Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
	2010		2009		2008		2007		2006
Earnings, as defined:
Income from Continuing Operations Before
Income Taxes	$	1,239	$	538	$	1,273	$	1,230	$	1,061
Less earnings of equity method investments								1		2
Distributed income from equity method
investments		7		1				3		1
		1,246		539		1,273		1,232		1,060
Total fixed charges as below		698		513		568		609		559
Less:
Capitalized interest		30		43		57		55		23
Preferred security distributions of subsidiaries
on a pre-tax basis		21		24		27		23		24
Interest expense and fixed charges related to
discontinued operations		12		15		16		39		38
Total fixed charges included in Income from
Continuing Operations Before Income Taxes		635		431		468		492		474
Total earnings	$	1,881	$	970	$	1,741	$	1,724	$	1,534
Fixed charges, as defined:
Interest on long-term debt	$	481	$	397	$	478	$	522	$	482
Interest on short-term debt and other interest		46		34		28		35		13
Amortization of debt discount, expense and
premium - net		110		15		12		8		11
Estimated interest component of operating rentals		39		42		22		21		29
Preferred securities distributions of subsidiaries
on a pre-tax basis		21		24		27		23		24
Fixed charges of majority-owned share of 50% or
less-owned persons		1		1		1
Total fixed charges (a)	$	698	$	513	$	568	$	609	$	559
Ratio of earnings to fixed charges		2.7		1.9		3.1		2.8		2.7
Ratio of earnings to combined fixed charges and
preferred stock dividends (b)		2.7		1.9		3.1		2.8		2.7

(a)	Interest on unrecognized tax benefits is not included in fixed charges.
(b)	PPL, the parent holding company, does not have any preferred stock outstanding; therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.