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 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

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 4, 2009, PPL Corporation (“PPL”) issued a press release announcing its financial results for the quarter ended June 30, 2009, 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 4, 2009, 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, 2009, and other business matters. A copy of the slides to be used during the webcast is attached as Exhibit 99.2 and furnished with this report. The event will be available live, in audio format, together 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 4, 2009, announcing PPL’s financial results for the quarter ended June 30, 2009, and other business matters.
	99.2 -	Slides to be used on the August 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 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 4, 2009

EX-99.1

Exhibit 99.1

Contacts:	For news media – George Biechler, 610-774-5997
	For financial analysts – Joe Bergstein, 610-774-5609

PPL Corporation Reports Second-Quarter Earnings

·   Special items, lower wholesale energy margins, unfavorable currency exchange rates and lower domestic electricity delivery revenues drive earnings decline versus a year ago

·   Earnings from ongoing operations, excluding special items, continue to track ahead of 2009 plan

·   Company reaffirms 2009 earnings forecast, revises 2010 earnings forecast

ALLENTOWN, Pa. (Aug. 4, 2009) ― PPL Corporation (NYSE: PPL) on Tuesday (8/4) reported declines in both second-quarter and first-half earnings for 2009, compared with the same periods of 2008.

Driven primarily by special item charges for certain economic hedge activity and an impairment related to a previously announced pending asset sale, PPL reported a loss of $0.02 per share in the second quarter of 2009. This loss compares with reported earnings of $0.50 per share a year ago. Second-quarter results also were lower than a year ago due to lower wholesale energy margins, unfavorable currency exchange rates and lower domestic electricity sales.

For the first six months of 2009, PPL announced reported earnings of $0.62 per share, compared with $1.19 per share a year ago. The decline in reported earnings in the first half of 2009 is a result of the same factors affecting the quarterly results.

Excluding special items, earnings from ongoing operations were $0.32 per share in the second quarter of 2009, compared with $0.50 per share a year ago. For the first six months of 2009, earnings from ongoing operations were $0.91 per share, compared with $1.11 per share a year ago.

“The combination of a weak economy and mild weather pressured wholesale energy prices and electricity demand. We are encouraged, however, by our earnings from ongoing operations for the quarter, across all of our business segments,” said James H. Miller, PPL chairman, president and chief executive officer. “The cost containment actions that began early this year are paying off, and we continue to perform ahead of plan, keeping us on track to achieve our 2009 forecast of earnings from ongoing operations.”

PPL reaffirmed its 2009 forecast of $1.60 to $1.90 per share in earnings from ongoing operations. PPL’s 2009 forecast of reported earnings is $1.31 to $1.61 per share, reflecting special items recorded through June 30, 2009. The 2009 forecast of reported earnings does not reflect the expected gain on the sale of PPL’s Maine hydroelectric business. As previously announced, the sale of six hydroelectric facilities to an affiliate of ArcLight Capital Partners, LLC, along with the pending sale of three other hydroelectric dams to the Penobscot River Restoration Trust, is expected to result in a special after-tax gain in the range of $0.07 to $0.09 per share.

Driven by expectations of lower margins in marketing and trading and the continued decline in 2010 wholesale electricity prices, PPL has reduced its 2010 earnings forecast to a range of $3.10 to $3.50 per share. The company had previously expected 2010 earnings to be at the low end of the prior forecasted range of $3.60 to $4.20 per share.

“Given the significant economic uncertainty, challenging market conditions and lower regional customer demand for electricity, we took aggressive action to further lower our 2010 earnings risk by increasing our baseload generation hedge levels to 98 percent and lowering our expectations for our marketing and trading business,” Miller said.

“While our revised 2010 forecast reflects current market conditions, it’s important to note that the generation hedge strategy we put in place several years ago has provided substantial value for the company,” Miller said. “As a result of this strategy, our 2010 expected generation is hedged at an average price greater than current forward prices. The revised 2010 earnings range still represents a significant increase over 2009 expectations.”

Second-Quarter 2009 Earnings Details

PPL’s reported earnings in the second quarter of 2009 included a net special item charge of $0.34 per share, including $0.25 per share related to net unrealized losses from energy-related, non-trading economic hedges and economic foreign currency hedges, and $0.09 per share related to the previously announced pending sale of PPL’s Long Island generation assets. The second quarter of 2008 included offsetting special items.

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 unrealized gains and losses from energy-related, non-trading economic hedges and economic foreign currency hedges and impairments of securities in PPL’s nuclear decommissioning trust investments.

(Dollars in millions, except for per share amounts)

	2nd Quarter
	2009	2008	% Change
Reported Earnings	$(7)	$190	NA
Reported Earnings per Share	$(0.02)	$0.50	NA
Earnings from Ongoing Operations	$119	$190	-37%
Per Share Earnings from Ongoing Operations	$0.32	$0.50	-36%

(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 2009 Earnings by Business Segment

The following chart shows PPL’s earnings by business segment for the second quarter and first half of 2009, compared with the same periods of 2008.

	2nd Quarter					Year to Date
(per share)	2009			2008		2009			2008
Earnings from ongoing operations
Supply	$	0.09		$	0.26	$	0.30		$	0.45
Pennsylvania Delivery		0.05			0.08		0.19			0.24
International Delivery		0.18			0.16		0.42			0.42
Total	$	0.32		$	0.50	$	0.91		$	1.11
Special Items
Supply	$	(0.32	)	$	-	$	(0.25	)	$	0.08
Pennsylvania Delivery		-			-		(0.01	)		-
International Delivery		(0.02	)		-		(0.03	)		-
Total	$	(0.34	)	$	-	$	(0.29	)	$	0.08
Reported earnings
Supply	$	(0.23	)	$	0.26	$	0.05		$	0.53
Pennsylvania Delivery		0.05			0.08		0.18			0.24
International Delivery		0.16			0.16		0.39			0.42
Total	$	(0.02	)	$	0.50	$	0.62		$	1.19

(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 2009 by $0.17 per share, or 65 percent, compared with a year ago. This decline resulted primarily from: lower marketing and trading margins in the eastern U.S.; higher average fuel prices and lower baseload generation; higher operation and maintenance expenses at PPL’s Susquehanna nuclear plant as a result of the timing of this year’s refueling outage; and higher depreciation and financing costs. Partially offsetting these negative factors were higher wholesale energy margins in the western U.S. due to higher wholesale volumes driven by increased hydroelectric generation output.

Earnings from ongoing operations for PPL’s supply business segment during the first six months of 2009 decreased by $0.15 per share, or 33 percent, compared with a year ago. This decline resulted primarily from the same factors that drove second-quarter 2009 results, except for modestly lower operation and maintenance expenses and a gain recorded on a repurchase of a portion of PPL Energy Supply’s debt in the first quarter of 2009.

Pennsylvania Delivery Segment

PPL’s Pennsylvania delivery business segment includes the regulated electric delivery operations of PPL Electric Utilities and included the delivery operations of its natural gas and propane businesses prior to their divestiture in October 2008.

Earnings from ongoing operations for PPL’s Pennsylvania delivery business segment declined in the second quarter of 2009 by $0.03 per share, or 38 percent, compared with a year ago. This decline was the net result of lower delivery revenues, lower operation and maintenance expenses, and higher financing costs.

Earnings from ongoing operations for PPL’s Pennsylvania delivery business segment declined during the first six months of 2009 by $0.05 per share, or 21 percent, compared with a year ago. This decline resulted primarily from the same factors that drove second-quarter 2009 results, along with a $0.03 per share loss of earnings due to the divestiture of PPL’s natural gas and propane businesses.

International Delivery Segment

PPL’s international delivery business segment primarily includes the regulated electricity delivery operations of Western Power Distribution in the United Kingdom.

Earnings from ongoing operations for PPL’s international delivery business segment increased in the second quarter of 2009 by $0.02 per share, or 13 percent, compared with a year ago. This increase resulted primarily from lower U.K. and U.S. income taxes, lower operation and maintenance expenses and lower financing costs. These positive earnings drivers were partially offset by less favorable currency exchange rates.

Earnings from ongoing operations for PPL’s international delivery business segment were unchanged for the first six months of 2009, at $0.42 per share, compared with a year ago. Year-to-date results were impacted by the same factors that drove second-quarter 2009 results.

2009 Earnings from Ongoing Operations Forecast by Business Segment

Earnings (per share)	2009 (forecast)	2008 (actual)
	Midpoint
Supply	$0.85	$0.81
Pennsylvania Delivery	0.31	0.44
International Delivery	0.59	0.77
Total	$1.75	$2.02

Supply Segment

PPL projects higher earnings from ongoing operations in its supply business segment in 2009 compared with 2008, driven by higher energy margins as a result of higher expected baseload generation and margins from marketing and trading activities, despite higher expected coal expense, partially offset by higher expected operation and maintenance expenses and depreciation.

Pennsylvania Delivery Segment

PPL projects lower earnings from ongoing operations in its Pennsylvania delivery business segment in 2009 compared with 2008, primarily due to higher financing costs, lower than expected revenues in the electricity delivery business, higher operation and maintenance expenses, and the divestiture of its natural gas distribution and propane businesses.

International Delivery Segment

PPL projects lower earnings from ongoing operations in its international delivery business segment in 2009 compared with 2008 as a result of less favorable currency exchange rates.

2010 Earnings Forecast

With the full-requirements contract between PPL EnergyPlus and PPL Electric Utilities expiring at the end of 2009, PPL has hedged approximately 98 percent of its expected baseload generation output for 2010 and plans to place additional hedges to further mitigate financial risk. However, primarily as a result of lower regional customer demand, increased shopping, lower natural gas and power prices, and reduced congestion and volatility in the PJM energy markets ― margin expectations for PPL EnergyPlus’ marketing and trading operations have been significantly lowered. In addition, the company expects lower revenues from its international delivery segment due to inflation adjustments incorporated in the rate structure. Therefore, PPL has revised its 2010 earnings forecast to a range of $3.10 to $3.50 per share from its prior forecast at the low end of the range of $3.60 to $4.20 per share. In addition to the above key factors, the revised 2010 forecast assumes PPL Electric Utilities' ability 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 or owns more than 12,000 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 2009 financial results at 9 a.m. EDT Tuesday, Aug. 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# 21486024).

“Earnings from ongoing operations” excludes the impact of special items. Special items include charges or credits that are unusual or nonrecurring. Special items also include unrealized gains and losses from energy-related and foreign currency-related, non-trading economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds. The 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., fuel and power). The foreign currency-related, non-trading economic hedges are used to hedge a portion of the net income of the international delivery business segment. This economic value in U.S. dollars is subject to changes in the British Pound Sterling to U.S. dollar exchange rate. The unrealized gains and losses on these non-trading economic hedges in PPL’s supply and international delivery business segments are economically neutral to the company because they 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 attributable to PPL, 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, asset disposition, 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.

PPL CORPORATION AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)
Condensed Consolidated Balance Sheet (Unaudited)
(Millions of Dollars)
	June 30,			December 31,
	2009			2008 (b)
Assets
Cash and cash equivalents	$	973		$	1,100
Price risk management assets - current		1,966			1,224
Assets held for sale		182
Other current assets		1,674			2,059
Investments		522			522
Property, plant and equipment
Electric plant		20,444			20,033
Gas and oil plant		68			68
Other property		161			156
		20,673			20,257
Less:  accumulated depreciation		7,991			7,882
		12,682			12,375
Regulatory assets		571			737
Goodwill and other intangibles		1,413			1,400
Price risk management assets - noncurrent		1,986			1,392
Other noncurrent assets		441			596
Total assets	$	22,410		$	21,405
Liabilities and Equity
Short-term debt (including current portion of long-term debt)	$	1,097		$	1,375
Price risk management liabilities - current		1,768			1,324
Other current liabilities		1,651			1,603
Long-term debt (less current portion)		7,224			7,142
Deferred income taxes and investment tax credits		1,940			1,764
Price risk management liabilities - noncurrent		1,072			836
Accrued pension obligations		873			899
Other noncurrent liabilities		947			1,066
Common stock and capital in excess of par value		2,250			2,200
Earnings reinvested		3,837			3,862
Accumulated other comprehensive loss		(568	)		(985	)
Noncontrolling interests		319			319
Total liabilities and equity	$	22,410		$	21,405

(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.
(b)	Certain amounts from 2008 have been reclassified to conform to the current year presentation.

Condensed Consolidated Income Statement (Unaudited)
(Millions of Dollars, Except per Share Data)
	3 Months Ended June 30,						6 Months Ended June 30,
	2009 (a)			2008 (a)(b)			2009 (a)			2008 (a)(b)
Operating Revenues
Utility	$	881		$	981		$	1,946		$	2,101
Unregulated retail electric and gas		32			33			74			67
Wholesale energy marketing (c)
Realized		760			434			1,565			862
Unrealized economic activity		(112	)		(616	)		240			(796	)
Net energy trading margins		7			52			(5	)		50
Energy-related businesses		105			130			204			246
Total Operating Revenues		1,673			1,014			4,024			2,530
Operating Expenses
Operation
Fuel		186			189			444			429
Energy purchases (c)
Realized		615			309			1,299			626
Unrealized economic activity		65			(604	)		334			(863	)
Other operation and maintenance		354			358			726			734
Amortization of recoverable transition costs		70			68			154			144
Depreciation		114			117			223			228
Taxes, other than income		67			72			139			147
Energy-related businesses		98			120			189			227
Total Operating Expenses		1,569			629			3,508			1,672
Operating Income		104			385			516			858
Other Income (Expense) - net		(6	)		13			29			24
Other-Than-Temporary Impairments		1			7			18			10
Interest Expense		99			108			188			216
Income (Loss) from Continuing Operations Before Income Taxes		(2	)		283			339			656
Income Taxes		(31	)		94			67			220
Income from Continuing Operations After Income Taxes		29			189			272			436
Income (Loss) from Discontinued Operations (net of income taxes)		(32	)		6			(29	)		24
Net Income (Loss)		(3	)		195			243			460
Net Income Attributable to Noncontrolling Interests		4			5			9			10
Net Income (Loss) Attributable to PPL Corporation	$	(7	)	$	190		$	234		$	450
Amounts Attributable to PPL Corporation:
Income from Continuing Operations After Income Taxes	$	25		$	184		$	263		$	426
Income (Loss) from Discontinued Operations  (net of income taxes)		(32	)		6			(29	)		24
Net Income (Loss)	$	(7	)	$	190		$	234		$	450
Earnings Per Share of Common Stock - Basic
Earnings from Ongoing Operations	$	0.32		$	0.50		$	0.91		$	1.11
Special Items		(0.34	)		0.00			(0.29	)		0.09
Net Income (Loss)	$	(0.02	)	$	0.50		$	0.62		$	1.20
Earnings Per Share of Common Stock - Diluted
Earnings from Ongoing Operations	$	0.32		$	0.50		$	0.91		$	1.11
Special Items		(0.34	)		0.00			(0.29	)		0.08
Net Income (Loss)	$	(0.02	)	$	0.50		$	0.62		$	1.19
Weighted-Average Shares of Common Stock Outstanding (thousands)
Basic		375,881			373,158			375,493			373,009
Diluted		376,206			374,902			375,805			374,990

(a)	Earnings in the 2009 and 2008 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 2008 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)
	6 Months Ended
	June 30,
	2009			2008
Cash Flows from Operating Activities
Net Income	$	243		$	460
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation		225			230
Amortization of recoverable transition costs and other		182			178
Deferred income taxes and investment tax credits		(86	)		(38	)
Gains related to the extinguishment of notes		(29	)
Impairment of assets		104			11
Unrealized (gains) losses on derivatives and other hedging activities		40			(84	)
Changes in working capital		(134	)		164
Other operating activities		23			12
Net cash provided by operating activities		568			933
Cash Flows from Investing Activities
Expenditures for property, plant and equipment		(524	)		(661	)
Net expenditures for intangible assets		(40	)		(256	)
Net proceeds from (purchases of) other investments		150			(14	)
Net (increase) decrease in restricted cash and cash equivalents		189			(281	)
Other investing activities		(15	)		(4	)
Net cash used in investing activities		(240	)		(1,216	)
Cash Flows from Financing Activities
Net issuances (retirements) of long-term debt		(132	)		182
Repurchase of common stock due to the repurchase program					(38	)
Payment of common stock dividends		(256	)		(239	)
Net increase (decrease) in short-term debt		(77	)		400
Other financing activities		10			18
Net cash provided by (used in) financing activities		(455	)		323
Effect of Exchange Rates on Cash and Cash  Equivalents					(2	)
Net Increase (Decrease) in Cash and Cash Equivalents		(127	)		38
Cash and cash equivalents at beginning of period		1,100			430
Cash and cash equivalents included in assets held for sale					(2	)
Cash and cash equivalents at end of period	$	973		$	466

Key Indicators
	12 Months Ended
	June 30,
Financial	2009			2008
Dividends declared per share	$	1.36		$	1.28
Book value per share (a)	$	14.67		$	13.84
Market price per share (a)	$	32.96		$	52.27
Dividend yield (a)		4.1	%		2.4	%
Dividend payout ratio  (b)		72	%		41	%
Dividend payout ratio - earnings from ongoing operations (b)(c)		75	%		53	%
Price/earnings ratio (a)(b)		17.4			16.6
Price/earnings ratio - earnings from ongoing operations (a)(b)(c)		18.1			21.6
Return on average common equity		13.25	%		22.16	%
Return on average common equity - earnings from ongoing operations (c)		13.15	%		17.81	%

(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 June 30,							6 Months Ended June 30,
					Percent							Percent
(millions of kwh)	2009		2008		Change			2009		2008		Change
Domestic Retail
Delivered (a)		8,349		8,832		(5.5	%)		19,029		19,401		(1.9	%)
Supplied		8,893		9,404		(5.4	%)		20,145		20,526		(1.9	%)
International Delivered
United Kingdom		6,377		6,949		(8.2	%)		13,981		14,703		(4.9	%)
Domestic Wholesale
East		5,769		6,535		(11.7	%)		12,532		12,463		0.6	%
West
NorthWestern Energy		567		669		(15.2	%)		1,127		1,236		(8.8	%)
Other West		2,135		2,655		(19.6	%)		4,509		5,749		(21.6	%)

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

Reconciliation of Business Segment Earnings from Ongoing Operations and Reported Earnings (Diluted)
2nd Quarter 2009	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery			Total
Earnings from Ongoing Operations	$	34		$	17		$	68		$	119		$	0.09		$	0.05		$	0.18		$	0.32
Special Items
Unrealized losses from energy-related, non-trading economic hedges		(88	)								(88	)		(0.23	)								(0.23	)
Unrealized losses from foreign currency economic hedges								(6	)		(6	)								(0.02	)		(0.02	)
Adjustments - nuclear decom. trust investments		2									2
Impairments - assets held for sale & other		(34	)								(34	)		(0.09	)								(0.09	)
Total special items		(120	)					(6	)		(126	)		(0.32	)					(0.02	)		(0.34	)
Reported Earnings	$	(86	)	$	17		$	62		$	(7	)	$	(0.23	)	$	0.05		$	0.16		$	(0.02	)
Year-to-Date June 30, 2009	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery			Total
Earnings from Ongoing Operations	$	115		$	72		$	158		$	345		$	0.30		$	0.19		$	0.42		$	0.91
Special Items
Unrealized losses from energy-related, non-trading economic hedges		(38	)								(38	)		(0.10	)								(0.10	)
Unrealized losses from foreign currency economic hedges								(6	)		(6	)								(0.02	)		(0.02	)
Adjustments - nuclear decom. trust investments (Q1, '09; Q2, '09)		(1	)								(1	)
Impairments & other impacts - emission allowances (Q1, '09)		(15	)								(15	)		(0.04	)								(0.04	)
Impairments - assets held for sale & other (Q1, '09; Q2, '09)		(36	)		(1	)		(1	)		(38	)		(0.10	)								(0.10	)
Workforce reduction (Q1, '09)		(6	)		(5	)		(2	)		(13	)		(0.01	)		(0.01	)		(0.01	)		(0.03	)
Total special items		(96	)		(6	)		(9	)		(111	)		(0.25	)		(0.01	)		(0.03	)		(0.29	)
Reported Earnings	$	19		$	66		$	149		$	234		$	0.05		$	0.18		$	0.39		$	0.62
12 Months Ended June 30, 2009	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery			Total
Earnings from Ongoing Operations	$	252		$	147		$	289		$	688		$	0.66		$	0.39		$	0.77		$	1.82
Special Items
Unrealized gains from energy-related, non-trading economic hedges		159									159			0.43									0.43
Unrealized losses from foreign currency economic hedges								(6	)		(6	)								(0.02	)		(0.02	)
Sale of gas and propane businesses (Q3, '08; Q4, '08; Q1, '09)					(5	)					(5	)					(0.01	)					(0.01	)
Adjustments - nuclear decom. trust investments (Q3, '08;
Q4, '08; Q1, '09; Q2, '09)		(14	)								(14	)		(0.04	)								(0.04	)
Impairments & other impacts - emission allowances (Q3, '08;
Q4, '08; Q1, '09)		(40	)								(40	)		(0.11	)								(0.11	)
Impairments - assets held for sale & other (Q4, '08; Q1, '09; Q2, '09)		(52	)		(1	)		(2	)		(55	)		(0.14	)		(0.01	)					(0.15	)
Workforce reduction (Q1, '09)		(6	)		(5	)		(2	)		(13	)		(0.01	)		(0.01	)		(0.01	)		(0.03	)
Total special items		47			(11	)		(10	)		26			0.13			(0.03	)		(0.03	)		0.07
Reported Earnings	$	299		$	136		$	279		$	714		$	0.79		$	0.36		$	0.74		$	1.89

Reconciliation of Business Segment Earnings from Ongoing Operations and Reported Earnings (Diluted)
2nd 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	$	96		$	32		$	62		$	190		$	0.26		$	0.08		$	0.16		$	0.50
Special Items
Unrealized gains from energy-related, non-trading economic hedges		4									4			0.01									0.01
Adjustments - nuclear decom. trust investments		(4	)								(4	)		(0.01	)								(0.01	)
Off-site remediation of ash basin leak		1									1
Sale 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)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery			Total
Earnings from Ongoing Operations	$	166		$	92		$	160		$	418		$	0.45		$	0.24		$	0.42		$	1.11
Special Items
Unrealized gains from energy-related, non-trading economic hedges		54									54			0.14									0.14
Adjustments - nuclear decom. trust investments (Q2, '08)		(4	)								(4	)		(0.01	)								(0.01	)
Off-site remediation of ash basin leak (Q2, '08)		1									1
Sale of gas and propane businesses (Q2, '08)					(1	)					(1	)
Montana basin seepage 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)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery			Total
Earnings from Ongoing Operations	$	466		$	159		$	293		$	918		$	1.23		$	0.42		$	0.77		$	2.42
Special Items
Unrealized gains from energy-related, non-trading economic hedges		60									60			0.17									0.17
Adjustments - nuclear decom. trust investments (Q2, '08)		(4	)								(4	)		(0.01	)								(0.01	)
Off-site remediation of ash basin leak (Q2, '08)		1									1
Sale of gas and propane businesses (Q3, '07; Q4, '07; Q2, '08)					(45	)					(45	)					(0.12	)					(0.12	)
Montana basin seepage 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	)
Settlement of Wallingford cost-based rates (Q3, '07)		33									33			0.09									0.09
Impairment of 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

EX-99.2

Second Quarter Earnings Call  August 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  • Second Quarter 2009 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

 Earnings Results  Second Quarter  Earnings from Ongoing Operations  $0.50  $0.32  ($0.50)  $0.00  $0.50  $1.00  2Q 2008 2Q 2009  Per Share  $0.50  ($0.02)  ($0.50)  $0.00  $0.50  $1.00  2Q 2008 2Q 2009  Per Share  Second Quarter  Reported Earnings  Note: See Appendix for the reconciliation of reported earnings  and earnings from ongoing operations.  $1.19  $0.62  $0.00  $0.50  $1.00  $1.50  2Q 2008 2Q 2009  Per Share  $1.11  $0.91  $0.00  $0.50  $1.00  $1.50  2Q 2008 2Q 2009  Per Share  Year-to-Date  Reported Earnings  Year-to-Date  Earnings from Ongoing Operations  3

 $0.00  $1.00  $2.00  $3.00  $4.00  $5.00  2008A* 2009* 2010  Strong Expected Earnings Growth  Forecast  4  * Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  $2.02  $3.50  Per Share  $1.90  $1.60  $3.10

 Ongoing Earnings Overview  $(0.18)$0.50$0.32Total  0.020.160.18International Delivery  (0.03)0.080.05Pennsylvania Delivery  $ (0.17)$0.26$0.09Supply  Change  Q2  2008  Q2  2009  5  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 Supply Segment  Earnings Drivers  (0.04)Income taxes and other  0.01Margins - -West  (0.03)O&M  (0.01)Financing Costs  $0.092009 EPS – Ongoing Earnings  (0.17)Total  (0.10)Margins – East  $0.262008 EPS – Ongoing Earnings  2nd Quarter  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  6

 Pennsylvania Delivery Segment  Earnings Drivers  (0.03)Delivery Margins  $0.052009 EPS – Ongoing Earnings  (0.03)Total  (0.02)  0.01  Financing Costs  Income taxes and Other  0.01O&M  $0.082008 EPS – Ongoing Earnings  2nd Quarter  7  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 International Delivery Segment  Earnings Drivers  (0.07)Effect of Exchange Rates  0.02Financing Costs  $0.182009 EPS – Ongoing Earnings  0.02Total  0.05Income Taxes & Other  0.02O&M  $0.162008 EPS – Ongoing Earnings  2nd Quarter  8  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 $0.00  $1.00  $2.00  $3.00  $4.00  $5.00  2008A* 2009* 2010  Strong Expected Earnings Growth  Forecast  9  * Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  $2.02  $3.50  Per Share  $1.90  $1.60  $3.10

 ($605)  $124  ($326)  $524  $367  $272  ($30)  ($180)  $1  ($700)  ($400)  ($100)  $200  $500  $800  2008A 2009E 2010E  Supply Segment PA Delivery Segment International Delivery Segment  Free Cash Flow before Dividends Forecast  Millions  10

 Liquidity Profile  (1) Reported as of 6/30/2009  (2) Expiration date has been extended to July 2010  (3) Facility was terminated in July 2009 and replaced with a new £210 million 3-year credit facility expiring in July 2012  Diverse bank group consisting of 23 banks committed under domestic facilities,  with no bank having more than 14% of commitments.  11  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 $588 $285 $2,352  Bilateral Credit Facility Mar-2010 200 2 0 198  5-year Structured Credit Facility Mar-2011 300 236 0 64  364-day Credit Facility Sep-2009 385 0 0 385  $4,110 $826 $285 $2,999  PPL Electric Utilities 5-year Credit Facility May-2012 $190 $1 $0 $189  Asset-backed Credit Facility Jul-2009 (2) 150 0 0 150  $340 $1 $0 $339  WPD 5-year Credit Facility (3) Oct-2009 £150 £0 £65 £85  5-year Credit Facility Jan-2013 150 0 145 5  Uncommitted Credit Facilities 65 0 5 60  Letter of Credit Facility Mar-2010 3 3 0 0  £368 £3 £215 £150

 $0  $500  $1,000  $1,500  $2,000  $2,500  $3,000  $3,500  $4,000  $4,500  $5,000  $5,500  Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09  Available Credit Capacity  Cash Posted  Borrowings/CP Outstanding  Letters of Credit  PPL Energy Supply Collateral Profile  Millions  12

 PA and International Delivery Segment  Operational Update  PA Delivery  • PUC approved 2011 to mid-2013 Procurement Plan  – Bids for first procurement due August 11, 2009 with PUC  approval expected August 13  • Bids due for final 2010 RFP October 5, 2009 with PUC  approval expected October 8  • Filed Act 129 compliance plan with PUC on July 1  • PUC approved PPL Electric Utilities rate deferral plan  International Delivery  • Distribution Price Control Review (DPCR 5) initial proposal published August 3  13

 • Residential load to be supplied under 12-and  24-month load-following contracts and block power purchases, 5-and 10-year fixed block  products, and spot purchases  • Small commercial and industrial to be supplied under 12-and 24-month load-following  contracts, and spot purchases  • Large commercial and industrial to be supplied under hourly pricing products and an optional fixed-price block product  PPL Electric Utilities 2011 to 2013  Procurement Plan  14  Note: See Appendix for schedule of procurements

 Supply Segment Operational Update  • Susquehanna Unit 2 uprate of 45 MW  successfully completed  • Agreements reached to sell non-core assets on  Long Island and in Maine  • Brunner Island Unit 3 scrubber went in service • Brunner Island Units 1 and 2 scrubber will be  placed in service in the Fall  15

 Hedged Baseload Electricity 2009-2012  Hedged Baseload Electricity Sales  0%  20%  40%  60%  80%  100%  2009 2010 2011 2012  % of C oal, H ydro & N uclear O utput$20  $30  $40  $50  $60  $70  $80  $/M W h  Average Sale Price  16  2009 2010 2011 2012  Baseload Electricity Sales 98% 98% 80% 53%  Uranium 100% 100% 100% 100%  Coal 100% 98% 81% 63%

 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 $46 $58 $63 $66  $49 $34 $41 $43 $46  $69 $40 $49 $52 $55  $65 $33 $48 $56 $58  $51 $28 $38 $45 $46  $59 $31 $45 $52 $54  $8.84 $4.26 $6.06 $6.89 $7.16  $9.85 $5.06 $6.89 $7.73 $7.98  8.3 9.1 8.3 8.1 8.2  $82.00 $158.24 $181.39 $136.79 $123.63  89.6% 89.5% 91.1% 89.6% 91.5%  Forward(1)  (1) Market prices based on the average of broker quotes as of 6/30/2009  (2) 24-hour average  (3) NYMEX and TZ6NNY forward gas prices on 6/30/2009  (4) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price  A-1

 Current Hedge Positions -Electricity and Fuel  Note: As of 6/30/2009  A-2  2009 2010 2011 2012  Electricity Sales  East 94% 91% 72% 45%  West 94% 84% 81% 72%  Total 94% 90% 73% 49%  Uranium 100% 100% 100% 100%  Coal  East 100% 97% 79% 57%  West 100% 100% 86% 77%  Total 100% 98% 81% 63%  Unhedged Coal – million tons  Brunner & Montour 0.0 0.0 1.4 3.0  Keystone & Conemaugh 0.0 0.3 0.5 0.9

 PPL Supply Business Overview  2009E  Production GWh  A-3  Gas/Oil  38%  Coal  34%  Nuclear  18%  Hydro8%  QFs  2%  2009E  Installed Capacity MW  Gas/Oil  10%  Coal  50%  Nuclear  32%  Hydro  8%  Note: Graphs include tolling agreements

 PPL’s Generation Portfolio  Total Domestic Generation: 12,166 MW  Planned Uprate Projects or Additions: 208 MW  (1) Reflects reduction of 60 MW expected loss due to increased plant usage during scrubber operation.  (2) Includes tolling agreements  (3) Includes MWs associated with the proposed sale of Shoreham,  Edgewood and the PPL Maine hydro assets. A-4  Coal 3,500  Nuclear 2,219  Oil 1,817  Gas 2,282  Hydro 369  CTs 462  QFs 230  Coal 683  Hydro 604  West 1,287 MW  Hydro Uprate (2012) 28  Nuclear Uprate (2009-2011) 44  Hydro Uprate (2013) 125  Coal Uprate (2009) 11  (1)  East 10,879 MW  (2) (3)  (3)  (3)

 Current East Coal Contracts -Base Prices  A-5  Base Prices for Wholly Owned Plants* *East wholly owned plants include Montour & Brunner Island but not Keystone & Conemaugh.  **Excludes contracts subject to mining-related oil surcharges and/or price collars.  Note: As of 6/30/2009  $35  $40  $45  $50  $55  Balance of 2009 2010 2011  max collar price  fixed base price  min collar price Weighted  Average  $/Ton  at Mine  8%14%% Diesel Surcharge  82%70%6%% Collars  22%80%% Fixed Base Price**18%  0%

 Millions  $939  $753 $891 $936 $809  $648  $286  $295  $576  $649  $504  $535  $278  $251  $428  $448  $460  $477  $0  $400  $800  $1,200  $1,600  $2,000  $2,400  2008A 2009E 2010E 2011E 2012E 2013E  Supply PA Delivery International Delivery  $1,503  $2,033  $1,895  $1,299  Capital Expenditures by Segment  $1,773  $1,660  A-6

 Millions  $693 $811 $952 $1,221 $1,469 $1,528  $2,081 $2,207  $2,353  $2,513  $2,664 $2,803  $0  $1,000  $2,000  $3,000  $4,000  $5,000  2008A 2009E 2010E 2011E 2012E 2013E  Transmission Distribution & Other  Pennsylvania Delivery Rate Base  $3,018  $3,305  $3,734  $4,133  $4,331  $2,774  A-7

 PPL Electric Utilities 2011 to 2013  Procurement Plan Schedule  • Due dates for bids:  August 11, 2009 July 19, 2011  October 20, 2009 October 18, 2011  January 19, 2010 January 9, 2012  April 20, 2010 April 3, 2012  July 20, 2010 July 17, 2012  October 19, 2010 October 16, 2012  April 18, 2011 January 22, 2013  A-8

 $1.00  $1.10  $1.22  $1.34 $1.38  $0.00  $0.25  $0.50  $0.75  $1.00  $1.25  $1.50  2005 2006 2007 2008 2009  $/Share  Annualized  Continued Dividend Growth  A-9

 Debt Maturities  (1) PPL Capital Funding $201 million maturity paid off in March 2009  (2) PPL Electric Utilities prefunding done in 10/2008 and 5/2009 for 2009 maturity  Note: As of 6/30/2009  A-10  2009 2010 2011 2012 2013  PPL Energy Supply $0 $0 $500 $0 $737  PPL Capital Funding 0 (1) 0 0 0 0  PPL Electric Utilities 486 (2) 0 0 0 500  WPD Group 0 0 0 0 0  Subtotal $486 $0 $500 $0 $1,237  Prefunding $486 (2) $0 $0 $0 $0  Total $0 $0 $500 $0 $1,237  (Millions)

 Supply Segment Reconciliation of Cash from Operations  to Free Cash Flow before Dividends  (Millions)  A-11  39216Asset Sales  (203)Investment in Energy Project  $524$124($605)Free Cash Flow before Dividends  (61)(15)(58)Other Investing Activities-net  (891)(753)(939)Capital Expenditures  Increase/(Decrease) in cash due to:  $1,437$676$ 595Cash from Operations  201020092008  Actual Projected  Note: Asset Sales in 2009 and 2010 includes anticipated proceeds from the announced pending sale of the Long Island and Maine  generating assets.

 PA Delivery Segment Reconciliation of Cash from  Operations to Free Cash Flow before Dividends  (Millions)  A-12  303Asset Sales & Other  ($326)$272$367Free Cash Flow before Dividends  (576)(295)(286)Capital Expenditures  (293)Less Transition Bond Repayment  Increase/(Decrease) in cash due to:  $250$567$ 643Cash from Operations  201020092008  Note: Asset Sales in 2008 includes the net proceeds from the sale of gas and propane businesses in 2008.  Actual Projected

 International Delivery Segment Reconciliation of Cash  from Operations to Free Cash Flow before Dividends  (Millions)  A-13  ($180)($ 30)$ 1Free Cash Flow before Dividends  (428)(251)(278)Capital Expenditures  Increase/(Decrease) in cash due to:  $248$221$ 279Cash from Operations  201020092008  Actual Projected

 2009 - -2010 Sensitivities  EPS Impact  See Appendix A-1 for market price assumptions  A-14  Note: Discrete sensitivities based on changes to individual item, which ultimately may be interrelated.  2009 2010  $10/MW-Day  Capacity Price  Change  >$0.00 >$0.00  $1/MWh of  Unhedged  Baseload Sales  ±<$0.01 ±<$0.01  $1/MWh of  Unhedged  Total Sales  ±<$0.01 ±$0.01  1% Generation  Availability ±$0.01 ±$0.03  $0.05 between  USD and  British Pound  ±$0.00 ±$0.02

 Reconciliation of Second Quarter Reported  Earnings and Earnings from Ongoing Operations  A-15  (Millions)  Pennsylvania International  Supply Delivery Delivery Total  Quarter Ending June 30, 2009  Reported earnings* ($86) $17 $62 ($7)  Special Items:  Unrealized losses from energy-related, non-trading economic hedges (88) (88)  Unrealized losses from foreign currency economic hedges (6) (6)  Adjustments - nuclear decommissioning trust investments 2 2  Impairments - assets held for sale & other (34) (34)  (120) (6) (126)  Earnings from ongoing operations $34 $17 $68 $119  Quarter Ending June 30, 2008  Reported earnings* $97 $31 $62 $190  Special Items:  Unrealized gains from energy-related, non-trading economic hedges 4 4  Adjustments - nuclear decommissioning trust investments (4) (4)  Off-site remediation of ash basin leak 1 1  Sale of gas and propane businesses (1) (1)  1 (1)  Earnings from ongoing operations $96 $32 $62 $190  Change excluding special items ($62) ($15) $6 ($71)  * Represents net income attributable to PPL Corporation.

 Reconciliation of Second Quarter Reported  Earnings and Earnings from Ongoing Operations  A-16  Pennsylvania International  Supply Delivery Delivery Total  Quarter Ending June 30, 2009  Reported earnings ($0.23) $0.05 $0.16 ($0.02)  Special Items:  Unrealized losses from energy-related, non-trading economic hedges (0.23) (0.23)  Unrealized losses from foreign currency economic hedges (0.02) (0.02)  Impairments - assets held for sale & other (0.09) (0.09)  (0.32) (0.02) (0.34)  Earnings from ongoing operations $0.09 $0.05 $0.18 $0.32  Quarter Ending June 30, 2008  Reported earnings $0.26 $0.08 $0.16 $0.50  Special Items:  Unrealized gains from energy-related, non-trading economic hedges 0.01 0.01  Adjustments - nuclear decommissioning trust investments (0.01) (0.01)  Earnings from ongoing operations $0.26 $0.08 $0.16 $0.50  Change excluding special items ($0.17) ($0.03) $0.02 ($0.18)  Note: Per share amounts are based on diluted shares outstanding.  (Dollars Per Share)

 Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-17  (Millions)  Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date June 30, 2009  Reported earnings* $19 $66 $149 $234  Special Items:  Unrealized losses from energy-related, non-trading economic hedges (38) (38)  Unrealized losses from foreign currency economic hedges (6) (6)  Adjustments - nuclear decommissioning trust investments (1) (1)  Impairments & other impacts - emission allowances (15) (15)  Impairments -assets held for sale & other (36) (1) (1) (38)  Workforce reduction (6) (5) (2) (13)  (96) (6) (9) (111)  Earnings from ongoing operations $115 $72 $158 $345  Year-to-Date June 30, 2008  Reported earnings* $199 $91 $160 $450  Special Items:  Unrealized gains from energy-related, non-trading economic hedges 54 54  Adjustments - nuclear decommissioning trust investments (4) (4)  Off-site remediation of ash basin leak 1 1  Sale of gas and propane businesses (1) (1)  Montana basin seepage litigation (5) (5)  Synfuel tax adjustment (13) (13)  33 (1) 32  Earnings from ongoing operations $166 $92 $160 $418  Change excluding special items ($51) ($20) ($2) ($73)  * Represents net income attributable to PPL Corporation.

 Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-18  Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date June 30, 2009  Reported earnings $0.05 $0.18 $0.39 $0.62  Special Items:  Unrealized losses from energy-related, non-trading economic hedges (0.10) (0.10)  Unrealized losses from foreign currency economic hedges (0.02) (0.02)  Impairments & other impacts - emission allowances (0.04) (0.04)  Impairments - assets held for sale & other (0.10) (0.10)  Workforce reduction (0.01) (0.01) (0.01) (0.03)  (0.25) (0.01) (0.03) (0.29)  Earnings from ongoing operations $0.30 $0.19 $0.42 $0.91  Year-to-Date June 30, 2008  Reported earnings $0.53 $0.24 $0.42 $1.19  Special Items:  Unrealized gains from energy-related, non-trading economic hedges 0.14 0.14  Adjustments - nuclear decommissioning trust investments (0.01) (0.01)  Montana basin seepage 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  Change excluding special items ($0.15) ($0.05) $0.00 ($0.20)  Note: Per share amounts are based on diluted shares outstanding.  (Dollars Per Share)

 Reconciliation of PPL’s Reported Earnings and Earnings  from Ongoing Operations  High Low  2009 2009 2008 2007  Earnings from Ongoing Operations per share of common stock $1.90 $1.60 $2.02 $2.60  Special items (net of taxes) through June 30, 2009:  economic hedges (0.10) (0.10) 0.67 0.08  Unrealized losses from foreign currency economic hedges (0.02) (0.02)  Adjustments -nuclear decommissioning trust investments (0.04)  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 transmission rights (0.04)  Change in U.K. tax rate 0.14  Workforce reductions (0.03) (0.03) (0.02)  Synfuel tax adjustment (0.04)  Montana basin seepage litigation (0.01)  Impairments & other impacts - emission allow ances (0.04) (0.04) (0.07)  Impairments - assets held for sale & other (0.10) (0.10) (0.05)  (0.29) (0.29) 0.45 0.75  Reported Earnings per share of common stock $1.61 $1.31 $2.47 $3.35  Note: Per share amounts are based on diluted shares outstanding.  Unrealized gains (losses) from energy-related, non-trading  Forecast Actual  A-19

 Reconciliation of Second Quarter  Operating Income and Energy Margins  A-20  2009 2008 Change  Per Share  (after-tax)  Eastern U.S., pre-tax $312 $379 ($67) ($0.10)  Western U.S., pre-tax 77 68 9 0.01  Domestic gross energy margins, pre-tax $389 $447 ($58) ($0.09)  2009 2008  Operating Income $104 $385  Adjustments:  Energy-related businesses, net (7) (10)  Other operation and maintenance 354 358  Amortization of recoverable transition costs 70 68  Depreciation 114 117  Taxes, other than income 67 72  Revenue adjustments (a) (337) 92  Expense adjustments (a) 24 (635)  Domestic gross energy margins $389 $447  Three Months Ended June 30,  Three Months Ended June  30,  (Millions)  (a) See additional information on the following slide.

 A-21  2009 2008  Revenue adjustments  WPD utility revenue $ (155) $ (211)  Domestic delivery component of utility revenue (293) (310)  Other utility revenue (7) (14)  Unrealized gains (losses) from economic hedge activity 111 617  Margins from Supply segment discontinued operations 7 10  Total revenue adjustments $ (337) $ 92  Expense adjustments  Unrealized gains (losses) from economic hedge activity $ (39) $ 621  Domestic electric ancillaries (11) (14)  Gross receipts tax 26 27  Other 1  Total expense adjustments $ (24) $ 635  June 30,  Three Months Ended  (Millions)  Reconciliation of Second Quarter  Operating Income and Energy Margins

 Credit Ratings  A-22  BBB Issuer Rating  AAAAaa Tax-Exempt Bonds*  STABLE NEGATIVE NEGATIVE Outlook  A-A-A3Senior Secured Debt  F-2A-2P-2Commercial Paper  BBBBBBBaa3Preferred Stock  BBBA-Baa1Issuer Rating  A-A-A3First Mortgage Bonds  A/A-A3/Baa1Tax-Exempt Bonds**  BBBBBBBaa3Preference Stock  PPL Electric Utilities  BBBBBB-Baa2Senior Unsecured Debt  BBB-BB+ Baa3Subordinated Debt  STABLE STABLE NEGATIVE Outlook  PPL Capital Funding  BBBBBB Issuer Rating  BBB+ BBBBaa2Senior Notes  STABLE NEGATIVE STABLE Outlook  PPL Energy Supply  STABLE NEGATIVE NEGATIVE Outlook  BBBBBBBaa2Issuer Rating  PPL Corporation  Fitch Standard & Poor’s Moody’s  * Letter of Credit-Backed Security  ** Includes both Insured and Non-Insured Securities

 Credit Ratings (cont.)  A-23  A-3Commercial Paper  A-BBB+ Baa1Senior Unsecured Debt  F2A-2P-2Commercial Paper  POSITIVE NEGATIVE STABLE Outlook  BBB+ BBB+ Baa1Issuer Rating  A-BBB+ Baa1Senior Unsecured Debt  F2A-2Commercial Paper  POSITIVE NEGATIVE STABLE Outlook  Western Power Distribution (South West) PLC  BBB+ BBB+ Issuer Rating  Western Power Distribution (South Wales) PLC  POSITIVE NEGATIVE STABLE Outlook  POSITIVE NEGATIVE 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  Fitch Standard & Poor’s Moody’s

 Forward-Looking Information Statement  A-24  Statements contained in this presentation, including statements with respect to future earnings, energy prices, margins and sales,  growth, revenues, expenses, credit profile, cash flow, liquidity, financing, asset disposition, 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.

 Definitions of Non-GAAP Financial Measures  A-25  “Earnings from ongoing operations” excludes the impact of special items. Special items include charges or credits that are unusual or  nonrecurring. Special items also include unrealized gains or losses from energy-related and foreign currency-related, non-trading  economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds. The 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.,  fuel and power). The foreign currency-related, non-trading economic hedges are used to hedge a portion of the net income of the  international delivery business segment. This economic value in U.S. dollars is subject to changes in the British Pound Sterling to U.S.  dollar exchange rate. The unrealized gains and losses on these non-trading economic hedges in PPL’s supply and international delivery  business segments are economically neutral to the company because they 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 attributable to PPL,  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.