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):  May 5, 2011

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 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On May 5, 2011, PPL Corporation (“PPL” or the “Company”) announced that on Wednesday, May 11, 2011 its Executive Vice President and Chief Financial Officer, Paul A. Farr, will participate in a webcast presentation at the Deutsche Bank Alternative Energy Utilities and Power Conference.  At this conference,  Mr. Farr is expected to reaffirm the Company’s previously announced 2011 ongoing earnings forecast of $2.50 to $2.75 per share and 2011 reported earnings forecast of $2.48 to $2.73 per share.  In addition to this conference, representatives of PPL will be discussing the Company’s business outlook with financial analysts and investors through May 31, 2011.  Unless it publicly discloses otherwise, PPL expects that during these meetings and discussions it will reaffirm the Company’s 2011 earnings forecast. A webcast of the presentation will be available for 30 days following the conference on PPL's Internet Web site:  www.pplweb.com.

Furnished as Exhibit 99.1 is a copy of the slides to be used in connection with Mr. Farr’s presentation.

Correction.

On May 5, 2011, PPL issued a press release announcing its earnings for the quarter ended March 31, 2011, and other business matters.  A copy of the press release was furnished to the Securities and Exchange Commission as Exhibit 99.1 to PPL’s May 5, 2011 Current Report on Form 8-K.  Attached to the press release was certain PPL Corporation and Subsidiaries Condensed Consolidated Financial Information (unaudited) (in millions), a component of which was a table entitled: Operating - Domestic & International Electricity Sales (unaudited).  In that table the amount of 810, representing GWh sales attributable to Domestic Wholesale, PPL EnergyPlus West, for the period ended March 31, 2011, was misstated.  The correct amount for that period is 2,508.  As a result of this correction: (1) the Total for Domestic Wholesale for the 3 Months Ended March 31, 2011 is 17,582 instead of 15,884; (2) the Percent Change for Domestic Wholesale, PPL EnergyPlus West for the 3 Months Ended March 31, 2011 compared to the 3 Months Ended March 31, 2010 is (9.2%) instead of (70.7%); and (3) the Total Percent Change for Domestic Wholesale for the 3 Months Ended March 31, 2011 compared to the 3 Months Ended March 31, 2010 is (11.9%) instead of (20.4%).

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1 -	Slides to be used in presentation by Paul A. Farr at Deutsche Bank Alternative Energy Utilities and Power Conference on May 11, 2011.

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/ Paul A. Farr
	Paul A. Farr Executive Vice President and Chief Financial Officer

Dated:  May 9, 2011

EX-99.1

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© PPL Corporation 2011

PPL Corporation

May 11, 2011

Deutsche Bank Conference

Exhibit 99.1

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© PPL Corporation 2011

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.

Cautionary Statements and Factors
That May Affect Future Results

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© PPL Corporation 2011

PPL has a highly attractive and differentiated position in the electric industry

Investment Highlights

§Predominantly rate-regulated business mix with significant growth prospects

§Operations in constructive jurisdictions

§Approximately two-thirds of regulated capital expenditures earn real-time or near real-time
returns

§~ 9% compound annual growth in rate base from 2011 to 2015

§Expect 75% of 2013 EBITDA from regulated businesses

§Highly attractive generation fleet

§Competitively positioned nuclear, hydro and efficient coal

§Complemented by flexible dispatch gas fired units

§No significant exposure to currently proposed environmental regulations

§Multiple drivers of significant upside

§Increasing natural gas prices

§Increasing heat rates

§Environmental regulation

§Business Risk Profile rated “Excellent” by S&P

§Stable ratings outlooks

§Secure dividend with strong platform for future growth

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© PPL Corporation 2011

Our Strengths

§Strong regulatory relationships

§Best in class reliability, customer service

§Strong operating performance - regulated and
competitive

§Strong carbon and other environmental position

§Excellent cost-management

§Knowledgeable, dedicated employees

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© PPL Corporation 2011

EBITDA Projection (1)

Predominantly Regulated Business Mix

(1)Approximate projections.

(2)“Does The Shale Gas Glut Pose A Threat To U.S. Integrated Power Merchants’ Credit Quality?”Standard & Poor’s, October 22, 2010.

(3)Based on EBIT estimate from company presentation.

(4)PPL estimates; CN pre-transaction figure based on 2011 FFO; post-transaction figure based on 2013 FFO for the combined entity, which includes full
realization of expected synergies.

2011 Pre-Transaction

2013 Post-Transaction

S&P Business Risk

Profile: Strong or Satisfactory

S&P Business Risk

Profile: Excellent

(4)

(4)

Competitive

Regulated

Regulated

Competitive

(3)

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© PPL Corporation 2011

Real-Time Recovery of Majority of
Regulated Capex Spending

Note:$ in billions.

(1)Figures based on assumed exchange rate of $1.60 / GBP. Includes capex for WPD Midlands.

(2)Assumes approximately 85% of timely returns via ECR mechanism based on historical experience.

Approximately two-thirds of regulated capital expenditures earn returns subject to
minimal or no regulatory lag

(1)

(2)

63%

71%

68%

68%

61%

$0.8

$0.2

$0.2

$1.0

$0.6

$0.3

$0.6

$0.7

$1.1

$1.1

$0.7

$0.5

$1.2

$0.4

$0.4

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© PPL Corporation 2011

Regulated Rate Base Growth

($ in billions)

(1)Represents capitalization for LKE, as LG&E and KU rate constructs are based on capitalization.Represents Regulatory Asset Value (RAV) for WPD.

(2)Includes RAV for WPD Midlands. Figures based on assumed exchange rate of $1.60 / GBP and are as of year-end December 31.

$18.0

$19.2

$21.4

$23.4

$25.2

2011E - 2015E Regulatory Asset Base(1) CAGR:8.8%

(2)

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© PPL Corporation 2011

$/Share

Annualized

A significantly more rate-regulated business mix provides strong

support for current dividend and a platform for future growth

(1)Ongoing EPS based on mid-point of forecast.Annualized dividend based on 1st quarter declaration. Actual dividends to
be determined by Board of Directors.

(2)From only regulated segments.

(1)

(2)

(1)

Pre-
Transaction

Post-
Transaction

Dividend Profile

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© PPL Corporation 2011

© PPL Corporation 2011

PPL

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© PPL Corporation 2011

Appendix

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© PPL Corporation 2011

$3.13

$2.75

$/Share

(1)Based on mid-point of forecasted earnings range.

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

(1)

$2.50

2010A

2011E

$2.60

$2.40

2011 Earnings from Ongoing Operations Forecast

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© PPL Corporation 2011

Capital Expenditures

($ in billions)

(1)Includes capex for WPD Midlands. Figures based on assumed exchange rate of $1.60 / GBP.

(2)Expect approximately 85% to receive timely returns via ECR mechanism based on historical experience.

(1)

(2)

$2.8

$3.6

$4.1

$4.0

$3.9

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© PPL Corporation 2011

Note:Total includes Residential, Commercial and Industrial customer classes as well as “Other”, which is not depicted on the charts above.

Kentucky Regulated Volume Variances

 13 © PPL Corporation 2011 12- months Ended 3/31 2011 vs 2010 -1.5% -1.8% 11.1% 2.0% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% Weather- Normalized ( charted) - 1.5% - 1.8% 11.1% 2.0% Actual 4.2% 1.2% 11.5% 4.9% Residential Commercial Industrial Total 3- months Ended 3/ 31 2011 vs 2010 -4.3% -1.7% 7.7% -0.3% -6% -4% -2% 0% 2% 4% 6% 8% Weather- Normalized ( charted) - 4.3% - 1.7% 7.7% - 0.3% Actual -10.2% -3.8% 7.5% - 3.4% Residential Commercial Industrial Total Kentucky Regulated Volume Variances % Change% Change Note: Total includes Residential, Commercial and Industrial customer classes as well as “Other” , which is not depicted on the charts above. 13 © PPL Corporation 2011 12- months Ended 3/31 2011 vs 2010 -1.5% -1.8% 11.1% 2.0% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% Weather- Normalized ( charted) - 1.5% - 1.8% 11.1% 2.0% Actual 4.2% 1.2% 11.5% 4.9% Residential Commercial Industrial Total 3- months Ended 3/ 31 2011 vs 2010 -4.3% -1.7% 7.7% -0.3% -6% -4% -2% 0% 2% 4% 6% 8% Weather- Normalized ( charted) - 4.3% - 1.7% 7.7% - 0.3% Actual -10.2% -3.8% 7.5% - 3.4% Residential Commercial Industrial Total Kentucky Regulated Volume Variances % Change% Change Note: Total includes Residential, Commercial and Industrial customer classes as well as “Other” , which is not depicted on the charts above.

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© PPL Corporation 2011

 14 © PPL Corporation 2011 PA Regulated Volume Variances % Change% Change Note: Total includes Residential, Commercial and Industrial customer classes as well as “Other” , which is not depicted on the charts above. 3- months Ended 3/31 2011 vs 2010 -1.2% 0.7% 1.3% 0.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Weather- Normalized ( charted) - 1.2% 0.7% 1.3% 0.0% Actual 1.9% 2.0% 1.3% 1.8% Residential Commercial Industrial Total 12- months Ended 3/ 31 2011 vs 2010 -4.2% 0.2% 1.2% -1.3% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% Weather- Normalized ( charted) - 4.2% 0.2% 1.2% - 1.3% Actual 1.9% 2.6% 1.2% 2.0% Residential Commercial Industrial Total 14 © PPL Corporation 2011 PA Regulated Volume Variances % Change% Change Note: Total includes Residential, Commercial and Industrial customer classes as well as “Other” , which is not depicted on the charts above. 3- months Ended 3/31 2011 vs 2010 -1.2% 0.7% 1.3% 0.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Weather- Normalized ( charted) - 1.2% 0.7% 1.3% 0.0% Actual 1.9% 2.0% 1.3% 1.8% Residential Commercial Industrial Total 12- months Ended 3/ 31 2011 vs 2010 -4.2% 0.2% 1.2% -1.3% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% Weather- Normalized ( charted) - 4.2% 0.2% 1.2% - 1.3% Actual 1.9% 2.6% 1.2% 2.0% Residential Commercial Industrial Total

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© PPL Corporation 2011

Capacity revenues are expected to be $430 million, $385 million and $590 million for 2011, 2012 and 2013, respectively.

As of March 31, 2011

(1) Represents expected sales based on current business plan assumptions. Amounts do not reflect the impact of the Susquehanna turbine blade inspection/replacement outages.

(2) The 2011 average hedge energy prices are based on the fixed price swaps as of March 31, 2011; the prior collars have all been converted to fixed swaps.

(3) The 2012 ranges of average energy prices for existing hedges were estimated by determining the impact on the existing collars resulting from 2012 power prices at the 5th and 95th percentile
confidence levels.

(4) Includes three months of actual results.

	2011(4)	2012
Baseload
Expected Generation(1) (Million MWhs)	50.7	54.7
East	42.5	46.2
West	8.2	8.5
Current Hedges (%)	99%	86%
East	100%	84%
West	97%	94%
Average Hedged Price (Energy Only) ($/MWh)(2) (3)
East	$57	$55-56
West	$54	$53-54
Current Coal Hedges (%)	99%	96%
East	99%	94%
West	100%	100%
Average Hedged Consumed Coal Price (Delivered $/Ton)
East	$73-74	$76-80
West	$23-28	$23-29
Intermediate/Peaking
Expected Generation(1) (Million MWhs)	7.1	6.2
Current Hedges (%)	58%	26%

Enhancing Value Through Active Hedging

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© PPL Corporation 2011

Market Prices

(1)	24-hour average.
(2)	NYMEX and TZ6NNY forward gas prices on 3/31/2011.
(3)	Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price.

 16 © PPL Corporation 2011 Market Prices 2011 2012 $52 $54 $37 $40 $44 $46 $30 $39 $21 $29 $26 $35 $4.57 $ 5.06 $5.07 $ 5.83 10.2 10.6 $136.79 $123.63 88.3% 89.8% (Per MWD) EQA HEAT RATE(3) TZ6NNY PJM MARKET ATC(1) NYMEX GAS(2) CAPACITY PRICES Mid-Columbia On-Peak Off-Peak ATC(1) ELECTRIC PJM On-Peak Off-Peak (1) 24-hour average. (2) NYMEX and TZ6NNY forward gas prices on 3/31/2011. (3) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price. 16 © PPL Corporation 2011 Market Prices 2011 2012 $52 $54 $37 $40 $44 $46 $30 $39 $21 $29 $26 $35 $4.57 $ 5.06 $5.07 $ 5.83 10.2 10.6 $136.79 $123.63 88.3% 89.8% (Per MWD) EQA HEAT RATE(3) TZ6NNY PJM MARKET ATC(1) NYMEX GAS(2) CAPACITY PRICES Mid-Columbia On-Peak Off-Peak ATC(1) ELECTRIC PJM On-Peak Off-Peak (1) 24-hour average. (2) NYMEX and TZ6NNY forward gas prices on 3/31/2011. (3) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price.

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© PPL Corporation 2011

Earnings Per Share

Midlands

$0.49

Legacy Ops

$0.08

Other ($0.02)

Margins $0.10

Other ($0.03)

Margins

($0.51)

Taxes

($0.25)

O&M ($0.08)

(1)Earnings from ongoing operations.

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

(1)

(1)

2010 to 2011 Earnings Walk

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© PPL Corporation 2011

Millions of Dollars

(1)2010 Free Cash Flow includes two months of the results of the Kentucky Regulated segment.

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

(1)

2011

Forecast

Free Cash Flow before Dividends

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© PPL Corporation 2011

(1)Projected average common shares outstanding include common stock issued for the acquisition of WPD Midlands and projected
shares issued to satisfy DRIP and compensation-related stock requirements. These projections do not include common stock issued
to fund future growth.

(A)Actual for quarter ended March 31, 2011.

(E)Estimate for average shares outstanding for the year indicated.

Shares Outstanding

 19 © PPL Corporation 2011 Shares Outstanding (1) Projected average common shares outstanding include common stock issued for the acquisition of WPD Midlands and projected shares issued to satisfy DRIP and compensation-related stock requirements. These projections do not include common stock issued to fund future growth. (A) Actual for quarter ended March 31, 2011. (E) Estimate for average shares outstanding for the year indicated. Average Common Shares Outstanding (1) (in millions) As of: March 31, 2011 485 (A) December 31, 2011 557 (E) December 31, 2012 582 (E) 19 © PPL Corporation 2011 Shares Outstanding (1) Projected average common shares outstanding include common stock issued for the acquisition of WPD Midlands and projected shares issued to satisfy DRIP and compensation-related stock requirements. These projections do not include common stock issued to fund future growth. (A) Actual for quarter ended March 31, 2011. (E) Estimate for average shares outstanding for the year indicated. Average Common Shares Outstanding (1) (in millions)

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© PPL Corporation 2011

	2009	2010	2011
Cash from Operations	$1,852	$2,034	$2,200
Increase (Decrease) in cash due to:
Capital Expenditures	(1,265)	(1,644)	(2,837)
Sale of Assets	84	161	382
Other Investing Activities - Net	(71)	(20)	152
Free Cash Flow before Dividends	$600	$ 531	$ (103)

(Millions of Dollars)

PPL Corporation Reconciliation of Cash from
Operations to Free Cash Flow before Dividends

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© PPL Corporation 2011

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

21 © PPL Corporation 2011 Reconciliation of PPL’s Earnings from Ongoing Operations to Reported Earnings (Per Share) High Low 2011 2011 2010 2009 Earnings from Ongoing Operations per share of common stock 2.75 $ 2.50 $ 3.13 $ 1.95 $ Special Items: Energy-related economic activity 0.03 0.03 ( 0.27) ( 0.59) Sales of assets: Maine hydroelectric generation business 0.03 0.06 Long Island generation business (0.09) Latin American businesses (0.07) Interest in Wyman Unit 4 (0.01) Impairments: Impacts from emission allowances (0.02) ( 0.05) Other asset impairments (0.01) Central Networks acquisition- related costs: Bridge Facility costs ( 0.02) ( 0.02) Other acquisition- related costs ( 0.02) ( 0.02) Foreign currency-related economic hedges (0.01) ( 0.01) LKE acquisition- related costs: Monetization of certain full- requirement sales contracts (0.29) Anticipated sale of certain non- core generation facilities ( 0.14) Bridge Facility costs (0.12) Discontinued cash flow hedges & ineffectiveness (0.06) Reduction of credit facility (0.01) Other acquisition- related costs (0.05) Workforce reductions (0.03) Other: Montana hydroelectric litigation (0.08) ( 0.01) Health Care Reform - tax impact (0.02) Change in U.K. tax rate 0.04 U. S. Tax Court ruling (U.K. Windfall Profits Tax) 0.03 Change in tax accounting method related to repairs (0.07) Total Special Items (0.02) ( 0.02) ( 0.96) ( 0.87) Reported Earnings per share of common stock 2.73 $ 2.48 $ 2.17 $ 1.08 $ Note: Per share amounts are based on diluted shares outstanding. Forecast Actual 21 © PPL Corporation 2011 Reconciliation of PPL’s Earnings from Ongoing Operations to Reported Earnings (Per Share) High Low 2011 2011 2010 2009 Earnings from Ongoing Operations per share of common stock 2.75 $ 2.50 $ 3.13 $ 1.95 $ Special Items: Energy-related economic activity 0.03 0.03 ( 0.27) ( 0.59) Sales of assets: Maine hydroelectric generation business 0.03 0.06 Long Island generation business (0.09) Latin American businesses (0.07) Interest in Wyman Unit 4 (0.01) Impairments: Impacts from emission allowances (0.02) ( 0.05) Other asset impairments (0.01) Central Networks acquisition- related costs: Bridge Facility costs ( 0.02) ( 0.02) Other acquisition- related costs ( 0.02) ( 0.02) Foreign currency-related economic hedges (0.01) ( 0.01) LKE acquisition- related costs: Monetization of certain full- requirement sales contracts (0.29) Anticipated sale of certain non- core generation facilities ( 0.14) Bridge Facility costs (0.12) Discontinued cash flow hedges & ineffectiveness (0.06) Reduction of credit facility (0.01) Other acquisition- related costs (0.05) Workforce reductions (0.03) Other: Montana hydroelectric litigation (0.08) ( 0.01) Health Care Reform - tax impact (0.02) Change in U.K. tax rate 0.04 U. S. Tax Court ruling (U.K. Windfall Profits Tax) 0.03 Change in tax accounting method related to repairs (0.07) Total Special Items (0.02) ( 0.02) ( 0.96) ( 0.87) Reported Earnings per share of common stock 2.73 $ 2.48 $ 2.17 $ 1.08 $ Note: Per share amounts are based on diluted shares outstanding. Forecast Actual

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© PPL Corporation 2011

Statements contained in this presentation, including statements with respect to future earnings, cash flows, financing, regulation and
corporate strategy 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; the length of scheduled and unscheduled outages at our plants, including the current outage at Unit 2 of
our Susquehanna nuclear plant to inspect and repair turbine blades, and the timing and outcome of any similar outage for inspections
at Unit 1 of the Susquehanna plant; 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 or business acquisitions and dispositions, and PPL
Corporation’s ability to realize the expected benefits from acquired businesses, including the 2010 acquisition of Louisville Gas and
Electric Company and Kentucky Utilities Company and the 2011 acquisition of the Central Networks electricity distribution businesses
in the U.K.; 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

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© PPL Corporation 2011

“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 management’s view of
PPL’s fundamental earnings performance as another criterion in making 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:

•Energy-related economic activity (as discussed below).

•Foreign currency-related economic hedges.

•Gains and losses on sales of assets not in the ordinary course of business.

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

•Workforce reduction and other restructuring impacts.

•Acquisition-related costs and charges.

•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 economically to hedge a portion of the economic value of PPL’s
generation assets, full-requirement sales contracts 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) prior to the delivery period that was hedged. Also included in energy-related
economic activity is the ineffective portion of qualifying cash flow hedges, the monetization of certain full-requirement sales contracts and premium
amortization associated with options. This economic activity is deferred, with the exception of the full-requirement sales contracts that were
monetized, and included in earnings from ongoing operations over the delivery period of the item that was hedged or upon realization. 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. Please refer to the Notes to the Consolidated Financial Statements and MD&A in PPL Corporation’s periodic filings with
the Securities and Exchange Commission for additional information on energy-related economic activity.

“Free cash flow before dividends” is derived by deducting capital expenditures and other investing activities-net, 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, as 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.

Definitions of Non-GAAP Financial Measures