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 7, 2015

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 7, 2015, PPL Corporation ("PPL") issued a press release announcing its financial results for the quarter ended March 31, 2015 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 7, 2015, 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, 2015 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 7, 2015, announcing PPL's financial results for the quarter ended March 31, 2015 and other business matters.
	99.2 -	Slides to be used on the May 7, 2015 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 Vice President and Controller

Dated:  May 7, 2015

EX-99.1

Exhibit 99.1

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

PPL Corporation Reports First-Quarter Earnings

· Per-share regulated utility earnings from ongoing operations up 17 percent from first
quarter 2014.

· Company reaffirms 2015 forecast of regulated utility earnings from ongoing operations.

· PPL set to complete Supply business spinoff June 1.

ALLENTOWN, Pa. (May 7, 2015) - - PPL Corporation (NYSE: PPL) on Thursday (5/7) announced first-quarter 2015 reported earnings of $647 million, or $0.96 per share, an increase from $316 million, or $0.49 per share, in the first quarter of 2014.

Adjusting for special items, including Supply segment earnings, first-quarter 2015 regulated utility earnings from ongoing operations were $519 million, or $0.77 per share. This compares to regulated utility earnings from ongoing operations (adjusted) of $426 million, or $0.66 per share, in the first quarter of 2014.

“Strong first-quarter earnings at our U.K. regulated segment drove a 17 percent increase in per-share regulated utility earnings from ongoing operations, while our regulated businesses in both Pennsylvania and Kentucky continued to perform well and benefited from ongoing infrastructure investments,” said William H. Spence, PPL chairman, president and Chief Executive Officer.

The company’s first-quarter performance led PPL to reaffirm its 2015 forecast range of $2.05 to $2.25 per share for regulated utility earnings from ongoing operations, with a midpoint of $2.15 per share.

Meanwhile, Spence said PPL continues to move closer to completing the spinoff of its competitive generation business, which will be combined with competitive generation assets of RJS Power Holdings LLC, an affiliate of Riverstone Holdings LLC, to form a new independent power producer named Talen Energy Corporation.

The company recently announced that the transaction will close June 1. PPL has received all of the necessary regulatory approvals to complete the transaction. After the close, PPL will focus on the high-performing, award-winning regulated utilities it owns and operates in Pennsylvania, Kentucky and the United Kingdom.

“Moving forward as a purely regulated utility company, we remain confident in our ability to achieve annual earnings growth of 4 to 6 percent through at least 2017, based on the continued strong performance of our regulated businesses, the rate base growth expected from significant projected infrastructure investment and $75 million in targeted, corporate support cost savings that have been identified as part of our corporate restructuring,” Spence said.

First-Quarter 2015 Earnings Details

PPL’s reported earnings for the first quarter of 2015 included net special item after-tax benefits of $128 million, or $0.19 per share, primarily due to Supply segment earnings and foreign currency-related economic hedges. Reported earnings for the first quarter of 2014 included special item after-tax expenses of $133 million, or $0.20 per share. The 2014 special items included an increase in accrued liability for U.K. line losses and were adjusted to include Supply segment losses.

Reported earnings are calculated in accordance with U.S. generally accepted accounting principles (GAAP). “Regulated utility earnings from ongoing operations” is a non-GAAP financial measure that is adjusted for special items, including the Supply segment’s earnings. The first quarter of 2014 has also been adjusted to reflect the impact of dissynergies related to the spinoff of PPL Energy Supply. Special items and the dissynergies are fully detailed at the end of this news release.

(Dollars in millions, except for per share amounts)	1st Quarter
	2015		2014			% Change
Reported earnings	$	647	$	316		105%
Reported earnings per share	$	0.96	$	0.49		96%
	1st Quarter
	2015		2014 (adjusted)			% Change
Regulated utility earnings from ongoing operations	$	519	$		426	22%
Regulated utility earnings from ongoing operations      per share	$	0.77	$		0.66	17%

(See the tables at the end of this news release for a reconciliation of reported earnings to regulated utility earnings from ongoing operations.)

First-Quarter Earnings by Segment¹

	1st Quarter
Per share	2015			2014 (adjusted)
Regulated Utility earnings from ongoing operations
U.K. Regulated	$	0.50		$	0.41
Kentucky Regulated		0.16			0.16
Pennsylvania Regulated		0.13			0.13
Corporate and Other2		(0.02	)		(0.04	)
Total	$	0.77		$	0.66
	2015			2014 (adjusted)
Special items and dissynergy adjustments
Special items (expense) benefit:
U.K. Regulated	$	0.06		$	(0.09	)
Kentucky Regulated		–			–
Pennsylvania Regulated		–			–
Corporate and Other2		(0.01	)		–
Supply		0.14			(0.11	)
Total Special items		0.19			(0.20)
Dissynergy adjustments expense (benefit):
Corporate and Other2		–			0.03
Total special items and dissynergy adjustments	$	0.19		$	(0.17	)
	2015			2014
Reported earnings
U.K. Regulated	$	0.56		$	0.32
Kentucky Regulated		0.16			0.16
Pennsylvania Regulated		0.13			0.13
Corporate and Other2		(0.03	)		(0.01	)
Supply1		0.14			(0.11	)
Total	$	0.96		$	0.49

¹ Supply earnings from ongoing operations are discussed in a subsequent section of this news release.

²This category primarily includes unallocated corporate-level financing and other costs. For 2014, regulated utility earnings from ongoing operations (adjusted) and special items and dissynergy adjustments reflect the impact of dissynergies related to the spinoff of PPL Energy Supply: Indirect O&M ($0.02) and Interest ($0.01).

(For an itemization of special items and dissynergy adjustments, see the reconciliation tables at the end of this news release.)

Key Factors Impacting Regulated Utility 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.

Regulated utility earnings from ongoing operations in the first quarter of 2015 increased by $0.09 per share compared with a year ago. This increase was primarily due to higher utility revenues driven by an April 1, 2014, price increase, lower depreciation expense, and lower income taxes.

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.

Regulated utility earnings from ongoing operations in the first quarter of 2015 were the same as a year ago. This was primarily due to returns on additional environmental capital investments, offset by lower sales volumes and higher income taxes.

Pennsylvania Regulated Segment

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

Regulated utility earnings from ongoing operations in the first quarter of 2015 were the same as a year ago. This was primarily due to higher margins from additional transmission capital investments, offset by higher depreciation expense and a benefit recorded in the first quarter of 2014 from a change in estimate of a regulatory liability.

Corporate and Other

PPL’s Corporate and Other category primarily includes unallocated corporate-level financing and other costs.

Corporate and Other improved by $0.02 per share in the first quarter of 2015 compared to the first quarter of 2014 (adjusted). This was primarily due to the benefits of the corporate restructuring.

Forecast of Regulated Utility Earnings from Ongoing Operations

	2015 forecast midpoint		2014 regulated utility earnings from ongoing operations (adjusted)
Per share
U.K. Regulated	$ 1.38		$ 1.37
Kentucky Regulated	0.48		0.47
Pennsylvania Regulated	0.39		0.40
Corporate and Other1	(0.10	)	(0.21	)
Total	$ 2.15		$ 2.03

¹ This category primarily includes unallocated corporate-level financing and other costs. For 2014, regulated utility earnings from ongoing operations (adjusted) reflects the full impact of dissynergies related to the spinoff of PPL Energy Supply: Indirect O&M ($0.07), Interest ($0.05) and Depreciation ($0.01).

See the tables at the end of this news release for a reconciliation of reported earnings to 2014 regulated utility earnings from ongoing operations (adjusted).

U.K. Regulated Segment

PPL projects higher segment earnings in 2015 compared with 2014, primarily driven by lower income taxes, lower depreciation expense and effects of foreign currency, partially offset by lower utility revenue as Western Power Distribution transitions to a new eight-year price control period (RIIO-ED1) effective April 1, 2015. The remaining 2015 foreign currency earnings exposure for this segment is 97 percent hedged.

Kentucky Regulated Segment

PPL projects higher segment earnings in 2015 compared with 2014, primarily driven by anticipated electric and gas base rate increases and returns on additional environmental capital investments, partially offset by higher operation and maintenance expense, higher depreciation and higher financing costs.

Pennsylvania Regulated Segment

PPL projects lower segment earnings in 2015 compared with 2014, primarily driven by higher operation and maintenance expense, higher depreciation, higher financing costs, and a benefit recorded in the first quarter of 2014 for a change in estimate of a regulatory liability, partially offset by higher transmission margins and returns on distribution improvement capital investments.

Corporate and Other

PPL projects lower costs in this category in 2015 compared with 2014, primarily driven by the reduction of dissynergies related to the Supply business spinoff through corporate restructuring efforts and lower income taxes.

First-Quarter Earnings for the Supply Segment

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

	1st Quarter
	2015		2014
Supply earnings from ongoing operations per share	$	0.11	$	0.11
Supply special items per share		0.03		(0.22	)
Supply reported earnings per share		0.14		(0.11	)

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

Key Factors Impacting the Supply Segment’s Earnings from Ongoing Operations

Supply Segment

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

Supply earnings from ongoing operations in the first quarter of 2015 remained the same as a year ago despite the benefit from unusually cold weather in the first quarter of 2014. Excluding the weather impact in 2014, the results were higher primarily due to higher energy prices, favorable baseload generation and intermediate and peaking margins, offset by lower capacity prices, full-requirement sales contracts and certain commodity positions. 

PPL Corporation (NYSE: PPL), with 2014 revenues of $11.5 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. In June 2014, PPL announced an agreement to combine its competitive generation business with the competitive generation business of Riverstone Holdings LLC to form Talen Energy Corporation, an independent power producer. 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 2015 financial results at 8:30 a.m. Eastern time on Thursday, May 7. 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 866-346-8683. International participants should call 1-412-902-4270.

# # #

“Regulated utility earnings from ongoing operations,” should not be considered as an alternative to reported earnings, or net income, which is an indicator of operating performance determined in accordance with U.S. generally accepted accounting principles (GAAP). PPL believes that “regulated utility 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 earnings as if the anticipated spinoff of PPL Energy Supply was completed. Other companies may use different measures to present financial performance. “Regulated utility earnings from ongoing operations” is adjusted for the impact of special items as described below, which includes the Supply segment’s earnings, as the segment is expected to be disposed of upon completion of the announced spinoff of PPL Energy Supply. “Regulated utility earnings from ongoing operations (adjusted)” for 2014 also reflects, within the Corporate and Other category, the impact of spinoff dissynergies that would remain with PPL after the completion of the anticipated transaction, if left unmitigated. Due to the forward-looking nature of any forecasted regulated utility earnings from ongoing operations for future periods, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as the company is unable to forecast all special items.

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

· Unrealized gains or losses on foreign currency-related economic hedges.

· Supply segment earnings.

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

· Impairment charges.

· Workforce reduction and other restructuring effects.

· Acquisition and divestiture-related adjustments.

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

“Supply earnings from ongoing operations” should not be considered as an alternative to reported earnings, or net income, which is an indicator of operating performance determined in accordance with U.S. generally accepted accounting principles (GAAP). PPL believes that “Supply earnings from ongoing operations,” although a non-GAAP financial measure, is also useful and meaningful to investors because it provides management’s view of the Supply segment’s fundamental earnings performance as another criterion in making investment decisions. Other companies may use different measures to present financial performance.

“Supply earnings from ongoing operations” and “earnings from ongoing operations” are adjusted for the impact of special items. Special items related to “Supply earnings from ongoing operations” includes the items stated below, while “earnings from ongoing operations” additionally includes a special item for unrealized gains or losses on foreign currency-related economic hedges.

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

· 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 divestiture-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 the Supply segment’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, including the ability of PPL Corporation to realize all or a significant portion of the anticipated cost savings from the planned corporate restructuring efforts following the Supply business spinoff; 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,
			2015		2014
Assets
Cash and cash equivalents			$	1,335	$	1,751
Short-term investments				135		120
Accounts receivable				1,231		1,094
Unbilled revenues				621		735
Fuel, materials and supplies				687		836
Price risk management assets - current				1,119		1,158
Other current assets				571		465
Investments				999		985
Property, Plant and Equipment
	Regulated utility plant			30,852		30,568
	Less: Accumulated depreciation - regulated utility plant			5,413		5,361
		Regulated utility plant, net		25,439		25,207
	Non-regulated property, plant and equipment			12,951		12,819
	Less: Accumulated depreciation - non-regulated property, plant and equipment			6,516		6,404
		Non-regulated property, plant and equipment, net		6,435		6,415
	Construction work in progress			3,085		2,975
	Property, Plant and Equipment, net			34,959		34,597
Regulatory assets - noncurrent				1,610		1,562
Goodwill and other intangibles				4,884		4,930
Price risk management assets - noncurrent				437		319
Other noncurrent assets				333		312
Total Assets			$	48,921	$	48,864
Liabilities and Equity
Short-term debt			$	1,595	$	1,466
Long-term debt due within one year				1,535		1,535
Accounts payable				1,128		1,356
Price risk management liabilities - current				1,073		1,126
Other current liabilities				1,886		1,960
Long-term debt				18,772		18,856
Deferred income taxes and investment tax credits				4,784		4,609
Price risk management liabilities - noncurrent				333		252
Accrued pension obligations				1,457		1,756
Asset retirement obligations				739		739
Regulatory liabilities - noncurrent				987		992
Other noncurrent liabilities				596		589
Common stock and additional paid-in capital				9,487		9,440
Earnings reinvested				6,860		6,462
Accumulated other comprehensive loss				(2,311)		(2,274)
Total Liabilities and Equity			$	48,921	$	48,864

(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,
			2015		2014
Operating Revenues
	Utility		$	2,214	$	2,162
	Unregulated wholesale energy (a)			521		(1,457)
	Unregulated retail energy			310		348
	Energy-related businesses			120		141
	Total Operating Revenues			3,165		1,194
Operating Expenses
	Operation
		Fuel		604		758
		Energy purchases (b)		321		(1,494)
		Other operation and maintenance		668		668
	Depreciation			293		300
	Taxes, other than income			101		101
	Energy-related businesses			111		138
	Total Operating Expenses			2,098		471
Operating Income				1,067		723
Other Income (Expense) - net				95		(23)
Interest Expense				247		262
Income from Continuing Operations Before Income Taxes				915		438
Income Taxes				268		114
Income from Continuing Operations After Income Taxes				647		324
Income (Loss) from Discontinued Operations (net of income taxes)						(8)
Net Income			$	647	$	316
Earnings Per Share of Common Stock:
	Income from Continuing Operations After Income Taxes Available
	to PPL Common Shareowners:
	Basic		$	0.97	$	0.51
	Diluted		$	0.96	$	0.50
	Net Income Available to PPL Common Shareowners:
	Basic		$	0.97	$	0.50
	Diluted		$	0.96	$	0.49
Weighted-Average Shares of Common Stock Outstanding
(in thousands)
	Basic			666,974		630,749
	Diluted			668,732		663,939

(a)   (b) The period ended March 31, 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 period ended March 31, 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)
				Three Months Ended March 31,
				2015		2014
Cash Flows from Operating Activities
	Net income			$	647	$	316
	Adjustments to reconcile net income to net cash provided by operating activities
		Depreciation			293		305
		Amortization			57		60
		Defined benefit plans - expense			28		21
		Deferred income taxes and investment tax credits			124		(26)
		Unrealized (gains) losses on derivatives, and other hedging activities			(90)		241
		Adjustment to WPD line loss accrual					65
		Stock compensation expense			28		28
		Other			4		5
	Change in current assets and current liabilities
		Accounts receivable			(143)		(185)
		Accounts payable			(139)		93
		Unbilled revenues			111		(33)
		Fuel, material and supplies			149		96
		Taxes payable			44		126
		Other current liabilities			(172)		(59)
		Other			(43)		(60)
	Other operating activities
		Defined benefit plans - funding			(271)		(135)
		Other			46		73
			Net cash provided by operating activities		673		931
Cash Flows from Investing Activities
	Expenditures for property, plant and equipment				(942)		(892)
	Expenditures for intangible assets				(20)		(16)
	Purchases of nuclear plant decommissioning trust investments				(43)		(32)
	Proceeds from the sale of nuclear plant decommissioning trust investments				38		27
	Proceeds from the receipt of grants						56
	Net increase in restricted cash and cash equivalents				(10)		(334)
	Other investing activities				(13)		8
			Net cash used in investing activities		(990)		(1,183)
Cash Flows from Financing Activities
	Retirement of long-term debt				(1)		(239)
	Issuance of common stock				35		15
	Payment of common stock dividends				(250)		(234)
	Net increase in short-term debt				133		878
	Other financing activities				(14)		(28)
			Net cash provided by (used in) financing activities		(97)		392
Effect of Exchange Rates on Cash and Cash Equivalents					(2)		14
Net Increase (Decrease) in Cash and Cash Equivalents					(416)		154
Cash and Cash Equivalents at Beginning of Period					1,751		1,102
Cash and Cash Equivalents at End of Period				$	1,335	$	1,256

Key Indicators (Unaudited)
	12 Months Ended
	March 31,
Financial	2015	2014
Dividends declared per share of common stock	$1.49	$1.475
Book value per share (a)(b)	$21.02	$20.14
Market price per share (a)	$33.66	$33.14
Dividend yield	4.4%	4.5%
Dividend payout ratio (c)	48.2%	92.2%
Dividend payout ratio - earnings from ongoing operations (c)(d)	69.3%	58.1%
Price/earnings ratio (c)	10.9	20.7
Price/earnings ratio - earnings from ongoing operations (c)(d)	15.7	13.0
Return on average common equity	15.1%	8.6%
Return on average common equity - earnings from ongoing operations (d)	10.5%	13.9%

(a) End of period

(b) Based on 667,713 and 631,417 shares of common stock outstanding (in thousands) at March 31, 2015 and March 31, 2014.

(c) Based on diluted earnings per share.

(d) 2015 was calculated using regulated utility earnings from ongoing operations. The calculation includes nine months of earnings from 2014 that were adjusted for Supply segment earnings and the impact of dissynergies related to the spinoff of PPL Energy Supply. 2014 was calculated using actual earnings from ongoing operations and was not adjusted for such items. Regulated earnings from ongoing operations and earnings from ongoing operations are non-GAAP financial measures that include adjustments described in the text and tables of this news release.

Operating - Domestic & International Electricity Sales (Unaudited)
			3 Months Ended March 31,
					Percent
(GWh)			2015	2014	Change
Domestic Retail Delivered
	PPL Electric Utilities		10,661	10,630	0.3%
	LKE		8,296	8,495	(2.3%)
		Total	18,957	19,125	(0.9%)
Domestic Retail Supplied (a)
	PPL EnergyPlus		3,805	3,777	0.7%
	LKE		8,296	8,495	(2.3%)
		Total	12,101	12,272	(1.4%)
International Delivered
	United Kingdom		20,793	21,015	(1.1%)
Domestic Wholesale
	PPL EnergyPlus - East		12,821	15,747	(18.6%)
	PPL EnergyPlus - West		678	1,379	(50.8%)
	LKE (b)		684	730	(6.3%)
		Total	14,183	17,856	(20.6%)

(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 Reported Earnings (Loss) to Regulated Utility Earnings from Ongoing Operations
(After-Tax)
(Unaudited)
1st Quarter 2015		(millions of dollars)
		U.K.		Kentucky		Pennsylvania		Corporate
		Regulated		Regulated		Regulated		and Other		Supply		Total
Reported Earnings (Loss)		$	375	$	109	$	87	$	(19)	$	95	$	647
Special Items (expense) benefit:
Foreign currency-related economic hedges			37										37
Spinoff of PPL Energy Supply:
	Supply segment earnings										95		95
	Employee transitional services								(2)				(2)
	Transition and transaction costs								(3)				(3)
	Separation benefits								(1)				(1)
Other:
	WPD Midlands acquisition-related adjustment		2										2
Total Special Items			39						(6)		95		128
Regulated Utility Earnings from Ongoing Operations		$	336	$	109	$	87	$	(13)	$		$	519
		(per share - diluted)
		U.K.		Kentucky		Pennsylvania		Corporate
		Regulated		Regulated		Regulated		and Other		Supply		Total
Reported Earnings (Loss)		$	0.56	$	0.16	$	0.13	$	(0.03)	$	0.14	$	0.96
Special Items (expense) benefit:
Foreign currency-related economic hedges			0.06										0.06
Spinoff of PPL Energy Supply:
	Supply segment earnings										0.14		0.14
	Transition and transaction costs								(0.01)				(0.01)
Total Special Items			0.06						(0.01)		0.14		0.19
Regulated Utility Earnings from Ongoing Operations		$	0.50	$	0.16	$	0.13	$	(0.02)	$		$	0.77

Reconciliation of Segment Reported Earnings (Loss) to Regulated Utility Earnings from Ongoing Operations (Adjusted)
(After-Tax)
(Unaudited)
1st Quarter 2014		(millions of dollars)
		U.K.		Kentucky		Pennsylvania		Corporate
		Regulated		Regulated		Regulated		and Other		Supply		Total
Reported Earnings (Loss)		$	206	$	107	$	85	$	(7)	$	(75)	$	316
Special Items (expense) benefit:
Foreign currency-related economic hedges			(6)										(6)
Spinoff of PPL Energy Supply:
	Supply segment earnings (b)										(75)		(75)
Other:
	Change in WPD line loss accrual		(52)										(52)
Total Special Items			(58)								(75)		(133)
Dissynergies related to the spinoff of PPL Energy Supply (c)
	Indirect operation and maintenance								(14)				(14)
	Interest expense								(7)				(7)
	Depreciation								(2)				(2)
Total dissynergies related to the spinoff of PPL Energy Supply									(23)				(23)
Regulated Utility Earnings from Ongoing Operations (Adj.)		$	264	$	107	$	85	$	(30)	$		$	426
		(per share - diluted) (a)
		U.K.		Kentucky		Pennsylvania		Corporate
		Regulated		Regulated		Regulated		and Other		Supply		Total
Reported Earnings (Loss)		$	0.32	$	0.16	$	0.13	$	(0.01)	$	(0.11)	$	0.49
Special Items (expense) benefit:
Foreign currency-related economic hedges			(0.01)										(0.01)
Spinoff of PPL Energy Supply:
	Supply segment earnings (b)										(0.11)		(0.11)
Other:
	Change in WPD line loss accrual		(0.08)										(0.08)
Total Special Items			(0.09)								(0.11)		(0.20)
Dissynergies related to the spinoff of PPL Energy Supply (c)
	Indirect operation and maintenance								(0.02)				(0.02)
	Interest expense								(0.01)				(0.01)
Total dissynergies related to the spinoff of PPL Energy Supply									(0.03)				(0.03)
Regulated Utility Earnings from Ongoing Operations (Adj.)		$	0.41	$	0.16	$	0.13	$	(0.04)	$		$	0.66

(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.

(b) To remove Supply segment earnings as the segment is expected to be disposed of as a result of the announced spinoff of PPL Energy Supply.

(c) Represents 2014 costs allocated to the Supply segment that will remain with PPL after the expected spinoff of PPL Energy Supply, if left unmitigated.

Reconciliation of Supply Segment Reported Earnings (Loss) to Supply Earnings from Ongoing Operations
(After-Tax)
(Unaudited)
			1st Quarter 2015				1st Quarter 2014
			(Millions of Dollars)		(Per Share- Diluted)		(Millions of Dollars)		(Per Share- Diluted)
Supply Reported Earnings (Loss)		$	95	$	0.14	$	(75)	$	(0.11)
Special Items (expense) benefit:
Adjusted energy-related economic activity, net			27		0.03		(139)		(0.20)
Kerr Dam Project impairment							(10)		(0.02)
Corette closure costs			(3)
Spinoff of PPL Energy Supply:
	Transition costs		(1)
	Employee transitional services		(1)
Total Special Items			22		0.03		(149)		(0.22)
Supply Earnings from Ongoing Operations		$	73	$	0.11	$	74	$	0.11

Reconciliation of Segment Reported Earnings (Loss) to Regulated Utility Earnings from
Ongoing Operations (Adjusted)
(After-Tax)
(Unaudited)
Year-to-Date December 31, 2014		(per share - diluted) (a)
		U.K.		Kentucky		Pennsylvania		Corporate
		Regulated		Regulated		Regulated		and Other		Supply		Total
Reported Earnings (Loss)		$	1.48	$	0.47	$	0.39	$	(0.19)	$	0.46	$	2.61
Special Items (expense) benefit:
Foreign currency-related economic hedges			0.19										0.19
Spinoff of PPL Energy Supply:
	Supply segment earnings (b)										0.46		0.46
	Change in tax valuation allowances								(0.07)				(0.07)
	Transition and transaction costs								(0.02)				(0.02)
	Separation benefits								(0.02)				(0.02)
Other:
	Change in WPD line loss accrual		(0.08)										(0.08)
	Separation benefits - bargaining unit voluntary program						(0.01)						(0.01)
Total Special Items			0.11				(0.01)		(0.11)		0.46		0.45
Dissynergies related to the spinoff of PPL Energy Supply: (c)
	Indirect operation and maintenance								(0.07)				(0.07)
	Interest expense								(0.05)				(0.05)
	Depreciation								(0.01)				(0.01)
Total dissynergies related to the spinoff of PPL Energy Supply									(0.13)				(0.13)
Regulated Utility Earnings from Ongoing Operations (Adj.)		$	1.37	$	0.47	$	0.40	$	(0.21)	$		$	2.03
(a)  The "If-Converted Method" has been applied to PPL's 2011 Equity Units prior to settlement, resulting in $9 million of interest
charges (after-tax) 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.
(b)  To remove Supply segment earnings as the segment is expected to be disposed of as a result of the announced spinoff
of PPL Energy Supply.
(c)  Represents 2014 costs allocated to the Supply segment that will remain with PPL after the expected spinoff of PPL Energy
Supply, if left unmitigated.

EX-99.2

© PPL Corporation 2015 1st Quarter Earnings Call PPL Corporation May 7, 2015 U.K. Regulated KY Regulated PA Regulated Supply Exhibit 99.2

© PPL Corporation 2015 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 2015 3 First Quarter Earnings Results, Operational Overview and 2015 Earnings Forecast Talen Update Segment Results and Financial Overview Q&A W. H. Spence V. Sorgi Agenda W. H. Spence

© PPL Corporation 2015 $0.66 $0.77 ($0.75) ($0.25) $0.25 $0.75 $1.25 $1.75 $2.25 $2.75 1Q 2014 (adj) 1Q 2015 First Quarter Regulated Utility Earnings from Ongoing Operations 4 P e r S h a r e Note: See Appendix for the reconciliation of reported earnings (loss) to Regulated Utility Earnings from ongoing operations. (1) 2014 was adjusted for Supply segment earnings and dissynergies related to the spinoff of PPL Energy Supply. 2015 excludes earning from the Supply segment. P e r S h a r e Earnings Results $0.49 $0.96 ($0.75) ($0.25) $0.25 $0.75 $1.25 $1.75 $2.25 $2.75 1Q 2014 1Q 2015 First Quarter Reported Earnings (1)

© PPL Corporation 2015 $0.00 $1.00 $2.00 $3.00 2014A 2014 Adj 2015E 5 P e r S h a r e 2015 Ongoing Earnings Forecast $2.45 $2.25 $2.03 Note: See Appendix for the reconciliation of 2014 reported earnings (loss) to earnings from ongoing operations to regulated utility earnings from ongoing operations (adjusted). (1) 2015 earnings and 2014 Regulated Utility Earnings (adjusted) presented here excludes any earnings from the Supply segment. However, the Supply segment will be part of PPL Corporation’s consolidated reported earnings for a portion of 2015, based on an expected closing in Q2 2015. (2) This category primarily includes unallocated corporate-level financing and other costs. For 2014, regulated utility earnings from ongoing operations (adjusted) reflects the full impact of dissynergies related to the spinoff of PPL Energy Supply: Indirect O&M ($0.07), Interest ($0.05) and Depreciation ($0.01). $2.05

© PPL Corporation 2015 6 • Kentucky Rate Case – Unanimous settlement agreement reached, subject to KPSC approval – Includes annual revenue increase of $132 million, including cost recovery for the new Cane Run gas plant – Provides for deferred cost recovery on a portion of costs associated with pensions and KU’s Green River plant, which is scheduled to be retired in April 2016 – 10% ROE on environmental cost recovery mechanism and gas line tracker • Cane Run Update Kentucky Operational Overview

© PPL Corporation 2015 7 • Pennsylvania Rate Case – Distribution Revenue Increase Requested $167.5 million – Future Test Year 2016 – Requested ROE 10.95% – 2016 Distribution Rate Base $3.16 billion – 2016 Common Equity Ratio 51.66% – Docket No. R-2015-2469275 Complete filings will be available at www.pplelectric.com • Susquehanna-Roseland Update Pennsylvania Operational Overview

© PPL Corporation 2015 8 Note: Total includes Residential, Commercial and Industrial customer classes as well as “Other”, which is not depicted on the charts above. U.S. Regulated Volume Variances Residential Commercial Industrial Total Residential Commercial Industrial Total Weather-Normalized (charted) -0.4% -0.5% -0.2% -0.5% -2.0% -1.0% 2.5% -0.2% Actual -3.8% -2.7% 0.2% -2.3% -2.9% -1.8% 2.5% -0.8% Residential Commercial Industrial Total Residential Commercial Industrial Total Weather-Normalized (charted) -2.0% 0.3% -1.9% -1.2% -0.8% 0.6% -0.1% -0.1% Actual 0.8% 0.8% -1.9% 0.3% -2.3% -0.1% -0.1% -1.0%

© PPL Corporation 2015 Talen Update • All regulatory approvals received • Record date set for May 20 th – “When-issued” trading begins May 18 th under symbol “TLN WI” • Preliminary exchange ratio set at 0.125 shares of Talen per share of PPL – PPL Board to announce definitive ratio promptly after record date • Transaction/Distribution set to close June 1 st – “Regular way” trading expected June 2 nd under symbol “TLN” 9

© PPL Corporation 2015 10 Q1 2015 Q1 2014 (adj) Change U.K. Regulated $0.50 $0.41 $0.09 Kentucky Regulated 0.16 0.16 0.00 Pennsylvania Regulated 0.13 0.13 0.00 Corporate and Other (0.02) (0.04) 0.02 Total Regulated Utility $0.77 $0.66 $0.11 Q1 2015 Q1 2014 Change Supply $0.11 $0.11 $0.00 Ongoing Earnings Overview Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations.

© PPL Corporation 2015 11 1 st Quarter 2014 EPS –Ongoing Earnings $0.41 Utility revenue 0.04 Depreciation 0.02 Financing costs 0.01 Foreign currency 0.01 Income taxes and other 0.01 Total 0.09 2015 EPS –Ongoing Earnings $0.50 U.K. Regulated Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to Regulated Utility Earnings from ongoing operations.

© PPL Corporation 2015 12 1 st Quarter 2014 EPS –Ongoing Earnings $0.16 Gross margins 0.01 Income taxes and other (0.01) Total 0.00 2015 EPS –Ongoing Earnings $0.16 Kentucky Regulated Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to Regulated Utility Earnings from ongoing operations.

© PPL Corporation 2015 13 1 st Quarter 2014 EPS –Ongoing Earnings $0.13 Gross delivery margins 0.01 Depreciation (0.01) Total 0.00 2015 EPS –Ongoing Earnings $0.13 Pennsylvania Regulated Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to Regulated Utility Earnings from ongoing operations.

© PPL Corporation 2015 14 1 st Quarter 2014 EPS –Ongoing Earnings $0.11 East energy margins (0.03) O&M 0.01 Financing costs 0.01 Income taxes and other 0.01 Total 0.00 2015 EPS –Ongoing Earnings $0.11 Supply Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations.

© PPL Corporation 2015 Foreign Currency Hedging Status and RPI 15 Note: FX hedging status as of 05/01/2015 2015 2016 2017 Percentage Hedged 97% 72% 20% Hedged Rate (USD/GBP) $1.60 $1.61 $1.60 Budgeted Rate on Open Position (GBP/USD) $1.60 $1.60 $1.60 EPS Sensitivities: Decrease in Rate (GBP/USD) 0.05 $0.00 ($0.01) ($0.04) 0.10 $0.00 ($0.03) ($0.07) Decrease in 2015/2016 RPI (base 2.6%) $0.00 ($0.01) ($0.02) Change in EPS 0.5%

© PPL Corporation 2015 U.K. Regulated Segment Cash Repatriation 16 Note: Assumes foreign currency exchange rate of $1.60/£ for 2015E, 2016E and 2017E. ($ in millions)

© PPL Corporation 2015 17 Appendix

© PPL Corporation 2015 18 ($ in billions) Note: Corporate and Other capital expenditures average approximately $5million per year. (1) WPD figures based on assumed exchange rate of $1.60 / GBP. (2) Expect between 80% and 90% to receive timely returns via ECR mechanism based on historical experience and future projections. Operating Segment Capital Expenditures Significant and stable investment opportunities in regulated utilities $3.61 $3.33 $3.33 $3.53 $3.78 (1) (2)

© PPL Corporation 2015 19 ($ 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) WPD figures based on assumed exchange rate of $1.60 / £ for 2015 -2019. 5-Year Regulatory Asset Base (1) CAGR: 7.1% Projected Regulated Rate Base Growth $9.7 $10.3 $10.9 $11.5 $12.2 $12.8 $8.3 $8.8 $9.2 $9.5 $10.1 $10.9 $4.8 $5.5 $6.1 $7.0 $7.8 $8.4 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 2014A 2015E 2016E 2017E 2018E 2019E WPD LKE PPL EU $22.8 $24.6 $26.2 $28.0 $30.1 $32.1 (2)

© PPL Corporation 2015 20 Free Cash Flow before Dividends Free Cash Flow before Dividends (Millions of Dollars) Reconciliation of Cash from Operations to Free Cash Flow before Dividends (Millions of dollars) Note: Free Cash Flow forecast updated on an annual basis. (1) 2015E Cash from Operations includes a distribution of $191M from PPL Energy Supply in Q1 of 2015. (2) 2014A includes proceeds of $900M from the sale of Montana hydro facilities which closed in Q4. 2013A 2014A 2015E Cash from Operations (1) $ 2,857 $ 3,403 $ 2,486 Increase (Decrease) in cash due to: Capital Expenditures (4,307) (4,185) (3,611) Sale of Assets (2) 900 Free Cash Flow before Dividends $ (1,450) $ 118 $ (1,125)

© PPL Corporation 2015 21 Pennsylvania Rate Case Preliminary Schedule Timing Milestone April Discovery phase begins June Public hearings July –August Parties submit testimony, hearings held September Briefs and reply briefs due October Administrative Law Judge issues recommended decision December PUC issues final decision and order Completed

© PPL Corporation 2015 2015 2016 Baseload Expected Generation (1) (Million MWhs) 49.0 45.5 East 45.0 41.6 West 4.0 3.9 Current Hedges (%) 97-99% 28-30% East 98-100% 26-28% West 93-95% 48-50% Average Hedged Price (Energy Only) ($/MWh) (2) East $40-42 $43-45 West $39-41 $39-41 Current Coal Hedges (%) 96% 69% East 95% 59% West 100% 100% Average Consumed Coal Price (Delivered $/Ton) East $73-75 $73-76 West $27-31 $27-33 Intermediate/Peaking Expected Generation (1) (Million MWhs) 13.9 12.8 Current Hedges (%) 69% 32% 22 Enhancing Value Through Active Hedging Capacity revenues are expected to be $505 and $440 million for 2015 and 2016 respectively. (1) Represents expected sales of Supply segment based on current assumptions. (2) The 2016 ranges of average energy prices for existing hedges were estimated by determining the impact on the existing collars resulting from 2016 power prices at the 5th and 95th percentile confidence levels.

© PPL Corporation 2015 23 Competitive Generation Overview (2) Q1 2015 output (1) higher than prior year due to improved gas and nuclear performance, partially offset by lower economic operation of coal and sale of Montana hydro assets 4.3 5.0 7.4 6.9 2.2 2.9 1.0 0.2 0.6 0.9 0.0 5.0 10.0 15.0 20.0 1Q 2014 1Q 2015 M i l l i o n s o f M W h s Nuclear Coal Gas / Oil Hydro Other 15.5 15.9 (3) (1) Includes owned and contracted generation. (2) Other includes PPAs, renewables and NUGS. (3) Includes 0.8 million MWhs on hydro generation output from the Montana hydro assets that were sold in Q4 2014.

© PPL Corporation 2015 24 (1) Hourly average. (2) NYMEX and TETCO M3 forward gas prices on 3/31/2015. (3) Market Heat Rate = PJM on-peak power price divided by TETCO M3 gas price. Market Prices Balance of 2015 2016 $43 $46 $29 $32 $36 $39 $27 $28 $21 $22 $24 $26 $2.78 $3.11 $2.04 $3.03 21.3 15.3 $155 $139 ELECTRIC ATC (1) NYMEX GAS (2) Mid-Columbia On-Peak Off-Peak ATC (1) PJM On-Peak Off-Peak (Per MWD) HEAT RATE (3) TETCO M3 PJM MARKET CAPACITY PRICES

© PPL Corporation 2015 25 Debt Maturities Note: As of March 31, 2015 (1) Louisville Gas & Electric has several municipal bonds that may be put by the holders before the bonds’ final maturities. These amounts reflect the timing of any put option. (2) 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 $300 million of REset Put Securities due 2035 that are required to be put by the holders in October 2015. ($ in millions) 2015 2016 2017 2018 2019 PPL Capital Funding $0 $0 $0 $250 $0 LG&E and KU Energy (Holding Co LKE) 400 0 0 0 0 Louisville Gas & Electric (1) 250 25 194 98 40 Kentucky Utilities 250 0 0 0 0 PPL Electric Utilities 100 0 0 0 0 WPD 0 460 100 0 0 Sub-total 1,000 485 294 348 40 PPL Energy Supply 534 (2) 354 4 403 4 Total $1,534 $839 $298 $751 $44

© PPL Corporation 2015 26 Liquidity Profile Note: As of March 31, 2015 (1) As a result of the proposed spinoff transaction, PPL Energy Supply has syndicated a $1.85 billion credit facility which is currently fully committed. This syndicated credit facility is replacing the existing $3 billion PPL Energy Supply syndicated credit facility and will be effective upon closing of the spinoff transaction. Entity Facility Expiration Date Capacity (Millions) Letters of Credit & Commercial Paper Issued (Millions) Borrowed (Millions) Unused Capacity (Millions) PPL Capital Funding Syndicated Credit Facility Nov-2018 $300 $0 $0 $300 Syndicated Credit Facility Jul-2019 300 0 0 300 Bilateral Credit Facility Mar-2016 150 32 0 118 Uncommitted Credit Facility 65 1 0 64 $815 $33 $0 $782 PPL Electric Utilities Syndicated Credit Facility Jul-2019 $300 $86 $0 $214 LG&E and KU Energy (LKE) Syndicated Credit Facility Oct-2018 $75 $0 $75 $0 Louisville Gas & Electric Syndicated Credit Facility Jul-2019 $500 $216 $0 $284 Kentucky Utilities Syndicated Credit Facility Jul-2019 $400 $193 $0 $207 Letter of Credit Facility Oct-2017 198 198 0 0 $598 $391 $0 $207 WPD WPD Ltd. Syndicated Credit Facility Dec-2016 £210 £0 £130 £80 WPD (South West) Syndicated Credit Facility Jul-2019 245 0 0 245 WPD (East Midlands) Syndicated Credit Facility Jul-2019 300 0 147 153 WPD (West Midlands) Syndicated Credit Facility Jul-2019 300 0 0 300 Uncommitted Credit Facilities 65 5 0 60 £1,120 £5 £277 £838 PPL Energy Supply (1) Syndicated Credit Facility Nov-2017 $3,000 $267 $600 $2,133

© PPL Corporation 2015 27 Reconciliation of Segment Reported Earnings (Loss) to Regulated Utility Earnings from Ongoing Operations DRAFT (After-Tax) (Unaudited) 1st Quarter 2015 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated and Other Supply Total Reported Earnings (Loss) $ 375 $ 109 $ 87 $ (19) $ 95 $ 647 Special Items (expense) benefit: Foreign currency -related economic hedges 37 37 Spinoff of PPL Energy Supply: Supply segment earnings 95 95 Employee transitional services (2) (2) Transition and transaction costs (3) (3) Separation benefits (1) (1) Other: WPD Midlands acquisition -related adjustment 2 2 Total Special Items 39 (6) 95 128 Reg. Utility Earnings from Ongoing Operations $ 336 $ 109 $ 87 $ (13) $ $ 519 (per share - diluted) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated and Other Supply Total Reported Earnings (Loss) $ 0.56 $ 0.16 $ 0.13 $ (0.03) $ 0.14 $ 0.96 Special Items (expense) benefit: Foreign currency -related economic hedges 0.06 0.06 Spinoff of PPL Energy Supply: Supply segment earnings 0.14 0.14 Transition and transaction costs (0.01) (0.01) Total Special Items 0.06 (0.01) 0.14 0.19 Reg. Utility Earnings from Ongoing Operations $ 0.50 $ 0.16 $ 0.13 $ (0.02) $ $ 0.77

© PPL Corporation 2015 28 Reconciliation of Segment Reported Earnings (Loss) to Regulated Utility Earnings from Ongoing Operations (Adjusted) (After -Tax) (Unaudited) 1st Quarter 2014 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated and Other Supply Total Reported Earnings (Loss) $ 206 $ 107 $ 85 $ (7) $ (75) $ 316 Special Items (expense) benefit: Foreign currency -related economic hedges (6) (6) Spinoff of PPL Energy Supply: Supply segment earnings (b) (75) (75) Other: Change in WPD line loss accrual (52) (52) Total Special Items (58) (75) (133) Dissynergies related to the spinoff of PPL Energy Supply (c) Indirect operation and maintenance (14) (14) Interest expense (7) (7) Deprec iation (2) (2) Total dissynergies related to the spinoff of PPL Energy Supply (23) (23) Regulated Utility Earnings from Ongoing Operations (Adj.) $ 264 $ 107 $ 85 $ (30) $ $ 426 (per share - diluted) (a) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated and Other Supply Total Reported Earnings (Loss) $ 0.32 $ 0.16 $ 0.13 $ (0.01) $ (0.11) $ 0.49 Special Items (expense) benefit: Foreign currency -related economic hedges (0.01) (0.01) Spinoff of PPL Energy Supply: Supply segment earnings (b) (0.11) (0.11) Other: Change in WPD line loss accrual (0.08) (0.08) Total Special Items (0.09) (0.11) (0.20) Dissynergies related to the spinoff of PPL Energy Supply (c) Indirect operation and maintenance (0.02) (0.02) Interest expense (0.01) (0.01) Total dissynergies related to the spinoff of PPL Energy Supply (0.03) (0.03) Regulated Utility Earnings from Ongoing Op erations (Adj.) $ 0.41 $ 0.16 $ 0.13 $ (0.04) $ $ 0.66 (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. (b) To remove Supply segment earnings as the segment is expected to be disposed of as a result of the announced spinoff of PPL Energy Supply. (c) Represents 2014 costs allocated to the Supply segment that will remain with PPL after the expected spinoff of PPL Energy Supp ly, if left unmitigated.

© PPL Corporation 2015 29 Reconciliation of Supply Segment Reported Earnings (Loss) to Supply Earnings from Ongoing Operations (After-Tax) (Unaudited) 1st Quarter 2015 1st Quarter 2014 (Millions of Dollars) (Per Share- Diluted) (Millions of Dollars) (Per Share- Diluted) Supply Reported Earnings (Loss) $ 95 $ 0.14 $ (75) $ (0.11) Special Items (expense) benefit: Adjusted energy-related economic activity, net 27 0.03 (139) (0.20) Kerr Dam Project impairment (10) (0.02) Corette closure costs (3) Spinoff of PPL Energy Supply: Transition costs (1) Employee transitional services (1) Total Special Items 22 0.03 (149) (0.22) Supply Earnings from Ongoing Operations $ 73 $ 0.11 $ 74 $ 0.11

© PPL Corporation 2015 30 Reconciliation of Reported Earnings (Loss) to Earnings from Ongoing Operations (After-Tax) (Unaudited) Year-to-Date December31, 2014 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Reported Earnings (Loss) $ 982 $ 312 $ 263 $ 307 $ (127) $ 1,737 Special Items (expense) benefit: Adjusted energy-related economic activity, net (6) (6) Foreign currency-related economic hedges 127 127 Kerr Dam Project impairment (10) (10) Spinoff of PPL Energy Supply: Change in tax valuation allowances (46) (46) Transition and transaction costs (1) (17) (18) Separation benefits (10) (12) (22) Sale of Montana hydroelectric generating facilities 137 137 Other: Change in WPD line loss accrual (52) (52) Mechanical contracting and engineering revenue adjustment 10 10 Separation benefits -bargaining unit voluntary program (2) (10) (12) Total Special Items 75 (2) 110 (75) 108 Earnings from Ongoing Operations $ 907 $ 312 $ 265 $ 197 $ (52) $ 1,629

© PPL Corporation 2015 31 Reconciliation of Reported Earnings (Loss) to Earnings from Ongoing Operations to Regulated Utility Earnings from Ongoing Operations (Adjusted) (After-Tax) (Unaudited) Year-to-Date December 31, 2014 (per share -diluted) (a) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Reported Earnings (Loss) $ 1.48 $ 0.47 $ 0.39 $ 0.46 $ (0.19) $ 2.61 Special Items (expense) benefit: Adjusted energy-related economic activity, net (0.01) (0.01) Foreign currency-related economic hedges 0.19 0.19 Kerr Dam Project impairment (0.02) (0.02) Spinoff of PPL Energy Supply: Change in tax valuation allowances (0.07) (0.07) Transition and transaction costs (0.02) (0.02) Separation benefits (0.01) (0.02) (0.03) Sale of Montana hydroelectric generating facilities 0.20 0.20 Other: Change in WPD line loss accrual (0.08) (0.08) Mechanical contracting and engineering revenue adjustment 0.02 0.02 Separation benefits -bargaining unit voluntary program (0.01) (0.01) (0.02) Total Special Items 0.11 (0.01) 0.17 (0.11) 0.16 Earnings from Ongoing Operations $ 1.37 $ 0.47 $ 0.40 $ 0.29 $ (0.08) $ 2.45 Regulated Utility Earnings Adjustments (expense) benefit: Supply segment earnings from ongoing operations (b) (0.29) (0.29) Dissynergies related to the spinoff of PPL Energy Supply: (c) Indirect operation and maintenance (0.07) (0.07) Interest expense (0.05) (0.05) Depreciation (0.01) (0.01) Total Regulated Utility Earnings Adjustments (0.29) (0.13) (0.42) Regulated Utility Earnings from Ongoing Operations (Adjusted) $ 1.37 $ 0.47 $ 0.40 $ $ (0.21) $ 2.03 (a) The "If-Converted Method" has been applied to PPL's 2011 Equity Units prior to settlement, resulting in $9 million of interest charges (after-tax) 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. (b) To remove Supply segment earnings as the segment is expected to be disposed of as a result of the announced spinoff of PPL Energy Supply. (c) Represents 2014 costs allocated to the Supply segment that will remain with PPL after the expected spinoff of PPL Energy Supply,if left unmitigated.

© PPL Corporation 2015 32 Gross Margins Summary $ 522 $ 508 $ 14 $ 0.01 Distribution $ 242 $ 249 $ (7) $ (0.01) Transmission 93 73 20 0.02 $ 335 $ 322 $ 13 $ 0.01 Eastern U.S. $ 405 $ 435 $ (30) $ (0.03) Western U.S. 21 49 (28) (0.02) $ 426 $ 484 $ (58) $ (0.05) Total Unregulated Gross Energy Margins Total (Millions of Dollars) Three Months Ended March 31, Per Share Diluted 2015 2014 Change (after-tax) KY Gross Margins PA Gross Delivery Margins (Unaudited)

© PPL Corporation 2015 33 Reconciliation of First Quarter Margins to Operating Income $ 899 $ 630 $ 685 $ 2,214 $ 934 $ 592 $ 636 $ 2,162 PLR intersegment utility (9) $ 9 (27) $ 27 614 (93) 521 (665) (792) (1,457) 324 (14) 310 377 (29) 348 120 120 141 141 Total Operating Revenues 899 621 947 698 3,165 934 565 (261) (44) 1,194 253 351 604 277 481 758 92 227 152 (150) 321 124 189 (1,219) (588) (1,494) 24 26 4 614 668 23 25 7 613 668 7 286 293 2 298 300 1 33 12 55 101 29 13 59 101 2 109 111 2 136 138 Total Operating Expenses 377 286 521 914 2,098 426 243 (716) 518 471 Income (Loss) from Discontinued Operations 29 (29) $ 522 $ 335 $ 426 $ (216) $ 1,067 $ 508 $ 322 $ 484 $ (591) $ 723 Energy-related businesses Total Three Months Ended March 31, 2015 Operating Revenues Utility revenue (expense) Unregulated wholesale energy Operating Expenses Fuel Energy purchases Unregulated retail energy Energy-related businesses Other operation and maintenance Depreciation Taxes, other than income Three Months Ended March 31, 2014 (Millions of Dollars) Unregulated Unregulated PA Gross Gross Gross Delivery Energy Operating Gross Delivery Energy Kentucky PA Gross Gross Kentucky Operating Margins Margins Margins Other Income Margins Margins Margins Other Income (Unaudited)

© PPL Corporation 2015 34 Statementscontainedinthispresentation,includingstatementswithrespecttofutureearnings,cashflows,financing,regulationand corporatestrategyare"forward-lookingstatements"withinthemeaningofthefederalsecuritieslaws.AlthoughPPLCorporation believesthattheexpectationsandassumptionsreflectedintheseforward-lookingstatementsarereasonable,thesestatementsare subjecttoanumberofrisksanduncertainties,andactualresultsmaydiffermateriallyfromtheresultsdiscussedinthestatements. Thefollowingareamongtheimportantfactorsthatcouldcauseactualresultstodiffermateriallyfromtheforward-looking statements:marketdemandandpricesforenergy,capacityandfuel,weatherconditionsaffectingcustomerenergyusageand operatingcosts;competitionpowerprices,theeffectofanybusinessorindustryrestructuring,includingtheabilityofPPLCorporation torealizeallorasignificantportionoftheanticipatedcostsavingsfromtheplannedcorporaterestructuringeffortsfollowingthe Supplybusinessspinoff;theprofitabilityandliquidityofPPLCorporationanditssubsidiaries;newaccountingrequirementsornew interpretationsorapplicationsofexistingrequirements;operatingperformanceofgeneratingplantsandotherfacilities;thelengthof scheduledandunscheduledoutagesatourgeneratingplants;environmentalconditionsandrequirementsandtherelatedcostsof compliance,includingenvironmentalcapitalexpenditures,emissionallowancesandotherexpenses;systemconditionsandoperating costs;developmentofnewprojects,marketsandtechnologies;performanceofnewventures;assetorbusinessacquisitionsand dispositions;anyimpactofhurricanesorothersevereweatheronourbusiness,includinganyimpactonfuelprices;receiptof necessarygovernmentpermits,approvals,ratereliefandregulatorycostrecovery;capitalmarketconditionsanddecisionsregarding capitalstructure;theimpactofstate,federalorforeigninvestigationsapplicabletoPPLCorporationanditssubsidiaries;theoutcome oflitigationagainstPPLCorporationanditssubsidiaries;stockpriceperformance;themarketpricesofequitysecuritiesandthe impactonpensionincomeandresultantcashfundingrequirementsfordefinedbenefitpensionplans;thesecuritiesandcreditratings ofPPLCorporationanditssubsidiaries;political,regulatoryoreconomicconditionsinstates,regionsorcountrieswherePPL Corporationoritssubsidiariesconductbusiness,includinganypotentialeffectsofthreatenedoractualterrorismorwarorother hostilities;foreignexchangerates;newstate,federalorforeignlegislation,includingnewtaxlegislation;andthecommitmentsand liabilitiesofPPLCorporationanditssubsidiaries.Anysuchforward-lookingstatementsshouldbeconsideredinlightofsuchimportant factorsandinconjunctionwithPPLCorporation'sForm10-KandotherreportsonfilewiththeSecuritiesandExchangeCommission. Forward-Looking Information Statement

© PPL Corporation 2015 35 Definitions of Non-GAAP Financial Measures “Regulated utility earnings from ongoing operations,” should not be considered as an alternative to reported earnings, or net income, which is an indicator of operating performance determined in accordance with U.S. generally accepted accounting principles (GAAP). PPL believes that “regulated utility 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 earnings as if the anticipated spinoff of PPL Energy Supply was completed. Other companies may use different measures to present financial performance. “Regulated utility earnings from ongoing operations” is adjusted for theimpact of special items as described below, which includes the Supply segment’s earnings, as the segment is expected to be disposed of upon completion of the announced spinoff of PPL Energy Supply. “Regulated utility earnings from ongoing operations (adjusted)” for 2014 also reflects, within the Corporate and Other category, the impact of spinoff dissynergies that would remain with PPL after the completion of the anticipated transaction, if left unmitigated. Due to the forward-looking nature of any forecasted regulated utility earnings from ongoing operations for future periods, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as the company is unable to forecast all special items. “Regulated utility earnings from ongoing operations” is adjusted for the impact of special items. Special items include: • Unrealized gains or losses on foreign currency-related economic hedges. • Supply segment earnings. • Gains and losses on sales of assets not in the ordinary course of business. • Impairment charges. • Workforce reduction and other restructuring effects. • Acquisition and divestiture-related adjustments. • Other charges or credits that are, in management’s view, not reflective of the company’s ongoing operations. “Supply earnings from ongoing operations,” should not be considered as an alternative to reported earnings ,or net income, which is an indicator of operating performance determined in accordance with U.S. generally accepted accounting principles (GAAP). PPL believes that “Supply earnings from ongoing operations,” although a non-GAAP financial measure, is also useful and meaningful to investors because it provides management’s view of the Supply segment’s fundamental earnings performance as another criterion in making investment decisions. Other companies may use different measures to present financial performance. “Supply earnings from ongoing operations“ and “earnings from ongoing operations” are adjusted for the impact of special items. Special items related to “Supply earnings from ongoing operations” includes the items stated below, while “earnings from ongoing operations” additionally includes a special item for unrealized gains or losses on foreign currency-related economic hedges. • Adjusted energy-related economic activity (as discussed below). • 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 divestiture-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 ofqualifying 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 ofthe 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 forthe Supply segment’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. Freecashflowbeforedividendsisderivedbydeductingcapitalexpendituresandproceedsfromthesaleofcertainassetsfromcashflowfromoperations.Freecashflowbeforedividendsshould notbeconsideredasanalternativetocashflowfromoperations,whichisdeterminedinaccordancewithGAAP.PPLbelievesthatfreecashflowbeforedividends,althoughanon-GAAP measure,isanimportantmeasuretobothmanagementandinvestors,asitisanindicatorofthecompany'sabilitytosustainoperationsandgrowthwithoutadditionaloutsidefinancingbeyond therequirementtofundmaturingdebtobligations.Othercompaniesmaycalculatefreecashflowbeforedividendsinadifferentmanner.

© PPL Corporation 2015 36 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 usedifferent 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 and analyze actual results compared with budget. "Kentucky Gross Margins“ is a single financial performance measure of the electricity generation, transmission and distribution operations of the Kentucky Regulated segment, as well as the Kentucky Regulated segment'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", "Depreciation" and "Taxes, other than income" 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 representsthe net revenues from electricity and gas operations. "Pennsylvania Gross Delivery Margins" is a single financial performance measure of the electricity delivery operations of the Pennsylvania Regulated segment, 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 grossreceipts tax. This performance measure includes PLR energy purchases by PPL Electric from PPL EnergyPlus, which are reflected in "PLR intersegment utility revenue (expense)" in the margins reconciliation table. As a result, this measure represents the net revenues from the Pennsylvania Regulated segment's electricity delivery operations. "Unregulated Gross Energy Margins" is a single financial performance measure of the Supply segment's competitive energy activities, which are managed on a geographic basis. In calculating this measure, energy revenues, including operating revenues associated with certain businessesclassified as discontinued operations, are offset by the cost of fuel, energy purchases, certain other operation and maintenance expenses, primarily ancillary charges and 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 PPLEnergyPlus, which are reflected in "PLR intersegment utility revenue (expense)“ in the margins reconciliation table. "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 economicvalue 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 and premium amortization associated with options. Unrealized gains and losses related to this activity are deferred and included in "Unregulated Gross Energy Margins" over the delivery period of the item that was hedged or upon realization.