Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
						2011		2010		2009		2008		2007
Earnings, as defined:
		Income from Continuing Operations Before
			Income Taxes			$	2,201	$	1,239	$	538	$	1,273	$	1,230
		Adjustment to reflect earnings from equity method
			investments on a cash basis				1		7		1				2
							2,202		1,246		539		1,273		1,232
		Total fixed charges as below					1,022		698		513		568		609
				Less:
				Capitalized interest			51		30		43		57		55
				Preferred security distributions of subsidiaries
					on a pre-tax basis		23		21		24		27		23
				Interest expense and fixed charges related to
					discontinued operations		3		12		15		16		39
		Total fixed charges included in Income from
			Continuing Operations Before Income Taxes				945		635		431		468		492
				Total earnings		$	3,147	$	1,881	$	970	$	1,741	$	1,724
Fixed charges, as defined:
		Interest charges (a)				$	955	$	637	$	446	$	518	$	565
		Estimated interest component of operating rentals					44		39		42		22		21
		Preferred securities distributions of subsidiaries
			on a pre-tax basis				23		21		24		27		23
		Fixed charges of majority-owned share of 50% or
			less-owned persons						1		1		1
				Total fixed charges (b)		$	1,022	$	698	$	513	$	568	$	609
Ratio of earnings to fixed charges							3.1		2.7		1.9		3.1		2.8
Ratio of earnings to combined fixed charges and
	preferred stock dividends (c)						3.1		2.7		1.9		3.1		2.8

(a)	Includes interest on long-term and short-term debt, as well as amortization of debt discount, expense and premium - net.
(b)	Interest on unrecognized tax benefits is not included in fixed charges.
(c)	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.