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):  June 25, 2013

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 June 25, 2013, PPL Corporation ("PPL") issued a press release announcing that, on July 1, 2013 at 8:30 a.m. Eastern time, William H. Spence, PPL chairman, president and chief executive officer, together with other members of PPL's executive management team, will conduct a webcast conference call with financial analysts to present information about the business plans ("Business Plans") that PPL's four Western Power Distribution subsidiaries ("WPD subsidiaries") will file on July 1, 2013 with the Office of Gas and Electric Markets ("Ofgem").  Ofgem regulates transmission, distribution and wholesale sales of electricity and related matters in the United Kingdom, and the Business Plans are being filed in connection with the price control review process ("RIIO-ED1") that will establish the revenues eligible to be earned by electricity distribution networks in the United Kingdom for the eight-year period that commences on April 1, 2015.  Copies of the Business Plans and other information related to the RIIO-ED1 process are available at PPL's website under the headings: Investors/Research Tools/UK regulatory review (www.pplweb.com/investors/research-tools/uk-regulatory-review).

The Business Plans assume receipt of incentive revenue awards that are available under the RIIO-ED1 regulatory framework, including having the Business Plans be determined by Ofgem to be "fast-tracked."  Fast-tracked businesses receive early Ofgem approval (March 2014) and an incentive award equal to two and one-half percent of  the business's annual total expenditures, which in the case of the WPD subsidiaries would be approximately $35 million annually.  Also under RIIO-ED1, additional opportunities to earn incentive awards, or to be assessed penalties, are incorporated into the rate recovery structure for performance related to cost of services and reliability over the eight-year regulatory period.

During the presentation, based upon assumptions related to exchange rates, inflation rates, cost of capital, achievement of business plan targets, receipt of certain Ofgem regulatory approvals and other matters, PPL's executive officers will present projected earnings for PPL's U.K. Regulated Segment and provide other forward-looking information for each of the 2013 through 2016 fiscal years.  Such projections and forward looking information are presented principally to demonstrate how the U.K. Regulated Segment intends to operate under the RIIO-ED1 regulatory regime.  There can be no assurance that the underlying assumptions or projected outcomes will be consistent with actual results.

A copy of PPL's press release announcing the webcast conference call is furnished herewith as Exhibit 99.1, and a copy of the slides to be used in connection with the conference call presentation are furnished herewith as Exhibit 99.2.  A copy of PPL's July 1, 2013 press release announcing the filing of the Business Plans by the WPD subsidiaries is furnished herewith as Exhibit 99.3.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1 -	Press Release, dated June 25, 2013, announcing PPL's July 1, 2013 webcast conference call with financial analysts regarding U.K. subsidiary price control review process.
	99.2 -	Slides to be used on the July 1, 2013 webcast among members of PPL's senior management and financial analysts.
	99.3 -	Press Release, dated July 1, 2013, announcing the filing of Business Plans by the WPD subsidiaries with Ofgem.

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:  July 1, 2013

EX-99.1

Exhibit 99.1

Contact:	For news media – George C. Lewis, 610-774-5997
	For financial analysts – Joseph P. Bergstein, 610-774-5609
	PPL Corporation

PPL Corporation Executives to Discuss Business Plans

Filed by U.K. Subsidiary as Part of Price Control Review

ALLENTOWN, Pa. (June 25, 2013) -- PPL Corporation (NYSE: PPL) has scheduled a conference call with financial analysts on Monday, July 1, at 8:30 a.m. Eastern time. William H. Spence, PPL chairman, president and Chief Executive Officer, along with other members of PPL’s executive management team, will discuss plans that PPL’s Western Power Distribution subsidiary will submit July 1 as part of the price control review process for electricity distribution networks in the United Kingdom.

WPD owns and operates four electricity distribution networks in central and southwest England and south Wales that serve 7.8 million customers. The price control review, conducted by the Office of Gas and Electricity Markets, will establish revenues for an 8-year period that begins April 1, 2015. The July 1 filing is an important milestone in the review process.

The call will be available live, with audio and slides of the presentation, on PPL’s website, www.pplweb.com. For those who are unable to join the live webcast, a replay with slides will be accessible on the website for 30 days after the call. Interested individuals also may access the live conference call via telephone at 866-652-5200. International participants should call 1-412-317-6060.

PPL Corporation, with annual revenue of more than $12 billion, is one of the largest companies in the U.S. utility sector. The PPL family of companies delivers electricity and natural gas to about 10 million customers in the United States and the United Kingdom, owns more than 18,000 megawatts of generating capacity in the United States and sells energy in key U.S. markets. More information is available at www.pplweb.com.

#     #     #

Note to Editors: Visit our media website at www.pplnewsroom.com for additional news and background about PPL Corporation.

EX-99.2

© PPL Corporation 2013

RIIO-ED1 Business Plan Review

July 1, 2013

Exhibit 99.2

© PPL Corporation 2013

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.

© PPL Corporation 2013

3

Agenda

Opening Remarks

RIIO-ED1 Business Plan Process & Overview

RIIO-ED1 Business Plan Financial Review

Closing Remarks

Q&A

Robert Symons

CEO, Western Power Distribution

Paul Farr

PPL Executive VP and CFO

Bill Spence

PPL Chairman, President and CEO

Bill Spence

PPL Chairman, President and CEO

© PPL Corporation 2013

RIIO-ED1

•Revenue = Incentives + Innovation + Outputs
(Electricity Distribution 1)

•It covers the eight-year period 2015 - 2023

•The key challenges are:

–Replacing aging infrastructure and maintaining the high level of security of
supply that customers expect

–The timing and scale of the work needed to prepare the networks for Low
Carbon Technologies (LCTs) (e.g. electric vehicles, heat pumps and solar PV)

–The need to deliver affordable services - we must continue to be efficient

4

© PPL Corporation 2013

What’s New?

•Outputs

–Greater focus on the delivery of outputs with higher returns for well-
performing efficient companies

•Stakeholder engagement

–Greater emphasis on a wide ranging consultation program

•Well-justified business plans

–Requirement to submit a high-quality, long-term “Well-Justified Business Plan”
(WJBP)

•Three-tiered approach to companies

–Fast-track approach for excellent companies with very high-quality plans

–Proportionate treatment for good companies with high-quality plans

–Full scrutiny for low performers

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© PPL Corporation 2013

Price Review Process

•The review determines the allowed revenues for all electricity
distribution companies for the period April 1, 2015 to March
31, 2023

•Ofgem will decide whether to accept the plan as submitted
and fast-track the plan, or whether to subject the plan to
further examination

•Ofgem’s examination is undertaken by its own staff and by
technical consultants

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© PPL Corporation 2013

Well-Justified Business Plan

•Ofgem has set out in detail what the plan should contain

•The submitted plan should have been subject to and reflect
the results of significant stakeholder engagement

•Ofgem has also specified certain assumptions to ensure
comparability between companies

•All amounts included have to be justified by external review,
market testing or cost benefit analysis

•All expenditure numbers are shown on a cash basis (i.e., no
distinction between capital and O&M)

•All amounts shown in 2012/13 money ignoring inflation

•No resubmission is possible until after the fast-track decision

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© PPL Corporation 2013

Benefits of Fast-track

•The benefits of fast-tracking for WPD:

–2.5% of total expenditures (totex) reward (~$35 million annual average)

–All costs submitted are allowed

–Fast-tracked companies will keep more of the annual savings achieved than
other companies

–Fast-tracked companies conclude review 9 months earlier than other
companies

•These benefits are part of the submitted plan and
result from the plan being fast-tracked

•Ofgem will ensure that a company that is fast-
tracked does not secure a settlement that is worse
than had they remained in the process

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© PPL Corporation 2013

WPD Approach to RIIO-ED1

WPD will demonstrate that it is a company capable of being
fast-tracked by:

•   Delivering what was promised during DPCR5

–Continuing to be efficient

–Outperforming other Distribution Network Operators (DNOs)

•   Submitting a well-justified business plan

–A long-term plan capable of dealing with a range of future scenarios

–A plan that delivers excellent customer service and a clear set of outputs

–A plan that is efficient

–A plan that is innovative

–A plan that is supported by stakeholders

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© PPL Corporation 2013

Plan Preparation

•13 Ofgem RIIO-ED1 working groups plus sub-groups, 300 meetings
attended

•2,000 pages of Ofgem documents analyzed and responded to

–66-page requirements schedule and associated compliance audits

•120 Ofgem one-on-one meetings

•12 meetings at director level

•More than 200 cost benefit analyses prepared

•Ofgem price control review financial model, data tables and LCT
scenarios completed

•Well-justified business plan

–160-page core document, 700 pages of supporting annexes, 2,200
pages of sub-annexes

•Plan is supported by stakeholders, cost benefit analyses, and has
been reviewed by external consultants

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© PPL Corporation 2013

The Stakeholder Engagement Program

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Stage 1:

Preliminary
engagement

Stage 3:

Business Plan
consultation

Stage 2:

Willingness to Pay

Customer Research

Stage 4:

Business Plan
outcome

Stage 5:

Review of our
delivery

–24 stakeholder workshops

–7 customer panel meetings

–8 focus groups (domestic customers)

–1,208 ‘willingness to pay’ interviews (domestic)

–426 ‘willingness to pay’ interviews (business)

–6 connections and distributed generation workshops

–774 distributed generation customer interviews

–408 vulnerable customer surveys

–2 energy supplier forums

–50 staff roadshows

© PPL Corporation 2013

Stakeholder Engagement - Key Messages

•Reliability - #1 priority for customers

–Continue to reduce the number and duration of power outages

–Improve service for worst served customers

–Improve network resilience to severe weather events

•Customers

–A quicker connections service

–Multiple communication channels

–Enhanced services to vulnerable customers

•Sustainability and Environment

–Continue undergrounding schemes in Areas of Outstanding Natural Beauty (AONB)

–Future proof the network by taking sensible incremental steps

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All of the above must be delivered efficiently and demonstrate value for money

© PPL Corporation 2013

Uncertainty Mechanisms

•WPD is not proposing any additional mechanisms

•There will also be a mid-period review that is intended to cover external factors
affecting the operation of the RIIO-ED1 price control

•In order to address the uncertainty in the 8-year RIIO-ED1 period, Ofgem has
included uncertainty mechanisms

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Uncertainty Mechanisms     • In order to address the uncertainty in the 8 year RIIO- ED1 period, Ofgem has included uncertainty mechanisms • WPD is not proposing any additional mechanisms TypeAreacoveredFrequencyMechanisticIndexationRPIindexationofallowedrevenuesCostofdebtAnnualPassthroughBusinessratesOfgemlicense feesDataandCommunicationCompany(DCC) fixedcostsAnnualVolumedriverSmartmeterroll- outcostsAnnual(aboveadefinedthreshold) AssessedReopenerStreetworksEnhancedphysicalsitesecurityHigh- valueprojectsSinglewindow– 2019Load- relatedexpenditure2017,2020Innovationroll- outmechanism2017,2019Pensiondeficitrepairmechanism2014,2017,2020TriggerTaxAtanytime • There will also be a mid- period review that is intended to cover external factorsaffecting the operation of the RIIO- ED1 price control © PPLCorporation201313

© PPL Corporation 2013

WPD’s Plan

•The plan shows a 10.9% reduction in customer bills
between 2014/15 and 2015/16 before inflation

•Despite this reduction among other improvements:

–Network investment will increase by 7%

–Network operating costs will decrease by 15%

–Overheads, business support and non-operational capital expenditure have decreased
by 18%

–Power outages will be reduced by 13% and will be restored 20% quicker

–Guaranteed Standards penalties are voluntarily doubled

•This is possible because:

–Midlands capital unit costs were reduced by 24%

–Overhead costs were reduced by 20%

–Financing costs were reduced by cost of debt

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© PPL Corporation 2013

WPD’s Plan - 75 Outputs

•We commit to additional voluntary output measures within each of the six
categories:

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▲= Improve current performance; ► = Maintain current performance

Category	Safety	Reliability	Environment	Connections	Customer Satisfaction	Social Obligations
Measures	10	8	14	10	16	17
Stakeholder View	►	▲	▲	▲	►	▲
WPD’s focus in RIIO-ED1	Reduce staff accident frequency rate by 10%	Reduce the duration of power outages by 20% Implement flood defenses at 75 substations	Reduce the amount of waste sent to landfill by 20% by 2017 (5%/yr thereafter) Underground 55km of line in AONB	Target zero Guaranteed Standard failures Better engagement with large customers	Maintain top position for customer satisfaction and complaints	Improve data on vulnerable customers Provide practical support during power failures
Voluntary	Educate 400,000 children on electrical safety	Reduce number of power outages lasting more than 12 hours by 20%		Improve overall time to deliver a connection by 20%	Double Guaranteed Standard Payments	Contact vulnerable customers every two years

© PPL Corporation 2013

WPD’s Plan - Stakeholder Endorsement

•A series of six workshops were held across WPD in April 2013

•Stakeholders were given an overview of the draft plan and
key outputs were presented in packages and discussed in
detail

•Electronic voting was used to calibrate the package of outputs
and gauge overall endorsement for the plan

•Additional specialized workshops were held covering:

–Connections

–Regulatory Distribution Use of System (DUoS) charges

–Innovation

–Social obligations

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© PPL Corporation 2013

Very high overall endorsement for WPD’s plan:

•  96% agree with WPD’s plans for customer service & complaints

•  94% agree with WPD’s plans for customer communication

•  94% agree with WPD’s plans to improve connections communications

•  91% agree with WPD’s plans to enhance resilience to severe weather

•  90% agree with WPD’s plans for stakeholder engagement

•  86% agree with WPD’s plans to improve network performance

•  86% agree with WPD’s plans to make the connections service faster and more
    efficient

•  82% agree with WPD’s plans to reduce the network environmental impact

•  78% agree with WPD’s plans to reduce its business carbon footprint

•  76% agree with WPD’s plans to facilitate a competitive connections market

•  74% agree with WPD’s plans to facilitate increased volumes of LCTs

WPD’s Plan - Stakeholder Headlines

17

© PPL Corporation 2013

Joint statement from WPD’s Customer Panel
- June 2013

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Joint  statement  from  WPD’s  Customer  Panel  –  June  2013     [Some  minor  edits  suggested  –was  this  a  public  statement? ]    Western Power Distribution (WPD) was the first DNO to adopt "open and enduring stakeholder engagement, long before RIIO-ED1.  They have led the way by giving stakeholders a clear say and involvement in strategic decisions for the future of the business.  WPD's Customer Panel was the first of its kind and currently enables us to regularly meet the senior company managers, see the company at work and learn more about what WPD is doing, where and when.  The transparent and open approach affords us the opportunity to comment on policy and feedback concerns and suggestions to management and key decisions makers directly.  Collectively the professional experience and knowledge of the invited members have enabled consideration of the outputs proposed by WPD for RIIO-ED1 in order to submit a plan that would be most beneficial for stakeholders and customers.  WPD respect both positive and negative response and address issues accordingly.  WPD's approach to engagement is transparent, genuine and well thought out, using a wide range of methods.  Meetings are a worthwhile use of our time as we see our suggestions implemented to ensure customers continue to receive the best possible overall customer service. © PPLCorporation2013 18

© PPL Corporation 2013

WPD’s Plan - Total Projected Expenditure
Summary

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* Tax is not included

Core expenditure funded through DUoS (£m)
	West Midlands	East Midlands	South Wales	South West	Total
Reinforcement of the network	198.0	267.2	48.6	84.7	598.5
Non-load network investment	664.2	587.3	396.9	575.1	2,223.5
Network operating costs	354.3	370.0	193.8	304.4	1,222.5
Engineering management	288.6	290.8	147.9	214.5	941.8
Corporate activities	87.0	83.2	47.3	75.8	293.3
Workforce renewal	47.7	47.7	35.6	46.9	177.9
Vehicles, IT, property & engineering equipment	237.2	233.1	120.3	201.9	792.5
Total	1,877.0	1,879.3	990.4	1,503.3	6,250.0

Other expenditure within the price control funded through DUoS (£m)
	West Midlands	East Midlands	South Wales	South West	Total
Real price effects	143.3	141.6	71.8	112.2	468.7
Smart metering	20.6	21.6	10.0	14.6	66.8
Rates	276.0	362.7	144.8	146.4	929.9
License fees	9.6	10.4	4.0	6.4	30.4
Normal pension contributions	84.7	84.5	62.3	98.8	330.3
Deficit pension contributions	180.0	176.8	204.8	331.2	892.8
Transmission exit charges	107.9	92.7	68.7	71.6	340.9
Total*	822.1	890.3	566.4	781.2	3,059.8

 WPD’s Plan –Total Projected Expenditure Summary     Core expenditure funded through DUoS(£m) West Midlands East Midlands South Wales SouthWest Total Reinforcement of the network 198.0267.248.684.7598.5 Non- load network investment 664.2587.3396.9575.12,223.5 Network operating costs 354.3370.0193.8304.41,222.5 Engineering management 288.6290.8 147.9214.5941.8 Corporate activities 87.083.247.375.8293.3 Work force renewal 47.747.735.646.9177.9 Vehicles, IT, property & engineering equipment 237.2233.1120.3201.9792.5 Total 1,877.01,879.3990.41,503.36,250.0 Other expenditure within the price control funded through DUoS (£m) West Midlands East Midlands South Wales South West Total Real price effects 143.3 141.6 71.8 112.2 468.7 Smart metering 20.6 21.6 10.0 14.6 66.8 Rates 276.0 362.7 144.8 146.4 929.9 License fees 9.6 10.4 4.0 6.4 30.4 Normal pension contributions 84.7 84.5 62.3 98.8 330.3 Deficit pension contributions 180.0 176.8 204.8 331.2 892.8 Transmission exit charges 107.9 92.7 68.7 71.6 340.9 Total* 822.1 890.3 566.4 781.2 3,059.8    * Tax is not included © PPLCorporation2013 19

© PPL Corporation 2013

WPD’s Plan - Financial Assumptions

Parameter	Value*	Details
Cost of Debt	2.92%	As specified by Ofgem (10-year trailing average iBoxx rate)
Cost of Equity	6.7%	The same as DPCR5 and RIIO-GD1 (Gas Distribution 1)
Gearing	65%	The same as DPCR5
Vanilla WACC	4.24%	Derived from cost of debt and cost of equity (4.7% at DPCR5)
Capitalization	80%	Comparable to DPCR5 taking into account changes in definition
RAV Depreciation	Average of 35 years	For RIIO-ED1 we transition from the DPCR5 20-year life to a 45- year life using the transition methodology accepted by Ofgem in National Grid’s Electricity Transmission final proposals

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* All amounts shown before inflation

© PPL Corporation 2013

•Ofgem has required that the business plan be submitted based on its
set of regulatory assumptions

•Converting the regulatory assumptions to PPL’s U.K. Regulated
Segment projected earnings requires a number of adjustments

•Adjustments include:

–Revenues and costs have been provided for in the business plan in real prices (2012/13)

–Ofgem has required that the WACC be based on a debt rate of 2.92% as its assumption for
the 10-year trailing iBoxx average.The rate will likely be different at the start of RIIO-ED1. 
               (A 15bps change in the rate equates to an EPS change of approximately $0.01 per share)

–Addition of non-regulated revenues

–Pension deficit recovery is based on deficits as of December 31, 2012; revenues must be
adjusted to reflect actual deficit amounts as of the March 31, 2013 valuation

–Annual performance incentives are not provided for in the submitted business plan

–U.S. GAAP adjustments to the regulatory financial model

–Currency conversion to U.S. dollars

–Inclusion of U.K. Holding companies and PPL domestic operating, financing and tax costs

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U.K. Regulated Segment - PPL Adjustments
to the Ofgem Submitted Business Plan

© PPL Corporation 2013

•Incentives (and penalties) are a fundamental element of the
RIIO framework

•Available incentives include:

–Fast-track award equivalent to 2.5% of annual total expenditures (totex)

–Interruptions Incentive Scheme (annual performance against targets for the number and
duration of interruptions)

–Broad Measure of Customer Satisfaction (annual performance of customer views on
service level)

–Efficiency incentives (IQI) from the prior price control period and RIIO-ED1

•Included in the PPL view of the RIIO-ED1 Business Plan are the
following incentives:

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Incentives

 IncentivesIncentives •  Incentives  (and  penalties)  are  a  fundamental  element  of  the  RIIO  framework  •  Available  incentives  include:  –  Fast- track  award  equivalent  to  2.5%  of  annual  total  expenditures  (totex)  –  Interruptions  Incentive  Scheme  (annual  performance  against  targets  for  the  number  and  duration  of  interruptions)  –  Broad  Measure  of  Customer  Satisfaction  (annual  performance  of  customer  views  on  service  level)  –  Efficiency  incentives  (IQI)  from  the  prior  price  control  period  •  Included  in  the  PPL  view  of  the  RIIO- ED1  Business  Plan  are  the  following  incentives:  ( $  in  millions,  nominal  pre- t  ax)   Revenue  Incentives  ( fiscal  year)  2015E  2016E  Fast-Track Award  25  35  Annual  Performance Incentives  from  DPCR5  100  100  Efficiency  Incentive  from  DPCR5  25  20  Total Incentives  150  155    (1)  Based  on performance  metrics set under  DPCR5  © PPLCorporation201322

© PPL Corporation 2013

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RIIO-ED1 Utility Revenue Walk -

PPL Adjusted Plan

2.8%
assumed

* Assumes foreign currency exchange rate of $1.58/£.

Note:  Projections are presented based on Ofgem required assumptions, PPL adjustments and assumed receipt of certain incentives. Actual results may differ

materially.

© PPL Corporation 2013

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U.K. Regulated Segment EPS from Ongoing
Operations Projection

Strong earnings continue in RIIO-ED1

Assumes foreign currency exchange rate of $1.58/£.

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

Note:Projections are presented based on Ofgem required assumptions, PPL adjustments and assumed receipt of certain incentives. Actual results may differ
materially.

© PPL Corporation 2013

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Cash Repatriation Projection

Significant and stable cash flow to parent

Assumes foreign currency exchange rate of $1.58/£.

Note:Projections are presented based on Ofgem required assumptions, PPL adjustments and assumed receipt of certain incentives. Actual results may differ
materially.

© PPL Corporation 2013

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Concluding Remarks

•WPD well-positioned to be fast-tracked

•RIIO-ED1 business plan reflects continuation of
WPD's standard of:

–Cost efficiency

–Excellent customer service

–Network reliability

•Strong stakeholder support for business plan

© PPL Corporation 2013

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Appendix

© PPL Corporation 2013

28

P

U.K. Electricity Distribution Price Control
Review Schedule

RIIO-ED1 Timetable
Provisional Timing	Milestone
September 2012	Publication of Strategy Consultation
March 2013	Strategy decision published
July 2013	DNOs submit and publish business plans
November 2013	Initial assessment and fast-track Draft Determination published
March 2014	Fast-track Final Determination published
March 2014	Non-fast-track DNOs resubmit & publish business plans
July 2014	Non-fast-track Draft Determination published
November 2014	Non-fast-track Final Determination published
December 2014	Statutory Consultation on license modifications
April 1, 2015	New price control period commences

Source:Ofgem, June 2013

Completed

P

P

P

© PPL Corporation 2013

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Reconciliation of U.K. Regulated Segment
Earnings from Ongoing Operations to
Reported Earnings

 Reconciliation of U. K. Regulated Segment Earnings from Ongoing Operations to Reported Earnings (Per Share - Dilute d) Forecast Earnings from Ongoing Operations Special Items: Foreign currency- related economic hedges Total Special Items Reported Earnings 2013 1.20$ 0.12 0.12 1.32 $ (1) $ $ High 2014 1.32 --1.32 $ $ Low 2014 1.25 --1.25 $ $ High 2015 1.31 --1.31 $ $ Low2015 1.19 --1.19 $ $ High 2016 1.33 --1.33 $ $ Low 2016 1.17 --1.17 (1) Midpoint Earnings from Ongoing Operations © PPL Corporation 2013 29

© PPL Corporation 2013

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Definitions of Non-GAAP Financial Measures

Earnings from ongoing operations should not be considered as an alternative to reported earnings, or net income attributable to PPL
shareowners, which is an indicator of operating performance determined in accordance with U.S. 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, as applicable. Special items include:

•Adjusted energy-related economic activity.

•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 effects.

•Acquisition-related adjustments.

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

© PPL Corporation 2013

31

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; weather conditions
affecting customer energy usage and operating costs; competition in power markets; the effect of any business or industry restructuring; 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; 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; any impact of hurricanes or
other severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market
conditions and decisions regarding capital structure; 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

EX-99.3

Exhibit 99.3

Contacts:	For news media — George C. Lewis, 610-774-5997
	For financial analysts — Joseph P. Bergstein, 610-774-5609 PPL Corporation

PPL Corporation’s United Kingdom Subsidiary Submits Business Plans

as Part of Price Control Review Process

ALLENTOWN, Pa. (July 1, 2013) – PPL Corporation’s (NYSE: PPL) subsidiary in the United Kingdom completed a key milestone in that country’s new price control review process on Monday (7/1) by submitting detailed 8-year business plans for its four electricity distribution networks, which serve 7.8 million customers in central and southwest England and south Wales.

The plans were filed with the Office of Gas and Electricity Markets (Ofgem), the agency that regulates electricity and natural gas markets in Great Britain. Ofgem’s price control review process will determine base revenues for the four distribution networks for an 8-year period starting April 1, 2015.

The process encourages electricity distribution companies to increase their focus on delivering safe, reliable and sustainable service at a long-term value to customers, while enabling them to finance infrastructure improvements in timely and efficient ways. The process also requires significant stakeholder engagement.

More than 2,000 pages of documentation and supporting cost-benefit analyses have been filed and the business plans were developed with input from more than 4,200 customers and stakeholders. The complete filing may be viewed on PPL’s website at www.pplweb.com/investors/research-tools/uk-regulatory-review.

“The well-justified business plans we have submitted reflect a continuation of WPD’s high standards for cost efficiency, customer service and network reliability,” said Rick L. Klingensmith, president of PPL Global. “They also assure significant and stable cash flow to PPL Corporation in the new price control period, with the opportunity to benefit from incentives that continue to be a fundamental element of the U.K. regulatory system.”

A key incentive in the new price control process is the opportunity to be “fast-tracked” through the regulatory review process based on Ofgem’s assessment of the quality of the business plans submitted. Being selected for fast-tracking provides additional revenue equivalent to 2.5 percent of total annual expenditures, revenue certainty earlier in the process, and lower overall costs for the regulatory process.

Revenue incentives are also available for performance versus targets for service reliability, customer satisfaction and operating efficiency.

PPL’s U.K. operations accounted for 49 percent of the corporation’s 2012 earnings from ongoing operations.

PPL Corporation, with annual revenue of more than $12 billion, is one of the largest companies in the U.S. utility sector. The PPL family of companies delivers electricity and natural gas to about 10 million customers in the United States and the United Kingdom, owns more than 18,000 megawatts of generating capacity in the United States and sells energy in key U.S. markets. More information is available at www.pplweb.com.

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