assets		(249	)		26
Net (purchases) sales of other investments		(14	)		9
Net increase in restricted cash and cash equivalents		(281	)		(72	)
Other investing activities		(11	)		2
Net cash used in investing activities		(1,216	)		(542	)
Cash Flows from Financing Activities
Net issuances (retirements) of long-term debt		182			(63	)
Repurchase of common stock		(38	)		(77	)
Payment of common stock dividends		(239	)		(225	)
Net increase in short-term debt		400			61
Other financing activities		18			13
Net cash provided by (used in) financing activities		323			(291	)
Effect of Exchange Rates on Cash and Cash Equivalents		(2	)		1
Net Increase (Decrease) in Cash and Cash Equivalents		38			(213	)
Cash and cash equivalents at beginning of period		430			794
Cash and cash equivalents included in assets held for sale		(2	)		(14	)
Cash and cash equivalents at end of period	$	466		$	567

Key Indicators
Financial
	12 Months Ended June 30, 2008	12 Months Ended June 30, 2007
Dividends declared per share	$1.28	$1.16
Book value per share (a)	$13.84	$13.95
Market price per share (a)	$52.27	$46.79
Dividend yield (a)	2.4%	2.5%
Dividend payout ratio (b)	41%	47%
Dividend payout ratio - earnings from ongoing operations (b)(c)	53%	50%
Price/earnings ratio (a)(b)	16.6	19.1
Price/earnings ratio - earnings from ongoing operations (a)(b)(c)	21.6	20.2
Return on average common equity	22.16%	18.52%
Return on average common equity - earnings from ongoing operations (c)	17.81%	17.49%

(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)
2nd Quarter 2008					(millions of dollars)											(per share)
					Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery		Int'l Delivery		Total
Earnings from Ongoing Operations					$	96		$	32		$	62	$	190		$	0.26		$	0.08	$	0.16	$	0.50
	Special Items
		MTM adj's from energy-related, non-trading economic hedges				4								4			0.01							0.01
		Impairment of nuclear decom. trust investments				(4	)							(4	)		(0.01	)						(0.01	)
		Off-site remediation of ash basin leak				1								1
		Impairment of gas and propane businesses							(1	)				(1	)
				Total special items		1			(1	)
Reported Earnings					$	97		$	31		$	62	$	190		$	0.26		$	0.08	$	0.16	$	0.50
Year-to-Date June 30, 2008					(millions of dollars)											(per share)
					Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery		Int'l Delivery		Total
Earnings from Ongoing Operations					$	166		$	92		$	160	$	418		$	0.45		$	0.24	$	0.42	$	1.11
	Special Items
		MTM adj's from energy-related, non-trading economic hedges				54								54			0.14							0.14
		Impairment of nuclear decom. trust investments (Q2, '08)				(4	)							(4	)		(0.01	)						(0.01	)
		Off-site remediation of ash basin leak (Q2, '08)				1								1
		Impairment of gas and propane businesses (Q2, '08)							(1	)				(1	)
		Colstrip groundwater litigation (Q1, '08; Q2, '08)				(5	)							(5	)		(0.01	)						(0.01	)
		Synfuel tax adjustment (Q1, '08)				(13	)							(13	)		(0.04	)						(0.04	)
			Total special items			33			(1	)				32			0.08							0.08
Reported Earnings					$	199		$	91		$	160	$	450		$	0.53		$	0.24	$	0.42	$	1.19

12 Months Ended June 30, 2008				(millions of dollars)												(per share)
				Supply			PA Delivery			Int'l Delivery			Total			Supply			PA Delivery			Int'l Delivery			Total
Earnings from Ongoing Operations				$	466		$	159		$	293		$	918		$	1.23		$	0.42		$	0.77		$	2.42
	Special Items
		MTM adj's from energy-related, non-trading economic hedges			60									60			0.17									0.17
		Impairment of nuclear decom. trust investments (Q2, '08)			(4	)								(4	)		(0.01	)								(0.01	)
		Off-site remediation of ash basin leak (Q2, '08)			1									1
		Impairment of gas and propane businesses (Q2, '08)						(1	)					(1	)
		Colstrip groundwater litigation (Q1, '08; Q2, '08)			(5	)								(5	)		(0.01	)								(0.01	)
		Synfuel tax adjustment (Q1, '08)			(13	)								(13	)		(0.04	)								(0.04	)
		Workforce reduction (Q4, '07)			(4	)		(1	)		(4	)		(9	)		(0.01	)					(0.01	)		(0.02	)
		Sale of Latin American businesses (Q3, '07; Q4, '07)									216			216									0.57			0.57
		Sale of domestic telecommunication operations (Q3, '07; Q4, '07)			(3	)								(3	)		(0.01	)								(0.01	)
		Sale of gas and propane businesses (Q3, '07; Q4, '07)						(44	)					(44	)					(0.12	)					(0.12	)
		Settlement of Wallingford cost-based rates (Q3, '07)			33									33			0.09									0.09
		Impairment of certain transmission rights (Q3, '07; Q4, '07)			(13	)								(13	)		(0.04	)								(0.04	)
		Change in U.K. tax rate (Q3, '07; Q4, '07)									54			54									0.14			0.14
			Total special items		52			(46	)		266			272			0.14			(0.12	)		0.70			0.72
Reported Earnings				$	518		$	113		$	559		$	1,190		$	1.37		$	0.30		$	1.47		$	3.14

Reconciliation of Business Segment Earnings from Ongoing Operations and Reported Earnings (Diluted)
2nd 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				$	118		$	30	$	100	$	248		$	0.30		$	0.07	$	0.26	$	0.63
	Special Items
		MTM adj's from energy-related, non-trading economic hedges			16							16			0.04							0.04
		Sale of Latin American businesses								83		83								0.21		0.21
		Sale of domestic telecommunication operations			(2	)						(2	)
			Total special items		14					83		97			0.04					0.21		0.25
Reported Earnings				$	132		$	30	$	183	$	345		$	0.34		$	0.07	$	0.47	$	0.88
Year-to-Date June 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				$	244		$	88	$	168	$	500		$	0.62		$	0.23	$	0.43	$	1.28
	Special Items
		MTM adj's from energy-related, non-trading economic hedges			26							26			0.07							0.07
		Sale of Latin American businesses (Q1, '07; Q2, '07)								43		43								0.11		0.11
		Sale of domestic telecommunication operations (Q1, '07; Q2, '07)			(20	)						(20	)		(0.05	)						(0.05	)
		PJM billing dispute (Q1, '07)			(1	)						(1	)
			Total special items		5					43		48			0.02					0.11		0.13
Reported Earnings				$	249		$	88	$	211	$	548		$	0.64		$	0.23	$	0.54	$	1.41

12 Months Ended June 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				$	476		$	150		$	276	$	902		$	1.22		$	0.39		$	0.71	$	2.32
	Special Items
		MTM adj's from energy-related, non-trading economic hedges			15								15			0.04								0.04
		Sale of Latin American businesses (Q1, '07; Q2, '07)									43		43									0.11		0.11
		Sale of domestic telecommunication operations (Q1, '07; Q2, '07)			(20	)							(20	)		(0.05	)							(0.05	)
		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
		Workforce reduction (Q4, '06)			(3	)							(3	)		(0.01	)							(0.01	)
		Impairment of nuclear decom. trust investments (Q4, '06)			(3	)							(3	)		(0.01	)							(0.01	)
		Reversal of cost recovery – Hurricane Isabel (Q3, '06)						(6	)				(6	)					(0.02	)				(0.02	)
		Realization of benefits related to Black Lung Trust assets (Q3, '06)						21					21						0.06					0.06
			Total special items		(28	)		35			43		50			(0.07	)		0.09			0.11		0.13
Reported Earnings				$	448		$	185		$	319	$	952		$	1.15		$	0.48		$	0.82	$	2.45

Operating - - Domestic and International Electricity Sales

(millions of kwh)
	3 Months Ended June 30				6 Months Ended June 30
	2008	2007	Percent Change		2008	2007	Percent Change
Domestic Retail
Delivered (a)	8,832	8,872	(0.5%	)	19,401	19,180	1.2%
Supplied	9,404	9,395	0.1%		20,526	20,236	1.4%
International Delivered
United Kingdom	6,949	6,840	1.6%		14,703	14,565	0.9%
Domestic Wholesale
East	6,535	4,563	43.2%		12,463	8,811	41.4%
West
NorthWestern Energy	669	836	(20.0%	)	1,236	1,669	(25.9%	)
Other West	3,109	2,590	20.0%		6,639	5,320	24.8%

(a) Electricity delivered to retail customers represents the kwh delivered to customers within PPL Electric Utilities Corporation’s service territory.

“Earnings from ongoing operations” excludes the impact of special items. Special items include charges, credits or gains that are unusual or nonrecurring. Special items also include the mark-to-market impact of energy-related, non-trading economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds. The mark-to-market impact of these hedges is economically neutral to the company because the mark-to-market gains or losses on the energy hedges will reverse as the hedging contracts settle in the future. 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 and sales, growth, revenues, expenses and pension costs, marketing performance, regulation,  corporate strategy,  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; weather conditions affecting customer energy usage and operating costs; competition in power markets; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of plants and other facilities; environmental conditions and requirements and the related costs of compliance, including environmental capital expenditures and emission allowance and other expenses; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; asset acquisitions and dispositions; any impact of hurricanes or other severe weather on our business, including any impact on fuel prices; receipt of necessary government permits, approvals and rate relief; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual terrorism or war or other hostilities; foreign exchange rates; new state, federal or foreign legislation, including new tax legislation; 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

Second Quarter Earnings Call  August 1, 2008  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  • Second Quarter 2008 Earnings  and Review of 2008 and 2010  Earnings Forecast and Outlook  • Second Quarter Segment  Results and Financial Overview  • Operational Review  • Q&A  J. H. Miller  P. A. Farr  W. H. Spence  2

 Reported Earnings  Year-to-Date  Per  share  $1.41  $1.19  $0.00  $0.50  $1.00  $1.50  2007 2008  3  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  Per  share  $0.88  $0.50  $0.00  $0.50  $1.00  2007 2008  Second Quarter

 Ongoing Earnings  Year-to-Date  Per  share  $1.28  $1.11  $0.00  $0.50  $1.00  $1.50  2007 2008  4  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  Per  share  $0.63  $0.50  $0.00  $0.50  $1.00  2007 2008  Second Quarter

 $2.00  $2.50  $3.00  $3.50  $4.00  $4.50  $5.00  2007A* 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  $2.25  $2.35  $4.00  $4.60  Per Share

 Pennsylvania Update  • Energy Fund approved  • Conservation, DSM postponed until Fall  • Procurement and mitigation also  postponed; PPL Electric procurement plan  for 2010 on schedule  • Legislature returns September 15  6

 Ongoing Earnings Overview  $(0.13)$0.63$0.50Total  (0.10)0.260.16International Delivery  0.010.070.08Pennsylvania Delivery  $(0.04)$0.30$0.26Supply  Change  Q2  2007  Q2  2008  7  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 Supply Segment  Earnings Drivers  (0.02)Depreciation  (0.02)Synfuel  (0.02)Income taxes and other  $0.262008 EPS – Ongoing Earnings  (0.04)Total  0.01Margins – West  $ 0.01Margins – East  $0.302007 EPS – Ongoing Earnings  2nd Quarter  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  8

 Pennsylvania Delivery Segment  Earnings Drivers  0.01Income taxes and other  $0.082008 EPS – Ongoing Earnings  0.01Total  (0.01)O&M  $0.01Delivery Margins  $0.072007 EPS – Ongoing Earnings  2nd Quarter  9  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 International Delivery Segment  Earnings Drivers  (0.01)Other  (0.03)Latin American Operations  $0.162008 EPS – Ongoing Earnings  (0.10)Total  (0.08)Income taxes  0.01O&M  $0.01Delivery Margins  $0.262007 EPS – Ongoing Earnings  2nd Quarter  10  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 Expected 2008 Earnings Contributions  11  * Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  **Midpoint of forecast  $2.00  $2.25  $2.50  $2.75  $3.00  2007A*  Per Share  $2.60 Net Impact  of Asset  Divestiture  ($0.08)  O&M  $0.02  International  Tax Benefit  ($0.08)  $2.30**  Depreciation  ($0.04)  Delivery  Margins  $0.06  Synfuels  ($0.18)  2008E*

 Cash Flow Forecast  Millions  ($200)  $0  $200  $400  $600  $800  $1,000  $1,200  2007A 2008E 2009E 2010E  Free cash flow before dividends  12  Note: See Appendix for the reconciliation of cash flow measures.

 $0.82  $0.92  $1.00  $1.10  $1.22  $1.34  $0.00  $0.25  $0.50  $0.75  $1.00  $1.25  $1.50  2004 April  2005  October  2005  2006 2007 2008  $/Share  Annualized  Continued Dividend Growth  13

 Implications of CAIR Ruling  • DC Circuit Court decision invalidated U.S. EPA  Eastern U.S. NOx/SO2 Reduction Program  – Eliminates required additional reductions in sulfur  dioxide in 2010 and 2015  – Annual NOx program vacated  • Companies re-evaluating financial and  operational implications  – Scrubber and SCR investment decisions  – Variable cost of operating scrubbers vs. market price  14

 Scrubbers Expected to be Completed  on Budget and on Schedule  Q2-09Brunner Island 1 & 2  Q4-08Brunner Island 3  In Service 5/17/2008Montour 1  In Service 3/8/2008 Montour 2  Scheduled In-Service Dates  Montour Scrubber  15  June 2008

 Power Market Update  • Natural gas and power prices have  declined  • Global demand for coal keeps upward  pressure on U.S. coal prices  • Emission allowance markets are still  absorbing the negative implications of the  DC Court ruling  • Long-term fundamental market drivers  support increasing value for generation  16

 Current Hedge Positions -Electricity and Fuel  17  2008 2009 2010  Electricity Sales  East 97% 98% 68%  West 100% 81% 68%  Total 98% 95% 68%  Uranium 100% 100% 100%  Coal  East 100% 93% 78%  West 100% 100% 100%  Total 100% 95% 84%  Unhedged Coal – (million tons) 0 0.5 1.0  (excludes Keystone & Conemaugh)  Note: As of 6/30/2008

 2008 East Coal Hedges and  Expected Impacts on Annual Coal Expense  • Projected coal use – 9.3 million tons  – 1.4 million tons for Keystone and Conemaugh  – 7.9 million tons for Montour and Brunner Island (wholly- owned plants)  • Percent of supply to wholly-owned plants at fixed base price – 77%  • Percent of supply to wholly-owned plants subject to mining-related diesel oil surcharges and/or price collars – 23%  • $40 million expected increase in total annual coal expense, as compared to plan  – Impact of base price increases = $26 million  – Impact of various surcharges = $14 million (reflects the benefit of oil hedges)  18

 Key Driver of Fleet Value: Open EBITDA  19  2010E  Generation Output -millions of MWH 56.2  Implied Gross Margin -millions * 4,299 $  O&M - -millions (814) $  Open EBITDA -millions $ 3,485  Below-Market Value of Hedges -millions * (738) $  * Based on forward market prices as of June 30, 2008

 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 10/2007(2)  2007 2008 2009 2010 2010  9.4  $7.78  $6.86  $51  $45  $57  $57  $43  $73  8.8  $9.04  $8.08  $60  $53  $67  $64  $51  $79  8.38.18.0  $12.68$13.96$12.93  $11.24$12.47$11.75  $84$92$82  $72$81$71  $93$101$91  $87$95$84  $71$78$66  $105$114$104   (1) Market prices based on the average of broker quotes as of 6/30/2008.  (2) Prices at 10/2007 when 2010 earnings forecast of $4.00-$4.60 was developed.  (3) 24-hour average.  (4) NYMEX and TZ6NNY forward gas prices on 6/30/2008.  (5) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price.  A-1

 PPL Supply Business Overview  2008E  Production GWH  A-2  Gas/Oil  33%  Coal  37%  Nuclear  19%  Hydro8%  QFs 3%  2008E  Installed Capacity MW  Gas/  Oil  6%  Coal  54%  Nuclear  32%  Hydro  8%

 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  A-3  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

 PPL’s Generation Portfolio  Total Domestic Generation: 11,358 MW  Planned Uprate Projects:  331 MW  * Reflects reduction of 60 MW expected loss due to increased  plant usage during scrubber operation.  Coal 3,483*  Nuclear 2,117  Oil 1,795  Gas 1,503  Hydro 343  CTs 474  QFs 356  East 10,071 MW*  Coal 683  Hydro 604  West 1,287 MW  Coal Uprate (2008) 6  Hydro Uprate (2011) 28  Nuclear Uprate (2008-2010) 143  Hydro Uprate (2009, 2011) 128  Coal Uprate (2008-2009) 26  *  A-4

 Nuclear Development Schedule  Early 2009 (Estimate)Order Long Lead-Time Materials  2017 to 2019 (Estimate)Commercial Operation  2012 (Estimate)Begin Construction  2012 (Estimate)NRC Approval of COLA  2009Early Site Work  Sept. 2008 (part I)  Dec. 2008 (part II)  Submit DOE Loan Application  Oct. 2008Submit COLA  PPL has not yet decided to move forward with construction.  A-5

 2007 Synfuel and Divested Assets  Ongoing Earnings Contributions  A-6  Synfuel Q1 Q2 Q3 Q4 2007  Synfuel Earnings $0.07 $0.01 $0.02 $0.04 $0.14  Fuel Costs 0.01 0.01 0.01 0.01 0.04  Total Synfuel Contribution $0.08 $0.02 $0.03 $0.05 $0.18  Net Impact of Asset Divestitures $0.03 $0.03 $0.02 $0.00 $0.08

 Reconciliation of Cash from Operations  to Free Cash Flow before Dividends  (Millions of Dollars)  A-7  $1,032$58($68)$513Free Cash Flow before Dividends  (15)(15)47937Other Investing Activities-net  (1,490)(1,456)(1,609)(1,685)Capital Expenditures  --(310)(310)Transition Bond Repayment  Increase/(Decrease) in cash due to:  $2,537$1,529$1,804$1,571Cash from Operations  2010200920082007  Note: 2007 free cash flow before dividends includes the net proceeds from the disposition of Latin American and domestic  telecommunication operations. 2008 forecast includes expected net proceeds from the disposition of gas and propane businesses,  as well as the investment in the Ironwood tolling agreement.

 Millions  $1,043 $1,030  $824 $750 $692  $514  $302 $281  $305 $404 $521  $511  $340 $298  $327 $336 $343  $351  $0  $400  $800  $1,200  $1,600  $2,000  2007A 2008E 2009E 2010E 2011E 2012E  Supply PA Delivery International Delivery  $1,685  $1,556  $1,376  $1,490$1,456  $1,609  Capital Expenditures by Segment  A-8

 Reconciliation of Second Quarter Reported  Earnings and Earnings from Ongoing Operations  A-9  (Millions of Dollars)  Pennsylvania International  Supply Delivery Delivery Total  Qtr. Ending June 30, 2008  Reported earnings $97 $31 $62 $190  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 4 4  Impairment of nuclear decom. trust investments (4) (4)  Off-site remediation of ash basin leak 1 1  Impairment of gas and propane businesses (1) (1)  1 (1)  Earnings from ongoing operations $96 $32 $62 $190  Qtr. Ending June 30, 2007  Reported earnings $132 $30 $183 $345  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 16 16  Sale of Latin American businesses 83 83  Sale of domestic telecommunication operations (2) (2)  14 83 97  Earnings from ongoing operations $118 $30 $100 $248  Change excluding special items ($22) $2 ($38) ($58)

 Pennsylvania International  Supply Delivery Delivery Total  Qtr. Ending June 30, 2008  Reported earnings $0.26 $0.08 $0.16 $0.50  Special Items:  MTM adj's from energy-related, non-trading  economic hedges 0.01 0.01  Impairment of nuclear decom. trust investments (0.01) (0.01)  Earnings from ongoing operations $0.26 $0.08 $0.16 $0.50  Qtr. Ending June 30, 2007  Reported earnings $0.34 $0.07 $0.47 $0.88  Special Items:  MTM adj's from energy-related, non-trading  economic hedges 0.04 0.04  Sale of Latin American businesses 0.21 0.21  0.04 0.21 0.25  Earnings from ongoing operations $0.30 $0.07 $0.26 $0.63  Change excluding special items ($0.04) $0.01 ($0.10) ($0.13)  Reconciliation of Second Quarter Reported  Earnings and Earnings from Ongoing Operations  A-10  (Dollars Per Share)

 Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-11  (Millions of Dollars)  Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date June 30, 2008  Reported earnings $199 $91 $160 $450  Special Items:  MTM adj's from energy-related, non- trading economic hedges 54 54  Impairment of nuclear decom. trust investments (4) (4)  Off-site remediation of ash basin leak 1 1  Impairment of gas and propane businesses (1) (1)  Colstrip groundwater litigation (5) (5)  Synfuel tax adjustment (13) (13)  33 (1) 32  Earnings from ongoing operations $166 $92 $160 $418  Year-to-Date June 30, 2007  Reported earnings $249 $88 $211 $548  Special Items:  MTM adj's from energy-related, non- trading economic hedges 26 26  Sale of Latin American businesses 43 43  Sale of domestic telecommunication operations (20) (20)  PJM billing dispute (1) (1)  5 43 48  Earnings from ongoing operations $244 $88 $168 $500  Change excluding special items ($78) $4 ($8) ($82)

 Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date June 30, 2008  Reported earnings $0.53 $0.24 $0.42 $1.19  Special Items:  MTM adj's from energy-related, non-trading  economic hedges 0.14 0.14  Impairment of nuclear decom. trust investments (0.01) (0.01)  Colstrip groundwater litigation (0.01) (0.01)  Synfuel tax adjustment (0.04) (0.04)  0.08 0.08  Earnings from ongoing operations $0.45 $0.24 $0.42 $1.11  Year-to-Date June 30, 2007  Reported earnings $0.64 $0.23 $0.54 $1.41  Special Items:  MTM adj's from energy-related, non-trading  economic hedges 0.07 0.07  Sale of Latin American businesses 0.11 0.11  Sale of domestic telecommunication operations (0.05) (0.05)  0.02 0.11 0.13  Earnings from ongoing operations $0.62 $0.23 $0.43 $1.28  Change excluding special items ($0.17) $0.01 ($0.01) ($0.17)  Reconciliation of Year-to-Date Reported Earnings  and Earnings from Ongoing Operations  A-12  (Dollars Per Share)

 Reconciliation of PPL’s Reported Earnings and  Earnings from Ongoing Operations  High Low  2008 2008 2007 2006  Per Share Earnings from Ongoing Operations $2.35 $2.25 $2.60 $2.25  Special items (net of taxes):  economic hedges 0.14 0.14 0.08 (0.03)  Reversal of cost recovery - Hurricane Isabel (0.02)  Impairment of synfuel-related assets (0.01)  Sale of interest in Griffith (0.04)  Reduction in Enron reserve 0.03  Off-site remediation of ash basin leak 0.02  PJM billing dispute 0.01  Realization of benefits related to Black Lung Trust  assets 0.05  Susquehanna workforce reduction (0.01)  Impairment of nuclear decom. trust investments (0.01) (0.01) (0.01)  Sale of Latin American businesses 0.67  Sale of domestic telecommunication operations (0.06)  Sale of gas and propane businesses (0.11)  Settlement of Wallingford cost-based rates 0.09  Impairment of certain transmission rights (0.04)  Change in U.K. tax rate 0.14  Workforce reductions (0.02)  Synfuel tax adjustment (0.04) (0.04)  Colstrip ground water litigation (0.01) (0.01)  0.08 0.08 0.75 (0.01)  Reported Earnings Per Share $2.43 $2.33 $3.35 $2.24  Note: Per share amounts are based on diluted shares outstanding.  Forecast  MTM adj's from energy-related, non-trading  Actual  A-13

 Credit Ratings  A-14  BBB Issuer Rating  AAA Aaa Tax-Exempt Bonds*  STABLE STABLE STABLE Outlook  A-A-A3Senior Secured Debt  F-2A-2P-2Commercial Paper  BBBBBBBaa3Preferred Stock  BBBA-Baa1Issuer Rating  A-A-A3First Mortgage Bonds  AA/A*** Aa3/Baa1***Tax-Exempt Bonds**  BBBBBBBaa3Preference Stock  PPL Electric Utilities  BBBBBB-Baa2Senior Unsecured Debt  BBB-BB+ Baa3Subordinated Debt  STABLE STABLE STABLE Outlook  PPL Capital Funding  BBB BBB Issuer Rating  BBB+ BBBBaa2Senior Notes  F-2A-2P-2Commercial paper  STABLE STABLE STABLE Outlook  PPL Energy Supply  STABLE STABLE STABLE Outlook  BBBBBBBaa2Issuer Rating  PPL Corporation  Fitch Standard & Poor’s Moody’s  * Letter of Credit-Backed Security  ** Insured Security  *** Ratings may differ for each issuance due to differences on Bond Insurer Ratings

 Credit Ratings (cont.)  A-15  A-3Commercial Paper  A-BBB+ Baa1Senior Unsecured Debt  F2A-2P-2Commercial Paper  POSITIVESTABLE STABLE Outlook  BBB+ BBB+ Baa1Issuer Rating  A-BBB+ Baa1Senior Unsecured Debt  F2A-2Commercial Paper  POSITIVESTABLE STABLE Outlook  Western Power Distribution (South West) PLC  BBB+ BBB+ Issuer Rating  Western Power Distribution (South Wales) PLC  POSITIVESTABLE STABLE Outlook  POSITIVESTABLE Outlook  BBBBBB-Issuer Rating  WPD Holdings LLP  BBB-BBB-Baa3Issuer Rating  BBBBBB-Baa3Senior Unsecured Debt  A-3Commercial Paper  WPD Holdings Limited  BBBBBB-Baa3Pass-Through Certificates  STABLE STABLE Outlook  PPL Montana  AAA AAA Aaa Transition Bonds  PPL Transition Bond Co.  Fitch Standard & Poor’s Moody’s

 Forward-Looking Information Statement  A-16  Statements contained in this presentation, 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; weather conditions affecting customer energy usage and  operating costs; competition in power markets; the effect of any business or industry restructuring; the  profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new  interpretations or applications of existing requirements; operating performance of plants and other facilities;  environmental conditions and requirements and the related costs of compliance, including environmental capital  expenditures and emission allowance and other expenses; system conditions and operating costs; development  of new projects, markets and technologies; performance of new ventures; asset acquisitions and dispositions;  any impact of hurricanes or other severe weather on our business, including any impact on fuel prices; receipt of  necessary government permits, approvals and rate relief; capital market conditions and decisions regarding  capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its  subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; stock price performance; the  market prices of equity securities and the impact on pension income and resultant cash funding requirements for  defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political,  regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries  conduct business, including any potential effects of threatened or actual terrorism or war or other hostilities;  foreign exchange rates; new state, federal or foreign legislation, including new tax legislation; 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.

 Definitions of Financial Measures  A-17  “Earnings from ongoing operations” excludes the impact of special items. Special items include charges, credits  or gains that are unusual or nonrecurring. Special items also include the mark-to-market impact of energy-related,  non-trading economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds. The  mark-to-market impact of these hedges is economically neutral to the company because the mark-to-market  gains or losses on the energy hedges will reverse as the hedging contracts settle in the future. 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.