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 1, 2014

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

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

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

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition

On May 1, 2014, PPL Corporation ("PPL") issued a press release announcing its financial results for the quarter ended March 31, 2014 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 May 1, 2014, at 8:30 a.m. (Eastern Time), members of PPL's senior management will hold a teleconference and webcast with financial analysts to discuss PPL's financial results for the quarter ended March 31, 2014 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 May 1, 2014, announcing PPL's financial results for the quarter ended March 31, 2014 and other business matters.
	99.2 -	Slides to be used on the May 1, 2014 webcast among members of PPL's senior management and financial analysts.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PPL CORPORATION
By:	/s/ Vincent Sorgi
	Vincent Sorgi Vice President and Controller

Dated:  May 1, 2014

EX-99.1

Exhibit 99.1

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

PPL Corporation Reports First-Quarter Earnings

·  Earnings from ongoing operations up 15 percent from 2013, driven by increases in all three regulated business segments.

·  Company increases midpoint of 2014 forecast of earnings from ongoing operations to $2.23 per share.

ALLENTOWN, Pa. (May 1, 2014) ― PPL Corporation (NYSE: PPL) on Thursday (5/1) announced first-quarter 2014 reported earnings of $316 million, or $0.49 per share, a decrease from $413 million, or $0.65 per share in the first quarter of 2013.

Adjusting for special items, quarterly earnings from ongoing operations were $523 million, or $0.80 per share, an increase compared with the first quarter of 2013.  For the first quarter of 2013, earnings from ongoing operations were $454 million, or $0.71 per share.

“Our 15 percent increase in earnings from ongoing operations was driven by strong operational performance at all of the business segments, along with the positive effect of weather across our domestic regulated utilities and competitive generation business,” said William H. Spence, PPL chairman, president and Chief Executive Officer.

That strong performance led PPL to increase its 2014 forecast of earnings from ongoing operations to a range of $2.15 to $2.30 per share, with a midpoint of $2.23 per share. The previous forecast of earnings from ongoing operations was a range of $2.05 to $2.25 per share, with a midpoint of $2.15 per share. The forecast for reported earnings is a range of $1.84 to $1.99 per share, reflecting special items recorded in the first quarter.

“All three regulated businesses outperformed 2013 results, as our capital investments in regulated infrastructure continue to provide benefits to customers and shareowners,” Spence said. “The unusually cold winter weather resulted in increased sales to customers in Pennsylvania and Kentucky, and our competitive generating plants in the PJM Interconnection operated well during the periods of high electricity demand.  In the U.K., we benefited from higher rates and bonus revenues that we earned through best-in-class performance.”

First-Quarter 2014 Earnings Details

PPL’s reported earnings for the first quarter of 2014 included net special item charges of $207 million, or $0.31 per share, primarily reflecting charges of $0.20 per share for adjusted energy-related economic activity, $0.08 per share for an increase in the accrued liability for U.K. line losses, and $0.02 per share for an impairment following an arbitration decision regarding PPL Montana’s Kerr hydroelectric project.

Reported earnings are calculated in accordance with U.S. generally accepted accounting principles (GAAP). “Earnings from ongoing operations” is a non-GAAP financial measure that is adjusted for special items that are fully detailed at the end of this news release.

(Dollars in millions, except for per share amounts)	1st Quarter
	2014		2013		% Change
Reported Earnings	$	316	$	413	(23)%
Reported Earnings Per Share	$	0.49	$	0.65	(25)%
Earnings from Ongoing Operations	$	523	$	454	15%
Earnings from Ongoing Operations Per Share	$	0.80	$	0.71	13%

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

First-Quarter Earnings by Business Segment

	1st Quarter
Per share	2014			2013
Earnings from ongoing operations
U.K. Regulated	$	0.41		$	0.37
Kentucky Regulated		0.16			0.14
Pennsylvania Regulated		0.13			0.10
Supply		0.11			0.11
Corporate and Other1		(0.01	)		(0.01	)
Total	$	0.80		$	0.71
Special items
U.K. Regulated	$	(0.09	)	$	0.12
Kentucky Regulated		–			–
Pennsylvania Regulated		–			–
Supply		(0.22	)		(0.18	)
Corporate and Other1		–			–
Total	$	(0.31	)	$	(0.06	)
Reported earnings
U.K. Regulated	$	0.32		$	0.49
Kentucky Regulated		0.16			0.14
Pennsylvania Regulated		0.13			0.10
Supply		(0.11	)		(0.07	)
Corporate and Other1		(0.01	)		(0.01	)
Total	$	0.49		$	0.65

1 This category primarily includes unallocated corporate-level financing and other costs.

(For additional details 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

U.K. Regulated Segment

PPL’s U.K. Regulated segment primarily consists of the regulated electricity delivery operations of Western Power Distribution, serving Southwest and Central England and South Wales.

Segment earnings from ongoing operations in the first quarter of 2014 increased by $0.04 per share compared with a year ago. This increase was primarily due to higher utility revenues driven by an April 1, 2013 price increase, and lower pension expense, partially offset by lower sales volumes due to weather, and higher depreciation.

Kentucky Regulated Segment

PPL’s Kentucky Regulated segment primarily consists of the regulated electricity and natural gas operations of Louisville Gas and Electric Company and Kentucky Utilities Company.

Segment earnings from ongoing operations in the first quarter of 2014 increased by $0.02 per share compared with a year ago. This increase was primarily due to higher sales volumes due to unusually cold weather and returns from additional environmental capital investments, partially offset by higher operation and maintenance expense.

Pennsylvania Regulated Segment

PPL’s Pennsylvania Regulated segment consists of the regulated electricity delivery operations of PPL Electric Utilities.

Segment earnings from ongoing operations in the first quarter of 2014 increased by $0.03 per share compared with a year ago. This increase was primarily due to higher transmission margins from additional capital investments, higher distribution margins due to unusually cold weather, and a benefit from a change in estimate of a regulatory liability.

Supply Segment

PPL’s Supply segmentconsists primarily of the competitive domestic electricity generation and energy marketing operations of PPL Energy Supply.

Segment earnings from ongoing operations in the first quarter of 2014 were the same as a year ago. This was primarily due to higher capacity prices, net benefits from unusually cold weather and lower interest expense, offset by lower baseload energy prices and the timing of a planned outage at the Susquehanna nuclear power plant.

Forecast of Earnings from Ongoing Operations by Business Segment

	2014 forecast midpoint		2013 actual
Per share
U.K. Regulated	$ 1.34		$ 1.32
Kentucky Regulated	0.45		0.48
Pennsylvania Regulated	0.39		0.31
Supply	0.11		0.39
Corporate and Other1	(0.06	)	(0.05	)
Total	$ 2.23		$ 2.45

1 This category primarily includes unallocated corporate-level financing and other costs.

PPL expects lower earnings from ongoing operations in 2014 compared with 2013, primarily due to lower energy margins in the Supply segment.

U.K. Regulated Segment

PPL projects higher segment earnings in 2014 compared with 2013, driven primarily by higher electricity delivery revenue and lower pension expense, offset partially by higher income taxes, higher depreciation and higher financing costs.

Kentucky Regulated Segment

PPL projects lower segment earnings in 2014 compared with 2013, driven primarily by higher operation and maintenance expense, higher depreciation and higher financing costs, offset partially by returns on additional environmental capital investments and increased sales volumes.

Pennsylvania Regulated Segment

PPL projects higher segment earnings in 2014 compared with 2013, driven primarily by higher transmission margins and returns on distribution improvement capital spending, offset partially by higher financing costs and higher income taxes.

Supply Segment

PPL projects lower segment earnings in 2014 compared with 2013, driven primarily by lower energy and capacity prices, offset partially by the net realized benefits from unusually cold winter weather, lower financing costs and lower income taxes.

PPL Corporation (NYSE: PPL), with 2013 revenues of $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: All references to earnings per share in the text and tables of this news release are stated in terms of diluted earnings per share unless otherwise noted.)

Conference Call and Webcast

PPL invites interested parties to listen to a live Internet webcast of management’s teleconference with financial analysts about first-quarter 2014 financial results at 8:30 a.m. Eastern Time on Thursday, May 1. The meeting is available online live, in audio format, along with slides of the presentation, on PPL’s website:  www.pplweb.com. The webcast will be available for replay on the PPL website for 30 days. Interested individuals also can access the live conference call via telephone at 866-652-5200. International participants should call 1-412-317-6060.

#     #     #

“Earnings from ongoing operations,” also referred to as “ongoing earnings,” 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. Special items include:

·  Adjusted energy-related economic activity (as discussed below).

·  Unrealized gains or losses on 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.

Adjusted energy-related economic activity includes the changes in fair value of positions used to economically hedge a portion of the economic value of the competitive 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. Adjusted energy-related economic activity also includes the ineffective portion of qualifying cash flow hedges and premium amortization associated with options. This economic activity is deferred 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 adjusted energy-related economic activity.

Statements contained in this news release, 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 generating plants and other facilities; the length of scheduled and unscheduled outages at our generating plants; 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, 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 our media website at www.pplnewsroom.com for additional news and background about PPL Corporation.

PPL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)
Condensed Consolidated Balance Sheets (Unaudited)
(Millions of Dollars)
			March 31,		December 31,
			2014		2013
Assets
Cash and cash equivalents			$	1,256	$	1,102
Price risk management assets - current				1,087		942
Accounts receivable				1,211		1,020
Unbilled revenues				874		835
Fuel, materials and supplies				607		702
Other current assets				1,059		552
Investments				918		907
Property, Plant and Equipment
	Regulated utility plant			28,616		27,755
	Less: Accumulated depreciation - regulated utility plant			5,108		4,873
		Regulated utility plant, net		23,508		22,882
	Non-regulated property, plant and equipment			13,384		13,306
	Less: Accumulated depreciation - non-regulated property, plant and equipment			6,283		6,172
		Non-regulated property, plant and equipment, net		7,101		7,134
	Construction work in progress			3,165		3,071
	Property, Plant and Equipment, net			33,774		33,087
Regulatory assets - noncurrent				1,245		1,246
Goodwill and other intangibles				5,241		5,172
Price risk management assets - noncurrent				344		337
Other noncurrent assets				357		357
Total Assets			$	47,973	$	46,259
Liabilities and Equity
Short-term debt			$	1,579	$	701
Long-term debt due within one year				304		315
Accounts payable				1,345		1,308
Price risk management liabilities - current				1,302		829
Other current liabilities				1,846		1,759
Long-term debt				20,514		20,592
Deferred income taxes and investment tax credits				4,377		4,270
Price risk management liabilities - noncurrent				450		415
Accrued pension obligations				1,159		1,286
Asset retirement obligations				701		687
Regulatory liabilities - noncurrent				1,037		1,048
Other noncurrent liabilities				642		583
Common stock and additional paid-in capital				8,358		8,322
Earnings reinvested				5,788		5,709
Accumulated other comprehensive loss				(1,429)		(1,565)
Total Liabilities and Equity			$	47,973	$	46,259

(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.

PPL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
(Millions of Dollars, Except Share Data)
			Three Months Ended March 31,
			2014		2013
Operating Revenues
	Utility		$	2,162	$	1,950
	Unregulated wholesale energy (a)			(1,429)		143
	Unregulated retail energy			349		237
	Energy-related businesses			141		127
	Total Operating Revenues			1,223		2,457
Operating Expenses
	Operation
		Fuel		758		529
		Energy purchases (b)		(1,494)		57
		Other operation and maintenance		697		676
	Depreciation			305		284
	Taxes, other than income			104		96
	Energy-related businesses			138		122
	Total Operating Expenses			508		1,764
Operating Income				715		693
Other Income (Expense) - net				(23)		122
Interest Expense				264		251
Income Before Income Taxes				428		564
Income Taxes				112		151
Net Income Attributable to PPL Shareowners			$	316	$	413
Earnings Per Share of Common Stock:
	Basic		$	0.50	$	0.70
	Diluted		$	0.49	$	0.65
Weighted-Average Shares of Common Stock Outstanding
(in thousands)
	Basic			630,749		582,640
	Diluted			663,939		657,020

(a)	2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather.
(b)	2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather.

PPL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Millions of Dollars)
				Three Months Ended March 31,
				2014		2013
Cash Flows from Operating Activities
	Net income			$	316	$	413
	Adjustments to reconcile net income to net cash provided by operating activities
		Depreciation			305		284
		Amortization			60		64
		Defined benefit plans - expense			21		51
		Deferred income taxes and investment tax credits			(26)		80
		Unrealized (gains) losses on derivatives, and other hedging activities			241		98
		Adjustment to WPD line loss accrual			65
		Other			33		30
	Change in current assets and current liabilities
		Accounts receivable			(185)		(187)
		Accounts payable			93		(138)
		Unbilled revenues			(33)		137
		Prepayments			(70)		(117)
		Taxes payable			126		122
		Other			47		(138)
	Other operating activities
		Defined benefit plans - funding			(135)		(429)
		Other			73		(26)
			Net cash provided by operating activities		931		244
Cash Flows from Investing Activities
	Expenditures for property, plant and equipment				(892)		(828)
	Purchases of nuclear plant decommissioning trust investments				(32)		(28)
	Proceeds from the sale of nuclear plant decommissioning trust investments				27		24
	Proceeds from the receipt of grants				56		1
	Net increase in restricted cash and cash equivalents				(334)		(52)
	Other investing activities				(8)		(16)
			Net cash used in investing activities		(1,183)		(899)
Cash Flows from Financing Activities
	Issuance of long-term debt						450
	Retirement of long-term debt				(239)		(8)
	Payment of common stock dividends				(234)		(210)
	Net increase in short-term debt				878		416
	Other financing activities				(13)		(27)
			Net cash provided by financing activities		392		621
Effect of Exchange Rates on Cash and Cash Equivalents					14		(14)
Net Increase (Decrease) in Cash and Cash Equivalents					154		(48)
Cash and Cash Equivalents at Beginning of Period					1,102		901
Cash and Cash Equivalents at End of Period				$	1,256	$	853

Key Indicators (Unaudited)
				12 Months Ended
				March 31,
Financial				2014	2013
Dividends declared per share of common stock				$ 1.475	$ 1.4475
Book value per share (a)(b)				$ 20.14	$ 18.04
Market price per share (a)				$ 33.14	$ 31.31
Dividend yield				4.5%	4.6%
Dividend payout ratio (c)				92%	62%
Dividend payout ratio - earnings from ongoing operations (c)(d)				58%	59%
Price/earnings ratio (c)				20.7	13.4
Price/earnings ratio - earnings from ongoing operations (c)(d)				13.0	12.8
Return on average common equity				8.65%	12.70%
Return on average common equity - earnings from ongoing operations (d)				13.89%	13.30%
(a)  End of period.
(b)  Based on 631,417 and 583,214 shares of common stock outstanding (in thousands) at March 31, 2014 and March 31, 2013.
(c)  Based on diluted earnings per share.
(d)  Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that excludes the impact of special items,
	as described in the text and tables of this news release.
Operating - Domestic & International Electricity Sales (Unaudited)
			3 Months Ended March 31,
					Percent
(GWh)			2014	2013	Change
Domestic Retail Delivered
	PPL Electric Utilities		10,630	9,947	6.9%
	LKE		8,495	8,000	6.2%
		Total	19,125	17,947	6.6%
Domestic Retail Supplied (a)
	PPL EnergyPlus		3,777	3,281	15.1%
	LKE		8,495	8,000	6.2%
		Total	12,272	11,281	8.8%
International Delivered
	United Kingdom		21,015	21,752	(3.4%)
Domestic Wholesale
	PPL EnergyPlus - East		15,747	14,457	8.9%
	PPL EnergyPlus - West		1,379	1,652	(16.5%)
	LKE (b)		730	575	27.0%
		Total	17,856	16,684	7.0%
(a)  Represents GWh supplied by PPL EnergyPlus to PPL Electric Utilities as PLR, and to other retail customers in Pennsylvania, New
	Jersey, Montana, Delaware, Maryland, Ohio and Washington, D.C.  Also includes GWh supplied by LKE to retail customers in Kentucky,
	Virginia and Tennessee.
(b)  Represents FERC-regulated municipal and unregulated off-system sales.

Reconciliation of Segment Earnings from Ongoing Operations to Reported Earnings
(After-Tax)
(Unaudited)
1st Quarter 2014		(millions of dollars)
		U.K.		Kentucky		Pennsylvania					Corporate
		Regulated		Regulated		Regulated		Supply			and Other	Total
Earnings from Ongoing Operations		$	264	$	107	$	85	$	74	$	(7)	$	523
Special Items:
Adjusted energy-related economic activity, net									(139)				(139)
Foreign currency-related economic hedges			(6)										(6)
Kerr Dam Project impairment									(10)				(10)
Other:
	Change in WPD line loss accrual		(52)										(52)
Total Special Items			(58)						(149)				(207)
Reported Earnings		$	206	$	107	$	85	$	(75)	$	(7)	$	316
		(per share - diluted) (a)
		U.K.		Kentucky		Pennsylvania					Corporate
		Regulated		Regulated		Regulated		Supply			and Other	Total
Earnings from Ongoing Operations		$	0.41	$	0.16	$	0.13	$	0.11	$	(0.01)	$	0.80
Special Items:
Adjusted energy-related economic activity, net									(0.20)				(0.20)
Foreign currency-related economic hedges			(0.01)										(0.01)
Kerr Dam Project impairment									(0.02)				(0.02)
Other:
	Change in WPD line loss accrual		(0.08)										(0.08)
Total Special Items			(0.09)						(0.22)				(0.31)
Reported Earnings		$	0.32	$	0.16	$	0.13	$	(0.11)	$	(0.01)	$	0.49
(a)  The "If-Converted Method" has been applied to PPL's 2011 Equity Units resulting in $9 million of interest charges (after-tax) being added
	back to earnings and approximately 32 million shares of PPL Common Stock being treated as outstanding.  Both adjustments are only for
	purposes of calculating diluted earnings per share.

Reconciliation of Segment Earnings from Ongoing Operations to Reported Earnings
(After-Tax)
(Unaudited)
1st Quarter 2013		(millions of dollars)
		U.K.		Kentucky		Pennsylvania				Corporate
		Regulated		Regulated		Regulated		Supply		and Other		Total
Earnings from Ongoing Operations		$	238	$	84	$	64	$	71	$	(3)	$	454
Special Items:
Adjusted energy-related economic activity, net									(117)				(117)
Foreign currency-related economic hedges			78										78
Acquisition-related adjustments:
	WPD Midlands
	Separation benefits		(1)										(1)
	Other acquisition-related adjustments		(2)										(2)
Other:
	EEI adjustments				1								1
Total Special Items			75		1				(117)				(41)
Reported Earnings		$	313	$	85	$	64	$	(46)	$	(3)	$	413
		(per share - diluted) (a)
		U.K.		Kentucky		Pennsylvania				Corporate
		Regulated		Regulated		Regulated		Supply		and Other		Total
Earnings from Ongoing Operations		$	0.37	$	0.14	$	0.10	$	0.11	$	(0.01)	$	0.71
Special Items:
Adjusted energy-related economic activity, net									(0.18)				(0.18)
Foreign currency-related economic hedges			0.12										0.12
Total Special Items			0.12						(0.18)				(0.06)
Reported Earnings		$	0.49	$	0.14	$	0.10	$	(0.07)	$	(0.01)	$	0.65
(a)  The "If-Converted Method" has been applied to PPL's Equity Units prior to settlement, resulting in $15 million of interest charges (after-tax)
	being added back to earnings and approximately 72 million shares of PPL Common Stock being treated as outstanding.  Both adjustments
	are only for purposes of calculating diluted earnings per share.

Reconciliation of PPL's Forecast of Earnings from Ongoing Operations to Reported Earnings
(After-Tax)
(Unaudited)
		Forecast (per share - diluted)
		2014 Midpoint
		U.K.		Kentucky		Pennsylvania				Corporate				High		Low
		Regulated		Regulated		Regulated		Supply		and Other		Total		2014		2014
Earnings from Ongoing Operations		$	1.34	$	0.45	$	0.39	$	0.11	$	(0.06)	$	2.23	$	2.30	$	2.15
Special Items:
Adjusted energy-related economic activity, net									(0.20)				(0.20)		(0.20)		(0.20)
Foreign currency-related economic hedges			(0.01)										(0.01)		(0.01)		(0.01)
Kerr Dam Project impairment									(0.02)				(0.02)		(0.02)		(0.02)
Other:
	Change in WPD line loss accrual		(0.08)										(0.08)		(0.08)		(0.08)
Total Special Items			(0.09)						(0.22)				(0.31)		(0.31)		(0.31)
Reported Earnings		$	1.25	$	0.45	$	0.39	$	(0.11)	$	(0.06)	$	1.92	$	1.99	$	1.84

EX-99.2

© PPL Corporation 2014

PPL Corporation

1st Quarter Earnings

May 1, 2014

Exhibit 99.2

© PPL Corporation 2014

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 2014

3

First Quarter Earnings Results, Operational
Overview and 2014 Earnings Forecast

Segment Results and Financial Overview

Q&A

W. H. Spence

P. A. Farr

Agenda

© PPL Corporation 2014

4

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

Earnings Results

© PPL Corporation 2014

5

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

Increasing 2014 Ongoing Earnings Forecast

Segment	2013A (Ongoing)	Previous 2014E	Revised 2014E
U.K. Regulated	$1.32	$1.32	$1.34
Kentucky Regulated	0.48	0.43	0.45
PA Regulated	0.31	0.38	0.39
Supply	0.39	0.07	0.11
Corporate and Other	(0.05)	(0.05)	(0.06)
Total	$2.45	$2.15	$2.23

$2.45

$2.25

$2.30

$2.15

$2.05

© PPL Corporation 2014

6

•All four WPD companies Fast-Tracked

•Susquehanna-Roseland Update

–Energized new 230kV section of line through Delaware Water Gap

–Construction ~75% complete overall

Regulated Operational Overview

© PPL Corporation 2014

7

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

Regulated Volume Variances

© PPL Corporation 2014

8

•Strong Q1 Eastern portfolio performance

–CCGT capacity factors at ~70% (reflect planned combined cycle outages)

–Eastern coal capacity factor over 85%

•Update on Susquehanna operations

•Update on Montana hydro sale

Supply Operational Overview

© PPL Corporation 2014

9

Q1 2014

Q1 2013

Change

U.K. Regulated

$0.41

$0.37

$0.04

Kentucky Regulated

0.16

0.14

0.02

Pennsylvania Regulated

0.13

0.10

0.03

Supply

0.11

0.11

-

Corporate and Other

(0.01)

(0.01)

-

Total

$0.80

$0.71

$0.09

Ongoing Earnings Overview

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

© PPL Corporation 2014

10

	1st Quarter
2013 EPS - Ongoing Earnings		$0.37
Utility revenue	0.05
O&M	0.01
Depreciation	(0.01)
Income taxes and other	(0.01)
Total		0.04
2014 EPS - Ongoing Earnings		$0.41

U.K. Regulated Segment
Earnings Drivers

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

© PPL Corporation 2014

11

	1st Quarter
2013 EPS - Ongoing Earnings		$0.14
Gross margins	0.05
O&M	(0.01)
Income taxes and other	(0.02)
Total		0.02
2014 EPS - Ongoing Earnings		$0.16

Kentucky Regulated Segment
Earnings Drivers

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

© PPL Corporation 2014

12

	1st Quarter
2013 EPS - Ongoing Earnings		$0.10
Gross delivery margins	0.04
Income taxes and other	(0.01)
Total		0.03
2014 EPS - Ongoing Earnings		$0.13

Pennsylvania Regulated Segment
Earnings Drivers

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

© PPL Corporation 2014

13

	1st Quarter
2013 EPS - Ongoing Earnings		$0.11
East energy margins	0.02
West energy margins	(0.01)
Financing	0.01
Income taxes and other	(0.02)
Total		-
2014 EPS - Ongoing Earnings		$0.11

Supply Segment Earnings Drivers

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

© PPL Corporation 2014

14

Appendix

© PPL Corporation 2014

15

A predominantly rate-regulated business mix provides strong support
for current dividend and a platform for future growth

(1)Based on mid-point of forecast.Annualized dividend based on 2/6/2014 announced increase. Actual dividends to be determined by Board of Directors.

(2)From only regulated segments.

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

$/Share

Annualized

(2)

(1)

Dividend Profile

(3)

© PPL Corporation 2014

16

($ in billions)

(1)Figures based on assumed exchange rate of $1.58 / £.

(2)Expect between 80% and 90% to receive timely returns via ECR mechanism based on historical experience and future projections.

(1)

(2)

$4.11

$3.82

$3.84

$3.74

Projected Capital Expenditures

Significant and stable investment opportunities in regulated utilities

$3.64

© PPL Corporation 2014

17

($ 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)Figures based on assumed exchange rate of $1.58 / GBP and the RIIO-ED1 business plan as filed on July 1, 2013.

$20.9

$22.7

$24.4

$26.3

(2)

5-Year Regulatory Asset Base(1) CAGR:6.7%

$27.6

Projected Regulated Rate Base Growth

$29.0

© PPL Corporation 2014

18

Enhancing Value Through Active Hedging

Note:As of April 14, 2014

Includes PPL Montana's hydroelectric facilities through the 3rd quarter of 2014. On September 26, 2013, PPL Montana, LLC reached an agreement to sell all 11 of its hydroelectric power

plants. The sale is subject to regulatory approvals and currently is not expected to close before the second half of 2014.

(1)Represents expected sales of Supply segment based on current business plan assumptions.

(2)The 2015 ranges of average energy prices for existing hedges were estimated by determining the impact on the existing collars resulting from 2015 power prices at the 5th and 95th percentile
       confidence levels.

Capacity revenues are expected to be $560 and $505 million for 2014 and 2015 respectively.

Enhancing Value Through Active Hedging   2014 2015 Baseload Expected Generation(1) (Million MWhs) 51.3 45.1 East 44.2 40.8 West 7.1 4.3 Current Hedges (% ) 97-99% 69-71% East 97-99% 68-70% West 95-97% 73-75% Average Hedged Price (Energy Only) ($/MWh) (2) East $39- 41 $39- 40 West $38- 40 $42- 43 Current Coal Hedges (%) 96% 63% East 95% 52% West 100% 92% Average Consumed Coal Price (Delivered $/Ton) East $76- 78 $71- 76 West $26- 30 $26- 32 Intermediate/Peaking Expected Generation(1) (Million MWhs) 9.1 8.5 Current Hedges (%) 33% 10%

© PPL Corporation 2014

19

Competitive Generation Overview

Note:Includes owned and contracted generation. As of March 31, 2014

(1)Other includes PPAs, renewables and NUGS.

(1)

© PPL Corporation 2014

20

(1)	24-hour average.
(2)	NYMEX and TETCO M3 forward gas prices on 3/31/2014.
(3)	Market Heat Rate = PJM on-peak power price divided by TETCO M3 gas price.

Market Prices

Market Prices   ELECTRIC AT C(1) NYMEX GAS(2) Mid Columbia On-Peak Off-Peak AT C(1) PJM On-Peak Off-Peak (Per MWD) EQA HEAT RATE(3) TETCO M3 PJM MARKET CAPACITY PRICES Balance of 2014 $53 $34 $43 $39 $25 $33 $4.46 $4.01 13.1 $173.85 88% 2015 $49 $33 $41 $38 $28 $33 $4.20 $4.25 11.6 $154.56 89%

© PPL Corporation 2014

21

Free Cash Flow before
Dividends

(Millions of Dollars)

Reconciliation of Cash from
Operations to Free Cash Flow
before Dividends

(Millions of dollars)

Free Cash Flow before Dividends

Note:Free Cash Flow forecast updated on an annual basis.

(1)2014E reflects anticipated proceeds from pending sale of Montana hydro facilities, which is not expected to close before the second half of 2014.

(1)

Free Cash Flow before Dividends   $2,000 Free Cash Flow before Dividends (Millions of Dollars) Reconciliation of Cash from Operations to Free Cash Flow before Dividends (Millions of dollars) ($1,000) ($500) $0 $500 $1,000 $1,500 ($412) $144 Cash from Operations Increase (Decrease) in cash due to: Capital Expenditures Sale of Assets Other Investing Activities - Net Free Cash Flow before Dividends (1) 2012A 2013A 2,764 $ 2,857 $ ( 3,176) (4,307) (412) $ $ (1,450) 2014E 3,161 $ (4,032) 895 120 144$ ($2,000) ($1,500) 2012A ($1,450) 2013A 2014E

© PPL Corporation 2014

22

Note:As of March 31, 2014

(1)Includes $300 million of REset Put Securities due 2035 that are required to be put by the holders in October 2015 either for (a) purchase and
remarketing by a remarketing dealer or (b) repurchase by PPL Energy Supply.

Debt Maturities

Debt Maturities   2014 2015 2016 2017 2018 PPL Capital Funding $0 $0 $0 $0 $250 LG& E and KU Energy ( Holding Co LKE) 0 400 0 0 0 Louisville Gas & Electric 0 250 0 0 0 Kentucky Utilities 0 250 0 0 0 PPL Electric Utilities 0 100 0 0 0 PPL Energy Supply 303 304 (1) 354 4 403 WPD 0 0 460 100 0  Total $303 $1,304 $814 $104 $653

© PPL Corporation 2014

23

Liquidity Profile

Note:As of March 31, 2014

•Credit facilities consist of a diverse bank group, with no bank and its affiliates providing an aggregate commitment of more than 10% of the total
committed capacity for the domestic facilities and 13% of the total committed capacity for WPD’s facilities.

Liquidity Profile   Institution Facility Expiration Date Total Capacity (Millions) Letters of Credit & Commercial Paper Issued (Millions) Drawn (Millions) Unused Capacity (Millions) PPL Capital Funding Syndicated Credit Facility Bilateral Credit Facility Nov-2018 Mar-2015 $300 150 $450 $0 0 $0 $185 0 $185 $115 150 $265 PPL Energy Supply Syndicated Credit Facility Letter of Credit Facility Uncommitted Credit Facilities Nov-2017 Mar-2015 $3,000 150 175 $3,325 $730 91 77 $898 $350 0 0 $350 $1,920 59 98 $2,077 PPL Electric Utilities Syndicated Credit Facility Oct-2017 $300 $ 61 $ 0 $239 LG&E and KU Energy (LKE) Syndicated Credit Facility Oct-2018 $75 $0 $ 75 $ 0 Louisville Gas & Electric Syndicated Credit Facility Nov-2017 $500 $ 15 $ 0 $485 Kentucky Utilities Syndicated Credit Facility Letter of Credit Facility Nov-2017 May-2016 $400 198 $598 $110 198 $308 $0 0 $0 $290 0 $290 WPD PPL WW Syndicated Credit Facility WPD (South West) Syndicated Credit Facility WPD (East Midlands) Syndicated Credit Facility WPD (West Midlands) Syndicated Credit Facility Uncommitted Credit Facilities Dec-2016 Jan-2017 Apr-2016 Apr-2016 £210 245 300 300 88 £1,143 £0 0 0 0 5 £5 £99 0 0 0 0 £99 £111 245 300 300 83 £1,039

© PPL Corporation 2014

24

Reconciliation of First Quarter Earnings from
Ongoing Operations to Reported Earnings

Reconciliation of First Quarter Earnings from Ongoing Operations to Reported Earnings (After-Tax) (Unaudited)  1st Quarter 2014 (millions of dollars)  U. K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $ 264 $ 107 $ 85 $ 74 $ (7) $ 523 Special Items: Adjusted energy-related economic activity, net (139) (139) Foreign currency-related economic hedges (6) (6) Kerr Dam Project impairment (10) (10) Other:  Change in WPD line loss accrual (52) (52) Total Special Items (58) (149) (207) Reported Earnings $ 206 $ 107 $ 85 $ (75) $ (7) $ 316  (per share - diluted) (a)  U. K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $ 0.41 $ 0.16 $ 0.13 $ 0.11 $ (0.01) $ 0.80 Special Items: Adjusted energy-related economic activity, net (0.20) (0.20) Foreign currency-related economic hedges (0.01) (0.01) Kerr Dam Project impairment (0.02) (0.02) Other:  Change in WPD line loss accrual (0.08) (0.08) Total Special Items (0.09) (0.22) (0.31) Reported Earnings $ 0.32 $ 0.16 $ 0.13 $ (0.11) $ (0.01) $ 0.49  (a) The "If- Converted Method" has been applied to PPL's 2011 Equity Units resulting in $9 million of interest charges (after-tax) being added back to earnings and approximately 32 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings per share.

© PPL Corporation 2014

25

Reconciliation of First Quarter Earnings from
Ongoing Operations to Reported Earnings

Reconciliation of First Quarter Earnings from Ongoing Operations to Reported Earnings   (After-Tax) (Unaudited) 1st Quarter 2013 (millions of dollars) U. K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations Special Items: $ 238 $ 84 $ 64 $ 71 $ (3) $ 454 Adjusted energy-related economic activity, net (117) (117) Foreign currency-related economic hedges Acquisition-related adjustments: 78 78 WPD Midlands Separation benefits Other acquisition-related adjustments Other: (1) (2) (1) (2) EEI adjustments 1 1 Total Special Items 75 1 (117) (41) Reported Earnings $ 313 $ 85 $ 64 $ (46) $ (3) $ 413 (per share - diluted) (a) U. K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations Special Items: $ 0.37 $ 0.14 $ 0.10 $ 0.11 $ (0.01) $ 0.71 Adjusted energy-related economic activity, net (0.18) (0.18) Foreign currency-related economic hedges 0.12 0.12 Total Special Items 0.12 (0.18) (0.06) Reported Earnings $ 0.49 $ 0.14 $ 0.10 $ (0.07) $ (0.01) $ 0.65  (a) The "If-Converted Method" has been applied to PPL's Equity Units prior to settlement, resulting in $ 15 million of interest charges (after-tax) being added back to earnings and approximately 72 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings per share.

© PPL Corporation 2014

26

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

Reconciliation of PPL’s Forecast of Earnings from Ongoing Operations to Reported Earnings   (After-Tax) (Unaudited) U.K. Regulated Earnings from Ongoing Operations $ 1.34 Special Items: Adjusted energy-related economic activity, net Foreign currency-related economic hedges (0.01) Kerr Dam Project impairment Other: Change in WPD line loss accrual (0.08) Total Special Items (0.09) Reported Earnings $ 1.25  Kentucky Regulated $ 0.45  $ 0.45  Forecast (per share - diluted)  2014 Midpoint  $ 0.39 Regulated Pennsylvania $ 0.11 Supply $ (0.06) and Other Corporate $ Total 2.23 $ 2.30 2014 High $ 2.15 2014 Low (0.20) (0.02) (0.20) (0.01) (0.02) (0.20) (0.01) (0.02) (0.20) (0.01) (0.02) $ 0.39 $ (0.22) (0.11) $ (0.06) $ (0.08) (0.31) 1.92 $ (0.08) (0.31) 1.99 $ (0.08) (0.31) 1.84

© PPL Corporation 2014

27

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

Reconciliation of PPL’s Earnings from Ongoing Operations to Reported Earnings  (After- T ax) (Unau dited) Year-to-Date December 31, 2013 (per share - diluted) (a) U. K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $ 1.32 $ 0.48 $ 0.31 $ 0.39 $ (0.05) $ 2.45 Special Items: Adjusted energy-related economic activity, net (0.11) (0.11) Foreign currency-related economic hedges (0.03) (0.03) Corette asset impairment (0.06) (0.06) WPD Midlands acquisition-related adjustments: Separation benefits (0.01) (0.01) Other acquisition-related adjustments 0.01 0.01 Other: Change in tax accounting method related to repairs (0.01) (0.01) Windfall tax litigation 0.06 0.06 Change in WPD line loss accrual (0.05) (0.05) Change in U.K. tax rate 0.13 0.13 Loss on Colstrip lease termination to facilitate the sale of Montana hydro assets (0.62) (0.62) Total Special Items 0.11 (0.80) (0.69) Reported Earnings $ 1.43 $ 0.48 $ 0.31 $ (0.41) $ (0.05) $ 1.76 Year-to-Date December 31, 2012 (per share - diluted) U.K. Kentucky Pennsylvania Regulated Regulated Regulated Supply Total Earnings from Ongoing Operations $ 1.19 $ 0.33 $ 0.22 $ 0.68 $ 2.42 Special Items: Adjusted energy-related economic activity, net 0.07 0.07 Foreign currency-related economic hedges (0.06) (0.06) Impairments: Other asset impairments (0.03) (0.03) Acquisition-related adjustments: WPD Midlands Separation benefits (0.02) (0.02) LKE Net operating loss carryforward and other tax-related adjustments 0.01 0.01 Other: LKE discontinued operations (0.01) (0.01) Change in U.K. tax rate 0.13 0.13 Counterparty bankruptcy (0.01) (0.01) Coal contract modification payments (0.03) (0.03) Change in WPD line loss accrual 0.13 0.13 Total Special Items 0.18 (0.03) 0.03 0.18 Reported Earnings $ 1.37 $ 0.30 $ 0.22 $ 0.71 $ 2.60  (a) The "If-Converted Method" was applied to PPL's Equity Units beginning in the first quarter of 2013, resulting in $44 million of interest charges (after-tax) being added back to earnings for the twelve months ended December 31, 2013, and approximately 53 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings per share.

© PPL Corporation 2014

28

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

Reconciliation of PPL’s Earnings from Ongoing Operations to Reported Earnings  (After- Tax) (Unaudited)  Year-to-Date December 31, 2011 (per share - diluted)  U.K. Kentucky Pennsylvania Regulated (a) Regulated Regulated Supply Total Earnings from Ongoing Operations $ 0.87 $ 0.40 $ 0.31 $ 1.15 $ 2.73 Special Items: Adjusted energy-related economic activity, net 0.12 0.12 Foreign currency-related economic hedges 0.01 0.01 Impairments:  Renewable energy credits (0.01) (0.01)  Acquisition-related adjustments WPD Midlands 2011 Bridge Facility costs (0.05) (0.05) Foreign currency loss on 2011 Bridge Facility (0.07) (0.07) Net hedge gains 0.07 0.07 Hedge ineffectiveness (0.02) (0.02)  U.K. stamp duty tax (0.04) (0.04) Separation benefits (0.13) (0.13) Other acquisition-related adjustments (0.10) (0.10) Other: Montana hydroelectric litigation 0.08 0.08 Litigation settlement-spent nuclear fuel storage 0.06 0.06 Change in U.K. tax rate 0.12 0.12 Windfall tax litigation (0.07) (0.07) Counterparty bankruptcy (0.01) (0.01) Wholesale supply cost reimbursement 0.01 0.01  Total Special Items (0.28) 0.25 (0.03) Reported Earnings $ 0.59 $ 0.40 $ 0.31 $ 1.40 $ 2.70  Year-to-Date December 31, 2010 (per share - diluted)  U. K. Kentucky Pennsylvania Regulated Regulated (b) Regulated Supply Other (c) Total Earnings from Ongoing Operations $ 0.53 $ 0.06 $ 0.27 $ 2.27 $ 3.13 Special Items: Adjusted energy-related economic activity, net (0.27) (0.27) Sales of assets:  Maine hydroelectric generation business 0.03 0.03 Impairments: Emission allowances (0.02) (0.02)  Acquisition-related adjustments: LKE Monetization of certain full-requirement sales contracts (0.29) (0.29) Sale of certain non-core generation facilities (0.14) (0.14) Discontinued cash flow hedges and ineffectiveness (0.06) (0.06) Reduction of credit facility (0.01) (0.01) 2010 Bridge Facility costs $ (0.12) (0.12) Other acquisition-related adjustments (0.05) (0.05)  Other: Montana hydroelectric litigation (0.08) (0.08) Change in U.K. tax rate 0.04 0.04 Windfall tax litigation 0.03 0.03 Health care reform - tax impact (0.02) (0.02)  Total Special Items 0.07 (0.86) (0.17) (0.96) Reported Earnings $ 0.60 $ 0.06 $ 0.27 $ 1.41 $ ( 0.17) $ 2.17  (a) WPD Midlands' results are consolidated on a one-month lag, and include eight months of results in 2011, as the date of acquisition was April 1, 2011. (b) Includes two months of results in 2010, as the acquisition date of LKE was November 1, 2010. (c) Includes certain costs incurred prior to the November 1, 2010 acquisition of LKE.

© PPL Corporation 2014

29

Gross Margins Summary

Gross Margins Summary   ( Millions of Dollar s ) 2014 Three Months Ended March 31, 2013 Change Per Share Diluted (after-tax) KY Gross Margins $ 508 $ 458 $ 50 $ 0.05 Distribution Transmission Total PA Gross Delivery Margins $ $ 249 73 322 $ 224 53 $ 277 $ 25 20 $ 45 $ 0.02 0.02 $ 0.04 Eastern U.S. Western U.S. Unregulated Gross Energy Margins Total $ $ 435 49 484 $ 420 57 $ 477 $ $ 15 (8) 7 $ 0.02 (0.01) $ 0.01

© PPL Corporation 2014

30

Reconciliation of First Quarter
Margins to Operating Income

Reconciliation of First Quarter Margins to Operating Income   Three Months Ended March 31, 2014 Three Months Ended March 31, 2013 (Millions of Dollars) Unregulated Unregulated Kentucky PA Gross Gross Kentucky PA Gross Gross Gross Delivery Energy Operating Gross Delivery Energy Operating Margins Margins Margins Other Income Margins Margins Margins Other Income Operating Revenues Utility $ 934 $ 592 $ 636 $ 2,162 $ 800 $ 513 $ 637 $ 1,950 PLR intersegment utility revenue (expense) ( 27) $ 27 (14) $ 14 Unregulated wholesale energy (637) (792) (1,429) 966 (823) 143 Unregulated retail energy 378 (29) 349 246 (9) 237 Energy-related businesses 141 141 127 127 Total Operating Revenues 934 565 (232) (44) 1,223 800 499 1,226 (68) 2,457 Operating Expenses Fuel 277 481 758 231 297 1 529 Energy purchases 124 189 (1,219) (588) (1,494) 86 172 437 (638) 57 Other operation and maintenance 23 25 7 642 697 25 22 5 624 676 Depreciation 2 303 305 284 284 Taxes, other than income 29 13 62 104 28 8 60 96 Energy-related businesses 2 136 138 2 120 122 Total Operating Expenses 426 243 (716) 555 508 342 222 749 451 1,764 Total $ 508 $ 322 $ 484 $ (599) $ 715 $ 458 $ 277 $ 477 $ (519) $ 693

© PPL Corporation 2014

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, 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
generating plants and other facilities; the length of scheduled and unscheduled outages at our generating plants; 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,
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

© PPL Corporation 2014

32

Definitions of Non-GAAP Financial Measures

"Earnings from ongoing operations," also referred to as "ongoing earnings," 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. Special items include:

•Adjusted energy-related economic activity (as discussed below).

•Unrealized gains or losses on 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.

Adjusted energy-related economic activity includes the changes in fair value of positions used to economically hedge a portion of the economic
value of the competitive 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.
Adjusted energy-related economic activity also includes 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 adjusted energy-
related economic activity.

Free cash flow before dividends is derived by deducting capital expenditures, proceeds from the sale of certain assets 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.

© PPL Corporation 2014

33

Definitions of Non-GAAP Financial Measures

PPL utilizes the following non-GAAP financial measures as indicators of performance for its businesses.These measures are not intended to replace "Operating
Income," which is determined in accordance with GAAP, as an indicator of overall operating performance.Other companies may use different measures to
analyze and report their results of their operations.Management believes these measures provide additional useful criteria to make investment decisions.
These performance measures are used, in conjunction with other information, by senior management and PPL's Board of Directors to manage the operations,
analyze actual results compared with budget and, in certain cases, to measure certain corporate financial goals used to determine variable compensation.

"Kentucky Gross Margins" is a single financial performance measure of the Kentucky Regulated segment's, LKE's, LG&E's and KU's electricity generation,
transmission and distribution operations as well as LKE's and LG&E's distribution and sale of natural gas.In calculating this measure, fuel, energy purchases
and certain variable costs of production (recorded as "Other operation and maintenance" on the Statements of Income) are deducted from revenues.In addition,
certain other expenses, recorded as "Other operation and maintenance" and "Depreciation" on the Statements of Income, associated with approved cost
recovery mechanisms are offset against the recovery of those expenses, which are included in revenues.These mechanisms allow for direct recovery of these
expenses and, in some cases, returns on capital investments and performance incentives.As a result, this measure represents the net revenues from the
electricity and gas operations.

"Pennsylvania Gross Delivery Margins" is a single financial performance measure of the Pennsylvania Regulated segment's and PPL Electric's electricity
delivery operations, which includes transmission and distribution activities.In calculating this measure, utility revenues and expenses associated with approved
recovery mechanisms, including energy provided as a PLR, are offset with minimal impact on earnings.Costs associated with these mechanisms are recorded
in "Energy purchases," "Other operation and maintenance," which is primarily Act 129 costs, and "Taxes, other than income," which is primarily gross receipts
tax.This performance measure includes PLR energy purchases by PPL Electric from PPL EnergyPlus, which are reflected in "PLR intersegment utility revenue
(expense)."As a result, this measure represents the net revenues from the Pennsylvania Regulated segment's and PPL Electric's electricity delivery operations.

"Unregulated Gross Energy Margins" is a single financial performance measure of the Supply segment's and PPL Energy Supply's competitive energy activities,
which are managed on a geographic basis.In calculating this measure, energy revenues, including operating revenues associated with certain businesses
classified as discontinued operations, are offset by the cost of fuel, energy purchases, certain other operation and maintenance expenses, primarily ancillary
charges, gross receipts tax, recorded in "Taxes, other than income," and operating expenses associated with certain businesses classified as discontinued
operations.This performance measure is relevant due to the volatility in the individual revenue and expense lines on the Statements of Income that comprise
"Unregulated Gross Energy Margins."This volatility stems from a number of factors, including the required netting of certain transactions with ISOs and
significant fluctuations in unrealized gains and losses.Such factors could result in gains or losses being recorded in either "Unregulated wholesale energy",
"Unregulated retail energy" or "Energy purchases" on the Statements of Income.This performance measure includes PLR revenues from energy sales to PPL
Electric by PPL EnergyPlus, which are reflected in "PLR intersegment utility revenue (expense).""Unregulated Gross Energy Margins" excludes adjusted
energy-related economic activity, which includes the changes in fair value of positions used to economically hedge a portion of the economic value of the
competitive 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.Adjusted energy-related economic activity
includes 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 "Unregulated
Gross Energy Margins" over the delivery period that was hedged or upon realization.