8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):  February 5, 2010

Commission File Number	Registrant; State of Incorporation; Address and Telephone Number	IRS Employer Identification No.
1-11459	PPL Corporation (Exact name of Registrant as specified in its charter) (Pennsylvania) Two North Ninth Street Allentown, PA  18101-1179 (610) 774-5151	23-2758192
1-32944	PPL Energy Supply, LLC (Exact name of Registrant as specified in its charter) (Delaware) Two North Ninth Street Allentown, PA  18101-1179 (610) 774-5151	23-3074920
1-905	PPL Electric Utilities Corporation (Exact name of Registrant as specified in its charter) (Pennsylvania) Two North Ninth Street Allentown, PA  18101-1179 (610) 774-5151	23-0959590

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition

On February 5, 2010, PPL Corporation (“PPL”) issued a press release announcing its financial results for the year ended December 31, 2009, and other business matters.  A copy of the press release is furnished as Exhibit 99.1

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On February 5, 2001, 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 year ended December 31, 2009, and other business matters.  A copy of the slides to be used during the webcast is furnished as Exhibit 99.2.  The event will be available live, in audio format, along with the slides, on PPL’s Internet Web site:  www.pplweb.com.  The webcast will be available for replay on PPL’s Web site for 30 days.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1 -	Press Release, dated February 5, 2010, announcing PPL’s financial results for the year ended December 31, 2009, and other business matters.
	99.2 -	Slides to be used on the February 5, 2010 webcast among members of PPL’s senior management and financial analysts.

SIGNATURE

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

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

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

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

Dated:  February 5, 2010

EX-99.1

t 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 strong fourth-quarter results

and exceeds 2009 earnings forecasts

·   Company announces 2009 reported earnings of $1.08 per share and earnings from ongoing operations of $1.95 per share

·   2010 earnings forecast reaffirmed

ALLENTOWN, Pa. (Feb. 5, 2010) ― Closing the year with a strong fourth quarter, PPL Corporation (NYSE: PPL) on Friday (2/5) announced full-year earnings for 2009 that tracked well ahead of the company’s reported and ongoing earnings forecasts.

PPL’s reported earnings for 2009 were $1.08 per share, compared with $2.47 per share a year ago. Adjusting for special items, PPL’s earnings from ongoing operations for 2009 were $1.95 per share, compared with $2.02 per share for 2008.

For the fourth quarter of 2009, PPL announced reported earnings of $0.40 per share, compared with $0.74 per share a year ago. Adjusting for special items, PPL’s earnings from ongoing operations for the fourth quarter of 2009 were $0.52 per share, compared with $0.46 per share a year ago.

“Our performance this past year speaks volumes about the dedication of our people, the quality of our assets and our overall business model,” said James H. Miller, PPL’s chairman, president and chief executive officer. “Higher wholesale energy margins, solid operating performance and early cost-reduction initiatives enabled us to deliver very sound results in 2009 ― outperforming the challenging business plan that we put in place.”

Miller highlighted some significant 2009 accomplishments: generation records at certain power plants in Pennsylvania and Montana; successful transition to market-based generation prices in Pennsylvania for 2010 and beyond; 20-year extensions of the operating licenses for both units at PPL’s Susquehanna nuclear plant; recognition of PPL’s strong operating performance by the U.K. regulator in a rate review for the next five-year period; decisions to move ahead with major hydroelectric expansions in Pennsylvania and Montana; and the on-time and under-budget installation of major emission-control equipment at one of PPL’s large coal-fired power plants in Pennsylvania.

PPL also reaffirmed its 2010 earnings forecast of $3.10 to $3.50 per share. “We feel confident that the hedges put in place under our multiyear hedging program will provide significant value in 2010, allowing us to continue to forecast very strong financial performance for the year,” Miller said.

2009 Earnings Details

PPL’s 2009 reported earnings included total net special item charges of $0.87 per share, compared with total net special item credits of $0.45 per share in 2008. The major special item charge in 2009 was $0.59 per share for energy-related economic activity, primarily resulting from the reversal in 2009 of hedge ineffectiveness gains recorded in 2008.

Adjusting for special items, PPL’s 2009 earnings from ongoing operations declined by approximately 3 percent, compared with 2008 results, due primarily to less favorable currency exchange rates in its international delivery business segment and lower margins in its Pennsylvania delivery segment. Partially offsetting these earnings declines were higher wholesale energy margins in PPL’s supply business segment in both the eastern and western U.S.

Reported earnings are calculated in accordance with generally accepted accounting principles (GAAP). Earnings from ongoing operations is a non-GAAP financial measure that is adjusted for special items. Special items include the impact of energy-related economic activity (principally unrealized impacts of economic activity and the ineffective portion of qualifying cash flow hedges), as well as other impacts fully detailed at the end of this news release.

(Dollars in millions, except for per share amounts)

	2009	2008	% Change
Reported Earnings	$407	$930	-56%
Reported Earnings per Share	$1.08	$2.47	-56 %
Earnings from Ongoing Operations	$738	$761	-3%
Per Share Earnings from Ongoing Operations	$1.95	$2.02	-3%

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

Fourth-quarter 2009 Earnings Results

For the fourth quarter of 2009, PPL announced reported earnings of $0.40 per share, a 46 percent decline compared with a year ago. Reported earnings for the current quarter included net special item charges totaling $0.12 per share, compared with net special item credits totaling $0.28 per share a year ago.

Adjusting for special items, PPL’s fourth-quarter 2009 earnings from ongoing operations were $0.52 per share, a 13 percent increase over a year ago. This quarterly increase was primarily due to higher wholesale energy margins in the supply business segment in both the eastern and western U.S. and higher electricity delivery margins and lower U.S. income taxes in the international delivery business segment.

(Dollars in millions, except for per share amounts)

	4Q 2009	4Q 2008	% Change
Reported Earnings	$153	$277	-45 %
Reported Earnings per Share	$0.40	$0.74	-46%
Earnings from Ongoing Operations	$198	$175	+13 %
Per Share Earnings from Ongoing Operations	$0.52	$0.46	+13 %

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

Annual and Fourth-quarter Earnings by Business Segment

The following chart shows PPL’s earnings by business segment for the year and for the fourth quarter of 2009 compared with the same periods of 2008.

	Year						4th Quarter
	2009			2008			2009			2008
	(per share)						(per share)
Earnings from Ongoing Operations
Supply	$	0.88		$	0.81		$	0.25		$	0.21
Pennsylvania Delivery		0.35			0.44			0.09			0.10
International Delivery		0.72			0.77			0.18			0.15
Total	$	1.95		$	2.02		$	0.52		$	0.46
Special Items
Supply	$	(0.77	)	$	0.46		$	(0.11	)	$	0.28
Pennsylvania Delivery		(0.02	)		(0.01	)		(0.01	)		-
International Delivery		(0.08	)		-			-			-
Total	$	(0.87	)	$	0.45		$	(0.12	)	$	0.28
Reported Earnings
Supply	$	0.11		$	1.27		$	0.14		$	0.49
Pennsylvania Delivery		0.33			0.43			0.08			0.10
International Delivery		0.64			0.77			0.18			0.15
Total	$	1.08		$	2.47		$	0.40		$	0.74

(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 and trading operations of PPL Energy Supply.

Earnings from ongoing operations for PPL’s supply business segment in 2009 increased by $0.07 per share compared with 2008. This increase was primarily due to significant trading losses incurred in 2008, which were caused by the dramatic decline in wholesale energy prices and lack of market liquidity that accompanied the severe contraction of global financial markets.

Other positive drivers of energy margins for the supply business segment in 2009 included higher value from PPL’s generation portfolio, partially offset by lower net margins from load-following agreements due to lower customer demand, higher operation and maintenance expenses, and higher depreciation.

Earnings from ongoing operations for PPL’s supply business segment increased by $0.04 per share in the fourth quarter of 2009 compared with a year ago. This increase was driven primarily by the same factors that affected this business segment’s annual results.

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 in 2009 declined by $0.09 per share compared with 2008. This decline was primarily the result of lower delivery revenue due to milder weather and the economy, higher financing costs, and the divestiture of PPL’s natural gas and propane businesses in 2008.

Earnings from ongoing operations for PPL’s Pennsylvania delivery business segment declined in the fourth quarter of 2009 by $0.01 per share compared with a year ago. This decline was primarily due to higher 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 U.K.

Earnings from ongoing operations for PPL’s international delivery business segment in 2009 declined by $0.05 per share compared with 2008. This decline was primarily the net result of less favorable currency exchange rates, which was partially offset by lower financing costs, lower U.K. income taxes and higher electricity delivery margins.

Earnings from ongoing operations for PPL’s international delivery business segment increased in the fourth quarter of 2009 by $0.03 per share compared with a year ago. This increase was primarily the net result of higher electricity delivery margins and lower U.S. income taxes, partially offset by a less favorable currency exchange rate.

2010 Earnings Forecast by Business Segment

Earnings (per share)	2010 (forecast)	2009 (actual)
	Midpoint	Ongoing operations
Supply	$2.55	$0.88
Pennsylvania Delivery	0.27	0.35
International Delivery	0.48	0.72
Total	$3.30	$1.95

PPL is reaffirming its 2010 earnings forecast of $3.10 to $3.50 per share. This forecast reflects the following key expectations by business segment.

Supply Segment

PPL projects higher earnings from its supply business segment in 2010 compared with 2009 due to strong growth in energy margins. The forecast for strong growth in energy margins is based on hedged power and fuel prices as well as established capacity prices in the PJM Interconnection. These positive factors are expected to be partially offset by higher depreciation, higher financing costs, and higher operation and maintenance expenses.

Pennsylvania Delivery Segment

PPL projects lower earnings from its Pennsylvania delivery business segment in 2010 compared with 2009 as a net result of lower electricity distribution margins, primarily due to continued slow economic growth and weak customer demand; higher operation and maintenance expenses; and lower financing costs.

International Delivery Segment

PPL projects lower earnings from its international delivery business segment in 2010 compared with 2009 as a result of higher income taxes, higher operation and maintenance expenses, and higher financing costs. These negative factors are expected to be partially offset by higher electricity delivery margins and a more favorable currency exchange rate.

PPL Corporation, headquartered in Allentown, Pa., owns or controls nearly 12,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to about 4 million customers in Pennsylvania and the United Kingdom. More information is available at www.pplweb.com.

###

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

Conference Call and Webcast

PPL invites interested parties to listen to a live Internet webcast of management’s teleconference with financial analysts about annual and fourth-quarter 2009 financial results at 9 a.m. EST Friday, Feb. 5. 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# 52833844).

“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 financial measure, is also useful and meaningful to investors because it provides them with management’s view of PPL’s fundamental 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.

“Earnings from ongoing operations” is adjusted for the impact of special items. Special items include:

·   The impact of energy-related economic activity (as discussed below).

·   Foreign currency-related economic hedges.

·   The impact of sales of assets not in the ordinary course of business.

·   Impairment charges (including impairments of securities in the company’s nuclear decommissioning trust).

·   Workforce reduction and other restructuring impacts.

·   Other charges or credits that are, in management’s view, not reflective of the company’s ongoing operations.

Energy-related economic activity includes the changes in fair value of positions used to hedge a portion of the economic value of PPL’s generation assets, 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 are the ineffective portion of qualifying cash flow hedges and the premium amortization associated with options classified as economic activity. These items are included in ongoing earnings over the delivery period that was hedged. Management believes that adjusting for such amounts provides a better matching of earnings from ongoing operations to the actual amounts settled for PPL’s underlying hedged assets.

Statements contained in this news release, including statements with respect to future earnings, energy prices, margins and sales, growth, revenues, expenses, marketing performance, hedging, regulation, exchange rates, 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 SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)
Condensed Consolidated Balance Sheet (Unaudited)
(Millions of Dollars)
	December 31,			December 31,
	2009			2008 (b)
Assets
Cash and cash equivalents	$	801		$	1,100
Price risk management assets - current		2,157			1,224
Assets held for sale		127
Other current assets		1,667			2,059
Investments		613			522
Property, plant and equipment
Electric plant		21,151			20,033
Gas and oil plant		68			68
Other property		166			156
		21,385			20,257
Less:  accumulated depreciation		8,211			7,882
		13,174			12,375
Regulatory assets		531			763
Goodwill and other intangibles		1,421			1,400
Price risk management assets - noncurrent		1,274			1,392
Other noncurrent assets		400			570
Total assets	$	22,165		$	21,405
Liabilities and Equity
Short-term debt (including current portion of long-term debt)	$	639		$	1,375
Price risk management liabilities - current		1,502			1,324
Other current liabilities		2,041			1,625
Long-term debt (less current portion)		7,143			7,142
Deferred income taxes and investment tax credits		2,153			1,761
Price risk management liabilities - noncurrent		582			836
Accrued pension obligations		1,283			899
Other noncurrent liabilities		1,007			1,047
Common stock and capital in excess of par value		2,284			2,200
Earnings reinvested		3,749			3,862
Accumulated other comprehensive loss		(537	)		(985	)
Noncontrolling interests		319			319
Total liabilities and equity	$	22,165		$	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.

PPL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Income Statement (Unaudited)
(Millions of Dollars, Except per Share Data)
	3 Months Ended December 31,						Year Ended December 31,
	2009 (a)			2008 (a)(b)			2009 (a)			2008 (a)(b)
Operating Revenues
Utility	$	1,001		$	1,006		$	3,902		$	4,114
Unregulated retail electric and gas		44			41			152			151
Wholesale energy marketing (c)
Realized		727			678			3,291			2,288
Unrealized economic activity		(162	)		695			(229	)		1,056
Net energy trading margins		15			(39	)		17			(121	)
Energy-related businesses		102			125			423			519
Total Operating Revenues		1,727			2,506			7,556			8,007
Operating Expenses
Operation
Fuel		223			350			931			1,084
Energy purchases (c)
Realized		587			508			2,636			1,634
Unrealized economic activity		(100	)		396			155			553
Other operation and maintenance		381			328			1,424			1,423
Amortization of recoverable transition costs		77			76			304			293
Depreciation		126			113			469			458
Taxes, other than income		71			64			280			288
Energy-related businesses		98			120			396			481
Total Operating Expenses		1,463			1,955			6,595			6,214
Operating Income		264			551			961			1,793
Other Income - net		11			23			49			55
Other-Than-Temporary Impairments					20			18			36
Interest Expense		102			120			396			455
Income from Continuing Operations Before Income Taxes		173			434			596			1,357
Income Taxes		29			153			130			430
Income from Continuing Operations After Income Taxes		144			281			466			927
Income (Loss) from Discontinued Operations (net of income taxes)		13			1			(40	)		23
Net Income		157			282			426			950
Net Income Attributable to Noncontrolling Interests		4			5			19			20
Net Income Attributable to PPL Corporation	$	153		$	277		$	407		$	930
Amounts Attributable to PPL Corporation:
Income from Continuing Operations After Income Taxes	$	140		$	276		$	447		$	907
Income (Loss) from Discontinued Operations (net of income taxes)		13			1			(40	)		23
Net Income	$	153		$	277		$	407		$	930
Earnings Per Share of Common Stock - Basic
Earnings from Ongoing Operations	$	0.52		$	0.46		$	1.95		$	2.03
Special Items		(0.12	)		0.28			(0.87	)		0.45
Net Income Available to PPL Corporation Common Shareowners	$	0.40		$	0.74		$	1.08		$	2.48
Earnings Per Share of Common Stock - Diluted
Earnings from Ongoing Operations	$	0.52		$	0.46		$	1.95		$	2.02
Special Items		(0.12	)		0.28			(0.87	)		0.45
Net Income Available to PPL Corporation Common Shareowners	$	0.40		$	0.74		$	1.08		$	2.47
Weighted-Average Shares of Common Stock Outstanding (thousands)
Basic		376,910			374,388			376,082			373,626
Diluted		377,252			374,720			376,406			374,901

(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) Includes energy-related contracts to hedge future cash flows that are not eligible for hedge accounting, or where hedge accounting is not elected.

PPL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Millions of Dollars)
	Year Ended
	December 31,
	2009			2008
Cash Flows from Operating Activities
Net Income	$	426		$	950
Adjustments to reconcile net income to net cash provided
by operating activities:
Pre-tax gain from the sale of Maine hydroelectric generation business		(38	)
Depreciation		471			461
Amortization of recoverable transition costs and other		389			383
Defined benefits		(115	)		(100	)
Impairment of assets		127			105
Gain on the sale of emission allowances		(2	)		(6	)
Deferred income taxes and investment tax credits		104			43
Unrealized (gains) losses on derivatives, and other hedging activities		329			(279	)
Changes in current assets and current liabilities		106			(9	)
Other operating activities		55			41
Net cash provided by operating activities		1,852			1,589
Cash Flows from Investing Activities
Expenditures for property, plant and equipment		(1,225	)		(1,418	)
Proceeds from the sale of Maine hydroelectric generation business		81
Proceeds from the sale of gas and propane businesses					303
Net expenditures for intangible assets		(72	)		(313	)
Net proceeds from (purchases of) other investments		154			(95	)
Net (increase) decrease in restricted cash and cash equivalents		218			(71	)
Other investing activities		(36	)		(33	)
Net cash used in investing activities		(880	)		(1,627	)
Cash Flows from Financing Activities
Net issuances (retirements) of long-term debt		(718	)		667
Repurchase of common stock					(38	)
Payment of common stock dividends		(517	)		(491	)
Net increase (decrease) in short-term debt		(52	)		588
Other financing activities		16			(5	)
Net cash provided by (used in) financing activities		(1,271	)		721
Effect of Exchange Rates on Cash and Cash  Equivalents					(13	)
Net Increase (Decrease) in Cash and Cash Equivalents		(299	)		670
Cash and cash equivalents at beginning of period		1,100			430
Cash and cash equivalents at end of period	$	801		$	1,100

Key Indicators
	Year Ended
	December 31,
Financial	2009			2008
Dividends declared per share	$	1.38		$	1.34
Book value per share (a)	$	14.57		$	13.55
Market price per share (a)	$	32.31		$	30.69
Dividend yield (a)		4.3	%		4.4	%
Dividend payout ratio  (b)		128	%		54	%
Dividend payout ratio - earnings from ongoing operations (b)(c)		71	%		66	%
Price/earnings ratio (a)(b)		29.9			12.4
Price/earnings ratio - earnings from ongoing operations (a)(b)(c)		16.6			15.2
Return on average common equity		7.48	%		16.88	%
Return on average common equity - earnings from ongoing operations (c)		13.61	%		14.46	%

(a) End of period.

(b) Based on diluted earnings per share.

(c) Calculated using earnings from ongoing operations, which excludes the impact of special items, as described in the text

      and tables of this news release.

Operating - Domestic & International Electricity Sales
	3 Months Ended December 31,							Year Ended December 31,
					Percent							Percent
(millions of kwh)	2009		2008		Change			2009		2008		Change
Domestic Retail
Delivered (a)		8,630		9,032		(4.5	%)		36,717		38,058		(3.5	%)
Supplied		9,164		9,631		(4.8	%)		38,912		40,374		(3.6	%)
International Delivered
United Kingdom		6,552		6,835		(4.1	%)		26,358		27,724		(4.9	%)
Domestic Wholesale
East		7,076		7,367		(4.0	%)		27,522		28,614		(3.8	%)
West
NorthWestern Energy		571		622		(8.2	%)		2,270		2,491		(8.9	%)
Other West		2,414		2,848		(15.2	%)		9,196		11,607		(20.8	%)

(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 to Reported Earnings (Diluted)

4th 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	$	94		$	34		$	70		$	198		$	0.25		$	0.09		$	0.18		$	0.52
Special Items
Energy-related economic      activity		(57	)								(57	)		(0.15	)								(0.15	)
Foreign currency-related      economic hedges -      unrealized impacts								3			3									0.01			0.01
Sales of assets		19						(3	)		16			0.05						(0.01	)		0.04
Impairments		(5	)								(5	)		(0.01	)								(0.01	)
Other:
Change in tax accounting         method related to repairs		4			(3	)					1			0.01			(0.01	)
Montana streambed litigation		(3	)								(3	)		(0.01	)								(0.01	)
Total Special Items		(42	)		(3	)					(45	)		(0.11	)		(0.01	)					(0.12	)
Reported Earnings	$	52		$	31		$	70		$	153		$	0.14		$	0.08		$	0.18		$	0.40
Year-to-Date December 31, 2009	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery			Total
Earnings from Ongoing Operations	$	333		$	133		$	272		$	738		$	0.88		$	0.35		$	0.72		$	1.95
Special Items
Energy-related economic      activity		(225	)								(225	)		(0.59	)								(0.59	)
Foreign currency-related      economic hedges -      unrealized impacts								1			1
Sales of assets		(15	)					(27	)		(42	)		(0.04	)					(0.07	)		(0.11	)
Impairments		(23	)		(1	)		(1	)		(25	)		(0.06	)								(0.06	)
Workforce reduction		(6	)		(5	)		(2	)		(13	)		(0.01	)		(0.01	)		(0.01	)		(0.03	)
Other:
Change in tax accounting        method related to repairs		(21	)		(3	)					(24	)		(0.06	)		(0.01	)					(0.07	)
Montana streambed litigation		(3	)								(3	)		(0.01	)								(0.01	)
Total Special Items		(293	)		(9	)		(29	)		(331	)		(0.77	)		(0.02	)		(0.08	)		(0.87	)
Reported Earnings	$	40		$	124		$	243		$	407		$	0.11		$	0.33		$	0.64		$	1.08

Reconciliation of Business Segment Earnings from Ongoing Operations to Reported Earnings (Diluted)

4th Quarter 2008	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery		Total
Earnings from Ongoing Operations	$	78		$	39		$	58		$	175		$	0.21		$	0.10		$	0.15	$	0.46
Special Items
Energy-related economic      activity		130									130			0.35								0.35
Sales of assets					(1	)					(1	)
Impairments		(25	)								(25	)		(0.07	)							(0.07	)
Workforce reduction		(1	)					(1	)		(2	)
Total Special Items		104			(1	)		(1	)		102			0.28								0.28
Reported Earnings	$	182		$	38		$	57		$	277		$	0.49		$	0.10		$	0.15	$	0.74
Year-to-Date December 31, 2008	(millions of dollars)												(per share)
				PA			Int'l									PA			Int'l
	Supply			Delivery			Delivery			Total			Supply			Delivery			Delivery		Total
Earnings from Ongoing Operations	$	303		$	167		$	291		$	761		$	0.81		$	0.44		$	0.77	$	2.02
Special Items
Energy-related economic      activity		251									251			0.67								0.67
Sales of assets					(6	)					(6	)					(0.01	)				(0.01	)
Impairments		(57	)								(57	)		(0.16	)							(0.16	)
Workforce reduction		(1	)					(1	)		(2	)
Other:
Synfuel tax adjustment		(13	)								(13	)		(0.04	)							(0.04	)
Off-site remediation of ash        basin leak		1									1
Montana basin seepage        litigation		(5	)								(5	)		(0.01	)							(0.01	)
Total Special Items		176			(6	)		(1	)		169			0.46			(0.01	)				0.45
Reported Earnings	$	479		$	161		$	290		$	930		$	1.27		$	0.43		$	0.77	$	2.47

EX-99.2

Fourth Quarter Earnings Call

February 5, 2010

Exhibit 99.2

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.

J. H. Miller

P. A. Farr

W. H. Spence

3

Agenda

•Fourth Quarter 2009 Earnings
and 2010 Earnings Forecast and
Outlook

•Segment Results and Financial
Overview

•Operational Review

•Q&A

Earnings Results

Fourth Quarter

Fourth Quarter

Reported Earnings

Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

Year-to-Date

Reported Earnings

Year-to-Date

Earnings from Ongoing Operations

4

Forecast

5

$2.02

$3.50

Per Share

$1.95

$3.10

Note:See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

Strong Expected Earnings Growth

$ 0.06

$0.46

$0.52

Total

0.03

0.15

0.18

International Delivery

(0.01)

0.10

0.09

Pennsylvania Delivery

$ 0.04

$0.21

$0.25

Supply

Change

Q4

2008

Q4

2009

6

Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

$ (0.07)

$2.02

$1.95

Total

(0.05)

0.77

0.72

International Delivery

(0.09)

0.44

0.35

Pennsylvania Delivery

$ 0.07

$0.81

$0.88

Supply

Change

2008

2009

Ongoing Earnings Overview

Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

7

	2009
2008 EPS - Ongoing Earnings		$0.81
Margins - East	0.19
Margins - West	0.07
O&M	(0.11)
Depreciation	(0.05)
Income Taxes & Other	(0.03)
Total		0.07
2009 EPS - Ongoing Earnings		$0.88

Supply Segment
Earnings Drivers

8

Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

	2009
2008 EPS - Ongoing Earnings		$0.44
Delivery Margins	(0.04)
Financing Costs	(0.04)
Income Taxes & Other	(0.01)
Total		(0.09)
2009 EPS - Ongoing Earnings		$0.35

Pennsylvania Delivery Segment
Earnings Drivers

9

Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

	2009
2008 EPS - Ongoing Earnings		$0.77
Delivery Margins	0.05
O&M	0.03
Financing Costs	0.07
Effect of Exchange Rates	(0.22)
Income Taxes & Other	0.02
Total		(0.05)
2009 EPS - Ongoing Earnings		$0.72

International Delivery Segment
Earnings Drivers

Forecast

10

Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

$2.02

$3.50

Per Share

$1.95

$3.10

Strong Expected Earnings Growth

Millions

11

Note:See Appendix for reconciliation of cash from operations to free cash flow before dividends

Free Cash Flow before Dividends Forecast

12

PA Delivery Segment Operational Update

•PA PUC conducted a binding poll, indicating its
intent to approve the PPL electric portion of the
Susquehanna-Roseland 500 Kv transmission
line

–Final order expected in February

•288,000 customers have selected retail
electricity suppliers for 2010

–No material impact on PPL

•Third POLR solicitation completed for the 2011
to mid-2013 procurement period

13

Exceptional performance has earned WPD additional revenue
of over $240 million with potential to earn more

International Delivery Segment Operational Update

•The Ofgem final proposal was a constructive outcome for WPD

•Increases revenues by an average of 6.9% per year (plus inflation)

•Higher revenues result from a capital spending increase of 31% and
operating cost increase of 14%

•Additionally, WPD was awarded the following benefits for its
performance:

–$106 million for capital cost efficiency (#1)

–$77 million for quality of supply performance (#1)

–$48 million for forecasting accuracy (#1)

–$11 million for operating cost efficiency (#3)

14

Supply Segment Operational Update

•Susquehanna nuclear power plant set generation
record

•Susquehanna operating licenses renewed for an
additional 20 years

•Received FERC approval to expand Holtwood hydro
plant in PA

•Started construction to expand Rainbow hydro facility
in MT

•Completed construction of scrubbers at Brunner
Island

•Completed sale of the majority of Maine hydroelectric
assets

As of December 31, 2009

*Represents expected sales based on current business plan assumptions

**Represents energy, capacity, congestion and other revenues

15

	2010	2011	2012
Baseload
Expected Generation* (1,000 MWhs)	52.1	52.1	56.1
East	43.4	43.8	47.6
West	8.7	8.3	8.5
Current Hedges (%)	99%	88%	55%
East	100%	88%	51%
West	97%	86%	78%
Average Hedged Price (Energy Only) ($/MWh)	$59	$58	$61
East	$60	$59	$62
West	$49	$56	$57
Expected Average Price (Fully Loaded) ($MWh)	$70	$67	$68
East**	$72	$69	$71
West	$49	$56	$57
% Hedged Through Swaps/Options Energy Transactions	96%	88%	55%
% Hedged Through Load-following Transactions	3%	0%	0%
Intermediate/Peaking
Expected Generation (1,000 MWhs)	5.0	5.0	5.1
Current Hedges (%)	19%	0%	0%

Supply Segment Asset Hedge Positions

(1)Weighted Average $/ton at mine for east wholly owned plants, excludes Keystone & Conemaugh

Note:As of 12/31/2009

201020112012

Uranium100%100%100%

Coal

East99%85%62%

West100%100%91%

Total99%89%70%

16

	2010		2011		2012
	Hedge Level	Price	Hedge Level	Price	Hedge Level	Price
% Fixed Base Price	93%	$49	28%	$51	5%	$63
% Collars	0%	N/A	72%	$44-$51	95%	$42-$50
% Diesel Surcharge	7%	$46	0%	N/A	0%	N/A

Eastern Coal Contracts (1)

Current Fuel Contracts - Base Prices

ppl

A-1

(1)	Market prices based on the average of broker quotes as of 12/31/2009
(2)	24-hour average
(3)	NYMEX and TZ6NNY forward gas prices on 12/31/2009
(4)	Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price

Market Prices

 Market Prices     Actual Forward(1)  2009 2010 2011 2012  ELECTRIC  PJM  On-Peak $44 $57 $60 $60  Off-Peak $31 $40 $41 $42  Mid-Columbia  ATC(2) $38 $48 $50 $51  On-Peak $36 $50 $54 $56  Off-Peak $29 $40 $43 $44  ATC(2) $33  $3.92  $46 $49 $50  $5.79 $6.34 $6.53  GAS(3)  NYMEX  TZ6NNY $4.63  8.2  $6.48 $7.09 $7.23  8.9 8.4 8.3  PJM MARKET  HEAT RATE(4)  CAPACITY PRICES $158.24 $181.39 $136.79 $123.63  (Per MWD)  88.5% 91.6% 88.7% 91.8% EQA   (1) Market prices based on the average of broker quotes as of 12/31/2009  (2) 24-hour average  (3) NYMEX and TZ6NNY forward gas prices on 12/31/2009  (4) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price  A-1

PPL Supply Business Overview

A-2

Gas/Oil
37%

Coal
36%

Nuclear
19%

Hydro
8%

2010E
Installed Capacity MW

Gas/Oil
9%

Coal
52%

Nuclear
31%

Hydro
8%

Note:Includes tolling agreements

PPL’s Generation Portfolio

Total Domestic Generation: 11,719 MW

Planned Uprate Projects or Additions:239 MW

Coal3,497

Nuclear2,206

Oil1,672

Gas2,212(1)

Hydro324(2)

CTs465

QFs57(1)

Coal682

Hydro604

Hydro Uprate (2012) 28

Nuclear Uprate(2010-2011)53

Hydro Uprate (2013)125

Gas/Oil Uprate (2011)30

Landfill Gas Uprate (2011)3

East10,433 MW

A-3

(1)	Includes tolling agreements, and renewable energy projects
(2)	Includes MWs associated with the proposed sale of the remaining PPL Maine hydro assets

West1,286 MW

(Millions)

$1,861

$2,069

$1,873

A-4

Capital Expenditures by Segment

(Millions)

$3,363

$3,928

$4,457

$4,767

$5,193

CAGR

Distribution = 7.3%

Transmission = 22.0%

$2,950

A-5

PPL Electric Utilities Rate Base

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

P

P

P

Completed

P

PPL Electric Utilities 2011 to mid-2013
Procurement Plan Schedule

•Due dates for bids:

$/Share

Annualized

Dividend Profile

A-7

(1)Bonds defeased in substance in 2008 by depositing sufficient funds with the trustee

Note:As of 12/31/2009

A-8

Debt Maturities

Debt Maturities     (Millions)  2010 2011 2012 2013 2014  PPL Energy Supply $0 $500 $0 $737 $300  PPL Capital Funding 0 0 0 0 0  PPL Electric Utilities 0 0 0 400 10 (1)  WPD Group 0 0 0 0 0  Total $0 $500 $0 $1,137 $310  (1) Bonds defeased in substance in 2008 by depositing sufficient funds with the trustee  Note: As of 12/31/2009   A- 8

(1)Reported as of 12/31/2009

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

Liquidity Profile

Liquidity Profile     Total Letters of Credit  Expiration Facility Outstanding (1) Drawn (1) Availability  Institution Facility Date (Millions) (Millions) (Millions) (Millions)  PPL Energy Supply 5-year Credit Facility Jun-2012 $3,225 $373 $285 $2,567  Bilateral Credit Facility Mar-2010 200 4 0 196  5-year Structured Credit Facility Mar-2011 300 285 0 15  364-day Credit Facility Sep-2010 400 0 0 400  $4,125 $662 $285 $3,178   PPL Electric Utilities 5-year Credit Facility May-2012 $190 $6 $0 $184  Asset-backed Credit Facility Jul-2010 150 0 0 150  $340 $6 $0 $334   WPD  3-year Credit Facility Jul-2012 £210 £0 £60 £150  5-year Credit Facility Jan-2013 150 0 132 18  Uncommitted Credit Facilities 65 0 21 44  Letter of Credit Facility Mar-2010 4 3 0 1   £429  £3 £213 £213   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.   (1) Reported as of 12/31/2009  A- 9

A-10

PPL Energy Supply Collateral Profile

A-11

	2008	2009	2010
Cash from Operations	$595	$1,310	$1,435
Increase/(Decrease) in cash due to:
Capital Expenditures	(939)	(720)	(952)
Investment in Energy Project	(203)
Asset Sales (1), (2)		84	167
Other Investing Activities-net	(58)	(75)
Free Cash Flow before Dividends	($605)	$599	$650

(Millions)

ActualProjected

(1)2009 includes sale of Wyman and initial payment for the Maine hydro assets from ArcLight

(2)2010 includes contingent payment on the Maine hydro assets from ArcLight, completion of the sale of the Penobscot Trust
assets, and the previously announced sale of the Long Island generating assets

Supply Segment Reconciliation of Cash from Operations
to Free Cash Flow before Dividends

A-12

	2008	2009	2010
Cash from Operations	$643	$294	$264
Less Transition Bond Repayment	(293)
Increase/(Decrease) in cash due to:
Capital Expenditures	(286)	(298)	(589)
Asset Sales & Other	303	3
Free Cash Flow before Dividends	$367	($1)	($325)

Note:Asset Sales in 2008 includes the net proceeds from the sale of gas and propane businesses

(Millions)

ActualProjected

PA Delivery Segment Reconciliation of Cash from
Operations to Free Cash Flow before Dividends

A-13

	2008	2009	2010
Cash from Operations	$279	$248	$278
Increase/(Decrease) in cash due to:
Capital Expenditures Other Investing Activities - Net	(278)	(247) 1	(320)
Free Cash Flow before Dividends	$1	$2	($42)

(Millions)

ActualProjected

International Delivery Segment Reconciliation of Cash
from Operations to Free Cash Flow before Dividends

A-14

(Millions)

Reconciliation of Fourth Quarter Earnings from
Ongoing Operations to Reported Earnings

Reconciliation of Fourth Quarter Earnings from  Ongoing Operations to Reported Earnings     (Millions)  Quarter Ending December 31, 2009  Earnings from ongoing operations  Special Items:  Energy-related economic activity  Foreign currency-related economic hedges - unrealized impacts  Sales of assets  Impairments  Other: Supply  $94  (57)  19  (5)  Pennsylvania  Delivery  $34  International  Delivery  $70  3  (3)  Total  $198  (57) 316(5)  Change in tax accounting method related to repairs  Montana streambed litigation  Total Special Items  Reported earnings*  4  (3)  (42)  $52  (3)  (3)  $31  0  $70  1(3) (45)  $153  Quarter Ending December 31, 2008  Earnings from ongoing operations  Special Items:  Energy-related economic activity  Sales of assets  Impairments  Workforce reduction  Total Special Items  Reported earnings*  $78  130  (25)  (1)  104  $182  $39  (1)  (1)  $38  $58  (1)  (1)  $57  $175  130(1) (25) (2) 102  $277  Change in earnings from ongoing operations $16 ($5) $12 $23  * Represents net income attributable to PPL Corporation.   A-14

A-15

(Dollars Per Share)

Reconciliation of Fourth Quarter Earnings from
Ongoing Operations to Reported Earnings

Reconciliation of Fourth Quarter Earnings from  Ongoing Operations to Reported Earnings     (Dollars Per Share)  Quarter Ending December 31, 2009  Earnings from ongoing operations  Special Items:  Energy-related economic activity  Foreign currency-related economic hedges - unrealized impacts  Sales of assets  Impairments  Other:  Change in tax accounting method related to repairs  Montana streambed litigation  Total Special Items  Reported earnings  Supply  $0.25  (0.15)  0.05  (0.01)  0.01  (0.01)  (0.11)  $0.14  Pennsylvania  Delivery  $0.09  (0.01)  (0.01)  $0.08  International  Delivery  $0.18  0.01  (0.01)  0.00  $0.18  Total  $0.52  (0.15)  0.01  0.04  (0.01)  0.00(0.01)  (0.12)  $0.40  Quarter Ending December 31, 2008  Earnings from ongoing operations  Special Items:  Energy-related economic activity  Impairments  Total Special Items  Reported earnings  $0.21  0.35  (0.07)  0.28  $0.49  $0.10  0.00  $0.10  $0.15  0.00  $0.15  $0.46  0.35  (0.07)  0.28  $0.74  Change in earnings from ongoing operations $0.04 ($0.01) $0.03 $0.06  Note: Per share amounts are based on diluted shares outstanding.  A-15

A-16

(Millions)

Reconciliation of Year-to-Date Earnings from
Ongoing Operations to Reported Earnings

Reconciliation of Year-to-Date Earnings from  Ongoing Operations to Reported Earnings     (Millions)  Year-to-Date December 31, 2009  Earnings from ongoing operations  Special Items:  Energy-related economic activity  Foreign currency-related economic hedges - unrealized impacts  Sales of assets  Impairments  Workforce reduction  Other: Supply  $333  (225)  (15)  (23)  (6)  Pennsylvania  Delivery  $133  (1)  (5)  International  Delivery  $272  1  (27)  (1)  (2)  Total  $738  (225) 1(42) (25) (13)  Change in tax accounting method related to repairs  Montana streambed litigation  Total Special Items  Reported earnings*  (21)  (3)  (293)  $40  (3)  (9)  $124  (29)  $243  (24) (3) (331)  $407  Year-to-Date December 31, 2008  Earnings from ongoing operations  Special Items:  Energy-related economic activity  Sales of assets  Impairments  Workforce reduction  Other: $303  251  (57)  (1)  $167  (6)  $291  (1)  $761  251(6) (57) (2)  Synfuel tax adjustment  Off-site remediation of ash basin leak  (13)  1  (13) 1  Montana basin seepage litigation  Total Special Items  Reported earnings*  (5)  176  $479  (6)  $161  (1)  $290  (5) 169  $930  Change in earnings from ongoing operations $30 ($34) ($19) ($23)  * Represents net income attributable to PPL Corporation.  A-16

(Dollars Per Share)

Reconciliation of Year-to-Date Earnings from
Ongoing Operations to Reported Earnings

Reconciliation of Year-to-Date Earnings from  Ongoing Operations to Reported Earnings     (Dollars Per Share)   Pennsylvania International   Supply Delivery Delivery Total  Year-to-Date December 31, 2009  Earnings from ongoing operations $0.88 $0.35 $0.72 $1.95  Special Items:   Energy-related economic activity (0.59) (0.59)   Sales of assets (0.04) (0.07) (0.11)  Impairments (0.06) (0.06)  Workforce reduction (0.01) (0.01) (0.01) (0.03)   Other:  Change in tax accounting method related to repairs (0.06) (0.01) (0.07)  Montana streambed litigation (0.01) (0.01)   Total Special Items (0.77) (0.02) (0.08) (0.87)  Reported earnings $0.11 $0.33 $0.64 $1.08   Year-to-Date December 31, 2008  Earnings from ongoing operations $0.81 $0.44 $0.77 $2.02  Special Items:   Energy-related economic activity 0.67 0.67  Sales of assets (0.01) (0.01)  Impairments (0.16) (0.16)  Other:   Synfuel tax adjustment (0.04) (0.04)  Montana basin seepage litigation (0.01) (0.01)  Total Special Items 0.46 (0.01) 0.00 0.45  Reported earnings $1.27 $0.43 $0.77 $2.47   Change in earnings from ongoing operations $0.07 ($0.09) ($0.05) ($0.07)   Note: Per share amounts are based on diluted shares outstanding.    A-17

A-18

Reconciliation of PPL’s Earnings from Ongoing
Operations to Reported Earnings

Reconciliation of PPL’s Earnings from Ongoing    Operations to Reported Earnings     Earnings from Ongoing Operations per share of common stock  High  2010  $3.50  Forecast  Low  2010  $3.10  2009  $1.95  Actual  2008  $2.02  2007  $2.60  Special Items:  Energy-related economic activity  Sales of assets  Impairments  Workforce reductions  Other:  Change in tax accounting method related to repairs  Montana streambed litigation  Synfuel tax adjustment  Montana basin seepage litigation  Change in U.K. tax rate  Settlement of Wallingford cost-based rates  Total Special Items  Reported Earnings per share of common stock  0.00  $3.50  0.00  $3.10  (0.59)  (0.11)  (0.06)  (0.03)  (0.07)  (0.01)  (0.87)  $1.08  0.67  (0.01)  (0.16)  (0.04)  (0.01)  0.45  $2.47  0.08  0.50  (0.04)  (0.02)  0.14  0.09  0.75  $3.35  Note: Per share amounts are based on diluted shares outstanding.   A-18

A-19

(Millions of Dollars)

(a) See additional information on the following slide.

Reconciliation of Year-to-Date
Operating Income and Energy Margins

Reconciliation of Year-to-Date  Operating Income and Energy Margins     (Millions of Dollars)   Year Ended December 31,   Per Share  2009 2008 Change (after-tax)   Eastern U.S., pre-tax $1,406 $1,286 $120 $0.19   Western U.S., pre-tax 325 278 47 0.07  Domestic gross energy margins, pre-tax $1,731 $1,564 $167 $0.26   Year Ended December 31,  2009 2008   Operating Income $961 $1,793   Adjustments:  Energy-related businesses, net (27) (38)  Other operation and maintenance 1,424 1,423  Amortization of recoverable transition costs 304 293  Depreciation 469 458  Taxes, other than income 280 288  Revenue adjustments (a) (1,706) (3,219)  Expense adjustments (a) 26 566   Domestic gross energy margins $1,731 $1,564   (a) See additional information on the following slide.  A-19

A-20

(Millions of Dollars)

Reconciliation of Year-to-Date
Operating Income and Energy Margins

Reconciliation of Year-to-Date  Operating Income and Energy Margins    (Millions of Dollars)   Year Ended December 31,   2009 2008  Revenue adjustments  WPD utility revenue $ (684) $ (824)  Domestic delivery component of utility revenue (1,266) (1,325)  Other utility revenue (60) (52)  Impact from energy-related economic activity 274 (1,061)  Gains from sale of emission allowances 2 6  Revenues from Supply segment discontinued operations 29 37  Other (1) 0  Total revenue adjustments $ (1,706) $ (3,219)  Expense adjustments  Impact from energy-related economic activity $ (109) $ (632)  Domestic electric ancillaries (43) (54)  Gross receipts tax 112 113  Other 14 7  Total expense adjustments $ (26) $ (566)   A-20

Credit Ratings

A-21

	Moody’s	Standard & Poor’s	Fitch
PPL Corporation
Issuer Rating	Baa2	BBB	BBB
Outlook	NEGATIVE	NEGATIVE	STABLE
PPL Energy Supply
Issuer Rating		BBB	BBB
Tax-Exempt Bonds (1)	Aaa	AAA
Senior Notes	Baa2	BBB	BBB
Outlook	STABLE	NEGATIVE	STABLE
PPL Capital Funding
Issuer Rating			BBB
Senior Unsecured Debt	Baa2	BBB-	BBB
Subordinated Debt	Baa3	BB+	BB+
Outlook	NEGATIVE		STABLE
PPL Electric Utilities
Issuer Rating	Baa1	A-	BBB
First Mortgage Bonds	A3	A-	A-
Tax-Exempt Bonds (2)	A3/Baa1	A/A-
Senior Secured Debt	A3	A-	A-
Commercial Paper	P-2	A-2	F-2
Preferred Stock	Baa3	BBB	BBB-
Preference Stock	Baa3	BBB	BBB-
Outlook	NEGATIVE	NEGATIVE	STABLE

(1)Letter of Credit-Backed Security

(2)Includes both Insured and Non-Insured Securities

Credit Ratings (cont.)

A-22

Commercial Paper

A-

BBB+

Baa1

Senior Unsecured Debt

F2

A-2

P-2

Commercial Paper

POSITIVE

NEGATIVE

STABLE

Outlook

BBB+

BBB+

Baa1

Issuer Rating

A-

BBB+

Baa1

Senior Unsecured Debt

F2

A-2

Commercial 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

Outlook

BBB

Issuer Rating

WPD Holdings LLP

BBB-

BBB-

Baa3

Issuer 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

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
expectations, assumptions and 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.

Forward-Looking Information Statement

“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 financial measure, is also useful and meaningful to investors because it provides them with management’s view of PPL’s fundamental
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.

“Earnings from ongoing operations” is adjusted for the impact of special items.Special items include:

•The impact of energy-related economic activity (as discussed below).

•Foreign currency-related economic hedges.

•The impact of sales of assets not in the ordinary course of business.

•Impairment charges (including impairments of securities in the company’s nuclear decommissioning trust).

•Workforce reduction and other restructuring impacts.

•Other charges or credits that are, in management’s view, not reflective of the company’s ongoing operations.

Energy-related economic activity includes the changes in fair value ofpositions used to hedge a portion of the economic value of PPL’s generation assets, 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 are the ineffective portion of qualifying cash flow hedges and the premium amortization associated with options
classified as economic activity. These items are included in ongoing earnings over the delivery period that was hedged. Management believes that adjusting for
such amounts provides a better matching of earnings from ongoing operations to the actual amounts settled for PPL’s underlying hedged assets.

“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.

A-24

Definitions of Non-GAAP Financial Measures