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):  July 31, 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 July 31, 2014, PPL Corporation ("PPL") issued a press release announcing its financial results for the quarter ended June 30, 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 July 31, 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 June 30, 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 July 31, 2014, announcing PPL's financial results for the quarter ended June 30, 2014, and other business matters.
	99.2 -	Slides to be used on the July 31, 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/ Stephen K. Breininger
	Stephen K. Breininger Controller

Dated:  July 31, 2014

EX-99.1

Exhibit 99.1

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

PPL Corporation Reports Second-Quarter Earnings

·   Second-quarter and first-half earnings from ongoing operations increased 15 percent over 2013

·   Company increases 2014 forecast of earnings from ongoing operations to $2.20 to $2.40 per share, with a midpoint of $2.30 per share

·   Energy supply business spinoff on track

ALLENTOWN, Pa. (July 31, 2014) ― PPL Corporation (NYSE: PPL) announced on Thursday (7/31) second-quarter 2014 reported earnings of $229 million, or $0.34 per share, a decrease from $405 million, or $0.63 per share, a year ago. For the first six months of 2014, PPL’s reported earnings were $545 million, or $0.83 per share, compared with $818 million, or $1.28 per share, in the first six months of 2013.

Adjusting for special items, PPL’s earnings from ongoing operations for the quarter were $357 million, or $0.53 per share, an increase from $311 million, or $0.49 per share, a year ago. Earnings from ongoing operations for the first half of the year were $880 million, or $1.33 per share, compared with $765 million, or $1.20 per share, for the first half of 2013.

“Strong performance at each of our regulated utilities, combined with stronger margins from our competitive energy supply business, led to very solid results through the first half of the year,” said William H. Spence, PPL’s chairman, president and chief executive officer. “Earnings increases in all four of our business segments during the first half of the year drove a $115 million, or 15 percent, increase in earnings from ongoing operations compared with the same period in 2013.”

He also said the company is making steady progress on the spinoff of its PPL Energy Supply business, which it announced in early June. “We have completed nearly all the required regulatory filings and have transition teams up and running,” said Spence. The company is on track to complete the spinoff and subsequent combination with Riverstone’s competitive generation business, which will create a new publicly traded company called Talen Energy, in the first or second quarter of 2015.

PPL increased its 2014 forecast of earnings from ongoing operations to $2.20 to $2.40 per share, with a midpoint of $2.30 per share, up from the previous forecast of $2.15 to $2.30 per share, with a midpoint of $2.23 per share. The increased forecast is primarily driven by the strong earnings performance of the competitive energy supply business through the first half of the year.  The 2014 forecast for reported earnings is $1.70 to $1.90 per share, reflecting special items recorded through the second quarter.

Second-Quarter 2014 Earnings Details

PPL’s reported earnings for the second quarter of 2014 included net special item charges of $128 million, or $0.19 per share, primarily reflecting charges of $0.07 per share for an increase in tax valuation allowances related to the anticipated spinoff of PPL Energy Supply, $0.05 per share for foreign currency-related economic hedges and $0.04 per share for adjusted energy-related economic activity.

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)	2nd Quarter
	2014		2013		% Change
Reported Earnings	$	229	$	405	(43)%
Reported Earnings Per Share	$	0.34	$	0.63	(46)%
Earnings from Ongoing Operations	$	357	$	311	15%
Earnings from Ongoing Operations Per Share	$	0.53	$	0.49	8%

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

Second-Quarter and Six-Month 2014 Earnings by Business Segment

The following chart shows PPL’s earnings per share by business segment for the second quarter and first six months of 2014, compared with the same period of 2013.

Per share	2nd Quarter						Year to Date
	2014			2013			2014			2013
Earnings from ongoing operations
U.K. Regulated	$	0.33		$	0.35		$	0.74		$	0.72
Kentucky Regulated		0.09			0.08			0.25			0.23
Pennsylvania Regulated		0.08			0.07			0.21			0.16
Supply		0.06			0.01			0.17			0.11
Corporate and Other1		(0.03	)		(0.02	)		(0.04	)		(0.02	)
Total	$	0.53		$	0.49		$	1.33		$	1.20
Special items
U.K. Regulated	$	(0.05	)	$	0.03		$	(0.14	)	$	0.14
Kentucky Regulated		–			0.01			–			–
Pennsylvania Regulated		–			–			–			–
Supply		(0.06	)		0.10			(0.28	)		(0.06	)
Corporate and Other1		(0.08	)		–			(0.08	)		–
Total	$	(0.19	)	$	0.14		$	(0.50	)	$	0.08
Reported earnings
U.K. Regulated	$	0.28		$	0.38		$	0.60		$	0.86
Kentucky Regulated		0.09			0.09			0.25			0.23
Pennsylvania Regulated		0.08			0.07			0.21			0.16
Supply		–			0.11			(0.11	)		0.05
Corporate and Other1		(0.11	)		(0.02	)		(0.12	)		(0.02	)
Total	$	0.34		$	0.63		$	0.83		$	1.28

1 This category primarily includes unallocated corporate-level financing and other costs. 2014 reported earnings include certain costs related to the anticipated spinoff of PPL Energy Supply.

(For more details and an itemization 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 second quarter of 2014 decreased by $0.02 per share compared with a year ago. This decrease was primarily due to higher U.S. income taxes and the adverse impact of weather on utility revenues, partially offset by higher utility revenues due to price increases in 2014 and 2013 and lower pension expenses. Higher U.S. income taxes compared to a year ago were the result of a 2013 favorable income tax ruling on a prior period income tax position.

Segment earnings from ongoing operations increased during the first six months of 2014 by $0.02 per share compared with a year ago. This increase was primarily due to higher utility revenues due to price increases in 2014 and 2013, lower pension expense and lower U.K. income taxes, partially offset by the adverse impact of weather on utility revenues, higher U.S. income taxes due to a 2013 favorable income tax ruling, higher network maintenance expenses and higher depreciation expense.

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 second quarter of 2014 increased by $0.01 per share compared with a year ago. This increase was primarily due to returns on additional environmental capital investments, partially offset by higher operation and maintenance expense.

Segment earnings from ongoing operations increased during the first six months of 2014 by $0.02 per share compared with a year ago. This increase was primarily due to returns on additional environmental capital investments and higher sales volumes due to unusually cold weather in the first quarter of 2014, partially offset by higher operation and maintenance expense driven by storm-related expenses and timing of generation maintenance outages.

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 second quarter of 2014 increased by $0.01 per share compared with a year ago. This increase was primarily due to returns on additional transmission capital investments.

Segment earnings from ongoing operations increased during the first six months of 2014 by $0.05 per share compared with a year ago. This increase was primarily due to returns on additional transmission and distribution improvement capital investments, higher sales volume due to unusually cold weather in the first quarter of 2014 and a benefit from a change in estimate of a regulatory liability, partially offset by higher financing costs.

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 second quarter of 2014 increased by $0.05 per share compared with a year ago. This increase was primarily due to unrealized gains of $0.04 per share on certain commodity positions, higher eastern U.S. margins resulting from higher capacity prices and improved availability of baseload power plants, partially offset by lower baseload energy prices.

Segment earnings from ongoing operations increased during the first six months of 2014 by $0.06 per share compared with a year ago. This increase was primarily due to unrealized gains of $0.06 per share on certain commodity positions, higher eastern U.S. margins resulting from higher capacity prices, improved availability of baseload power plants, net benefits due to unusually cold weather in the first quarter of 2014 and lower financing costs. These factors were partially offset by lower baseload energy prices in the eastern U.S. and lower western U.S. margins.

Earnings from Ongoing Operations Forecast by Business Segment

	2014 forecast midpoint		2013 actual
Per share
U.K. Regulated	$ 1.35		$ 1.32
Kentucky Regulated	0.45		0.48
Pennsylvania Regulated	0.39		0.31
Supply	0.17		0.39
Corporate and Other1	(0.06	)	(0.05	)
Total	$ 2.30		$ 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, returns on distribution improvement capital investments and a benefit from a change in estimate of a regulatory liability, 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 benefits due to unusually cold weather in the first quarter of 2014, 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.

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

Conference Call and Webcast

PPL invites interested parties to listen to a live Internet webcast of management’s teleconference with financial analysts about second-quarter 2014 financial results at 8:30 a.m. Eastern Time on Thursday, July 31. The meeting is available online live, in audio format, 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 and disposition-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. Unrealized gains and losses related to this activity are 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.

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

PPL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)
Condensed Consolidated Balance Sheets (Unaudited)
(Millions of Dollars)
			June 30,		December 31,
			2014		2013
Assets
Cash and cash equivalents			$	1,269	$	1,102
Price risk management assets - current				954		942
Accounts receivable				1,096		1,020
Unbilled revenues				680		835
Fuel, materials and supplies				651		702
Other current assets				887		552
Investments				950		907
Property, Plant and Equipment
	Regulated utility plant			29,473		27,755
	Less: Accumulated depreciation - regulated utility plant			5,291		4,873
		Regulated utility plant, net		24,182		22,882
	Non-regulated property, plant and equipment			13,346		13,306
	Less: Accumulated depreciation - non-regulated property, plant and equipment			6,294		6,172
		Non-regulated property, plant and equipment, net		7,052		7,134
	Construction work in progress			3,197		3,071
	Property, Plant and Equipment, net			34,431		33,087
Regulatory assets - noncurrent				1,242		1,246
Goodwill and other intangibles				5,253		5,172
Price risk management assets - noncurrent				423		337
Other noncurrent assets				357		357
Total Assets			$	48,193	$	46,259
Liabilities and Equity
Short-term debt			$	808	$	701
Long-term debt due within one year				304		315
Accounts payable				1,178		1,308
Price risk management liabilities - current				1,259		829
Other current liabilities				1,607		1,759
Long-term debt				20,819		20,592
Deferred income taxes and investment tax credits				4,539		4,270
Price risk management liabilities - noncurrent				498		415
Accrued pension obligations				1,080		1,286
Asset retirement obligations				712		687
Regulatory liabilities - noncurrent				1,026		1,048
Other noncurrent liabilities				628		583
Common stock and additional paid-in capital				9,365		8,322
Earnings reinvested				5,768		5,709
Accumulated other comprehensive loss				(1,398)		(1,565)
Total Liabilities and Equity			$	48,193	$	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 June 30,				Six Months Ended June 30,
			2014		2013		2014		2013
Operating Revenues
	Utility		$	1,830	$	1,655	$	3,992	$	3,605
	Unregulated wholesale energy (a)			591		1,401		(838)		1,544
	Unregulated retail energy			280		257		629		494
	Energy-related businesses			173		137		314		264
	Total Operating Revenues			2,874		3,450		4,097		5,907
Operating Expenses
	Operation
		Fuel		491		441		1,249		970
		Energy purchases (b)		351		1,051		(1,143)		1,108
		Other operation and maintenance		741		698		1,438		1,374
	Depreciation			312		286		617		570
	Taxes, other than income			93		86		197		182
	Energy-related businesses			168		130		306		252
	Total Operating Expenses			2,156		2,692		2,664		4,456
Operating Income				718		758		1,433		1,451
Other Income (Expense) - net				(82)		13		(105)		135
Interest Expense				258		258		522		509
Income from Continuing Operations Before Income Taxes				378		513		806		1,077
Income Taxes				149		109		261		260
Income from Continuing Operations After Income Taxes				229		404		545		817
Income (Loss) from Discontinued Operations (net of income taxes)						1				1
Net Income Attributable to PPL Shareowners			$	229	$	405	$	545	$	818
Amounts Attributable to PPL Shareowners:
	Income from Continuing Operations After Income Taxes		$	229	$	404	$	545	$	817
	Income (Loss) from Discontinued Operations (net of income taxes)					1				1
	Net Income		$	229	$	405	$	545	$	818
Earnings Per Share of Common Stock:
	Income from Continuing Operations After Income Taxes Available
	to PPL Common Shareowners:
	Basic		$	0.35	$	0.68	$	0.84	$	1.39
	Diluted		$	0.34	$	0.63	$	0.83	$	1.28
	Net Income Available to PPL Common Shareowners:
	Basic		$	0.35	$	0.68	$	0.84	$	1.39
	Diluted		$	0.34	$	0.63	$	0.83	$	1.28
Weighted-Average Shares of Common Stock Outstanding
(in thousands)
	Basic			653,132		589,834		642,002		586,683
	Diluted			665,792		664,615		664,927		661,263

(a)   (b) The six month period ended June 30, 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather experienced in the first quarter of 2014. The six month period ended June 30, 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather experienced in the first quarter of 2014.

PPL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Millions of Dollars)
				Six Months Ended June 30,
				2014		2013
Cash Flows from Operating Activities
	Net income			$	545	$	818
	Adjustments to reconcile net income to net cash provided by operating activities
		Depreciation			617		570
		Amortization			112		113
		Defined benefit plans - expense			59		91
		Deferred income taxes and investment tax credits			133		291
		Unrealized (gains) losses on derivatives, and other hedging activities			301		(11)
		Adjustment to WPD line loss accrual			65		24
		Other			51		26
	Change in current assets and current liabilities
		Accounts receivable			(73)		(189)
		Accounts payable			(99)		(75)
		Unbilled revenues			161		144
		Taxes payable			51		128
		Uncertain tax positions					(98)
		Accrued interest			(107)		(119)
		Other			(80)		(238)
	Other operating activities
		Defined benefit plans - funding			(218)		(468)
		Other			65		(60)
			Net cash provided by operating activities		1,583		947
Cash Flows from Investing Activities
	Expenditures for property, plant and equipment				(1,854)		(1,797)
	Expenditures for intangible assets				(48)		(40)
	Purchases of nuclear plant decommissioning trust investments				(73)		(66)
	Proceeds from the sale of nuclear plant decommissioning trust investments				65		59
	Proceeds from the receipt of grants				56		4
	Net increase in restricted cash and cash equivalents				(251)		(17)
	Other investing activities				2		23
			Net cash used in investing activities		(2,103)		(1,834)
Cash Flows from Financing Activities
	Issuance of long-term debt				296		450
	Retirement of long-term debt				(239)		(9)
	Repurchase of common stock						(28)
	Issuance of common stock				1,017		259
	Payment of common stock dividends				(470)		(426)
	Contract adjustment payments				(21)		(48)
	Net increase in short-term debt				107		563
	Other financing activities				(19)		(51)
			Net cash provided by financing activities		671		710
Effect of Exchange Rates on Cash and Cash Equivalents					16		(13)
Net Increase (Decrease) in Cash and Cash Equivalents					167		(190)
Cash and Cash Equivalents at Beginning of Period					1,102		901
Cash and Cash Equivalents at End of Period				$	1,269	$	711

Key Indicators (Unaudited)
							12 Months Ended
							June 30,
Financial							2014	2013
Dividends declared per share of common stock							$ 1.48	$ 1.455
Book value per share (a)(b)							$ 20.68	$ 18.48
Market price per share (a)							$ 35.53	$ 30.26
Dividend yield							4.2%	4.8%
Dividend payout ratio (c)							112%	58%
Dividend payout ratio - earnings from ongoing operations (c)(d)							57%	60%
Price/earnings ratio (c)							26.9	12.1
Price/earnings ratio - earnings from ongoing operations (c)(d)							13.7	12.6
Return on average common equity							6.81%	14.06%
Return on average common equity - earnings from ongoing operations (d)							13.57%	13.54%
(a) End of period.
(b) Based on 664,018 and 591,622 shares of common stock outstanding (in thousands) at June 30, 2014 and June 30, 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 June 30,			6 Months Ended June 30,
					Percent			Percent
(GWh)			2014	2013	Change	2014	2013	Change
Domestic Retail Delivered
	PPL Electric Utilities		8,378	8,374	0.0%	19,008	18,321	3.7%
	LKE		7,418	7,326	1.3%	15,913	15,326	3.8%
		Total	15,796	15,700	0.6%	34,921	33,647	3.8%
Domestic Retail Supplied (a)
	PPL EnergyPlus		3,633	3,246	11.9%	7,409	6,527	13.5%
	LKE		7,418	7,326	1.3%	15,913	15,326	3.8%
		Total	11,051	10,572	4.5%	23,322	21,853	6.7%
International Delivered
	United Kingdom		18,684	20,007	(6.6%)	39,699	41,548	(4.5%)
Domestic Wholesale
	PPL EnergyPlus - East		12,398	10,221	21.3%	28,146	24,678	14.1%
	PPL EnergyPlus - West		1,285	1,511	(15.0%)	2,664	3,163	(15.8%)
	LKE (b)		532	585	(9.1%)	1,262	1,160	8.8%
		Total	14,215	12,317	15.4%	32,072	29,001	10.6%
(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)
2nd Quarter 2014		(millions of dollars)
		U.K.		Kentucky		Pennsylvania				Corporate
		Regulated		Regulated		Regulated		Supply		and Other		Total
Earnings from Ongoing Operations		$	220	$	57	$	56	$	41	$	(17)	$	357
Special Items:
Adjusted energy-related economic activity, net									(23)				(23)
Foreign currency-related economic hedges			(33)										(33)
Spinoff of PPL Energy Supply:
	Change in tax valuation allowances										(46)		(46)
	Transaction costs										(10)		(10)
Other:
	EEI adjustments				1								1
	Separation benefits						(4)		(13)				(17)
Total Special Items			(33)		1		(4)		(36)		(56)		(128)
Reported Earnings		$	187	$	58	$	52	$	5	$	(73)	$	229
		(per share - diluted) (a)
		U.K.		Kentucky		Pennsylvania				Corporate
		Regulated		Regulated		Regulated		Supply		and Other		Total
Earnings from Ongoing Operations		$	0.33	$	0.09	$	0.08	$	0.06	$	(0.03)	$	0.53
Special Items:
Adjusted energy-related economic activity, net									(0.04)				(0.04)
Foreign currency-related economic hedges			(0.05)										(0.05)
Spinoff of PPL Energy Supply:
	Change in tax valuation allowances										(0.07)		(0.07)
	Transaction costs										(0.01)		(0.01)
Other:
	Separation benefits								(0.02)				(0.02)
Total Special Items			(0.05)						(0.06)		(0.08)		(0.19)
Reported Earnings		$	0.28	$	0.09	$	0.08	$	-	$	(0.11)	$	0.34
(a)  The "If-Converted Method" has been applied to PPL's 2011 Equity Units, resulting in an immaterial amount of interest charges being added
back to earnings and approximately 11 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)
Year-to-Date June 30, 2014		(millions of dollars)
		U.K.		Kentucky		Pennsylvania				Corporate
		Regulated		Regulated		Regulated		Supply		and Other		Total
Earnings from Ongoing Operations		$	484	$	164	$	141	$	115	$	(24)	$	880
Special Items:
Adjusted energy-related economic activity, net									(162)				(162)
Foreign currency-related economic hedges			(39)										(39)
Kerr Dam Project impairment									(10)				(10)
Spinoff of PPL Energy Supply:
	Change in tax valuation allowances										(46)		(46)
	Transaction costs										(10)		(10)
Other:
	EEI adjustments				1								1
	Change in WPD line loss accrual		(52)										(52)
	Separation benefits						(4)		(13)				(17)
Total Special Items			(91)		1		(4)		(185)		(56)		(335)
Reported Earnings		$	393	$	165	$	137	$	(70)	$	(80)	$	545
		(per share - diluted) (a)
		U.K.		Kentucky		Pennsylvania				Corporate
		Regulated		Regulated		Regulated		Supply		and Other		Total
Earnings from Ongoing Operations		$	0.74	$	0.25	$	0.21	$	0.17	$	(0.04)	$	1.33
Special Items:
Adjusted energy-related economic activity, net									(0.24)				(0.24)
Foreign currency-related economic hedges			(0.06)										(0.06)
Kerr Dam Project impairment									(0.02)				(0.02)
Spinoff of PPL Energy Supply:
	Change in tax valuation allowances										(0.07)		(0.07)
	Transaction costs										(0.01)		(0.01)
Other:
	Change in WPD line loss accrual		(0.08)										(0.08)
	Separation benefits								(0.02)				(0.02)
Total Special Items			(0.14)						(0.28)		(0.08)		(0.50)
Reported Earnings		$	0.60	$	0.25	$	0.21	$	(0.11)	$	(0.12)	$	0.83
(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 21 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)
2nd Quarter 2013		(millions of dollars)
		U.K.		Kentucky		Pennsylvania				Corporate
		Regulated		Regulated		Regulated		Supply		and Other		Total
Earnings from Ongoing Operations		$	226	$	48	$	45	$	3	$	(11)	$	311
Special Items:
Adjusted energy-related economic activity, net									76				76
Foreign currency-related economic hedges			(5)										(5)
Other:
	LKE discontinued operations				1								1
	Change in tax accounting method related to repairs								(3)				(3)
	Counterparty bankruptcy								1				1
	Windfall tax litigation		43										43
	Change in WPD line loss accrual		(19)										(19)
Total Special Items			19		1				74				94
Reported Earnings		$	245	$	49	$	45	$	77	$	(11)	$	405
		(per share - diluted) (a)
		U.K.		Kentucky		Pennsylvania					Corporate
		Regulated		Regulated		Regulated		Supply			and Other	Total
Earnings from Ongoing Operations		$	0.35	$	0.08	$	0.07	$	0.01	$	(0.02)	$	0.49
Special Items:
Adjusted energy-related economic activity, net									0.11				0.11
Foreign currency-related economic hedges			(0.01)										(0.01)
Other:
	LKE discontinued operations				0.01								0.01
	Change in tax accounting methods related to repairs								(0.01)				(0.01)
	Windfall tax litigation		0.07										0.07
	Change in WPD line loss accrual		(0.03)										(0.03)
Total Special Items			0.03		0.01				0.10				0.14
Reported Earnings		$	0.38	$	0.09	$	0.07	$	0.11	$	(0.02)	$	0.63
(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 73 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)
Year-to-Date June 30, 2013		(millions of dollars)
		U.K.		Kentucky		Pennsylvania					Corporate
		Regulated		Regulated		Regulated		Supply			and Other	Total
Earnings from Ongoing Operations		$	464	$	132	$	109	$	74	$	(14)	$	765
Special Items:
Adjusted energy-related economic activity, net									(41)				(41)
Foreign currency-related economic hedges			73										73
Acquisition-related adjustments:
	WPD Midlands
	Separation benefits		(1)										(1)
	Other acquisition-related adjustments		(2)										(2)
Other:
	LKE discontinued operations				1								1
	EEI adjustments				1								1
	Change in tax accounting methods related to repairs								(3)				(3)
	Counterparty bankruptcy								1				1
	Windfall tax litigation		43										43
	Change in WPD line loss accrual		(19)										(19)
Total Special Items			94		2				(43)				53
Reported Earnings		$	558	$	134	$	109	$	31	$	(14)	$	818
		(per share - diluted) (a)
		U.K.		Kentucky		Pennsylvania					Corporate
		Regulated		Regulated		Regulated		Supply			and Other	Total
Earnings from Ongoing Operations		$	0.72	$	0.23	$	0.16	$	0.11	$	(0.02)	$	1.20
Special Items:
Adjusted energy-related economic activity, net									(0.05)				(0.05)
Foreign currency-related economic hedges			0.11										0.11
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		(0.03)										(0.03)
Total Special Items			0.14						(0.06)				0.08
Reported Earnings		$	0.86	$	0.23	$	0.16	$	0.05	$	(0.02)	$	1.28
(a)   The "If-Converted Method" has been applied to PPL's Equity Units prior to settlement, resulting in $30 million of interest charges (after-tax)
	being added back to earnings and approximately 73 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)
		Midpoint
		U.K.		Kentucky		Pennsylvania				Corporate				High		Low
		Regulated		Regulated		Regulated		Supply		and Other		Total		2014		2014
Earnings from Ongoing Operations		$	1.35	$	0.45	$	0.39	$	0.17	$	(0.06)	$	2.30	$	2.40	$	2.20
Special Items:
Adjusted energy-related economic activity, net									(0.24)				(0.24)		(0.24)		(0.24)
Foreign currency-related economic hedges			(0.06)										(0.06)		(0.06)		(0.06)
Kerr Dam Project impairment									(0.02)				(0.02)		(0.02)		(0.02)
Spinoff of PPL Energy Supply:
	Change in tax valuation allowances										(0.07)		(0.07)		(0.07)		(0.07)
	Transaction costs										(0.01)		(0.01)		(0.01)		(0.01)
Other:
	Change in WPD line loss accrual		(0.08)										(0.08)		(0.08)		(0.08)
	Separation benefits								(0.02)				(0.02)		(0.02)		(0.02)
Total Special Items			(0.14)						(0.28)		(0.08)		(0.50)		(0.50)		(0.50)
Reported Earnings		$	1.21	$	0.45	$	0.39	$	(0.11)	$	(0.14)	$	1.80	$	1.90	$	1.70

EX-99.2

© PPL Corporation 2014

PPL Corporation

2nd Quarter Earnings

July 31, 2014

Exhibit 99.2

PPL Corporation2nd Quarter Earnings July 31, 2014 PPL Corporation2nd Quarter Earnings July 31, 2014

© 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

Second Quarter Earnings Results, Operational
Overview and 2014 Earnings Forecast

Segment Results and Financial Overview

Talen Update

Q&A

W. H. Spence

V. Sorgi

Agenda

P. Farr

© PPL Corporation 2014

4

Earnings Results

Earnings Results Second Quarter Second Quarter Reported Earnings Earnings from Ongoing Operations $1.50 $1.50 $0.63 $0.34 2Q 2013 2Q 2014 $0.49 $0.53 2Q 2013 2Q 2014 Per SharePer Share $1.00 $0.50 Per Share Per Share $1.00 $0.50 $0.00 $0.00 Year-to-date Year-to-date Reported Earnings Earnings from Ongoing Operations $1.50 $1.00 $0.50 $1.28 $0.83 YTD 2013 YTD 2014 $1.50 $1.00 $0.50 $1.20 $1.33 YTD 2013 YTD 2014 $0.00 $0.00 Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings. © PPL Corporation 20144

© 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	$1.34	$1.35
Kentucky Regulated	0.48	0.45	0.45
PA Regulated	0.31	0.39	0.39
Supply	0.39	0.11	0.17
Corporate and Other	(0.05)	(0.06)	(0.06)
Total	$2.45	$2.23	$2.30

$2.45

$2.30

$2.40

$2.20

$2.15

$0.00 $1.00 $2.00 $3.00Per Share Increasing 2014 Ongoing Earnings Forecast $2.45 $2.30 $2.40 $2.20 $2.15 $0.00 $1.00 $2.00 $3.00Per Share Increasing 2014 Ongoing Earnings Forecast $2.45 $2.30 $2.40 $2.20 $2.15 2013A Previous 2014E Revised 2014E Segment 2013A (Ongoing) Previous 2014E Revised 2014E U.K. Regulated $1.32 $1.34 $1.35 Kentucky Regulated 0.48 0.45 0.45 PA Regulated 0.31 0.39 0.39 Supply 0.39 0.11 0.17 Corporate and Other (0.05) (0.06) (0.06) Total $2.45 $2.23 $2.30 Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings. © PPL Corporation 20145

© PPL Corporation 2014

6

•Superior customer satisfaction/service

•Filed Smart Meter plan in Pennsylvania

•Filed Project Compass transmission project with PJM

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

Regulated Volume Variances R esidential C o mm erc ial Industrial Total Residential C o m mercial Industrial Total Weather- No r malized (charted) 2.5% -0.5% 0.6% 0.8% 0.5% 0.2% 1.5% 0.6% Actual 0.8% -0.9% 0.6% 0.0% 3.7% 1.1% 1.5% 2.2% Residential C o mm erc ial Industrial Total R esidential C o m m ercial Industrial Total Weather-Normalized (charted) - 1.4% 1.8% 1.3% 0.6% -0.6% 0.3% 1.3% 0.2% Act ual 0.4% 1.6% 1.6% 1.2% 2.2% 1.4% 1.5% 1.6% Note: Total includes Residential, Commercial and Industrial customer classes as well as “Other”, which is not depicted on the charts above. © PPL Corporation 20147

© PPL Corporation 2014

8

•Strong second quarter operational performance from
Eastern fleet

•Susquehanna turbine update

•Montana hydro sale update

•Energy Supply Spin/Separation activities underway

Supply Operational Overview

© PPL Corporation 2014

9

Q2 2014

Q2 2013

Change

U.K. Regulated

$0.33

$0.35

$(0.02)

Kentucky Regulated

0.09

0.08

0.01

Pennsylvania Regulated

0.08

0.07

0.01

Supply

0.06

0.01

0.05

Corporate and Other

(0.03)

(0.02)

(0.01)

Total

$0.53

$0.49

$0.04

Ongoing Earnings Overview

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

© PPL Corporation 2014

10

	2nd Quarter
2013 EPS - Ongoing Earnings		$0.35
Utility revenue	0.02
O&M	0.01
Depreciation	(0.01)
Financing	(0.01)
Income taxes and other	(0.03)
Total		(0.02)
2014 EPS - Ongoing Earnings		$0.33

U.K. Regulated Segment
Earnings Drivers

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

© PPL Corporation 2014

11

	2nd Quarter
2013 EPS - Ongoing Earnings		$0.08
Gross margins	0.02
O&M	(0.01)
Total		0.01
2014 EPS - Ongoing Earnings		$0.09

Kentucky Regulated Segment
Earnings Drivers

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

© PPL Corporation 2014

12

	2nd Quarter
2013 EPS - Ongoing Earnings		$0.07
Gross delivery margins	0.02
Income taxes and other	(0.01)
Total		0.01
2014 EPS - Ongoing Earnings		$0.08

Pennsylvania Regulated Segment
Earnings Drivers

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

© PPL Corporation 2014

13

	2nd Quarter
2013 EPS - Ongoing Earnings		$0.01
East energy margins	0.04
Income taxes and other	0.01
Total		0.05
2014 EPS - Ongoing Earnings		$0.06

Supply Segment Earnings Drivers

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

© PPL Corporation 2014

14

U.K. Regulated Segment

EPS from Ongoing Operations Projection

Note:Assumes foreign currency exchange rate of $1.67/£ for any unhedged projection.

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

($ Per Share)

U.K. Regulated Segment EPS from Ongoing Operations Projection ($Per Share) Note: Assumes foreign currency exchange rate of $1.67/£ for any unhedged projection. See Appendix for the reconciliation of earnings from ongoing operations to reported earnings. © PPL Corporation 201414

© PPL Corporation 2014

15

U.K. Regulated Segment

Cash Repatriation Projection

Note:Assumes foreign currency exchange rate of $1.67/£ for any unhedged projection.

($ in millions)

U.K. Regulated Segment Cash Repatriation Projection ($in millions) Note: Assumes foreign currency exchange rate of $1.67/£ for any unhedged projection. © PPL Corporation 201415

© PPL Corporation 2014

16

•Talen credit facility syndication process

–$1.85 billion 5-year 1st lien revolving credit facility

–Facility is fully committed and will be available upon transaction close

•RJS Power Holdings bond offering

–Riverstone formed RJS Power Holdings LLC as a holding company to
consolidate the generation portfolios being contributed to Talen

–Executed a $1.25 billion bond offering to refinance portfolio-level debt

–RJS bonds will “travel” to Talen upon the merger of RJS Power Holdings
with and into PPL Energy Supply, LLC at or after closing

–5-year maturity, 5.125% coupon subject to 50 bps step down if Talen
achieves credit ratings of at least Ba2/BB- or Ba3/BB at time of merger

•Applications filed with FERC, NRC and PA PUC

–DOJ to be filed in 3rd or 4th quarter

Talen Transaction: Activities Since

June 9th Announcement

© PPL Corporation 2014

17

Appendix

© PPL Corporation 2014

18

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)

Dividend Profile A predominantly rate-regulated business mix provides strong support for current dividend and a platform for future growth $/ Share Annualized $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 $2.25 2010 2011 2012 2013 2014(1) Ongoing EPS (2) (3) Dividend (1) (2) (3) Based on mid-point of forecast. Annualized dividend based on 2/6/2014 announced increase. Actual dividends to be determined by Board of Directors. From only regulated segments. See Appendix for the reconciliation of earnings from ongoing operations to reported earnings. © PPL Corporation 201418

© PPL Corporation 2014

19

($ in billions)

(1)Figures based on assumed exchange rate of $1.67 / £.

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

(1)

(2)

$4.19

$3.88

$3.91

$3.81

Projected Capital Expenditures

Significant and stable investment opportunities in regulated utilities

$3.72

© PPL Corporation 2014

20

($ 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 $1.67 / £ and the RIIO-ED1 business plan as filed on July 1, 2013.

(2)

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

Projected Regulated Rate Base Growth

$21.3

$23.2

$24.9

$26.9

$28.2

$29.7

© PPL Corporation 2014

21

Energy Supply Hedge Update

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

Note:As of June 30, 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 fourth quarter 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.

Energy Supply Hedge Update 2014 2015 Baseload Expected Generation(1) (Million MWhs) 49.4 47.8 East 42.3 43.5 West 7.1 4.3 Current Hedges (%) 97- 99% 69- 71% East 97-99% 69-71% West 95-97% 73-75% Average Hedged Price (Energy Only) ($/MWh) (2) East $39- 41 $39- 40 West $38- 40 $41- 42 Current Coal Hedges (%) 100% 82% East 100% 78% West 100% 92% Average Consumed Coal Price (Delivered $/ Ton) East $76- 78 $72- 76 West $27- 30 $26- 33 Intermediate/Peaking Expected Generation(1) (Million MWhs) 9.7 8.5 Current Hedges (%) 84% 14% Capacity revenues are expected to be $560 and $505 million for 2014 and 2015 respectively. Note: As of June 30, 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 fourth quarter 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. © PPL Corporation 201421

© PPL Corporation 2014

22

Competitive Generation Overview

Note:Includes owned and contracted generation. As of June 30, 2014

(1)Other includes PPAs, renewables and NUGS.

© PPL Corporation 2014

23

(1)	24-hour average.
(2)	NYMEX and TETCO M3 forward gas prices on 6/30/2014.
(3)	Market Heat Rate = PJM on-peak power price divided by TETCO M3 gas price.

Market Prices

Market Prices On-Peak Off-Peak (Per M W D) EQA HEAT RATE(3) TETCO M3 PJM MARKET CAPACITY PRICES ELECTRIC AT C(1) NYMEX GAS(2) Mid- Columbia On-Peak Off-Peak AT C(1) PJM Balance of 2014 $55 $35 $44 $48 $36 $43 $4.46 $3.66 15.0 $173.85 88% 2015 $52 $34 $42 $40 $29 $36 $4.22 $4.25 12.2 $154.56 89% (1) 24-hour average. (2) NYMEX and TETCO M3 forward gas prices on 6/30/2014. (3) Market Heat Rate = PJM on-peak power price divided by TETCO M3 gas price. © PPL Corporation 201423

© PPL Corporation 2014

24

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 currently is not expected to close before the fourth quarter 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 Note: Free Cash Flow forecast updated on an annual basis. (1) 2014E reflects anticipated proceeds from pending sale of Montana hydro facilities, which currently is not expected to close before the fourth quarter of 2014. © PPL Corporation 201424

© PPL Corporation 2014

25

Debt Maturities

Note:As of June 30, 2014

(1)This amount includes $81 million of Pennsylvania Economic Development Financing Authority bonds due 2037 and $150 million of Pennsylvania Economic
Development Financing Authority bonds due 2038 that may be put by the holders in September 2015.This amount also includes $300 million of REset Put
Securities due 2035 that are required to be put by the holders in October 2015.

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 302 534 (1) 354 4 403 WPD 0 0 460 100 0 Total $302 $1,534 $814 $104 $653 Note: As of June 30, 2014 (1) This amount includes $81 million of Pennsylvania Economic Development Financing Authority bonds due 2037 and $150 million of Pennsylvania Economic Development Financing Authority bonds due 2038 that may be put by the holders in September 2015. This amount also includes $300 million of REset Put Securities due 2035 that are required to be put by the holders in October 2015. © PPL Corporation 201425

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Liquidity Profile

Note:As of June 30, 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.

(1)In July 2014, PPL Capital Funding entered into an additional $300 million syndicated credit facility with an expiration date of July 2019.

(2)In July 2014, the existing syndicated credit facilities at Louisville Gas & Electric, Kentucky Utilities, WPD (South West), WPD (East Midlands), and WPD (West Midlands) were
amendedand extended to July 2019.The existing syndicated credit facility at PPL Electric Utilities was amended and extended to October 2018, with an automatic extension
to July 2019 upon regulatory approval.

(3)As a result of the proposed spinoff transaction, PPL Energy Supply is in the process of syndicating a $1.85 billion credit facility which is currently fully committed.This
syndicated credit facility will replace the existing $3 billion PPL Energy Supply syndicated credit facility and will be effective upon closing of the spinoff transaction.

Liquidity Profile Institution Facility Expiration Date Total Capacity (Millions) Letters of Credit & Commercial Paper Issued (Millions) Drawn (Millions) Unused Capacity (Millions) PPL Capital Funding (1) Syndicated Credit Facility Bilateral Credit Facility Nov- 2018 Mar- 2015 $300 150 $450 $0 11 $11 $0 0 $0 $300 139 $439 PPL Energy Supply (3) Syndicated Credit Facility Letter of Credit Facility Uncom m itted Credit Facilities Nov- 2017 Mar- 2015 $3,000 150 175 $3,325 $264 143 77 $484 $175 0 0 $175 $2,561 7 98 $2,666 PPL Electric Utilities Syndicated Credit Facility Oct-2017 (2) $300 $1 $0 $299 LG& E and KU Energy (LKE) Syndicated Credit Facility Oct-2018 $75 $0 $75 $0 Louisville Gas & Electric Syndicated Credit Facility Nov- 2017 (2) $500 $70 $0 $430 Kentucky Utilities Syndicated Credit Facility Letter of Credit Facility Nov- 2017 (2) May- 2016 $400 198 $598 $175 198 $373 $0 0 $0 $225 0 $225 WPD Note: As of June 30, 2014 PPL WW Syndicated Credit Facility WPD (South Wes t) Syndicated Credit Facility WPD (Eas t Midlands) Syndicated Credit Facility WPD (Wes t Midlands) Syndicated Credit Facility Uncom m itted Credit Facilities Dec- 2016 Jan- 2017 (2) Apr- 2016 (2) Apr- 2016 (2) £210 245 300 300 105 £1,160 £0 0 0 0 5 £5 £ 95 0 0 0 0 £ 95 £115 245 300 300 100 £ 1,060 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. (1) In July 2014, PPL Capital Funding entered into a new $300 million syndicated credit facility with an expiration date of July 2019. (2) In July 2014, the existing syndicated credit facilities at Louisville Gas & Electric, Kentucky Utilities, WPD (South West), WPD (East Midlands), and WPD (West Midlands) were amended and extended to July 2019. The existing syndicated credit facility at PPL Electric Utilities was amended and extended to October 2018, with an automatic extension to July 2019 upon regulatory approval. (3) As a result of the proposed spinoff transaction, PPL Energy Supply is in the process of syndicating a $1.85 billion credit facility which is currently fully committed. This syndicated credit facility will replace the existing $3 billion PPL Energy Supply syndicated credit facility and will be effective upon closing of the spinoff transaction. © PPL Corporation 201426

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Reconciliation of Second Quarter Earnings from
Ongoing Operations to Reported Earnings

Reconciliation of Second Quarter Earnings from Ongoing Operations to Reported Earnings (After Tax) (Unaudited) 2nd Quarter 2014 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $220 $57 $56 $41 $(17) $357 Special Items: A djusted energy- related economic activ ity, net (23) (23) Foreign currenc y- related economic hedges (33) (33) Spinof f of PPL Energy Supply: Change in tax valuation allow ances (46) (46) Transaction c osts (10) (10) Other: EEI adjustments 1 1 Separation benef its (4) (13) (17) Total Special Items (33) 1 (4) (36) (56) (128) Reported Earnings $187 $58 $52 $5 $(73) $229 (per share - diluted) (a) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $0.33 $0.09 $0.08 $0.06 $(0.03) $0.53 Special Items: A djusted energy- related economic activ ity, net (0.04) (0.04) Foreign currenc y- related economic hedges (0.05) (0.05) Spinof f of PPL Energy Supply: Change in tax valuation allow ances (0.07) (0.07) Transaction c osts (0.01) (0.01) Other: Separation benef its (0.02) (0.02) Total Special Items (0.05) (0.06) (0.08) (0.19) Reported Earnings $0.28 $0.09 $0.08 $- $(0.11) $0.34 (a) The " If - Converted Method" has been applied to PPL's 2011 Equity Units , res ulting in an immaterial amount of interes t c harges being added back to earnings and approximately 11 million shares of PPL Common Stock being treated as outstanding. Both adjus tments are only f or purposes of c alculating diluted earnings per share. © PPL Corporation 201427

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Reconciliation of Second Quarter Earnings from
Ongoing Operations to Reported Earnings

Reconciliation of Second Quarter Earnings from Ongoing Operations to Reported Earnings (After Tax) (Unaudited) 2nd Quarter 2013 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $226 $48 $45 $3 $(11) $311 Special Items: Adjusted energy-related economic activity, net 76 76 Foreign currency- related economic hedges (5) (5) Other: LKE discontinued operations 1 1 Change in tax accounting method related to repairs (3) (3) Counterparty bankruptcy 1 1 Windfall tax litigation 43 43 Change in WPD line loss accrual (19) (19) Total Special Items 19 1 74 94 Reported Earnings $245 $49 $45 $77 $(11) $405 (per share - diluted) (a) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $0.35 $0.08 $0.07 $0.01 $(0.02) $0.49 Special Items: Adjusted energy-related economic activity, net Foreign currency- related economic hedges (0.01) (0.01) Other: LKE discontinued operations 0.01 0.01 Change in tax accounting methods related to repairs (0.01) (0.01) Windfall tax litigation 0.07 0.07 Change in WPD line loss accrual Total Special Items Reported Earnings $0.38 $0.09 $0.07 $0.11 $(0.02) $0.63 (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 73 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings per share. 0.11 0.11 (0.03) (0.03) 0.03 0.01 0.10 0.14 © PPL Corporation 201428

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

Reconciliation of Year- to- date Earnings from Ongoing Operations to Reported Earnings (After Tax) (Unaudited) Y ear- to- Date June 30, 2014 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $484 $164 $141 $115 $(24) $880 Special Items: A djusted energy- related economic activity, net (162) (162) Foreign currency- related economic hedges (39) (39) Kerr Dam Project impairment (10) (10) Spinof f of PPL Energy Supply: Change in tax valuation allow ances (46) (46) Transaction c osts (10) (10) Other: EEI adjustments 1 1 Change in WPD line loss accrual (52) (52) Separation benef its (4) (13) (17) Total Special Items (91) 1 (4) (185) (56) (335) Reported Earnings $393 $165 $137 $(70) $(80) $545 (per share - diluted) (a) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $0.74 $0.25 $0.21 $0.17 $(0.04) $1.33 Special Items: A djusted energy- related economic activity, net (0.24) (0.24) Foreign currency- related economic hedges (0.06) (0.06) Kerr Dam Project impairment (0.02) (0.02) Spinof f of PPL Energy Supply: Change in tax valuation allow ances (0.07) (0.07) Transaction c osts (0.01) (0.01) Other: Change in WPD line loss accrual (0.08) (0.08) Separation benef its (0.02) (0.02) Total Special Items (0.14) (0.28) (0.08) (0.50) Reported Earnings $0.60 $0.25 $0.21 $(0.11) $(0.12) $0.83 (a) The " If - Converted Method" has been applied to PPL's 2011 Equity Units, resulting in $9 million of interest charges (af ter-tax) being added back to earnings and approximately 21 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only f or purposes of calculating diluted earnings per share. © PPL Corporation 201429

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

Reconciliation of Year- to- date Earnings from Ongoing Operations to Reported Earnings (After Tax) (Unaudited) Year-to-Date June 30, 2013 U.K. Regulated Kentucky Regulated (millions of dollars) Pennsylvania Regulated Supply Corporate and Other Total Earnings from Ongoing Operations $464 $132 $109 $74 $(14) $765 Special Items: Adjusted energy-related economic activity, net (41) (41) Foreign currency- related economic hedges 73 73 Acquisition-related adjustments: WPD Midlands Separation benefits (1) (1) Other acquisition-related adjustments (2) (2) Other: LKE discontinued operations 1 1 EEI adjustments 1 1 Change in tax accounting methods related to repairs (3) (3) Counterparty bankruptcy 1 1 Windfall tax litigation 43 43 Change in WPD line loss accrual (19) (19) Total Special Items 94 2 (43) 53 Reported Earnings $558 $134 $109 $31 $(14) $818 (per share - diluted) (a) U.K. Regulated Kentucky Regulated Pennsylvania Regulated Supply Corporate and Other Total Earnings from Ongoing Operations Special Items: Adjusted energy-related economic activity, net $0.72 $0.23 $0.16 $0.11 (0.05) $(0.02) $1.20 (0.05) Foreign currency- related economic hedges Other: 0.11 0.11 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 (0.03) (0.03) Total Special Items 0.14 (0.06) 0.08 Reported Earnings $0.86 $0.23 $0.16 $0.05 $(0.02) $1.28 (a) The "If-Converted Method" has been applied to PPL's Equity Units prior to settlement, resulting in $30 million of interest charges (after-tax) being added back to earnings and approximately 73 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings per share. © PPL Corporation 201430

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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) Forecast (per share - diluted) Midpoint High U.K. Kentucky Pennsylvania Corporate Low Regulated Regulated Regulated Supply and Other Total 2014 2014 Earnings from Ongoing Ope rations $1.35 $0.45 $0.39 $0.17 $(0.06) $2.30 $2.40 $2.20 Special Items: A djusted energy- related economic activity, net (0.24) (0.24) Foreign currency- related economic hedges (0.06) (0.06) (0.06) Kerr Dam Project impairment (0.08) (0.08) (0.02) (0.02) (0.02) (0.02) Spinof f of PPL Energy Supply: Change in tax valuation allow anc es (0.07) (0.07) (0.07) (0.07) Transaction costs (0.01) (0.01) (0.01) (0.01) Other: Change in WPD line loss accrual (0.08) (0.08) Separation benef its(0.02) (0.02) Total Spec ial Items (0.14) (0.28) (0.08) (0.50) (0.50) (0.50) Reported Earnings $1.21 $0.45 $0.39 $(0.11) $(0.14) $1.80 $1.90 $1.70 (0.24) (0.24) (0.02) (0.02) (0.06) © PPL Corporation 201431

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

(1)Projected midpoint of Earnings from Ongoing Operations.

Reconciliation of U.K. Regulated Segment Earnings from Ongoing Operations to Reported Earnings (After- tax) (Unaudited) High Low High Projections (per share - diluted) Low 2014 2015 2015 2016 2016 Earnings from Ongoing Operations Special Items: (1) 1.35 $1.40 $1.32 $1.42 $1.30 $Foreign currency-related economic hedges (0.06) Other: Change in WPD line loss accrual (0.08) Total Special Items (0.14) Reported Earnings 1.21 $1.40 $1.32 $1.42 $1.30 $(1) Projected midpoint of Earnings from Ongoing Operations. © PPL Corporation 201432

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

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, 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 201433

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

(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.

Reconciliation of PPL’s Earnings from Ongoing Operations to Reported Earnings (After-Tax) (Unaudited) Year-to-date December 31, 2011 Earnings from Ongoing Operations Special Items: Adjusted energy-related economic activity, net Foreign currency-related economic hedges Impairments: Renewable energy credits Acquisition-related adjustments WPD Midlands 2011 Bridge Facility costs Foreign currency loss on 2011 Bridge Facility Net hedge gains Hedge ineffectiveness U.K. stamp duty tax Separation benefits Other acquisition- related adjustments Other: Montana hydroelectric litigation Litigation settlement-spent nuclear f uel storage Change in U.K. tax rate W indfall tax litigation Counterparty bankruptcy Wholesale supply cost reimbursement Total Special Items Reported Earnings (per share - diluted) $0.87 U.K. Regulated (a) $0.40 Regulated Kentucky $0.31 Pennsylvania Regulated $1.15 Supply 0.01 0.12 (0.01) (0.05) (0.07) 0.07 (0.02) (0.04) (0.13) (0.10) 0.12 (0.07) (0.28) $0.59 $0.40 $0.31 $0.08 0.06 (0.01) 0.01 0.25 1.40 Total $2.73 0.12 0.01 (0.01) (0.05) (0.07) 0.07 (0.02) (0.04) (0.13) (0.10) 0.08 0.06 0.12 (0.07) (0.01) 0.01 (0.03) $2.70 (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. © PPL Corporation 201434

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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, 2010 (per share - diluted) U.K. Kentucky Pennsylvania Regulated Regulated (a) Regulated Supply Other (b) Total Earnings from Ongoing Operations Special Items: $0.53 $0.06 $0.27 $2.27 $3.13 Adjusted energy-related economic activity, net Sales of assets: (0.27) (0.27) 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 W indfall tax litigation 0.03 0.03 Health care reform - tax impact Total Special Items 0.07 (0.02) (0.86) (0.17) (0.02) (0.96) Reported Earnings $0.60 $0.06 $0.27 $1.41 $(0.17) $2.17 (a) Includes two months of results in 2010, as the acquisition date of LKE was November 1, 2010. (b) Includes certain costs incurred prior to the November 1, 2010 acquisition of LKE. © PPL Corporation 201435

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Gross Margins Summary

GrossMarginsSummaryGrossMarginsSummary (Millions of Dollar s) 2014 Thr e e M onths Ended June 30, 2013 Change Per share diluted (after - tax) KY Gross Margins $428 $404 $24 $0.02 Distribution TransmissionPA Gross delivery margins Total $$189 81 270 $18359 $242 $6 22 $28 $-0.02 $0.02 Eastern U. S. Western U. S. Unr e gulated Gross Ener gy Mar gins Total $$400 52452 $349 56 $405 $51 (4) $47 $0.04 - $0.04 © PPL Corporation 201436

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Reconciliation of Second Quarter
Margins to Operating Income

Reconciliation of Second Quarter Margins to Operating Income Thre e M onths Ended June 30, 2014 Thre e Months Ended June 30, 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 Re ve nues Utility $722 $449 $659 $1,830 $682 $414 $559 $1,655 PLR intersegment utility revenue (expense) (21) $21 (12) $12 Unregulated wholesale energy 684 (93) 591 812 589 1,401 Unregulated retail energy 277 3 280 237 20 257 Energy- related businesses 173 173 137 137 Total Operating Revenues 722 428 982 742 2,874 682 402 1,061 1,305 3,450 Operating Expens e s Fuel 231 266 (6) 491 216 223 2 441 Energy purchases 36 114 246 (45) 351 37 120 420 474 1,051 Other operation and maintenance 25 23 6 687 741 23 21 3 651 698 Depreciation 2 310 312 2 284 286 Taxes , other than income 21 10 62 93 19 10 57 86 Energy- related businesses 2 166 168 130 130 Total Operating Expenses 294 158 530 1,174 2,156 278 160 656 1,598 2,692 Total $428 $270 $452 $(432) $718 $404 $242 $405 $(293) $758 © PPL Corporation 201437

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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

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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 and disposition-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. Unrealized gains and losses related to this activity are 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.

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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 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.