8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):  October 29, 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 October 29, 2009, PPL Corporation (“PPL”) issued a press release announcing its financial results for the quarter ended September 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 October 29, 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 September 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 October 29, 2009, announcing PPL’s financial results for the quarter ended September 30, 2009, and other business matters.
	99.2 -	Slides to be used on the October 29, 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:  October 29, 2009

EX-99.1

 Exhibit 99.1

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

PPL Corporation Reports Third-Quarter Earnings

·   Company announces third-quarter reported earnings of $0.05 per share and earnings from ongoing operations of $0.52 per share

·   2009 and 2010 earnings forecasts reaffirmed

ALLENTOWN, Pa. (Oct. 29, 2009) ― PPL Corporation (NYSE: PPL) on Thursday (10/29) announced declines in both third-quarter and nine-month reported earnings for 2009, compared with the same periods of 2008. PPL’s earnings from ongoing operations, which exclude the effect of special items, rose in the third quarter but remained lower for the nine-month period, compared with a year ago.

PPL’s reported earnings for the most recent quarter were $0.05 per share, compared with $0.54 per share a year ago. For the first nine months of 2009, PPL’s reported earnings were $0.67 per share, compared with $1.73 per share a year ago.

The primary drivers of the 2009 reported earnings declines versus 2008 were special item charges for certain economic hedge activity and the impact of two non-recurring income tax matters in the current quarter, as well as an impairment for the pending sale of generation assets on Long Island, N.Y., announced last quarter. The special item charges for the third quarter of 2009 totaled $0.47 per share, compared with net special item credits of $0.09 per share a year ago. PPL’s reported earnings for the first nine months of 2009 included special item charges of $0.76 per share, compared with net special item credits of $0.17 per share for the same period of 2008.

Earnings from ongoing operations were $0.52 per share in the third quarter of 2009, compared with $0.45 per share a year ago. For the first nine months of 2009, earnings from ongoing operations were $1.43 per share, compared with $1.56 per share a year ago.

“At this point in the year, we are pleased with our financial performance and our ability to track ahead of plan, despite ongoing pressure on wholesale energy prices and customer demand due to the continuing weak economy and mild weather,” said James H. Miller, PPL’s chairman, president and chief executive officer. “Our relatively strong ongoing earnings results for the quarter reflect the continued benefits of cost-control actions we took early in the year.”

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 $0.84 to $1.14 per share, reflecting special items recorded through Sept. 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 is expected to result in a special after-tax gain of approximately $0.06 per share in the fourth quarter of 2009. This figure excludes an additional special after-tax gain of $0.02 per share in contingent consideration from ArcLight that would be realized upon completion of PPL’s previously announced sale of three other hydroelectric facilities to the Penobscot River Restoration Trust.

PPL also reaffirmed its 2010 earnings forecast of $3.10 to $3.50 per share. “We expect the significant increase in earnings that we forecast for 2010 to come almost entirely from increased margins in the company’s supply business,” Miller said.

“We remain convinced that our hedge programs, aggressively executed when forward power prices for 2010 were much higher than they are today, will provide greater earnings and cash flow predictability,” he said.

Third-Quarter 2009 Earnings Details

PPL’s reported earnings in the third quarter of 2009 included special item charges of $0.47 per share: $0.34 per share related to certain economic hedge activity; $0.07 per share related to a change in the method of accounting for certain expenditures for income tax purposes; and $0.06 per share for additional tax expense related to the 2007 sales of its Latin American businesses. The tax accounting change, for which IRS consent was received, is expected to provide a cash flow benefit of approximately $200 million in 2009, as well as smaller cash flow benefits in future periods.

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, foreign currency-related economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds.

(Dollars in millions, except for per share amounts)

	3rd Quarter
	2009		2008		% Change
Reported Earnings	$	20	$	203		-90	%
Reported Earnings per Share	$	0.05	$	0.54		-91	%
Earnings from Ongoing Operations	$	195	$	168		+16	%
Per Share Earnings from Ongoing Operations	$	0.52	$	0.45		+16	%

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

Third-Quarter and Nine-Month 2009 Earnings by Business Segment

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

	3rd Quarter						Year to Date
(per share)	2009			2008			2009			2008
Earnings from ongoing operations
Supply	$	0.33		$	0.16		$	0.63		$	0.60
Pennsylvania Delivery		0.07			0.09			0.26			0.34
International Delivery		0.12			0.20			0.54			0.62
Total	$	0.52		$	0.45		$	1.43		$	1.56
Special Items
Supply	$	(0.41	)	$	0.10		$	(0.67	)	$	0.18
Pennsylvania Delivery		-			(0.01	)		(0.01	)		(0.01	)
International Delivery		(0.06	)		-			(0.08	)		-
Total	$	(0.47	)	$	0.09		$	(0.76	)	$	0.17
Reported earnings
Supply	$	(0.08	)	$	0.26		$	(0.04	)	$	0.78
Pennsylvania Delivery		0.07			0.08			0.25			0.33
International Delivery		0.06			0.20			0.46			0.62
Total	$	0.05		$	0.54		$	0.67		$	1.73

(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 increased in the third quarter of 2009 by $0.17 per share compared with 2008. Directly affecting this comparison were trading losses in 2008, caused by a dramatic decline in wholesale energy prices and lack of market liquidity.

Excluding this impact, energy margins were flat for the quarter. Positive drivers of this segment’s quarterly results include higher value from baseload generation, higher Eastern capacity prices and higher wholesale volumes in the West. Partially offsetting these benefits were lower margins on load-following agreements, higher operation and maintenance expenses at PPL’s Susquehanna nuclear plant and higher depreciation.

Earnings from ongoing operations for PPL’s supply business segment increased during the first nine months of 2009 by $0.03 per share compared with a year ago. This comparison also reflects the effect of trading losses in 2008. Positive earnings drivers for the nine-month period in 2009 were higher wholesale volumes in the West; higher capacity prices in the East; higher baseload generation; and a gain recorded on the repurchase of a portion of PPL Energy Supply’s debt in the first quarter of 2009. Partially offsetting these favorable impacts were lower marketing margins, due to lower margins on load-following agreements; higher average fuel expenses; higher income taxes; and higher depreciation.

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 PPL’s 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 third quarter of 2009 by $0.02 per share compared with a year ago. This decline was primarily due to lower delivery revenues, resulting from the impacts of weather and the economy, and higher financing costs.

Earnings from ongoing operations for PPL’s Pennsylvania delivery business segment declined during the first nine months of 2009 by $0.08 per share compared with a year ago. This decline was primarily due to lower delivery revenues, higher financing costs, and the divestiture of PPL’s natural gas and propane businesses. Partially offsetting this decrease were lower operation and maintenance expenses.

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 declined in the third quarter of 2009 by $0.08 per share compared with a year ago. This decline was the net result of higher U.K. and U.S. income taxes, less favorable currency exchange rates and lower financing costs.

Earnings from ongoing operations for PPL’s international delivery business segment declined during the first nine months of 2009 by $0.08 per share compared with a year ago. This decline was the net result of less favorable currency exchange rates, higher U.S. income taxes, lower operating expenses, lower financing costs and lower U.K. income taxes.

2009 Earnings Forecast

PPL projects earnings from ongoing operations of $1.60 to $1.90 per share in 2009, compared with $2.02 per share in 2008. This projected decline is primarily driven by less favorable currency exchange rates in the U.K. and higher operation and maintenance expenses, higher depreciation, and lower delivery revenues in Pennsylvania. These negative factors are expected to be partially offset by higher energy margins and lower financing costs.

2010 Earnings Forecast

PPL has reaffirmed its 2010 earnings forecast in a range of $3.10 to $3.50 per share. PPL has hedged nearly 100 percent of its expected baseload generation output for 2010 and continues to forecast strong growth in 2010 energy margins based on hedged power and fuel prices, as well as hedged capacity prices in the PJM Interconnection.

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 third-quarter 2009 financial results at 9 a.m. EDT Thursday, Oct. 29. 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# 36219786).

“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 non-trading economic hedges, foreign currency-related 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). Also included in this special item is the ineffective portion of qualifying cash flow hedges. The foreign currency-related 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 the U.S. dollar exchange rate. Management believes that the exclusion of such amounts provides a better matching of earnings from ongoing operations to the actual amounts settled for PPL’s underlying hedged assets. 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, cash flow, 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 are subject to 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, rate relief and regulatory cost recovery; 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 PPL Corporation.

PPL CORPORATION AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)
Condensed Consolidated Balance Sheet (Unaudited)
(Millions of Dollars)
	September 30,			December 31,
	2009			2008 (b)
Assets
Cash and cash equivalents	$	696		$	1,100
Price risk management assets - current		1,685			1,224
Assets held for sale		175
Other current assets		1,743			2,059
Investments		582			522
Property, plant and equipment
Electric plant		20,757			20,033
Gas and oil plant		68			68
Other property		163			156
		20,988			20,257
Less:  accumulated depreciation		8,111			7,882
		12,877			12,375
Regulatory assets		493			737
Goodwill and other intangibles		1,427			1,400
Price risk management assets - noncurrent		1,839			1,392
Other noncurrent assets		427			596
Total assets	$	21,944		$	21,405
Liabilities and Equity
Short-term debt (including current portion of long-term debt)	$	620		$	1,375
Price risk management liabilities - current		1,425			1,324
Other current liabilities		1,748			1,603
Long-term debt (less current portion)		7,250			7,142
Deferred income taxes and investment tax credits		2,203			1,764
Price risk management liabilities - noncurrent		927			836
Accrued pension obligations		839			899
Other noncurrent liabilities		995			1,066
Common stock and capital in excess of par value		2,268			2,200
Earnings reinvested		3,726			3,862
Accumulated other comprehensive loss		(376	)		(985	)
Noncontrolling interests		319			319
Total liabilities and equity	$	21,944		$	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 September 30,						9 Months Ended September 30,
	2009 (a)			2008 (a)(b)			2009 (a)			2008 (a)(b)
Operating Revenues
Utility	$	955		$	1,007		$	2,901		$	3,108
Unregulated retail electric and gas		34			43			108			110
Wholesale energy marketing (c)
Realized		999			748			2,564			1,610
Unrealized economic activity		(307	)		1,157			(67	)		361
Net energy trading margins		7			(132	)		2			(82	)
Energy-related businesses		117			148			321			394
Total Operating Revenues		1,805			2,971			5,829			5,501
Operating Expenses
Operation
Fuel		264			305			708			734
Energy purchases (c)
Realized		750			500			2,049			1,126
Unrealized economic activity		(79	)		1,020			255			157
Other operation and maintenance		317			361			1,043			1,095
Amortization of recoverable transition costs		73			73			227			217
Depreciation		120			117			343			345
Taxes, other than income		70			77			209			224
Energy-related businesses		109			134			298			361
Total Operating Expenses		1,624			2,587			5,132			4,259
Operating Income		181			384			697			1,242
Other Income - net		9			8			38			32
Other-Than-Temporary Impairments					6			18			16
Interest Expense		106			119			294			335
Income from Continuing Operations Before Income Taxes		84			267			423			923
Income Taxes		34			57			101			277
Income from Continuing Operations After Income Taxes		50			210			322			646
Income (Loss) from Discontinued Operations (net of income taxes)		(24	)		(2	)		(53	)		22
Net Income		26			208			269			668
Net Income Attributable to Noncontrolling Interests		6			5			15			15
Net Income Attributable to PPL Corporation	$	20		$	203		$	254		$	653
Amounts Attributable to PPL Corporation:
Income from Continuing Operations After Income Taxes	$	44		$	205		$	307		$	631
Income (Loss) from Discontinued Operations (net of income        taxes)		(24	)		(2	)		(53	)		22
Net Income	$	20		$	203		$	254		$	653
Earnings Per Share of Common Stock - Basic
Earnings from Ongoing Operations	$	0.52		$	0.45		$	1.43		$	1.56
Special Items		(0.47	)		0.09			(0.76	)		0.18
Net Income Available to PPL Corporation Common Shareowners	$	0.05		$	0.54		$	0.67		$	1.74
Earnings Per Share of Common Stock - Diluted
Earnings from Ongoing Operations	$	0.52		$	0.45		$	1.43		$	1.56
Special Items		(0.47	)		0.09			(0.76	)		0.17
Net Income Available to PPL Corporation Common Shareowners	$	0.05		$	0.54		$	0.67		$	1.73
Weighted-Average Shares of Common Stock Outstanding (thousands)
Basic		376,384			374,290			375,795			373,394
Diluted		376,716			375,096			376,113			374,984

(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)
	9 Months Ended
	September 30,
	2009			2008
Cash Flows from Operating Activities
Net Income	$	269		$	668
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation		345			347
Amortization of recoverable transition costs and other		286			286
Defined benefits		(29	)		(55	)
Deferred income taxes and investment tax credits		20			(56	)
Gains related to the extinguishment of notes		(29	)
Impairment of assets		109			53
Unrealized (gains) losses on derivatives and other hedging activities		256			(83	)
Changes in working capital		(34	)		(69	)
Other operating activities		54			70
Net cash provided by operating activities		1,247			1,161
Cash Flows from Investing Activities
Expenditures for property, plant and equipment		(821	)		(979	)
Net expenditures for intangible assets		(58	)		(272	)
Net proceeds from (purchases of) other investments		150			(14	)
Net (increase) decrease in restricted cash and cash equivalents		170			(70	)
Other investing activities		(32	)		(15	)
Net cash used in investing activities		(591	)		(1,350	)
Cash Flows from Financing Activities
Net issuances (retirements) of long-term debt		(618	)		400
Repurchase of common stock due to the repurchase program					(38	)
Payment of common stock dividends		(386	)		(365	)
Net increase (decrease) in short-term debt		(70	)		109
Other financing activities		14			10
Net cash provided by (used in) financing activities		(1,060	)		116
Effect of Exchange Rates on Cash and Cash  Equivalents					(5	)
Net Decrease in Cash and Cash Equivalents		(404	)		(78	)
Cash and cash equivalents at beginning of period		1,100			430
Cash and cash equivalents included in assets held for sale					(3	)
Cash and cash equivalents at end of period	$	696		$	349

Key Indicators
	12 Months Ended
	September 30,
Financial	2009			2008
Dividends declared per share	$	1.37		$	1.31
Book value per share (a)	$	14.92		$	14.91
Market price per share (a)	$	30.34		$	37.02
Dividend yield (a)		4.5	%		3.5	%
Dividend payout ratio  (b)		97	%		46	%
Dividend payout ratio - earnings from ongoing operations (b)(c)		72	%		61	%
Price/earnings ratio (a)(b)		21.5			13.0
Price/earnings ratio - earnings from ongoing operations (a)(b)(c)		16.1			17.1
Return on average common equity		9.78	%		19.68	%
Return on average common equity - earnings from ongoing operations (c)		13.39	%		15.62	%

(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 September 30,							9 Months Ended September 30,
					Percent						Percent
(millions of kwh)	2009		2008		Change				2009	2008	Change
Domestic Retail
Delivered (a)		9,061		9,624		(5.8	%)		28,086	29,025		(3.2	%)
Supplied		9,607		10,207		(5.9	%)		29,748	30,732		(3.2	%)
International Delivered
United Kingdom		5,825		6,186		(5.8	%)		19,806	20,889		(5.2	%)
Domestic Wholesale
East		7,914		8,783		(9.9	%)		20,446	21,246		(3.8	%)
West
NorthWestern Energy		571		633		(9.8	%)		1,698	1,869		(9.1	%)
Other West		2,273		3,010		(24.5	%)		6,782	8,759		(22.6	%)

(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)
3rd 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	$	124		$	27		$	44		$	195		$	0.33		$	0.07		$	0.12		$	0.52
Special Items
Unrealized losses from energy- related, non-trading economic hedges		(130	)								(130	)		(0.34	)								(0.34	)
Unrealized gains from foreign currency economic hedges								4			4
Income taxes - Latin American businesses								(24	)		(24	)								(0.06	)		(0.06	)
Changes in tax accounting method		(25	)								(25	)		(0.07	)								(0.07	)
Total special items		(155	)					(20	)		(175	)		(0.41	)					(0.06	)		(0.47	)
Reported Earnings	$	(31	)	$	27		$	24		$	20		$	(0.08	)	$	0.07		$	0.06		$	0.05
Year-to-Date September 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	$	239		$	99		$	202		$	540		$	0.63		$	0.26		$	0.54		$	1.43
Special Items
Unrealized losses from energy-related, non-trading economic hedges		(168	)								(168	)		(0.45	)								(0.45	)
Unrealized losses from foreign currency economic hedges								(2	)		(2	)								(0.01	)		(0.01	)
Adjustments - nuclear decom. trust investments (Q1, '09; Q2, '09; Q3, '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	)
Income taxes - Latin American businesses (Q3, '09)								(24	)		(24	)								(0.06	)		(0.06	)
Changes in tax accounting method (Q3, '09)		(25	)								(25	)		(0.07	)								(0.07	)
Total special items		(251	)		(6	)		(29	)		(286	)		(0.67	)		(0.01	)		(0.08	)		(0.76	)
Reported Earnings	$	(12	)	$	93		$	173		$	254		$	(0.04	)	$	0.25		$	0.46		$	0.67
12 Months Ended September 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	$	317		$	138		$	260		$	715		$	0.84		$	0.36		$	0.69		$	1.89
Special Items
Unrealized losses from energy-related, non-trading economic hedges		(38	)								(38	)		(0.10	)								(0.10	)
Unrealized losses from foreign currency economic hedges								(2	)		(2	)								(0.01	)		(0.01	)
Sale of gas and propane businesses (Q4, '08; Q1, '09)					(1	)					(1	)
Adjustments - nuclear decom. trust investments (Q4, '08; Q1, '09; Q2, '09; Q3, '09)		(13	)								(13	)		(0.03	)								(0.03	)
Impairments & other impacts - emission allowances (Q4, '08; Q1, '09)		(13	)								(13	)		(0.04	)								(0.04	)
Impairments - assets held for sale & other (Q4, '08; Q1, '09; Q2, '09)		(52	)		(1	)		(2	)		(55	)		(0.14	)								(0.14	)
Workforce reduction (Q1, '09)		(6	)		(5	)		(2	)		(13	)		(0.01	)		(0.01	)		(0.01	)		(0.03	)
Income taxes - Latin American businesses (Q3, '09)								(24	)		(24	)								(0.06	)		(0.06	)
Changes in tax accounting method (Q3, '09)		(25	)								(25	)		(0.07	)								(0.07	)
Total special items		(147	)		(7	)		(30	)		(184	)		(0.39	)		(0.01	)		(0.08	)		(0.48	)
Reported Earnings	$	170		$	131		$	230		$	531		$	0.45		$	0.35		$	0.61		$	1.41

Reconciliation of Business Segment Earnings from Ongoing Operations and Reported Earnings (Diluted)
3rd 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	$	59		$	36	$	73	$	168		$	0.16		$	0.09	$	0.20	$	0.45
Special Items
Unrealized gains from energy-related, non-trading economic hedges		67							67			0.18							0.18
Impairments & other impacts - emission allowances		(27	)						(27	)		(0.07	)						(0.07	)
Adjustments - nuclear decom. trust investments		(1	)						(1	)		(0.01	)						(0.01	)

Sale of gas and propane businesses					(4	)					(4	)					(0.01	)					(0.01	)
Total special items		39			(4	)					35			0.10			(0.01	)					0.09
Reported Earnings	$	98		$	32		$	73		$	203		$	0.26		$	0.08		$	0.20		$	0.54
Year-to-Date September 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	$	225		$	128		$	233		$	586		$	0.60		$	0.34		$	0.62		$	1.56
Special Items
Unrealized gains from energy-related, non-trading economic hedges		121									121			0.32									0.32
Impairments & other impacts - emission allowances (Q3, '08)		(27	)								(27	)		(0.07	)								(0.07	)
Adjustments - nuclear decom. trust investments (Q2, '08; Q3, '08)		(5	)								(5	)		(0.02	)								(0.02	)
Sale of gas and propane businesses (Q2, '08; Q3, '08)					(5	)					(5	)					(0.01	)					(0.01	)
Off-site remediation of ash basin leak (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		72			(5	)					67			0.18			(0.01	)					0.17
Reported Earnings	$	297		$	123		$	233		$	653		$	0.78		$	0.33		$	0.62		$	1.73
12 Months Ended September 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	$	333		$	163		$	315		$	811		$	0.90		$	0.43		$	0.83		$	2.16
Special Items
Unrealized gains from energy-related, non-trading economic hedges		133									133			0.35									0.35
Impairments & other impacts - emission allowances (Q3, '08)		(27	)								(27	)		(0.07	)								(0.07	)
Adjustments - nuclear decom. trust investments (Q2, '08; Q3, '08)		(5	)								(5	)		(0.02	)								(0.02	)
Sale of gas and propane businesses (Q4, '07; Q2, '08; Q3, '08)					(26	)					(26	)					(0.07	)					(0.07	)
Off-site remediation of ash basin leak (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	)
Workforce reduction (Q4, '07)		(4	)		(1	)		(4	)		(9	)		(0.01	)					(0.01	)		(0.02	)
Sale of Latin American businesses (Q4, '07)								213			213									0.57			0.57

Impairment of transmission rights (Q4, '07)		(1	)							(1	)
Total special items		79			(27	)		209		261			0.20		(0.07	)		0.56		0.69
Reported Earnings	$	412		$	136		$	524	$	1,072		$	1.10	$	0.36		$	1.39	$	2.85

EX-99.2

Third Quarter Earnings Call  October 29, 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  • Third 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  Third Quarter  Earnings from Ongoing Operations  $0.45  $0.52  $0.00  $0.50  $1.00  3Q 2008 3Q 2009  Per Share  $0.54  $0.05  $0.00  $0.50  $1.00  3Q 2008 3Q 2009  Per Share  Third Quarter  Reported Earnings  Note: See Appendix for the reconciliation of reported earnings  and earnings from ongoing operations.  $1.73  $0.67  $0.00  $0.50  $1.00  $1.50  $2.00  3Q 2008 3Q 2009  Per Share  $1.56  $1.43  $0.00  $0.50  $1.00  $1.50  $2.00  3Q 2008 3Q 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  $ 0.07$0.45$0.52Total  (0.08)0.200.12International Delivery  (0.02)0.090.07Pennsylvania Delivery  $ 0.17$0.16$0.33Supply  Change  Q3  2008  Q3  2009  5  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 Supply Segment  Earnings Drivers  0.01Margins – West  (0.02)O&M  (0.01)Depreciation  $0.332009 EPS – Ongoing Earnings  0.17Total  0.19Margins – East  $0.162008 EPS – Ongoing Earnings  3rd Quarter  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  6

 Pennsylvania Delivery Segment  Earnings Drivers  (0.01)Delivery Margins  $0.072009 EPS – Ongoing Earnings  (0.02)Total  (0.01)Financing Costs  $0.092008 EPS – Ongoing Earnings  3rd Quarter  7  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 International Delivery Segment  Earnings Drivers  (0.03)Effect of Exchange Rates  0.02Financing Costs  $0.122009 EPS – Ongoing Earnings  (0.08)Total  (0.08)Income Taxes & Other  0.01O&M  $0.202008 EPS – Ongoing Earnings  3rd 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)  $189  ($318)  $523  $367  $266  ($21)  ($180)  $1  ($800)  ($600)  ($400)  ($200)  $0  $200  $400  $600  $800  2008A 2009E 2010E  Supply Segment PA Delivery Segment International Delivery Segment  Free Cash Flow before Dividends Forecast  Millions  10  Note: See Appendix for reconciliation of cash from operations to free cash flow before dividends

 PA and International Delivery Segment  Operational Update  PA Delivery  • Sixth and final RFP for 2010 POLR load completed on October 8  – Solicitations resulted in a total increase of 29.7% for average residential  customers  • Second solicitation completed for the 2011 to mid-2013 Procurement  • PA PUC completed evidentiary hearings regarding PPL Electric Utilities  application to build the Pennsylvania portion of the Susquehanna-Roseland  500-kilovolt transmission line  • Received $19 million federal grant to deploy smart grid technology  International Delivery  • Distribution Price Control Review (DPCR 5)  – Initial proposals issued in August 2009 and updated by OFGEM in October  – Final proposals will be issued in November 2009 and will take effect April 1, 2010  11

 Supply Segment Operational Update  • Brunner Island’s Unit 1 passed a record run  mark of 165 consecutive days  • PPL Montana began work on the Rainbow  hydroelectric plant  – Upon completion in 2012, project will increase  amount of clean, renewable power generated by the  facility by 70 percent  • Expect to begin construction of 120 MW  Holtwood hydro plant shortly  12

 Supply Segment Asset Hedge Positions  2009 2010 2011 2012  Baseload  Expected Generation* (1,000 MWhs) 51.4 52.0 52.2 53.4  East 42.9 43.5 43.9 45.0  West 8.5 8.5 8.3 8.4  Current Hedges (%) 99% 99% 89% 58%  East 99% 100% 90% 55%  West 96% 90% 83% 73%  Average Hedged Price (Energy Only) ($/MWh) $46 $59 $59 $61  East $46 $60 $60 $62  West $47 $50 $56 $57  Expected Average Price (Fully Loaded) ($/MWh) $46 $70 $67 $68  East** $46 $72 $70 $71  West $47 $50 $56 $57  %Hedged Through Swaps/Options Energy Transactions 22% 96% 89% 58%  % Hedged Through Load-following Transactions 77% 3% 0% 0%  Intermediate/Peaking  Expected Generation (1,000 MWhs) 5.8 5.2 5.2 5.3  Current Hedges (%) 88% 17% 0% 0%  13  As of September 30, 2009  *Represents expected sales based on current forecasted assumption for 2009-2012  **Represents energy, capacity, congestion and other revenues

 Current Fuel Hedge Positions  (1)Base prices for East wholly owned plants which include Montour & Brunner Island but not Keystone & Conemaugh.  (2)Excludes contracts subject to mining-related oil surcharges and/or price collars.  Note: As of 9/30/2009  2009 2010 2011 2012  Uranium 100% 100% 100% 100%  Coal  East 100% 97% 83% 60%  West 100% 100% 100% 90%  Total 100% 98% 88% 68%  14  $35  $40  $45  $50  $55  Balance of 2009 2010 2011  max collar price  fixed base price  min collar price Weighted  Average  $/Ton  at Mine (1)  7%11% % Diesel Surcharge  78% 5%0%% Collars  88% 89% % Fixed Base Price (2)22%  0%

 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 $44 $59 $63 $65  $49 $32 $39 $41 $43  $69 $38 $48 $52 $53  $65 $36 $52 $56 $57  $51 $29 $41 $45 $45  $59 $33 $47 $51 $51  $8.84 $4.04 $6.21 $6.87 $7.02  $9.85 $4.79 $7.01 $7.69 $7.80  8.2 9.2 8.4 8.2 8.3  $82.00 $158.24 $181.39 $136.79 $123.63  89.6% 89.5% 91.6% 88.6% 91.1%  Forward(1)  (1) Market prices based on the average of broker quotes as of 9/30/2009  (2) 24-hour average  (3) NYMEX and TZ6NNY forward gas prices on 9/30/2009  (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  38%  Coal  34%  Nuclear  18%  Hydro8%  QFs  2%  2009E  Installed Capacity MW  Gas/Oil  10%  Coal  49%  Nuclear  32%  Hydro  9%  Note: Graphs include tolling agreements

 PPL’s Generation Portfolio  Total Domestic Generation: 12,181 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 agreement and renewable energy projects  (3) Includes MWs associated with the proposed sale of Shoreham,  Edgewood and the PPL Maine hydro assets. A-3  Coal 3,500  Nuclear 2,210  Oil 1,817  Gas 2,282  Hydro 369  CTs 462  QFs 254  Coal 683  Hydro 604  West 1,287 MW  Hydro Uprate (2012) 28  Nuclear Uprate (2010-2011) 44  Hydro Uprate (2013) 125  Coal Uprate (2009) 11  (1)  East 10,894 MW  (2) (3)  (3)  (3)

 Millions  $939  $753 $892 $936 $809  $649  $286  $295  $568  $801  $664  $719  $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  $2,185  $1,888  $1,299  Capital Expenditures by Segment  $1,933  $1,845  A-4

 Millions  $833 $1,093 $1,358 $1,569 $1,791 $1,998  $2,173  $2,349  $2,549  $2,721  $2,888  $3,093  $0  $1,000  $2,000  $3,000  $4,000  $5,000  2008A 2009E 2010E 2011E 2012E 2013E  Transmission Distribution & Other  Pennsylvania Delivery Rate Base  $3,442  $3,907  $4,290  $4,679  $5,091  $3,006  A-5

 • Due dates for bids:  PPL Electric Utilities 2011 to mid-2013  Procurement Plan Schedule  A-6  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  .. .. ..Completed

 $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-7

 Debt Maturities  (1) PPL Capital Funding $201 million maturity paid off in March 2009  (2) PPL Electric Utilities $486 million maturity paid off in August 2009  Note: As of 9/30/2009  A-8  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 0 (2) 0 0 0 500  WPD Group  0  0 0 0 0  Total $0 $0 $500 $0 $1,237  (Millions)

 Liquidity Profile  (1) Reported as of 9/30/2009  Domestic facilities consist of a diverse bank group, with no bank and its  affiliates providing an aggregate commitment of more than 15% of the total  committed capacity.  A-9  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 $455 $285 $2,485  Bilateral Credit Facility Mar-2010 200 4 0 196  5-year Structured Credit Facility Mar-2011 300 230 0 70  364-day Credit Facility Sep-2010 400 0 0 400  $4,125 $689 $285 $3,151  PPL Electric Utilities 5-year Credit Facility May-2012 $190 $5 $0 $185  Asset-backed Credit Facility Jul-2010 150 0 0 150  $340 $5 $0 $335  WPD 3-year Credit Facility Jul-2012 £210 £0 £54 £156  5-year Credit Facility Jan-2013 150 0 127 23  Uncommitted Credit Facilities 60 0 21 39  Letter of Credit Facility Mar-2010 3 3 0 0  £423 £3 £202 £218

 PPL Energy Supply Collateral Profile  A-10  $0  $500  $1,000  $1,500  $2,000  $2,500  $3,000  $3,500  $4,000  $4,500  $5,000  $5,500  Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09  Letters of Credit Borrowings/CP Outstanding Cash Posted Available Credit Capacity  Millions

 Supply Segment Reconciliation of Cash from Operations  to Free Cash Flow before Dividends  A-11  39216Asset Sales  (203)Investment in Energy Project  $523$189($605)Free Cash Flow before Dividends  (61)(15)(58)Other Investing Activities-net  (892)(753)(939)Capital Expenditures  Increase/(Decrease) in cash due to:  $1,437$741$595Cash from Operations  201020092008  (Millions)  Actual Projected  Note: Asset Sales in 2009 include the anticipated proceeds from the announced pending sale of most of the Maine generating  assets and all of the Long Island generating assets. Closing of the sale of the Maine assets is expected on or about  November 1, 2009. Closing on the sale of the Long Island assets is expected later in 2009 or in the first quarter of 2010.  Asset sales in 2010 include the anticipated proceeds from the announced pending sale of the remaining Maine generating  assets.

 PA Delivery Segment Reconciliation of Cash from  Operations to Free Cash Flow before Dividends  (Millions)  A-12  303Asset Sales & Other  ($318)$266$367Free Cash Flow before Dividends  (568)(295)(286)Capital Expenditures  (293)Less Transition Bond Repayment  Increase/(Decrease) in cash due to:  $250$561$643Cash from Operations  201020092008  Note: Asset Sales in 2008 includes the net proceeds from the sale of gas and propane businesses  Actual Projected

 International Delivery Segment Reconciliation of Cash  from Operations to Free Cash Flow before Dividends  (Millions)  A-13  ($180)($21)$1Free Cash Flow before Dividends  (428)(251)(278)Capital Expenditures  Increase/(Decrease) in cash due to:  $248$230$279Cash from Operations  201020092008  Actual Projected

 Pennsylvania International  Supply Delivery Delivery Total  Quarter Ending September 30, 2009  Reported earnings* ($31) $27 $24 $20  Special Items:  Unrealized losses from energy-related, non-trading economic hedges (130) (130)  Unrealized gains from foreign currency economic hedges 4 4  Income taxes - Latin American businesses (24) (24)  Changes in tax accounting method (25) (25)  (155) (20) (175)  Earnings from ongoing operations $124 $27 $44 $195  Quarter Ending September 30, 2008  Reported earnings* $98 $32 $73 $203  Special Items:  Unrealized gains from energy-related, non-trading economic hedges 67 67  Impairments & other impacts - emission allowances (27) (27)  Adjustments - nuclear decommissioning trust investments (1) (1)  Sale of gas and propane businesses (4) (4)  39 (4) 35  Earnings from ongoing operations $59 $36 $73 $168  Change excluding special items $65 ($9) ($29) $27  * Represents net income attributable to PPL Corporation.  Reconciliation of Third Quarter Reported  Earnings and Earnings from Ongoing Operations  A-14  (Millions)

 Pennsylvania International  Supply Delivery Delivery Total  Quarter Ending September 30, 2009  Reported earnings ($0.08) $0.07 $0.06 $0.05  Special Items:  Unrealized losses from energy-related, non-trading economic hedges (0.34) (0.34)  Income taxes - Latin American businesses (0.06) (0.06)  Changes in tax accounting method (0.07) (0.07)  (0.41) (0.06) (0.47)  Earnings from ongoing operations $0.33 $0.07 $0.12 $0.52  Quarter Ending September 30, 2008  Reported earnings $0.26 $0.08 $0.20 $0.54  Special Items:  Unrealized gains from energy-related, non-trading economic hedges 0.18 0.18  Impairments & other impacts -emission allowances (0.07) (0.07)  Adjustments - nuclear decommissioning trust investments (0.01) (0.01)  Sale of gas and propane businesses (0.01) (0.01)  0.10 (0.01) 0.09  Earnings from ongoing operations $0.16 $0.09 $0.20 $0.45  Change excluding special items $0.17 ($0.02) ($0.08) $0.07  Note: Per share amounts are based on diluted shares outstanding.  Reconciliation of Third Quarter Reported  Earnings and Earnings from Ongoing Operations  A-15  (Dollars Per Share)

 Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date September 30, 2009  Reported earnings* ($12) $93 $173 $254  Special Items:  Unrealized losses from energy-related, non-trading economic hedges (168) (168)  Unrealized losses from foreign currency economic hedges (2) (2)  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)  Income taxes - Latin American businesses (24) (24)  Changes in tax accounting method (25) (25)  (251) (6) (29) (286)  Earnings from ongoing operations $239 $99 $202 $540  Year-to-Date September 30, 2008  Reported earnings* $297 $123 $233 $653  Special Items:  Unrealized gains from energy-related, non-trading economic hedges 121 121  Impairments & other impacts - emission allowances (27) (27)  Adjustments - nuclear decommissioning trust investments (5) (5)  Off-site remediation of ash basin leak 1 1  Sale of gas and propane businesses (5) (5)  Montana basin seepage litigation (5) (5)  Synfuel tax adjustment (13) (13)  72 (5) 67  Earnings from ongoing operations $225 $128 $233 $586  Change excluding special items $14 ($29) ($31) ($46)  * Represents net income attributable to PPL Corporation.  Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-16  (Millions)

 Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date September 30, 2009  Reported earnings ($0.04) $0.25 $0.46 $0.67  Special Items:  Unrealized losses from energy-related, non-trading economic hedges (0.45) (0.45)  Unrealized losses from foreign currency economic hedges (0.01) (0.01)  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)  Income taxes - Latin American businesses (0.06) (0.06)  Changes in tax accounting method (0.07) (0.07)  (0.67) (0.01) (0.08) (0.76)  Earnings from ongoing operations $0.63 $0.26 $0.54 $1.43  Year-to-Date September 30, 2008  Reported earnings $0.78 $0.33 $0.62 $1.73  Special Items:  Unrealized gains from energy-related, non-trading economic hedges 0.32 0.32  Impairments & other impacts - emission allowances (0.07) (0.07)  Adjustments - nuclear decommissioning trust investments (0.02) (0.02)  Sale of gas and propane businesses (0.01) (0.01)  Montana basin seepage litigation (0.01) (0.01)  Synfuel tax adjustment (0.04) (0.04)  0.18 (0.01) 0.17  Earnings from ongoing operations $0.60 $0.34 $0.62 $1.56  Change excluding special items $0.03 ($0.08) (0.08) $ ($0.13)  Note: Per share amounts are based on diluted shares outstanding.  Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-17  (Dollars Per Share)

 Reconciliation of Third Quarter  Operating Income and Energy Margins  A-18  2009 2008 Change  Per Share  (after-tax)  Eastern U.S., pre-tax $391 $269 $122 $0.19  Western U.S., pre-tax 85 75 10 0.01  Domestic gross energy margins, pre-tax $476 $344 $132 $0.20  2009 2008  Operating Income $181 $384  Adjustments:  Energy-related businesses, net (8) (14)  Other operation and maintenance 317 361  Amortization of recoverable transition costs 73 73  Depreciation 120 117  Taxes, other than income 70 77  Revenue adjustments (a) (168) (1,683)  Expense adjustments (a) (109) 1,029  Domestic gross energy margins $476 $344  Three Months Ended September 30,  Three Months Ended  September 30,  (Millions)  (a) See additional information on the following slide.

 Reconciliation of Third Quarter  Operating Income and Energy Margins  A-19  2009 2008  Revenue adjustments  WPD utility revenue ($165) $ (195)  Domestic delivery component of utility revenue (302) (325)  Other utility revenue (17) (12)  Unrealized (gains) losses from economic hedge activity 307 (1,160)  Margins from Supply segment discontinued operations 9 9  Total revenue adjustments ($168) ($1,683)  Expense adjustments  Unrealized gains (losses) from economic hedge activity $ 86 $ (1,044)  Domestic electric ancillaries (10) (15)  Gross receipts tax 27 28  Other 6 2  Total expense adjustments $109 ($1,029)  September 30,  Three Months Ended  (Millions)

 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):  economic hedges (0.45) (0.45) 0.67 0.08  Unrealized losses from foreign currency economic hedges (0.01) (0.01)  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 allowances (0.04) (0.04) (0.07)  Impairments - assets held for sale & other (0.10) (0.10) (0.05)  Taxes - Latin American businesses (0.06) (0.06)  Changes in tax accounting method (0.07) (0.07)  (0.76) (0.76) 0.45 0.75  Reported Earnings per share of common stock $1.14 $0.84 $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-20

 Credit Ratings  A-21  BBB Issuer Rating  AAA Aaa Tax-Exempt Bonds (1)  STABLE NEGATIVE NEGATIVE Outlook  A-A-A3Senior Secured Debt  F-2A-2P-2Commercial Paper  BBB BBB Baa3 Preferred Stock  BBBA-Baa1 Issuer Rating  A-A-A3 First Mortgage Bonds  A/A-A3/Baa1 Tax-Exempt Bonds (2)  BBB BBB Baa3 Preference Stock  PPL Electric Utilities  BBB BBB-Baa2 Senior Unsecured Debt  BBB-BB+ Baa3 Subordinated Debt  STABLE NEGATIVE Outlook  PPL Capital Funding  BBB BBB Issuer Rating  BBB+ BBBBaa2Senior Notes  STABLE NEGATIVE STABLE Outlook  PPL Energy Supply  STABLE NEGATIVE NEGATIVE Outlook  BBB BBB Baa2Issuer Rating  PPL Corporation  Fitch Standard & Poor’s Moody’s  (1) Letter of Credit-Backed Security  (2) Includes both Insured and Non-Insured Securities

 Credit Ratings (cont.)  A-22  Commercial Paper  A-BBB+ Baa1Senior Unsecured Debt  F2A-2P-2Commercial Paper  POSITIVENEGATIVESTABLE Outlook  BBB+ BBB+ Baa1Issuer Rating  A-BBB+ Baa1Senior Unsecured Debt  F2A-2Commercial Paper  POSITIVENEGATIVESTABLE Outlook  Western Power Distribution (South West) PLC  BBB+ BBB+ Issuer Rating  Western Power Distribution (South Wales) PLC  POSITIVENEGATIVESTABLE Outlook  POSITIVE Outlook  BBB Issuer Rating  WPD Holdings LLP  BBB-BBB-Baa3Issuer Rating  BBB BBB-Baa3 Senior Unsecured Debt  A-3 Commercial Paper  WPD Holdings Limited  BBB BBB-Baa3 Pass-Through Certificates  STABLE STABLE Outlook  PPL Montana  Fitch Standard & Poor’s Moody’s

 Forward-Looking Information Statement  A-23  Statements contained in this presentation, including statements with respect to future earnings, energy prices, margins and sales,  growth, revenues, expenses, cash flow, 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 are subject to 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, rate  relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or  foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its  subsidiaries; stock price performance; the market prices of equity securities and the impact on pension income and resultant cash  funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries;  political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business,  including any potential effects of threatened or actual terrorism or war or other hostilities; foreign exchange rates; new state, federal or  foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such  forward-looking statements should be considered in light of such important factors and in conjunction with PPL Corporation’s Form 10-K  and other reports on file with the Securities and Exchange Commission.

 Definitions of Non-GAAP Financial Measures  A-24  “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, non-trading economic hedges, foreign  currency-related 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). Also included in this special item is the ineffective portion of qualifying cash flow hedges. The  foreign currency-related 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. Management  believes that the exclusion of such amounts provides a better matching of ongoing earnings to the actual amounts settled for our  underlying hedged assets. 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.  "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.