8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):  February 4, 2009

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
1-32944	PPL Energy Supply, LLC (Exact name of Registrant as specified in its charter) (Delaware) Two North Ninth Street Allentown, PA  18101-1179 (610) 774-5151	23-3074920
1-905	PPL Electric Utilities Corporation (Exact name of Registrant as specified in its charter) (Pennsylvania) Two North Ninth Street Allentown, PA  18101-1179 (610) 774-5151	23-0959590

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 February 4, 2009, PPL Corporation (“PPL”) issued a press release announcing its financial results for the year ended December 31, 2008, 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 February 4, 2009, 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 year ended December 31, 2008, 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 February 4, 2009, announcing PPL’s financial results for the year ended December 31, 2008, and other business matters.
	99.2 -	Slides to be used on the February 4, 2009 webcast among members of PPL’s senior management and financial analysts.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

PPL CORPORATION
By:	/s/ J. Matt Simmons, Jr.
	J. Matt Simmons, Jr. Vice President and Controller

PPL ENERGY SUPPLY, LLC
By:	/s/ J. Matt Simmons, Jr.
	J. Matt Simmons, Jr. Vice President and Controller

PPL ELECTRIC UTILITIES CORPORATION
By:	/s/ J. Matt Simmons, Jr.
	J. Matt Simmons, Jr. Vice President and Controller

Dated:  February 4, 2009

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 fourth-quarter and annual 2008 earnings

·   Decline in wholesale electricity margins reduces earnings in both periods

·   Company reaffirms 2009 and 2010 earnings forecasts

ALLENTOWN, Pa. (Feb. 4, 2009) ― PPL Corporation (NYSE: PPL) on Wednesday (2/4) reported declines in both fourth-quarter and annual earnings for 2008, compared with the same periods of 2007.

PPL’s reported earnings for 2008 were $2.47 per share, compared with $3.35 per share a year ago. Excluding special items, PPL’s earnings from ongoing operations for 2008 were $2.02 per share, compared with $2.60 per share for 2007.

The primary drivers of PPL’s lower earnings from ongoing operations in 2008 were lower wholesale energy margins and the loss of synfuel-related earnings. Special items contributed less to reported earnings in 2008 than in 2007. The special items that most significantly affected reported earnings during these periods were the 2007 net gains on the sale of the Latin American delivery businesses, a 2007 reduction in the corporate income tax rate in the U.K., and changes in the mark-to-market impacts of energy-related, non-trading economic hedges between the two years.

“Make no mistake about it,” said James H. Miller, PPL’s chairman, president and chief executive officer, “2008 was a difficult year, and we expect this very challenging business environment to continue in 2009. We believe, however, that our portfolio of regulated and competitive businesses positions us to withstand the current environment and to thrive beyond 2009.

“In the near term, we are well-hedged with respect to anticipated fuel needs and power production. In these volatile energy commodity markets, we continue to see the benefits of our active hedging program. Longer term, we have a strong business profile, positioning us well to preserve existing value and to capture new value in a recovering economy,” Miller said.

PPL reaffirmed its 2009 earnings forecast of $1.60 to $1.90 per share and its 2010 earnings forecast of $3.60 to $4.20 per share. “Beyond 2009,” Miller said, “strong fundamentals remain in place for PPL. We have an improving credit profile and cash flow position as well as sufficient credit facilities for our expected needs as we move into 2010 and beyond. In addition, our 2010 earnings forecast is based upon very visible earnings from our supply business and our electricity delivery businesses in Pennsylvania and the U.K.”

2008 Earnings Details

PPL’s reported earnings for 2008 included net special item credits totaling $0.45 per share, including $0.67 per share in special item credits related to mark-to-market impacts of energy-related, non-trading economic hedges.

Special item charges in 2008, totaling $0.22 per share, were: $0.05 per share related to asset impairments; $0.07 per share related to the impairment of nitrogen oxides emission allowances as a result of a federal court’s initial decision invalidating the Environmental Protection Agency’s Clean Air Interstate Rule; $0.04 per share related to an impairment of nuclear decommissioning trust investments; $0.04 per share in synfuel-related tax adjustments; $0.01 per share related to the sale of PPL’s natural gas distribution and propane businesses; and $0.01 per share related to groundwater litigation at a coal-fired power plant in Montana.

PPL’s 2007 reported earnings reflected net special item credits totaling $0.75 per share.

Excluding special items, PPL’s earnings from ongoing operations for 2008 were $2.02 per share, a 22 percent decline compared with $2.60 per share in earnings from ongoing operations for 2007.

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)

	2008	2007	% Change
Reported Earnings	$930	$1,288	-28 %
Reported Earnings per Share	$2.47	$3.35	-26 %
Earnings from Ongoing Operations	$761	$1,000	-24 %
Per Share Earnings from Ongoing Operations	$2.02	$2.60	-22 %

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

Fourth-quarter 2008 Earnings Results

For the fourth quarter of 2008, PPL announced reported earnings of $277 million, or $0.74 per share. This is a decline of $0.37 per share, or 33 percent, compared with the same period of 2007. The primary drivers for PPL’s lower earnings from ongoing operations between the two periods were lower wholesale energy margins, the loss of synfuel-related earnings and lower international delivery earnings. Special items contributed less to reported earnings in the fourth quarter of 2008 than in the same period of 2007. The special items that most significantly impacted reported earnings during the two quarters were the 2007 gain on the sale of PPL’s Chilean operations and the change in mark-to-market impacts of energy-related, non-trading economic hedges between the two periods. During the fourth quarter of 2008, the company recorded $0.28 per share in net special item credits, compared with $0.51 per share in net special item credits in the same period of 2007. (See tables for details.)

Excluding special items, PPL’s earnings from ongoing operations for the fourth quarter of 2008 were $0.46 per share, a decline of $0.14 per share, or 23 percent, from a year ago. This decline was primarily due to lower wholesale electricity margins, lower international earnings and the loss of synfuel-related earnings.

(Dollars in millions, except for per share amounts)

	4Q 2008	4Q 2007	% Change
Reported Earnings	$277	$418	-34 %
Reported Earnings per Share	$0.74	$1.11	-33 %
Earnings from Ongoing Operations	$175	$224	-22 %
Per Share Earnings from Ongoing Operations	$0.46	$0.60	-23 %

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

Annual and Fourth-quarter Earnings by Business Segment

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

	Year						4th Quarter
	2008			2007			2008		2007
	(per share)						(per share)
Earnings from Ongoing Operations
Supply	$	0.81		$	1.42		$	0.21	$	0.29
Pennsylvania Delivery		0.44			0.40			0.10		0.09
International Delivery		0.77			0.78			0.15		0.22
Total	$	2.02		$	2.60		$	0.46	$	0.60
Special Items
Supply	$	0.46		$	0.06		$	0.28	$	0.02
Pennsylvania Delivery		(0.01	)		(0.11	)		-		(0.06	)
International Delivery		-			0.80			-		0.55
Total	$	0.45		$	0.75		$	0.28	$	0.51
Reported Earnings
Supply	$	1.27		$	1.48		$	0.49	$	0.31
Pennsylvania Delivery		0.43			0.29			0.10		0.03
International Delivery		0.77			1.58			0.15		0.77
Total	$	2.47		$	3.35		$	0.74	$	1.11

(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 segmentconsists primarily of the domestic energy generation and marketing operations of PPL Energy Supply.

Earnings from ongoing operations for PPL’s supply business segment in 2008 declined $0.61 per share, or 43 percent, compared with 2007. This decrease was driven by lower wholesale energy margins as a result of higher average fuel prices, realized and unrealized trading losses, and lower baseload generation. Also impacting results for the year were higher financing costs and the loss of synfuel-related earnings of $0.18 per share.

Earnings from ongoing operations for PPL’s supply business segment declined $0.08 per share, or 28 percent, in the fourth quarter of 2008 compared with a year ago. The decrease was primarily the net result of lower wholesale energy margins in the eastern U.S. driven by higher average fuel prices and lower margins from marketing and trading activities, partially offset by higher baseload generation.  Also impacting the quarter were lower operating expenses and the loss of synfuel-related earnings of $0.05 per share.

Pennsylvania Delivery Segment

PPL’s Pennsylvania delivery business segment includes the regulated electric delivery operations of PPL Electric Utilities and the delivery operations of PPL Gas Utilities, which was sold on Oct. 1, 2008.

Earnings from ongoing operations for PPL’s Pennsylvania delivery business segment in 2008 increased $0.04 per share, or 10 percent, over 2007. This increase was the result of higher delivery revenues due to PPL Electric Utilities’ base rate increase effective Jan. 1, 2008, and load growth, partially offset by higher operating costs.

Earnings from ongoing operations for PPL’s Pennsylvania delivery business segment increased in the fourth quarter by $0.01 per share, or 11 percent, compared with a year ago. This increase was primarily due to higher delivery revenues, partially offset by the loss of earnings from PPL Gas Utilities.

International Delivery Segment

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

Earnings from ongoing operations for PPL’s international delivery business segment in 2008 decreased $0.01 per share, or 1 percent, compared with 2007. This decrease was the result of a loss of $0.11 per share in earnings from PPL’s divested Latin American businesses, higher income taxes, and a less favorable currency exchange rate in the U.K. Partially offsetting these negative factors were higher electricity delivery revenues and significantly lower operating expenses.

Earnings from ongoing operations for PPL’s international delivery business segment decreased in the fourth quarter by $0.07 per share, or 32 percent, compared with a year ago. This decrease resulted from lower electricity delivery revenues, higher income taxes and a less favorable currency exchange rate in the U.K. Partially offsetting these negative factors were lower operating expenses.

2009 Earnings Forecast by Business Segment

Earnings (per share)	2009 (forecast)	2008 (actual)
	Midpoint	Ongoing earnings
Supply	$0.85	$0.81
Pennsylvania Delivery	0.40	0.44
International Delivery	0.50	0.77
Total	$1.75	$2.02

PPL is reaffirming its 2009 earnings forecast of $1.60 to $1.90 per share. This forecast reflects the following expectations by business segment.

Supply Segment

PPL projects higher earnings in its supply business segment in 2009 compared with 2008, driven by higher energy margins, despite higher expected coal expense, as a result of higher baseload generation; higher Western energy sales prices; and higher expected margins from its marketing and trading activities. This business segment expects to incur higher operation and maintenance expenses, depreciation, and financing costs.

Pennsylvania Delivery Segment

PPL projects lower earnings from its Pennsylvania delivery business segment in 2009 compared with 2008 as a result of lower distribution revenues and higher operation and maintenance expenses.

International Delivery Segment

PPL projects lower earnings from its international business segment in 2009 compared with 2008 as a result of higher income taxes and a less favorable currency exchange rate in the U.K.

2010 Earnings Forecast

PPL continues to forecast 2010 earnings of $3.60 to $4.20 per share. The full-requirements supply contract between PPL EnergyPlus and PPL Electric Utilities expires at the end of 2009. As a result of hedging more than 80 percent of its baseload generation over the past few years, PPL continues to forecast strong growth in energy margins in 2010.

The strong 2010 margin growth forecast is based on the following key assumptions:

·   Hedged power and fuel positions and year-end 2008 wholesale prices observed in competitive markets and used to value unhedged positions.

·   Capacity prices in the PJM Interconnection based on the Reliability Pricing Model auction results for 2010.

·   Strong power plant performance.

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

·   Increased fuel and operation and maintenance expenses.

·   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 will be able to fully recover its purchased power costs resulting from the ongoing solicitation process approved by the Pennsylvania Public Utility Commission.

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 about 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.)

PPL invites interested parties to listen to a live Internet webcast of management’s teleconference with financial analysts about annual and fourth-quarter 2008 financial results at 9 a.m. EST Wednesday, Feb. 4. 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# 80555626).

PPL CORPORATION AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)
Condensed Consolidated Balance Sheet (Unaudited)
(Millions of Dollars)
	December 31, 2008				December 31, 2007
Assets
Cash and cash equivalents		$	1,100			$	430
Price risk management assets - current			1,224				319
Assets held for sale							318
Other current assets			2,100				2,101
Investments			522				608
Property, plant and equipment
Electric plant			20,075				20,109
Gas and oil plant			68				66
Other property			156				202
			20,299				20,377
Less:  accumulated depreciation			7,883				7,772
			12,416				12,605
Recoverable transition costs			281				574
Goodwill and other intangibles			1,318				1,326
Price risk management assets - noncurrent			1,392				587
Other noncurrent assets			1,052				1,104
Total assets		$	21,405			$	19,972
Liabilities and Equity
Short-term debt (including current portion of long-term debt)		$	1,366			$	770
Price risk management liabilities - current			1,324				423
Liabilities held for sale							68
Other current liabilities			1,603				1,621
Long-term debt (less current portion)			7,151				6,890
Deferred income taxes and investment tax credits			1,764				2,192
Price risk management liabilities - noncurrent			836				916
Accrued pension obligations			899				59
Other noncurrent liabilities			1,066				1,157
Minority interest			18				19
Preferred securities of a subsidiary			301				301
Earnings reinvested			3,875				3,448
Common stock and capital in excess of par value			2,187				2,176
Accumulated other comprehensive loss			(985	)			(68	)
Total liabilities and equity		$	21,405			$	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 December 31,						Year Ended December 31,
	2008 (a)			2007 (a)(b)			2008 (a)			2007 (a)(b)
Operating Revenues
Utility	$	1,006		$	1,040		$	4,114		$	4,114
Unregulated retail electric and gas		41			29			151			102
Wholesale energy marketing (c)
Realized		686			373			2,325			1,617
Unrealized economic activity		695			(46	)		1,056			(145	)
Net energy trading margins		(39	)		3			(121	)		41
Energy-related businesses		124			206			519			769
		2,513			1,605			8,044			6,498
Operating Expenses
Fuel		293			214			1,011			906
Energy purchases (c)
Realized		508			241			1,634			918
Unrealized economic activity		453			(71	)		626			(198	)
Other operation and maintenance		329			377			1,430			1,373
Amortization of recoverable transition costs		76			81			293			310
Depreciation		114			112			461			446
Taxes, other than income		65			75			289			298
Energy-related businesses		120			181			481			762
		1,958			1,210			6,225			4,815
Operating Income		555			395			1,819			1,683
Other Income - net		5			24			22			95
Interest Expense		121			117			459			474
Income from Continuing Operations Before
Income Taxes, Minority Interest and Dividends
on Preferred Securities of a Subsidiary		439			302			1,382			1,304
Income Taxes		155			82			440			270
Minority Interest		1			1			2			3
Dividends on Preferred Securities of a Subsidiary		4			4			18			18
Income from Continuing Operations		279			215			922			1,013
(Loss) Income from Discontinued Operations (net of income taxes)		(2	)		203			8			275
Net Income	$	277		$	418		$	930		$	1,288
Earnings per share of common stock - basic
Earnings from ongoing operations	$	0.46		$	0.60		$	2.04		$	2.63
Special items		0.28			0.52			0.45			0.76
Net Income	$	0.74		$	1.12		$	2.49		$	3.39
Earnings per share of common stock - diluted
Earnings from ongoing operations	$	0.46		$	0.60		$	2.02		$	2.60
Special items		0.28			0.51			0.45			0.75
Net Income	$	0.74		$	1.11		$	2.47		$	3.35
Average shares outstanding (thousands)
Basic		374,388			372,943			373,626			380,563
Diluted		376,425			377,270			376,526			385,111
(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.
(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)
	Year Ended
	December 31,
	2008			2007
Cash Flows from Operating Activities
Net income	$	930		$	1,288
Adjustments to reconcile net income to net cash provided
by operating activities:
Pre-tax gain from the sale of the Latin American businesses					(400	)
Depreciation		461			458
Amortizations - recoverable transition costs and other		383			433
Defined benefits		(100	)		(39	)
Impairment of assets		114			124
Gain on the sale of emission allowances		(6	)		(109	)
Deferred income taxes and investment tax credits		43			42
Unrealized gains on derivatives and other hedging activities		(279	)		(22	)
Changes in working capital		(81	)		(178	)
Other		52			(26	)
Net cash provided by operating activities		1,517			1,571
Cash Flows from Investing Activities
Expenditures for property, plant and equipment		(1,429	)		(1,657	)
Proceeds from the sale of the Latin American businesses					851
Proceeds from the sale of telecommunication operations					47
Proceeds from the sale of gas and propane businesses		303
Net (expenditures for) sales of intangible assets		(302	)		46
Net (purchases) sales of other investments		(95	)		259
Net decrease (increase) in restricted cash and cash equivalents		1			(125	)
Other investing activities		(33	)		(35	)
Net cash used in investing activities		(1,555	)		(614	)
Cash Flows from Financing Activities
Net issuances (retirements) of long-term debt		667			(231	)
Repurchase of common stock		(38	)		(712	)
Payment of common stock dividends		(491	)		(459	)
Net increase in short-term debt		588			61
Other financing activities		(5	)		15
Net cash provided by (used in) financing activities		721			(1,326	)
Effect of Exchange Rates on Cash and Cash  Equivalents		(13	)		5
Net Increase (Decrease) in Cash and Cash Equivalents		670			(364	)
Cash and cash equivalents at beginning of period		430			794
Cash and cash equivalents at end of period	$	1,100		$	430

Key Indicators
Financial
	Year Ended December 31, 2008		Year Ended December 31, 2007
Dividends declared per share	$	1.34	$1.22
Book value per share (a)	$	13.55	$14.88
Market price per share (a)	$	30.69	$52.09
Dividend yield (a)		4.4%	2.3%
Dividend payout ratio  (b)		54%	36%
Dividend payout ratio - earnings from ongoing operations (b)(c)		66%	47%
Price/earnings ratio (a)(b)		12.4	15.5
Price/earnings ratio - earnings from ongoing operations (a)(b)(c)		15.2	20.0
Return on average common equity		16.88%	24.47%
Return on average common equity - earnings from ongoing operations (c)		14.46%	19.21%

(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.

Operating - Domestic & International Electricity Sales
	3 Months Ended December 31,							Year Ended December 31,
					Percent							Percent
(millions of kwh)	2008		2007		Change			2008		2007		Change
Domestic Retail
Delivered (a)		9,032		9,071		(0.4	%)		38,058		37,950		0.3	%
Supplied		9,631		9,602		0.3	%		40,374		40,080		0.7	%
International Delivered
United Kingdom		6,835		6,997		(2.3	%)		27,724		27,888		(0.6	%)
Domestic Wholesale
East		7,367		5,179		42.2	%		28,614		20,816		37.5	%
West
NorthWestern Energy		622		571		8.9	%		2,491		2,809		(11.3	%)
Other West		2,848		2,817		1.1	%		11,607		9,890		17.4	%
(a) Electricity delivered to retail customers represents the kwh delivered to customers within PPL Electric Utilities Corporation's service territory.

PPL CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Business Segment Earnings from Ongoing Operations and Reported Earnings (Diluted)
4th Quarter 2008	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery		Total
Earnings from Ongoing Operations	$	78		$	39		$	58		$	175		$	0.21		$	0.10		$	0.15	$	0.46
Special Items
MTM adj's from energy-related, non-trading economic hedges		130									130			0.35								0.35
Asset impairments		(16	)					(1	)		(17	)		(0.05	)							(0.05	)
Impairments & other impacts - emission allowances		2									2			0.01								0.01
Impairment of nuclear decom. trust investments		(12	)								(12	)		(0.03	)							(0.03	)
Sale of gas and propane businesses					(1	)					(1	)
Total Special Items		104			(1	)		(1	)		102			0.28								0.28
Reported Earnings	$	182		$	38		$	57		$	277		$	0.49		$	0.10		$	0.15	$	0.74
Year-to-Date December 31, 2008	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery		Total
Earnings from Ongoing Operations	$	303		$	167		$	291		$	761		$	0.81		$	0.44		$	0.77	$	2.02
Special Items
MTM adj's from energy-related, non-trading economic hedges		251									251			0.67								0.67
Asset impairments (Q4, '08)		(16	)					(1	)		(17	)		(0.05	)							(0.05	)
Impairments & other impacts - emission allowances (Q3, '08; Q4, '08)		(25	)								(25	)		(0.07	)							(0.07	)
Impairment of nuclear decom. trust investments (Q2, '08; Q3, '08; Q4, '08)		(17	)								(17	)		(0.04	)							(0.04	)
Sale of gas and propane businesses (Q2, '08; Q3, '08; Q4, '08)					(6	)					(6	)					(0.01	)				(0.01	)
Off-site remediation of ash basin leak (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		176			(6	)		(1	)		169			0.46			(0.01	)				0.45
Reported Earnings	$	479		$	161		$	290		$	930		$	1.27		$	0.43		$	0.77	$	2.47

4th Quarter 2007	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery			Total
Earnings from Ongoing Operations	$	107		$	35		$	82		$	224		$	0.29		$	0.09		$	0.22		$	0.60
Special Items
MTM adj's from energy-related, non-trading economic hedges		12									12			0.03									0.03
Sale of Latin American businesses								213			213									0.56			0.56
Sale of gas and propane businesses					(21	)					(21	)					(0.06	)					(0.06	)
Impairment of certain transmission rights		(1	)								(1	)
Workforce reductions		(4	)		(1	)		(4	)		(9	)		(0.01	)					(0.01	)		(0.02	)
Total Special Items		7			(22	)		209			194			0.02			(0.06	)		0.55			0.51
Reported Earnings	$	114		$	13		$	291		$	418		$	0.31		$	0.03		$	0.77		$	1.11
Year-to-Date December 31, 2007	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery			Total
Earnings from Ongoing Operations	$	544		$	155		$	301		$	1,000		$	1.42		$	0.40		$	0.78		$	2.60
Special Items
MTM adj's from energy-related, non-trading economic hedges		32									32			0.08									0.08
PJM billing dispute (Q1, '07)		(1	)								(1	)
Sale of Latin American businesses (Q1, '07; Q2, '07; Q3, '07; Q4, '07)								259			259									0.67			0.67
Sale of telecommunication operations (Q1, '07; Q2, '07; Q3, '07; Q4, '07)		(23	)								(23	)		(0.06	)								(0.06	)
Sale of gas and propane businesses (Q3, '07; Q4, '07)					(44	)					(44	)					(0.11	)					(0.11	)
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)								54			54									0.14			0.14
Workforce reductions (Q4, '07)		(4	)		(1	)		(4	)		(9	)		(0.01	)					(0.01	)		(0.02	)
Total Special Items		24			(45	)		309			288			0.06			(0.11	)		0.80			0.75
Reported Earnings	$	568		$	110		$	610		$	1,288		$	1.48		$	0.29		$	1.58		$	3.35

 “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. These energy-related, non-trading economic hedges are used to hedge a portion of the economic value of PPL’s generation assets and PPL’s load-following and retail activities. This economic value is subject to changes in fair value due to market price volatility of the input and output commodities (e.g., coal and power). 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, credit profile, cash flow, liquidity, marketing performance, hedging, 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

Fourth Quarter Earnings Call  February 4, 2009  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  • 2008 Earnings, 2009 and 2010  Earnings Forecast and Outlook  • Segment Results and Financial  Overview  • Operational Review  • Q&A  J. H. Miller  P. A. Farr  W. H. Spence  2

 Reported Earnings  Per  share  $1.11  $0.74  $0.00  $0.50  $1.00  $1.50  4Q 2007 4Q 2008  3  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  Per  share  $3.35  $2.47  $0.00  $0.50  $1.00  $1.50  $2.00  $2.50  $3.00  $3.50  2007 2008

 Earnings From Ongoing Operations  Per  share  $0.60  $0.46  $0.00  $0.50  $1.00  4Q 2007 4Q 2008  4  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  Per  share  $2.60  $2.02  $0.00  $0.50  $1.00  $1.50  $2.00  $2.50  $3.00  2007 2008

 $0.00  $1.00  $2.00  $3.00  $4.00  $5.00  2007A* 2008A* 2009 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  $2.02  $4.20  Per Share  $1.90  $1.60  $3.60

 Ongoing Earnings Overview  $(0.14) $0.60$0.46Total  (0.07)0.220.15International Delivery  0.010.090.10Pennsylvania Delivery  $ (0.08) $0.29$0.21Supply  Change  Q4  2007  Q4  2008  6  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  $(0.58) $2.60$2.02Total  (0.01)0.780.77International Delivery  0.040.400.44Pennsylvania Delivery  $ (0.61) $1.42$0.81Supply  Change20072008

 Supply Segment  Earnings Drivers  0.04O&M  0.01Energy Margins - -West  (0.01)Other  (0.18)Synfuel  (0.09)Financing  $0.812008 EPS – Ongoing Earnings  (0.61)Total  $(0.38) Energy Margins - -East  $1.422007 EPS – Ongoing Earnings  2008  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations, and per share reconciliation  of operating income and energy margins.  7

 Pennsylvania Delivery Segment  Earnings Drivers  (0.02)O&M  (0.03)Income taxes and other  $0.442008 EPS – Ongoing Earnings  0.04 Total  $ 0.09 Delivery Margins (a)  $0.402007 EPS – Ongoing Earnings  2008  8  (a) Net of CTC/ITC amortization, interest expense on transition bonds and ancillary charges.  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 International Delivery Segment  Earnings Drivers  (0.02) Effect of Exchange Rates  $0.03 Delivery Margins  (0.11) Latin American Operations  $0.772008 EPS – Ongoing Earnings  (0.01) Total  0.02 Income taxes & other  0.07 O&M  $0.782007 EPS – Ongoing Earnings  2008  9  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 2008 Earnings Contributions  $1.00  $1.25  $1.50  $1.75  $2.00  $2.25  $2.50  $2.75  2008A  $2.60*  Net Impact  of Asset  Divestiture  ($0.09)  $2.02*  Depreciation  ($0.03)  Energy  Margins  ($0.37)  Synfuels  ($0.18)  O&M  $0.09  2007A  10  *Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing  operations.  Per Share

 Expected 2009 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  Per Share  $1.00  $1.25  $1.50  $1.75  $2.00  $2.25  $2.50  $2.75  2008A*  $2.02*  Financing  Costs  ($0.07) Depreciation  ($0.04)  $1.75**  US Tax  Benefits  ($0.07)  Energy  Margins  $0.27  O&M  ($0.10)  Currency  ($0.17)  Other  ($0.05)  Delivery  Margins  ($0.04)  2009E

 $0.00  $1.00  $2.00  $3.00  $4.00  $5.00  2007A* 2008A* 2009 2010  Strong Long-Term Earnings Growth  Forecast  12  * Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  $2.60  $2.02  $4.20  Per Share  $1.90  $1.60  $3.60

 Cash Flow Forecast  Millions  ($300)  ($100)  $100  $300  $500  $700  2007A 2008A 2009E 2010E  Free cash flow before dividends  13  Note: See Appendix for the reconciliation of cash flow measures.

Liquidity Profile  (1) Reported as of 12/31/2008  Diverse bank group consisting of 23 banks committed under domestic facilities,  with no bank having more than 14% of commitments.  14  Institution Facility  Expiration  Date  Total  Facility  (Millions)  Letters of Credit  Outstanding (1)  (Millions)  Drawn (1)  (Millions)  Availability  (Millions)  PPL Energy Supply 5-year Credit Facility Jun-2012 $3,225 $255 $285 $2,685  Bilateral Credit Facility Mar-2009 300 96 0 204  5-year Structured Credit Facility Mar-2011 300 269 0 31  364-day Credit Facility Sep-2009 385  0  0 385  $4,210 $620 $285 $3,305  PPL Electric Utilities 5-year Credit Facility May-2012 $190 $1 $95 $94  Asset-backed Credit Facility Jul-2009 150  0  0 150  $340 $1 $95 $244  WPD 5-year Credit Facility Oct-2009 £150 £0 £37 £113  5-year Credit Facility Jan-2013 150  0  121 29  Uncommitted Credit Facilities 65  0  8 57  Letter of Credit Facility Mar-2009 5  4  0 1  £370 £4 £166 £200

 PPL Energy Supply Collateral Profile  (Millions of Dollars)  - 500  1,000  1,500  2,000  2,500  3,000  3,500  4,000  4,500  5,000  5,500  Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08  Available Credit Capacity  Cash Posted  Borrowings/CP Outstanding  Letters of Credit  15

 Debt Maturities  (1) PPL Electric Utilities prefunding done in 10/2008 for 2009 maturity  As of 12/31/2008  16  ($Millions) 2009 2010 2011 2012 2013  PPL Energy Supply  $0  $0 $500 $0 $737  PPL Capital Funding 201 0 0 0 0  PPL Electric Utilities 486 (1) 0 0 0 500  WPD Group  0  0 0 0 0  Sub Total  $687  $0 $500 $0 $1,237  Prefunding $400 (1) $0 $0 $0 $0  Total $287 $0 $500 $0 $1,237

 PA and International Delivery Operational Update  PA Delivery  • PPLEU completed 4 of 6 RFPs  • Bids due for 5th RFP March 30 with PUC approval expected April 2  • 2011-2013 Procurement Plan  – Evidentiary Hearings Scheduled for February 11-13  • 10% of eligible customers enrolled in Rate Phase-In Plan  International Delivery  • Distribution Price Control Review (DPCR5) is underway  17

 Supply Segment Operational Update  18  • Completed work on Montour cooling tower sub-structure and unit went back in service in November 2008  • Susquehanna set generation record in 4Q08  • Susquehanna Unit 2 up-rate of 69 MW to be completed in Spring 2009  • Federal court reversed its decision vacating CAIR  program

 19  Marketing and Trading  * Marketing included as part of total generation gross margins in 2005.  2% 5% 8% 0%M&T as % of Supply Gross Margin  *  Marketing & Trading Gross Margins  $Millions  4%  $32 $35 $41  $11  $43  $104  $122  $74  $(121)  $1  $32  $78  $145  $85  ($125)  ($75)  ($25)  $25  $75  $125  $175  2005 2006 2007 2008 2009  Marketing  Trading  Total  *

 Current Hedge Positions -Electricity and Fuel  Note: As of 12/31/2008 20  2009 2010 2011 2012  Electricity Sales  East 95% 80% 43% 23%  West 93% 72% 66% 46%  Total 95% 79% 47% 26%  Uranium 100% 100% 100% 100%  Coal  East 100% 84% 71% 49%  West 100% 100% 86% 77%  Total 100% 89% 75% 57%  Unhedged Coal – million tons  Brunner & Montour 0.0 0.9 1.9 3.5  Keystone & Conemaugh 0.2 0.5 0.8 1.2

 Hedged Baseload Electricity 2009-2012  Hedged Baseload Electricity Sales  0%  20%  40%  60%  80%  100%  2009 2010 2011 2012  % of Coal, Hydro & Nuclear Output  $20  $30  $40  $50  $60  $70  $80  $/M W h  Average Sale Price  21

 Open EBITDA  *Based on forward market prices as of December 31, 2008  2010E 2011E 2012E  Generation Output - MWh 55.5 55.8 56.7  Unhedged Gross Margin* 2,637 2,732 2,741  O&M (859) (899) (929)  Open EBITDA 1,778 1,833 1,812  Fuel 309 239 190  Power 214 92 166  Other  7 5 8  Above/ (Below) Market Value of Hedges* 530 336 364  Expected Margin 3,167 3,068 3,105  (Millions)  22

 2009 - -2012 Sensitivities  EPS Impact  2009 2010 2011 2012  $10/MW-Day  Capacity Price  Change  >$0.00 >$0.00 >$0.00 ±$0.03  $1/MWh of  Unhedged  Baseload Sales  ±<$0.01 ±$0.01 ±$0.04 ±$0.06  $1/MWh of  Unhedged  Total Sales  ±<$0.01 ±$0.02 ±$0.05 ±$0.07  1% Generation  Availability ±$0.02 ±$0.03 ±$0.03 ±$0.03  See Appendix A-1 for market price assumptions 23  Note: Discrete sensitivities based on changes to individual item, but which ultimately may be interrelated.  $0.05 between  USD and  British Pound  ±$0.02 ±$0.02 ±$0.02 ±$0.02

 PPL

 Market Prices  ELECTRIC   PJM   On-Peak Off-Peak ATC(2)   Mid-Columbia   On-Peak Off-Peak ATC(2)   GAS(3)  NYMEX  TZ6NNY   PJM MARKET  HEAT RATE(4)  CAPACITY PRICES   (Per MWD)   EQA   Actual  2008 2009 2010 2011 2012  $81 $63 $69 $69 $69  $49 $47 $51 $52 $52  $69 $55 $59 $60 $60  $65 $48 $57 $59 $59  $51 $38 $44 $46 $46  $59 $43 $52 $53 $56  $8.84 $6.11 $7.13 $7.31 $7.20  $9.85 $7.10 $8.16 $8.31 $8.19  8.3 8.9 8.4 8.3 8.4  $82.00 $158.24 $181.39 $136.79 $157.63  89.6% 90.7% 92.2% 90.9% 92.1%  Forward(1)  (1) Market prices based on the average of broker quotes as of 12/31/2008.  (2) 24-hour average.  (3) NYMEX and TZ6NNY forward gas prices on 12/31/2008.  (4) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price.  A-1

 PPL Supply Business Overview  2009E  Production GWh  A-2  Gas/Oil  37%  Coal  34%  Nuclear  18%  Hydro8%  QFs 3%  2009E  Installed Capacity MW  Gas/Oil  9%  Coal  52%  Nuclear  31%  Hydro  8%  Note: Graphs include tolling agreements.

 PPL’s Generation Portfolio  Total Domestic Generation: 12,184 MW  Planned Uprate Projects or Additions: 148 MW  A-3  (1) Reflects reduction of 60 MW expected loss due to increased  plant usage during scrubber operation.  (2) Includes tolling agreements.  Coal 3,500  Nuclear 2,165  Oil 1,817  Gas 2,282  Hydro 366  CTs 462  QFs 305  Coal 683  Hydro 604  West 1,287 MW  Hydro Uprate (2011) 28  Nuclear Uprate (2009-2010) 98  Hydro Uprate (2009) 3  Coal Uprate (2009) 11  Landfill Gas Addition (2009) 8  (1)  East 10,897 MW  (2)

 2007 Synfuel and Divested Assets  Ongoing Earnings Contributions  A-4  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-5  303898Asset Sales  (203)Investment in Energy Project  $347$231($237 )$513Free Cash Flow before Dividends  (61)18(58)39Other Investing Activities-net  (1,762)(1,218)(1,503)(1,685)Capital Expenditures  --(293)(310)Transition Bond Repayment  Increase/(Decrease) in cash due to:  $2,170$1,431$1,517$1,571Cash from Operations  2010200920082007  Note: Asset sales includes the net proceeds from the disposition of Latin American and domestic telecommunication operations in  2007 and the sale of gas and propane businesses in 2008.

 Millions  $939  $678 $752 $790  $286  $289  $582  $649  $278  $251  $428  $448  $0  $400  $800  $1,200  $1,600  $2,000  2008A 2009E 2010E 2011E  Supply PA Delivery International Delivery  $1,503  $1,887  $1,762  $1,218  Capital Expenditures by Segment  A-6

Reconciliation of Fourth Quarter Reported  Earnings and Earnings from Ongoing Operations  A-7  (Millions of Dollars)  Pennsylvania International  Supply Delivery Delivery Total  Qtr. Ending December 31, 2008  Reported earnings $182 $38 $57 $277  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 130 130  Asset impairments (16) (1) (17)  Impairments & other impacts - EAs 2 2  Impairment of nuclear decom. trust investments (12) (12)  Sale of gas and propane businesses (1) (1)  104 (1) (1) 102  Earnings from ongoing operations $78 $39 $58 $175  Qtr. Ending December 31, 2007  Reported earnings $114 $13 $291 $418  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 12 12  Sale of Latin American businesses 213 213  Sale of gas and propane businesses (21) (21)  Impairment of certain transmission rights (1) (1)  Workforce reductions (4) (1) (4) (9)  7 (22) 209 194  Earnings from ongoing operations $107 $35 $82 $224  Change excluding special items ($29) $4 ($24) ($49)

 Reconciliation of Fourth Quarter Reported  Earnings and Earnings from Ongoing Operations  A-8  (Dollars Per Share)  Pennsylvania International  Supply Delivery Delivery Total  Qtr. Ending December 31, 2008  Reported earnings $0.49 $0.10 $0.15 $0.74  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 0.35 0.35  Asset impairments (0.05) (0.05)  Impairments & other impacts - EAs 0.01 0.01  Impairment of nuclear decom. trust investments (0.03) (0.03)  0.28 0.28  Earnings from ongoing operations $0.21 $0.10 $0.15 $0.46  Qtr. Ending December 31, 2007  Reported earnings $0.31 $0.03 $0.77 $1.11  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 0.03 0.03  Sale of Latin American businesses 0.56 0.56  Sale of gas and propane businesses (0.06) (0.06)  Workforce reductions (0.01) (0.01) (0.02)  0.02 (0.06) 0.55 0.51  Earnings from ongoing operations $0.29 $0.09 $0.22 $0.60  Change excluding special items ($0.08) $0.01 ($0.07) ($0.14)

 Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-9  (Millions of Dollars)  Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date December 31, 2008  Reported earnings $479 $161 $290 $930  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 251 251  Asset impairments (16) (1) (17)  Impairments & other impacts - EAs (25) (25)  Impairment of nuclear decom. trust investments (17) (17)  Sale of gas and propane businesses (6) (6)  Off-site remediation of ash basin leak 1 1  Colstrip groundwater litigation (5) (5)  Synfuel tax adjustment (13) (13)  176 (6) (1) 169  Earnings from ongoing operations $303 $167 $291 $761  Year-to-Date December 31, 2007  Reported earnings $568 $110 $610 $1,288  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 32 32  PJM billing dispute (1) (1)  Sale of Latin American businesses 259 259  Sale of telecommunication operations (23) (23)  Sale of gas and propane businesses (44) (44)  Settlement of Wallingford cost-based rates 33 33  Impairment of certain transmission rights (13) (13)  Change in U.K. tax rate 54 54  Workforce reductions (4) (1) (4) (9)  24 (45) 309 288  Earnings from ongoing operations $544 $155 $301 $1,000  Change excluding special items ($241) $12 ($10) ($239)

 Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-10  (Dollars Per Share)  Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date December 31, 2008  Reported earnings $1.27 $0.43 $0.77 $2.47  Special Items:  MTM adj's from energy-related, non- trading economic hedges 0.67 0.67  Asset impairments (0.05) (0.05)  Impairments & other impacts - EAs (0.07) (0.07)  Impairment of nuclear decom. trust investments (0.04) (0.04)  Sale of gas and propane businesses (0.01) (0.01)  Colstrip groundwater litigation (0.01) (0.01)  Synfuel tax adjustment (0.04) (0.04)  0.46 (0.01) 0.45  Earnings from ongoing operations $0.81 $0.44 $0.77 $2.02  Year-to-Date December 31, 2007  Reported earnings $1.48 $0.29 $1.58 $3.35  Special Items:  MTM adj's from energy-related, non- trading economic hedges 0.08 0.08  Sale of Latin American businesses 0.67 0.67  Sale of telecommunication operations (0.06) (0.06)  Sale of gas and propane businesses (0.11) (0.11)  Settlement of Wallingford cost-based rates 0.09 0.09  Impairment of certain transmission rights (0.04) (0.04)  Change in U.K. tax rate 0.14 0.14  Workforce reductions (0.01) (0.01) (0.02)  0.06 (0.11) 0.80 0.75  Earnings from ongoing operations $1.42 $0.40 $0.78 $2.60  Change excluding special items ($0.61) $0.04 ($0.01) ($0.58)

 Reconciliation of Year-to-Date  Operating Income and Energy Margins  A-11  2008 2007 Change  Per Share  (after-tax)  Synfuel  Tax Credit  Reclass (a)  Per Share  Adjusted  (after-tax)  Eastern U.S., pre-tax $1,286 $1,555 ($269) ($0.42) $0.04 ($0.38)  Western U.S., pre-tax 278 269 9 0.01 0.01  Domestic gross energy margins, pre-tax $1,564 $1,824 ($260) ($0.41) $0.04 ($0.37)  2008 2007  Operating Income $1,819 $1,683  Adjustments:  Energy-related businesses, net (38) (7)  Other operation and maintenance 1,430 1,373  Amortization of recoverable transition costs 293 310  Depreciation 461 446  T axes, other than income 289 298  Revenue adjustments (b) (3,256) (2,017)  Expense adjustments (b) 566 (262)  Domestic gross energy margins $1,564 $1,824  Year Ended December 31,  Year Ended December 31,  (Millions of Dollars)  (a) Reclassified for presentation purposes.  (b) See additional information on the following slide.

 Reconciliation of Year-to-Date  Operating Income and Energy Margins  A-12  2008 2007  Revenue adjustments  WPD utility revenue ($824) ($863)  Domestic delivery component of utility revenue (1,325) (1,308)  Other utility revenue (52) (48)  RMR revenues (52)  Mark-to-market adjustments from certain economic activity (1,061) 145  Gains from sale of emission allowances 6 109  Total revenue adjustments ($3,256) ($2,017)  Expense adjustments  Mark-to-market adjustments from certain economic activity ($631) $200  Domestic electric ancillaries (54) (50)  Gross receipts tax 113 112  Other 6  Total expense adjustments ($566) $262  Year Ended December 31,  (Millions of Dollars)

 Reconciliation of PPL’s Reported Earnings and  Earnings from Ongoing Operations  High Low  2009 2009 2008 2007 2006  Per Share Earnings from Ongoing Operations $1.90 $1.60 $2.02 $2.60 $2.25  Special items (net of taxes):  economic hedges 0.67 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 (0.04) (0.01)  Sale of Latin American businesses 0.67  Sale of telecommunication operations (0.06)  Sale of gas and propane businesses (0.01) (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)  Colstrip groundwater litigation (0.01)  Asset impairments (0.05)  Impairments & other impacts - Emission Allowances (0.07)  0.00 0.00 0.45 0.75 (0.01)  Reported Earnings Per Share $1.90 $1.60 $2.47 $3.35 $2.24  Note: Per share amounts are based on diluted shares outstanding.  MTM adj's from energy-related, non-trading  Forecast Actual  A-13

A-14Issuer Rating BBBTax-Exempt Bonds* Aaa AAAOutlook STABLE NEGATIVE STABLESenior Secured Debt A3 A- ACommercialPaper P-2 A-2 F-2Preferred Stock Baa3 BBB BBBIssuer Rating Baa1 A- BBBFirst Mortgage Bonds A3 A- ATax-Exempt Bonds** Baa1 AAPreference Stock Baa3 BBB BBBPPL Electric UtilitiesSenior Unsecured Debt Baa2 BBB- BBBSubordinated Debt Baa3 BB+ BBBOutlookSTABLE STABLE STABLEPPL Capital FundingIssuer Rating BBB BBBSenior Notes Baa2 BBB BBB+Outlook STABLE NEGATIVE STABLEPPL Energy SupplyOutlook STABLE NEGATIVE STABLEIssuer Rating Baa2 BBB BBBPPL CorporationMoody’s Standard & Poor’s Fitch* Letter of Credit-Backed Security** Insured Security

 Credit Ratings (cont.)  A-15  A-3 Commercial Paper  A-BBB+ Baa1Senior Unsecured Debt  F2A-2P-2 Commercial Paper  POSITIVE STABLE STABLE Outlook  BBB+ BBB+ Baa1 Issuer Rating  A-BBB+ Baa1 Senior Unsecured Debt  F2A-2 Commercial Paper  POSITIVE STABLE STABLE Outlook  Western Power Distribution (South West) PLC  BBB+ BBB+ Issuer Rating  Western Power Distribution (South Wales) PLC  POSITIVE STABLE STABLE Outlook  POSITIVE STABLE Outlook  BBBBBB-Issuer Rating  WPD Holdings LLP  BBB-BBB-Baa3 Issuer Rating  BBBBBB-Baa3 Senior Unsecured Debt  A-3 Commercial Paper  WPD Holdings Limited  BBBBBB-Baa3 Pass-Through Certificates  STABLE STABLE Outlook  PPL Montana  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, hedging, 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; volatility in  financial or commodities markets; 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.11

 “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. These energy-related, non-trading economic hedges are used to hedge a  portion of the economic value of PPL’s generation assets and PPL’s load-following and retail activities. This economic value is subject to  changes in fair value due to market price volatility of the input and output commodities (e.g., coal and power). 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.  "Domestic Gross Energy Margins" is intended to supplement the investors' understanding of PPL’s domestic non-trading and trading  activities by combining applicable income statement line items and related adjustments to calculate a single financial measure. PPL  believes that "Domestic Gross Energy Margins" is useful and meaningful to investors because it provides them with the results of PPL's  domestic non-trading and trading activities as another criterion in making their investment decisions. "Domestic Gross Energy Margins" is  not intended to replace "Operating Income," which is determined in accordance with GAAP, as an indicator of overall operating  performance. PPL's management also uses "Domestic Gross Energy Margins" in measuring certain corporate performance goals used in  determining variable compensation. Other companies may use different measures to present the results of their non-trading and trading  activities.  Definitions of Financial Measures  A-17