Exhibit 12(d)
PPL MONTANA, LLC AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of Dollars)
			12 Months Ended March 31,		12 Months Ended December 31,
			2003		2002		2001		2000
Fixed charges, as defined:
	Interest expense on credit facility		$	2	$	2	$	2	$	18
	Amortization of debt expenses							1		3
	Amortization of wholesale energy commitments			4		4		6		7
	Estimated interest component of operating rentals			15		15		15		6
		Total fixed charges	$	21	$	21	$	24	$	34
Earnings, as defined:
	Net income		$	53	$	47	$	103	$	86
Add:
	Income taxes			39		35		68		57
	Total fixed charges as above			21		21		24		34
		Total earnings	$	113	$	103	$	195	$	177
Ratio of earnings to fixed charges				5.4		4.9		8.1		5.2