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):  November 4, 2008

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 November 4, 2008, PPL Corporation (“PPL”) issued a press release announcing its financial results for the quarter ended September 30, 2008, and other business matters.  A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On November 4, 2008, at 9:00 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 September 30, 2008, and other business matters.  A copy of the slides to be used during the webcast is attached as Exhibit 99.2 and incorporated herein by reference.  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 November 4, 2008, announcing PPL’s financial results for the quarter ended September 30, 2008, and other business matters.
	99.2 -	Slides to be used on the November 4, 2008 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/ J. Matt Simmons, Jr.
	J. Matt Simmons, Jr. Vice President and Controller

Dated:  November 4, 2008

EX-99.1

Exhibit 99.1

Contacts:	For news media – George Biechler, 610-774-5997
	For financial analysts – Tim Paukovits, 610-774-4124

PPL Corporation reports third-quarter 2008 earnings

·   Decline in wholesale electricity margins reduces quarterly earnings

·   Revised outlook for 2010 remains strong

·   Company revises 2008 forecast, initiates 2009 forecast

ALLENTOWN, Pa. (Nov. 4, 2008) ― PPL Corporation (NYSE: PPL) on Tuesday (11/4) reported declines in both third-quarter and nine-month earnings for 2008, compared with the same periods of 2007.

Contributing to the declines were lower wholesale electricity margins, partially offset by improved earnings from PPL’s electricity delivery business in the United Kingdom.

PPL’s reported earnings in the most recent quarter were $0.54 per share, compared with $0.84 per share a year ago. For the first nine months of 2008, PPL’s reported earnings were $1.73 per share, compared with $2.25 per share a year ago.

Third-quarter earnings from ongoing operations also declined, to $0.45 per share, compared with $0.72 per share a year ago. For the first nine months of 2008, earnings from ongoing operations were $1.56 per share, compared with $2.00 per share a year ago.

“While our quarterly results have been affected by a significant drop in wholesale energy margins, PPL’s underlying fundamentals remain very strong,” said James H. Miller, PPL’s chairman, president and chief executive officer. “We are confident that our strategy of focusing on the efficient operation of our high quality generating assets and the marketing of the output from these assets, combined with effective operation of our regulated electricity delivery systems, will continue to provide significant long-term value for our shareowners.

“During the third quarter of 2008, we saw unprecedented levels of volatility in the energy commodities market, a rapid decline in the capital devoted to energy markets by a range of market participants and a substantial drop in wholesale electricity prices,” Miller said. “As a consequence, we experienced unrealized losses in certain of our energy positions that, along with extended outages at two of our large coal-fired plants in Pennsylvania, resulted in third-quarter energy margins that are much lower than a year ago.”

Miller said PPL continues to forecast very strong earnings growth for 2010 with a new forecast range of $3.60 to $4.20 per share. This new range is down from the prior 2010 forecast range of $4.00 to $4.60 per share. 

“While forward energy prices have declined from earlier in the year, we remain extremely well positioned for 2010 and beyond because we sold forward a significant portion of our available power at the higher prices and have fuel contracts in place that are significantly below current market prices,” Miller said.

Miller added that the company remains focused on maintaining a strong credit profile and liquidity position, with more than $4.2 billion in credit facilities supporting its energy supply business.  “We have significant available capacity under our facilities that puts us in a strong position to deal with the volatile market conditions we are likely to continue to face,” he said. In fact, Miller said PPL Energy Supply has no need to issue commercial paper or access the debt capital market for the foreseeable future.

For the remainder of 2008 and 2009, however, Miller said PPL’s earnings will continue to be under significant pressure. The company’s revised estimate for 2008 earnings from ongoing operations is $2.00 to $2.05 per share, compared with its prior forecast range of $2.17 to $2.27 per share. The revised estimate is primarily driven by lower energy margins, partially offset by improved earnings in PPL’s U.K. business. PPL’s 2008 estimate of reported earnings is $2.17 to $2.22 per share, reflecting special items recorded through Sept. 30, 2008.

The company also initiated its 2009 earnings forecast of $1.60 to $1.90 per share. “Many of the pressures that affected our results in 2008 also are expected to continue into 2009, including ongoing cost pressures, fixed generation prices in Pennsylvania and higher financing costs. Given the ongoing uncertainty in financial and power markets, PPL will be focused on aggressively managing risks and preserving capital without jeopardizing our significant increase in earnings and cash flow expected for 2010 and beyond,” Miller said.

Third-Quarter 2008 Earnings Details

PPL’s reported earnings in the third quarter of 2008 included net special-item credits of $0.09 per share. The company reported special-item credits of $0.18 per share in the quarter related to mark-to-market impacts of energy-related, non-trading economic hedges, offset by special-item charges of $0.09 per share: $0.07 per share related to the impairment of nitrogen oxide emission allowances as a result of a federal court decision invalidating the Environmental Protection Agency’s Clean Air Interstate Rule; $0.01 per share related to the sale of PPL’s natural gas distribution and propane businesses; and $0.01 per share related to an impairment of nuclear decommissioning trust investments. The third quarter of 2007 reflected net special-item credits of $0.12 per share.

Reported earnings are calculated in accordance with generally accepted accounting principles (GAAP). Earnings from ongoing operations is a non-GAAP financial measure that excludes special items. Special items include charges or credits that are unusual or nonrecurring. Special items also include the mark-to-market impact of energy-related, non-trading economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds.

(Dollars in millions, except for per share amounts)

	3rd Quarter
	2008	2007	% Change
Reported Earnings	$203	$322	-37%
Reported Earnings per Share	$0.54	$0.84	-36%
Earnings from Ongoing Operations	$168	$276	-39%
Per Share Earnings from Ongoing Operations	$0.45	$0.72	-38%

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

Third-Quarter and Nine-Month Earnings by Business Segment

The following chart shows PPL’s earnings by business segment for the third quarter and first nine months of 2008, compared with the same periods of 2007.

	3rd Quarter						Year to Date
	2008			2007			2008			2007
Per share earnings from ongoing operations
Supply	$	0.16		$	0.50		$	0.60		$	1.12
Pennsylvania Delivery		0.09			0.09			0.34			0.31
International Delivery		0.20			0.13			0.62			0.57
Total	$	0.45		$	0.72		$	1.56		$	2.00
Special Items
Supply	$	0.10		$	0.03		$	0.18		$	0.05
Pennsylvania Delivery		(0.01	)		(0.06	)		(0.01	)		(0.06	)
International Delivery		-			0.15			-			0.26
Total	$	0.09		$	0.12		$	0.17		$	0.25
Reported earnings
Supply	$	0.26		$	0.53		$	0.78		$	1.17
Pennsylvania Delivery		0.08			0.03			0.33			0.25
International Delivery		0.20			0.28			0.62			0.83
Total	$	0.54		$	0.84		$	1.73		$	2.25

(For more details and a breakout 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

Supply Segment

PPL’s supply business segmentconsists primarily of the domestic energy generation and marketing operations of PPL Energy Supply.

Earnings from ongoing operations for PPL’s supply business segment declined $0.34 per share, or 68 percent, in the third quarter of 2008 compared with a year ago. The decrease was primarily driven by unrealized trading losses in the quarter, resulting from the combination of a dramatic decline in energy prices and the lack of liquidity in the wholesale power markets. In addition, PPL experienced significantly lower base load generation due to unplanned outages at two Eastern coal-fired stations; higher average fuel prices; higher operating costs; and the loss in synfuel-related earnings of $0.03 per share. Partially offsetting these negative results were higher margins from various supply contracts.

Earnings from ongoing operations for PPL’s supply business segment during the first nine months of 2008 decreased $0.52 per share, or 46 percent, compared with a year ago. This decrease primarily resulted from the same factors that impacted the third quarter of 2008, including the loss of $0.13 per share in synfuel-related earnings.

Pennsylvania Delivery Segment

PPL’s Pennsylvania delivery business segment includes the regulated electric delivery operations of PPL Electric Utilities and the delivery operations of PPL Gas Utilities, which was sold on Oct. 1, 2008.

Per share earnings from ongoing operations for PPL’s Pennsylvania delivery business segment were unchanged in the third quarter of 2008 compared with a year ago. Higher delivery revenues resulting from PPL Electric Utilities’ Jan. 1, 2008, base rate increase and load growth were offset by higher operating expenses.

Per share earnings from ongoing operations for PPL’s Pennsylvania delivery business segment during the first nine months of 2008 increased $0.03, or 10 percent, compared with a year ago. This increase resulted primarily from higher delivery revenues, partially offset by higher operating expenses.

International Delivery Segment

PPL’s international delivery business segment primarily includes investments in regulated electric distribution companies in the United Kingdom and included the operating results of the Latin American electricity distribution businesses prior to their divestitures in 2007.

Earnings from ongoing operations for PPL’s international delivery business segment increased in the third quarter of 2008 by $0.07 per share, or 54 percent, compared with a year ago. This increase was the result of lower U.S. and U.K. income taxes and lower operating expenses, partially offset by the loss of $0.03 per share in earnings from PPL’s Latin American businesses following their divestitures throughout 2007.

Earnings from ongoing operations for PPL’s international delivery business segment during the first nine months of 2008 increased $0.05 per share, or 9 percent, compared with a year ago. This increase resulted from higher electricity delivery revenue due to higher rates from the annual regulatory adjustment for inflation, lower operating expenses and lower U.K. income taxes. Partially offsetting these positive factors was a loss of $0.10 per share in earnings from PPL’s divested Latin American businesses and higher U.S. income taxes.

2008 Forecast by Business Segment

Earnings from Ongoing Operations (per share)	2008 (forecast)	2007 (actual)
Supply	$0.82	$1.42
Pennsylvania Delivery	0.43	0.40
International Delivery	0.77	0.78
Total	$2.02	$2.60

Supply Segment

PPL projects lower earnings from ongoing operations in its supply business segment in 2008 compared with 2007 as a result of the loss of $0.18 per share in synfuel-related tax benefits, higher coal commodity and transportation costs, lower expected base load generation, higher financing costs, and lower expected margins from marketing and trading activities. Although the decrease in wholesale energy margins and lack of liquidity in the power markets significantly impacted PPL’s third-quarter results, the company has taken measures to reduce its exposure to the potential effect of any further decline in market prices on future trading margins.

Pennsylvania Delivery Segment

PPL projects higher earnings from ongoing operations for its Pennsylvania delivery business segment driven by higher revenues as a result of PPL Electric Utilities’ Jan. 1, 2008 distribution rate increase, partially offset by higher operating expenses.

International Delivery Segment

PPL now projects the 2008 earnings from ongoing operations of its international delivery business segment to approximate the results of 2007.

2009 Earnings Forecast

The company’s 2009 forecasted earnings of $1.60 to $1.90 per share reflects an expected decrease in PPL’s international business segment earnings as a result of certain U.K. income tax benefits included in 2008 earnings, which are not expected to recur in 2009, and a less favorable currency exchange rate in the U.K.; higher operation and maintenance expenses; and higher depreciation and financing costs. PPL expects these reductions to be partially offset by higher energy margins, despite higher expected coal expense, as a result of higher base load generation; higher Western energy sales prices; and higher expected margins from its marketing and trading activities.

Revised 2010 Earnings Forecast

The full-requirements supply contract between PPL EnergyPlus and PPL Electric Utilities will expire at the end of 2009. As a result of hedging more than 80 percent of its base load generation over the past few years, PPL continues to forecast strong growth in energy margins for 2010 over 2009. However, the decline in value of the open power positions; projected increases in operating expenses in PPL’s supply and Pennsylvania delivery business segments; higher financing costs; and a reduction in projected earnings from PPL’s U.K. businesses, primarily driven by less favorable exchange rates, are expected to negatively affect 2010 earnings. As a result, PPL has revised its 2010 earnings forecast to a range of $3.60 to $4.20 per share from its prior 2010 forecast range of $4.00 to $4.60 per share.

The expected strong margins that drive the 2010 earnings forecast are based on the following key assumptions:

·   Hedged power and fuel positions and end-of-September wholesale prices, observed in competitive markets and used to value unhedged positions.

·   Capacity prices in the PJM Interconnection based on the Reliability Pricing Model auction results for 2010.

·   Strong power plant performance.

·   Increased nuclear power output through the previously announced planned uprates.

·   Increased fuel and operation and maintenance expenses.

·   Higher costs of environmental compliance.

This forecast does not depend upon new assets being added to the company’s portfolio and assumes PPL Electric Utilities will be able to fully recover its purchased power costs resulting from the ongoing solicitation process approved by the Pennsylvania Public Utility Commission.

PPL Corporation, headquartered in Allentown, Pa., controls more than 11,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to more than 4 million customers in Pennsylvania and the United Kingdom. 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.)

Conference Call and Webcast

PPL invites interested parties to listen to the live webcast of management’s teleconference with financial analysts about third-quarter 2008 financial results at 9 a.m. EST Tuesday, Nov. 4. The meeting is available online live, in audio format, along with slides of the presentation, on PPL’s Web site: www.pplweb.com. The webcast will be available for replay on the PPL Web site for 30 days. Interested individuals also can access the live conference call via telephone at 702-696-4769 (ID# 68964535).

PPL CORPORATION AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED FINANCIAL INFORMATION (a)

Condensed Consolidated Balance Sheet (Unaudited)

(Millions of Dollars)

	Sept. 30, 2008			Dec. 31, 2007
Assets
Cash and cash equivalents	$	349		$	430
Price risk management assets - current		630			319
Assets held for sale		328			318
Other current assets		2,043			2,101
Investments		572			608
Property, plant and equipment
Electric plant		20,321			20,109
Gas and oil plant		68			66
Other property		184			202
		20,573			20,377
Less: accumulated depreciation		7,871			7,772
		12,702			12,605
Recoverable transition costs		357			574
Goodwill and other intangibles		1,439			1,326
Price risk management assets - noncurrent		970			587
Other noncurrent assets		1,116			1,104
Total assets	$	20,506		$	19,972
Liabilities and Equity
Short-term debt (including current portion of long-term debt)	$	1,275		$	770
Price risk management liabilities – current		722			423
Liabilities held for sale		40			68
Other current liabilities		1,468			1,621
Long-term debt (less current portion)		6,714			6,890
Deferred income taxes and investment tax credits		2,006			2,192
Price risk management liabilities – noncurrent		1,144			916
Other noncurrent liabilities		1,233			1,216
Minority interest		19			19
Preferred securities of a subsidiary		301			301
Earnings reinvested		3,725			3,448
Common stock and capital in excess of par value		2,189			2,176
Accumulated other comprehensive loss		(330	)		(68	)
Total liabilities and equity	$	20,506		$	19,972

(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.

Condensed Consolidated Income Statement (Unaudited)

(Millions of Dollars, Except per Share Data)

	3 Months Ended Sept. 30,						9 Months Ended Sept. 30,
	2008(a)			2007(a)(b)			2008(a)			2007(a)(b)
Operating Revenues
Utility	$	1,007		$	1,016		$	3,108		$	3,074
Unregulated retail electric and gas		43			28			110			73
Wholesale energy marketing (c)
Realized		758			517			1,639			1,244
Unrealized economic activity		1,157			0			361			(99	)
Net energy trading margins		(132	)		20			(82	)		38
Energy-related businesses		148			193			395			563
		2,981			1,774			5,531			4,893
Operating Expenses
Fuel		267			257			718			692
Energy purchases (c)
Realized		500			228			1,126			677
Unrealized economic activity		1,058			7			173			(127	)
Other operation and maintenance		364			324			1,101			996
Amortization of recoverable transition costs		73			78			217			229
Depreciation		117			108			347			334
Taxes, other than income		77			73			224			223
Energy-related businesses		134			178			361			581
		2,590			1,253			4,267			3,605
Operating Income		391			521			1,264			1,288
Other Income – net		1			23			17			71
Interest Expense		120			117			338			357
Income from Continuing Operations Before Income Taxes, Minority Interest and Dividends on Preferred Securities of a Subsidiary		272			427			943			1,002
Income Taxes		59			88			285			188
Minority Interest		0			1			1			2
Dividends on Preferred Securities of a Subsidiary		5			5			14			14
Income from Continuing Operations		208			333			643			798
(Loss) Income from Discontinued Operations (net of income taxes)		(5	)		(11	)		10			72
Net Income	$	203		$	322		$	653		$	870
Earnings per share of common stock – basic
Earnings from ongoing operations	$	0.45		$	0.73		$	1.57		$	2.03
Special items		0.09			0.12			0.18			0.24
Net Income	$	0.54		$	0.85		$	1.75		$	2.27
Earnings per share of common stock – diluted
Earnings from ongoing operations	$	0.45		$	0.72		$	1.56		$	2.00
Special items		0.09			0.12			0.17			0.25
Net Income	$	0.54		$	0.84		$	1.73		$	2.25
Average shares outstanding (thousands)
Basic		374,291			379,896			373,394			383,036
Diluted		376,685			384,575			376,582			387,658

(a)	Earnings in the 2008 and 2007 periods were impacted by several special items, as described in the text and tables of this news release. Earnings from ongoing operations excludes the impact of these special items.
(b)	Certain amounts from 2007 have been reclassified to conform to the current year presentation.
(c)	PPL enters into certain non-trading energy or energy-related contracts to hedge future cash flows that are not eligible for hedge accounting, or where hedge accounting is not elected. Consistent with the treatment of the hedged item, unrealized and realized gains and losses on these transactions are reflected in “Wholesale energy marketing” or “Energy purchases.”

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Millions of Dollars)

	9 Months Ended Sept. 30,
	2008			2007
Cash Flows from Operating Activities
Net income	$	653		$	870
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		347			345
Amortization-recoverable transition costs and other		286			327
Pre-tax gain from the sale of a Latin American business		0			(94	)
Deferred income taxes and investment tax credits		(56	)		(95	)
Impairment of assets		65			98
Gain on the sale of emission allowances		(1	)		(85	)
Unrealized gain on derivatives and other hedging activities		(83	)		(68	)
Changes in working capital		(69	)		(31	)
Other		19			(15	)
Net cash provided by operating activities		1,161			1,252
Cash Flows from Investing Activities
Expenditures for property, plant and equipment		(979	)		(1,119	)
Proceeds from the sale of Latin American businesses		0			191
Proceeds from the sale of telecommunication operations		0			47
Net (expenditures for) sales of intangible assets		(272	)		62
Net (purchases) sales of other investments		(14	)		58
Net increase in restricted cash and cash equivalents		(70	)		(35	)
Other investing activities		(15	)		(1	)
Net cash used in investing activities		(1,350	)		(797	)
Cash Flows from Financing Activities
Net issuances (retirements) of long-term debt		400			(49	)
Repurchase of common stock		(38	)		(565	)
Payment of common stock dividends		(365	)		(343	)
Net increase in short-term debt		109			150
Other financing activities		10			8
Net cash provided by (used in) financing activities		116			(799	)
Effect of Exchange Rates on Cash and Cash Equivalents		(5	)		2
Net Decrease in Cash and Cash Equivalents		(78	)		(342	)
Cash and cash equivalents at beginning of period		430			794
Cash and cash equivalents included in assets held for sale		(3	)		(13	)
Cash and cash equivalents at end of period	$	349		$	439

Key Indicators
Financial
	12 Months Ended Sept. 30, 2008	12 Months Ended Sept. 30, 2007
Dividends declared per share	$1.31	$1.19
Book value per share (a)	$14.91	$13.75
Market price per share (a)	$37.02	$46.30
Dividend yield (a)	3.5%	2.6%
Dividend payout ratio (b)	46%	44%
Dividend payout ratio - earnings from ongoing operations (b)(c)	61%	48%
Price/earnings ratio (a)(b)	13.0	17.1
Price/earnings ratio - earnings from ongoing operations (a)(b)(c)	17.1	18.8
Return on average common equity	19.68%	20.08%
Return on average common equity - earnings from ongoing operations (c)	15.62%	18.29%

(a)	End of period.
(b)	Based on diluted earnings per share.
(c)	Calculated using earnings from ongoing operations, which excludes the impact of special items, as described in the text and tables of this news release.

Reconciliation of Business Segment Earnings from Ongoing Operations and Reported Earnings (Diluted)
3rd Quarter 2008					(millions of dollars)												(per share)
					Supply			PA Delivery			Int'l Delivery			Total			Supply			PA Delivery			Int'l Delivery			Total
Earnings from Ongoing Operations					$	59		$	36		$	73		$	168		$	0.16		$	0.09		$	0.20		$	0.45
	Special Items
		MTM adj's from energy-related, non-trading    economic hedges				67									67			0.18									0.18
		Impairment of emission allowances				(27	)								(27	)		(0.07	)								(0.07	)
		Impairment of nuclear decommissioning    trust investments				(1	)								(1	)		(0.01	)								(0.01	)
		Sale of gas and propane businesses							(4	)					(4	)					(0.01	)					(0.01	)
				Total special items		39			(4	)					35			0.10			(0.01	)					0.09
Reported earnings					$	98		$	32		$	73		$	203		$	0.26		$	0.08		$	0.20		$	0.54
Year-to-Date Sept. 30, 2008					(millions of dollars)												(per share)
					Supply			PA Delivery			Int'l Delivery			Total			Supply			PA Delivery			Int'l Delivery			Total
Earnings from Ongoing Operations					$	225		$	128		$	233		$	586		$	0.60		$	0.34		$	0.62		$	1.56
	Special Items
		MTM adj's from energy-related, non-trading economic hedges				121									121			0.32									0.32
		Impairment of emission allowances (Q3, '08)				(27	)								(27	)		(0.07	)								(0.07	)
		Impairment of nuclear decom. trust investments (Q2, '08; Q3, '08)				(5	)								(5	)		(0.02	)								(0.02	)
		Sale of gas and propane businesses (Q2, '08;    Q3, '08)							(5	)					(5	)					(0.01	)					(0.01	)
		Off-site remediation of ash basin leak    (Q2, '08)				1									1
		Colstrip groundwater litigation (Q1, '08; Q2, '08)				(5	)								(5	)		(0.01	)								(0.01	)
		Synfuel tax adjustment (Q1, '08)				(13	)								(13	)		(0.04	)								(0.04	)
			Total special items			72			(5	)					67			0.18			(0.01	)					0.17
Reported earnings					$	297		$	123		$	233		$	653		$	0.78		$	0.33		$	0.62		$	1.73
12 Months Ended Sept. 30, 2008					(millions of dollars)												(per share)
					Supply			PA Delivery			Int'l Delivery			Total			Supply			PA Delivery			Int'l Delivery			Total
Earnings from Ongoing Operations					$	333		$	163		$	315		$	811		$	0.90		$	0.43		$	0.83		$	2.16
	Special Items
		MTM adj's from energy-related, non-trading economic hedges				133									133			0.35									0.35
		Impairment of emission allowances     (Q3, '08)				(27	)								(27	)		(0.07	)								(0.07	)
		Impairment of nuclear decom. trust    investments (Q2, '08; Q3,'08)				(5	)								(5	)		(0.02	)								(0.02	)
		Sale of gas and propane businesses (Q4, '07;    Q2, '08; Q3, '08)							(26	)					(26	)					(0.07	)					(0.07	)
		Off-site remediation of ash basin leak (Q2,    '08)				1									1
		Colstrip groundwater litigation (Q1, '08; Q2,     ’08)				(5	)								(5	)		(0.01	)								(0.01	)
		Synfuel tax adjustment (Q1, '08)				(13	)								(13	)		(0.04	)								(0.04	)
		Workforce reduction (Q4, '07)				(4	)		(1	)		(4	)		(9	)		(0.01	)					(0.01	)		(0.02	)
		Sale of Latin American businesses (Q4, '07)										213			213									0.57			0.57
		Impairment of certain transmission rights    (Q4, '07)				(1	)								(1	)
				Total special items		79			(27	)		209			261			0.20			(0.07	)		0.56			0.69
Reported earnings					$	412		$	136		$	524		$	1,072		$	1.10		$	0.36		$	1.39		$	2.85

Reconciliation of Business Segment Earnings from Ongoing Operations and Reported Earnings (Diluted)
3rd Quarter 2007				(millions of dollars)											(per share)
				Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery			Int'l Delivery		Total
Earnings from Ongoing Operations				$	193		$	32		$	51	$	276		$	0.50		$	0.09		$	0.13	$	0.72
	Special Items
		MTM adj's from energy-related, non-trading economic hedges			(6	)							(6	)		(0.02	)							(0.02	)
		Sale of Latin American businesses									3		3									0.01		0.01
		Sale of domestic telecommunication    operations			(3	)							(3	)		(0.01	)							(0.01	)
		Sale of gas and propane businesses						(23	)				(23	)					(0.06	)				(0.06	)
		Settlement of Wallingford cost-based rates			33								33			0.09								0.09
		Impairment of certain transmission rights			(12	)							(12	)		(0.03	)							(0.03	)
		Change in U.K. tax rate									54		54									0.14		0.14
			Total special items		12			(23	)		57		46			0.03			(0.06	)		0.15		0.12
Reported earnings				$	205		$	9		$	108	$	322		$	0.53		$	0.03		$	0.28	$	0.84
Year-to-Date Sept. 30, 2007				(millions of dollars)											(per share)
				Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery			Int'l Delivery		Total
Earnings from Ongoing Operations				$	437		$	120		$	219	$	776		$	1.12		$	0.31		$	0.57	$	2.00
	Special Items
		MTM adj's from energy-related, non-trading economic hedges			20								20			0.05								0.05
		Sale of gas and propane businesses    (Q3, '07)						(23	)				(23	)					(0.06	)				(0.06	)
		Settlement of Wallingford cost-based rates    (Q3, '07)			33								33			0.09								0.09
		Impairment of certain transmission rights    (Q3, '07)			(12	)							(12	)		(0.03	)							(0.03	)
		Change in U.K. tax rate (Q3, '07)									54		54									0.14		0.14
		Sale of Latin American businesses (Q1, '07; Q2, '07; Q3, '07)									46		46									0.12		0.12
		Sale of domestic telecommunication operations (Q1, '07; Q2, '07; Q3, '07)			(23	)							(23	)		(0.06	)							(0.06	)
		PJM billing dispute (Q1, '07)			(1	)							(1	)
			Total special items		17			(23	)		100		94			0.05			(0.06	)		0.26		0.25
Reported earnings				$	454		$	97		$	319	$	870		$	1.17		$	0.25		$	0.83	$	2.25
12 Months Ended Sept. 30, 2007				(millions of dollars)											(per share)
				Supply			PA Delivery			Int'l Delivery		Total			Supply			PA Delivery			Int'l Delivery		Total
Earnings from Ongoing Operations				$	536		$	150		$	268	$	954		$	1.38		$	0.39		$	0.69	$	2.46
	Special Items
		MTM adj's from energy-related, non-trading economic hedges			23								23			0.06								0.06
		Sale of gas and propane businesses (Q3,    '07)						(23	)				(23	)					(0.06	)				(0.06	)
		Settlement of Wallingford cost-based rates    (Q3, '07)			33								33			0.09								0.09
		Impairment of certain transmission rights    (Q3, '07)			(12	)							(12	)		(0.03	)							(0.03	)
		Change in U.K. tax rate (Q3, '07)									54		54									0.14		0.14
		Sale of Latin American businesses (Q1, '07; Q2, '07; Q3, '07)									46		46									0.12		0.12
		Sale of domestic telecommunication operations (Q1, '07; Q2, '07; Q3, '07)			(23	)							(23	)		(0.06	)							(0.06	)
		PJM billing dispute (Q4, '06; Q1, '07)			(18	)		20					2			(0.04	)		0.05					0.01
		Sale of interest in Griffith (Q4, '06)			1								1
		Workforce reduction (Q4, '06)			(3	)							(3	)		(0.01	)							(0.01	)
		Impairment of nuclear decom. trust investments (Q4, '06)			(3	)							(3	)		(0.01	)							(0.01	)
			Total special items		(2	)		(3	)		100		95						(0.01	)		0.26		0.25
Reported earnings				$	534		$	147		$	368	$	1,049		$	1.38		$	0.38		$	0.95	$	2.71

Operating - - Domestic and International Electricity Sales

(millions of kwh)
	3 Months Ended Sept. 30,				9 Months Ended Sept. 30,
	2008	2007	Percent Change		2008	2007	Percent Change
Domestic Retail
Delivered (a)	9,624	9,699	(0.8%	)	29,025	28,880	0.5%
Supplied	10,207	10,249	(0.4%	)	30,732	30,486	0.8%
International Delivered
United Kingdom	6,186	6,326	(2.2%	)	20,889	20,891	0.0%
Domestic Wholesale
East	8,783	6,826	28.7%		21,246	15,637	35.9%
West
NorthWestern Energy	633	569	11.2%		1,869	2,238	(16.5%	)
Other West	3,602	3,251	10.8%		10,488	8,696	20.6%

(a) Electricity delivered to retail customers represents the kwh delivered to customers within PPL Electric Utilities Corporation’s service territory.

“Earnings from ongoing operations” excludes the impact of special items. Special items include charges, credits or gains that are unusual or nonrecurring. Special items also include the mark-to-market impact of energy-related, non-trading economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds. The mark-to-market impact of these hedges is economically neutral to the company because the mark-to-market gains or losses on the energy hedges will reverse as the hedging contracts settle in the future. 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 generally accepted accounting principles (GAAP). PPL believes that earnings from ongoing operations, although a non-GAAP measure, is also useful and meaningful to investors because it provides them with PPL’s underlying earnings performance as another criterion in making their 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.

Statements contained in this news release, including statements with respect to future earnings, energy prices, margins and sales, growth, revenues, expenses, financing, credit, liquidity, cash flow, capital, marketing performance and strategy, regulation,  corporate strategy,  and generating capacity and performance, 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 involve 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 plants and other facilities; 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 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 and rate relief; 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 PPL’s media Web site at www.pplnewsroom.com for additional news and background about the corporation and its subsidiaries.

EX-99.2

Third Quarter Earnings Call  November 4, 2008  Exhibit 99.2

 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.  1

 Agenda  • Third Quarter 2008 Earnings and  Review of 2008, 2009 and 2010  Earnings Forecast and Outlook  • Third Quarter Segment Results  and Financial Overview  • Operational Review  • Q&A  J. H. Miller  P. A. Farr  W. H. Spence  2

 Reported Earnings  Year-to-Date  Per  share  $2.25  $1.73  $0.00  $0.50  $1.00  $1.50  $2.00  $2.50  $3.00  2007 2008  3  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  Per  share  $0.84  $0.54  $0.00  $0.50  $1.00  2007 2008  Third Quarter

 Ongoing Earnings  Year-to-Date  Per  share  $2.00  $1.56  $0.00  $0.50  $1.00  $1.50  $2.00  $2.50  2007 2008  4  Note: See Appendix for the reconciliation of reported earnings and earnings from ongoing operations.  Per  share  $0.72  $0.45  $0.00  $0.50  $1.00  2007 2008  Third Quarter

 $1.50  $2.00  $2.50  $3.00  $3.50  $4.00  $4.50  2007A* 2008* 2009 2010  Strong Long-Term Earnings Growth  Forecast  5  * Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  $2.60  $2.05  $4.20  Per Share  $1.90  $1.60  $3.60  $2.00

 Ongoing Earnings Overview  $(0.27)$0.72$0.45Total  0.070.130.20International Delivery  0.000.090.09Pennsylvania Delivery  $(0.34)$0.50$0.16Supply  Change  Q3  2007  Q3  2008  6  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 Supply Segment  Earnings Drivers  (0.02)Depreciation  (0.03)Synfuel  (0.02)Financing  $0.162008 EPS – Ongoing Earnings  (0.34)Total  $(0.27)Energy Margins – East  $0.502007 EPS – Ongoing Earnings  3rd Quarter  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations, and per share reconciliation  of operating income and energy margins.  7

 Pennsylvania Delivery Segment  Earnings Drivers  (0.01)Income taxes and other  $0.092008 EPS – Ongoing Earnings  0.00Total  $ 0.01Delivery Margins (a)  $0.092007 EPS – Ongoing Earnings  3rd Quarter  8  (a) Net of CTC/ITC amortization, interest expense on transition bonds and ancillary charges.  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 International Delivery Segment  Earnings Drivers  0.02Other  (0.03)Latin American Operations  $0.202008 EPS – Ongoing Earnings  0.07Total  0.06Income taxes  $0.02O&M  $0.132007 EPS – Ongoing Earnings  3rd Quarter  9  Note: See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

 Expected 2008 Earnings Contributions  10  *See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations, and per share reconciliation of  operating income and energy margins.  $1.00  $1.25  $1.50  $1.75  $2.00  $2.25  $2.50  $2.75  2007A*  Per Share  $2.60  Net Impact  of Asset  Divestiture  ($0.08)  Other  ($0.02) $2.02**  Depreciation  ($0.03)  Energy  Margins  ($0.33)  Synfuels  ($0.18)  2008E*  O&M  $0.06  **Midpoint of forecast

 $1.00  $1.25  $1.50  $1.75  $2.00  $2.25  $2.50  $2.75  2008E* 2009E  Expected 2009 Earnings Contributions  11  * Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.  **Midpoint of forecast  Per Share  $2.02*  Financing  Costs  ($0.11)  Depreciation  ($0.03) $1.75**  UK Tax  Benefit  ($0.08)  Energy  Margins  $0.22  O&M  ($0.14)  Currency  ($0.11)  Other  ($0.02)

 $1.00  $2.00  $3.00  $4.00  $5.00  2009E 2010E  Expected 2010 Earnings Contributions  12  * Midpoint of forecast  $1.75*  Energy  Margins  $2.40  $3.90*  O&M  ($0.11)  Income  Taxes &  Other  ($0.05) Depreciation  ($0.04)  Per Share  Financing  Costs  ($0.05)

 2010 EPS Update  $3.50  $3.75  $4.00  $4.25  $4.50  2010  Update  $4.30*  WPD  ($0.07)  Financing  Costs  ($0.12)  $3.90*  O&M  ($0.11)  Other  ($0.05)  2010 Previous  Forecast  * Midpoint of forecast 13  Energy  Margins  ($0.05)  Per Share

 Cash Flow Forecast  Millions  ($200)  $0  $200  $400  $600  $800  2007A 2008E 2009E 2010E  Free cash flow before dividends  14  Note: See Appendix for the reconciliation of cash flow measures.

 Liquidity Profile  (1) As of 9/30/2008  Diverse bank group with 24 banks committed, with no bank having more than  13% of bank commitments.  15  (2) Draw on facilities of PPL Energy Supply and PPL Electric Utilities made in 10/2008, draw at WPD made during 3Q.  Institution Facility  Expiration  Date  Total  Facility  (Millions)  Letters of Credit  Outstanding (1) Drawn (2) Availability  PPL Energy Supply 5-year Credit Facility (3) Jun-12 $3,225 $274 $285 $2,666  Bilateral Credit Facility Mar-09 300 203 0 97  5-year Structured Facility Mar-11 300 243 0 57  364-day Credit Facility Sep-09 385 0 0 385  $4,210 $720 $285 $3,205  PPL Electric Utilities 5-year Credit Facility (3) May-12 $190 $41 $95 $54  Asset-backed Credit Facility Jul-09 150 0 0 150  $340 $41 $95 $204  WPD 5-year Credit Facility Oct-09 £150 £0 £0 £150  5-year Credit Facility Jan-13 150 0 101 49  £300 £0 £101 £199  (3) Excludes Lehman Brothers commitment.

 PPL Energy Supply Collateral Profile  (Millions of Dollars)  16  - 500  1,000  1,500  2,000  2,500  3,000  3,500  4,000  4,500  5,000  Jun- 07  Jul-07 Aug- 07  Sep- 07  Oct- 07  Nov- 07  Dec- 07  Jan- 08  Feb- 08  Mar- 08  Apr- 08  May- 08  Jun- 08  Jul-08 Aug- 08  Sep- 08  Available Credit Capacity  Cash posted  Letters of Credit

 Debt Maturities  (1) Excludes Transition Bonds  (2) PPL Electric Utilities prefunding done in 10/2008 for 2009 maturity  (3) WPD Group  As of 9/30/2008 17  2008 2009 2010 2011 2012  PPL Energy Supply $0  $20  $24 $526 $25  PPL Capital Funding 0 201 0 0 0  PPL Electric Utilities (1) 0 486 0 0 0  WPD Group 225  0  0 0 0  Sub Total $225  $707  $24 $526 $25  Prefunding $150 (3) $400 (2) $0 $0 $0  Total $75 $307 $24 $526 $25  (Millions)

 PPL’s marketing and trading operation has been profitable each of the last 4 years  18  Marketing and Trading  *Marketing included as part of total generation gross margins in 2005.  $32 $35 $41  $(82)  $43  $104  $125  $145  $78  $32  $43  ($100)  ($50)  $0  $50  $100  $150  $200  2005 2006 2007 YTD Sept 2008  Marketing & Trading Gross Margins  Marketing  Trading  Total  $Millions  2% 5% 8% 4%M&T as % of Supply  Gross Margin  *

 Repair Work at Montour Cooling Tower  19

 Current Hedge Positions -Electricity and Fuel  2008 2009 2010 2011 2012  Electricity Sales  East 99% 96% 76% 43% 23%  West 100% 91% 75% 65% 44%  Total 99% 95% 76% 46% 26%  Uranium 100% 100% 100% 100% 100%  Coal  East 100% 98% 89% 78% 59%  West 100% 100% 100% 86% 77%  Total 100% 98% 92% 80% 64%  Unhedged Coal – million tons  Brunner & Montour 0.0 0.0 0.9 1.9 3.5  Keystone & Conemaugh 0.0 0.2 0.2 0.1 0.3  Note: As of 9/30/2008 20

 Hedged Baseload Electricity 2008-2012  Hedged Baseload Electricity Sales  0%  20%  40%  60%  80%  100%  2008 2009 2010 2011 2012  % of C o al, H hydro & N u clear Output  $20  $30  $40  $50  $60  $70  $80  $/M W h  Average Sale Price  21

 Key Drivers of Supply Value: Open EBITDA  *Based on forward market prices as of September 30, 2008  2010E 2011E 2012E  Generation Output - MWh 55.5 55.8 56.7  Unhedged Gross Margin*3,068 3,148 3,271  O&M (859) (899) (929)  Open EBITDA 2,209 2,250 2,342  Above/(Below) Market value of Hedges* 200 174 169  Expected Margin 3,268 3,322 3,440  (Millions)  22

 2008 - -2012 Sensitivities  2008 2009 2010 2011 2012  $10/MW-Day  Capacity Price  Change  >$0.00 >$0.00 >$0.00 >$0.00 ±$0.03  $1/MWh of  Unhedged  Baseload Sales  ±$0.00 >$0.00 ±$0.02 ±$0.04 ±$0.06  $1/MWh of  Unhedged  Total Sales  ±$0.00 >$0.00 ±$0.02 ±$0.05 ±$0.07  1% Generation  Availability >$0.00 ±$0.03 ±$0.04 ±$0.04 ±$0.04  EPS Impact  See Appendix A-1 for assumptions  23  Note: Discrete sensitivities based on changes to individual item, but which ultimately may be interrelated.

 ppl

 Market Prices  (1) Market prices based on the average of broker quotes as of 9/30/2008.  (2) Prices at 10/2007 when 2010 earnings forecast of $4.00-$4.60 was developed.  (3) 24-hour average.  (4) NYMEX and TZ6NNY forward gas prices on 9/30/2008.  (5) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price.  A-1  Actual &  Forward At 10/2007(2)  2008 2009 2010 2011 2012 2010  $82 $78 $81 $81 $80 $79  $52 $56 $58 $58 $57 $51  $66 $66 $69 $69 $68 $64  $66 $64 $69 $68 $69 $67  $53 $50 $54 $54 $55 $53  $60 $58 $62 $62 $63 $60  $9.14 $8.15 $8.58 $8.54 $8.41 $8.08  $10.14 $9.32 $9.72 $9.65 $9.50 $9.04  8.1 8.4 8.3 8.4 8.4 8.8  89.9% 90.9% 92.4% 91.3% 92.5% 90.8% EQA  HEAT RATE(5)  On-Peak  Off-Peak  ATC(3)  NYMEX  TZ6NNY  GAS(4)  PJM MARKET  Mid-Columbia  Forward(1)  On-Peak  Off-Peak  ATC(3)  ELECTRIC  PJM

 PPL Supply Business Overview  2008E  Production GWH  A-2  Gas/Oil  33%  Coal  37%  Nuclear  19%  Hydro8%  QFs 3%  2008E  Installed Capacity MW  Gas/  Oil  5%  Coal  55%  Nuclear  32%  Hydro  8%

 PPL’s Generation Portfolio  Total Domestic Generation: 11,358 MW  Planned Uprate Projects:  331 MW  *Reflects reduction of 60 MW expected loss due to increased  plant usage during scrubber operation.  A-3  Coal 3,483*  Nuclear 2,117  Oil 1,795  Gas 1,503  Hydro 343  CTs 474  QFs 356  East 10,071 MW*  Coal 683  Hydro 604  West 1,287 MW  Coal Uprate (2008) 6  Hydro Uprate (2011) 28  Nuclear Uprate (2008-2010) 143  Hydro Uprate (2009, 2011) 128  Coal Uprate (2008-2009) 26  *

 2007 Synfuel and Divested Assets  Ongoing Earnings Contributions  A-4  Synfuel Q1 Q2 Q3 Q4 2007  Synfuel Earnings $0.07 $0.01 $0.02 $0.04 $0.14  Fuel Costs 0.01 0.01 0.01 0.01 0.04  Total Synfuel Contribution $0.08 $0.02 $0.03 $0.05 $0.18  Net Impact of Asset Divestitures $0.03 $0.03 $0.02 $0.00 $0.08

 Reconciliation of Cash from Operations  to Free Cash Flow before Dividends  (Millions of Dollars)  A-5  303898Asset Sales  (203)Investment in Energy Projects  $611$21($162)$513Free Cash Flow before Dividends  (15)(15)(15)39Other Investing Activities-net  (1,725)(1,246)(1,609)(1,685)Capital Expenditures  --(310)(310)Transition Bond Repayment  Increase/(Decrease) in cash due to:  $2,351$1,282$1,672$1,571Cash from Operations  2010200920082007  Note: 2007 free cash flow before dividends includes the net proceeds from the disposition of Latin American and domestic  telecommunication operations.

 Millions  $1,043 $1,030  $664 $718  $302 $281  $293  $580  $340 $298  $289  $427  $0  $400  $800  $1,200  $1,600  $2,000  2007A 2008E 2009E 2010E  Supply PA Delivery International Delivery  $1,685 $1,725  $1,246  $1,609  Capital Expenditures by Segment  A-6

 Reconciliation of Third Quarter Reported  Earnings and Earnings from Ongoing Operations  A-7  (Millions of Dollars)  Pennsylvania International  Supply Delivery Delivery Total  Qtr. Ending September 30, 2008  Reported earnings $98 $32 $73 $203  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 67 67  Impairment of emission allowances (27) (27)  Impairment of nuclear decom. trust investments (1) (1)  Sale of gas and propane businesses (4) (4)  39 (4) 35  Earnings from ongoing operations $59 $36 $73 $168  Qtr. Ending September 30, 2007  Reported earnings $205 $9 $108 $322  Special Items:  MTM adj's from energy-related, non-  trading economic hedges (6) (6)  Sale of Latin American businesses 3 3  Sale of domestic telecommunication operations (3) (3)  Sale of gas and propane businesses (23) (23)  Settlement of Wallingford cost-based rates 33 33  Impairment of certain transmission rights (12) (12)  Change in U.K. tax rate 54 54  12 (23) 57 46  Earnings from ongoing operations $193 $32 $51 $276  Change excluding special items ($134) $4 $22 ($108)

 Reconciliation of Third Quarter Reported  Earnings and Earnings from Ongoing Operations  A-8  (Dollars Per Share)  Pennsylvania International  Supply Delivery Delivery Total  Qtr. Ending September 30, 2008  Reported earnings $0.26 $0.08 $0.20 $0.54  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 0.18 0.18  Impairment of emission allowances (0.07) (0.07)  Impairment of nuclear decom. trust investments (0.01) (0.01)  Sale of gas and propane businesses (0.01) (0.01)  0.10 (0.01) 0.09  Earnings from ongoing operations $0.16 $0.09 $0.20 $0.45  Qtr. Ending September 30, 2007  Reported earnings $0.53 $0.03 $0.28 $0.84  Special Items:  MTM adj's from energy-related, non-  trading economic hedges (0.02) (0.02)  Sale of Latin American businesses 0.01 0.01  Sale of domestic telecommunication operations (0.01) (0.01)  Sale of gas and propane businesses (0.06) (0.06)  Settlement of Wallingford cost-based rates 0.09 0.09  Impairment of certain transmission rights (0.03) (0.03)  Change in U.K. tax rate 0.14 0.14  0.03 (0.06) 0.15 0.12  Earnings from ongoing operations $0.50 $0.09 $0.13 $0.72  Change excluding special items ($0.34) $0.07 ($0.27)

 Reconciliation of Third Quarter  Operating Income and Energy Margins  A-9  2008 2007 Change  Per Share  (after-tax)  Tax Credit  Reclass  (a)  Per Share  Adjusted  (after-tax)  Eastern U.S., pre-tax $269 $447 ($178) ($0.28) $0.01 ($0.27)  Western U.S., pre-tax 75 74 1  Domestic gross energy margins, pre-tax $344 $521 ($177) ($0.28) $0.01 ($0.27)  2008 2007  Operating Income $391 $521  Adjustments:  Energy-related businesses, net (14) (15)  Other operation and maintenance 364 324  Amortization of recoverable transition costs 73 78  Depreciation 117 108  Taxes, other than income 77 73  Revenue adjustments (b) (1,692) (562)  Expense adjustments (b) 1,028 (6)  Domestic gross energy margins $344 $521  Three Months Ended Sept. 30,  Three Months Ended  September 30,  (Millions of Dollars)  (a) Reclassified for presentation purposes.  (b) See additional information on the following slide.

 Reconciliation of Third Quarter  Operating Income and Energy Margins  A-10  Revenue adjustments 2008 2007 Change  Revenue  Utility $1,007 $1,016 ($9)  Unregulated retail electric and gas 43 28  15 Wholesale energy marketing 1,915 517 1,398  Net energy trading margins (132) 20 (152)  Revenue adjustments  WPD utility revenue (195) (204)  9 Domestic delivery component of utility revenue (325) (325)  Other utility revenue (12) (13)  1 RMR revenues (52) 52  Mark-to-market adjustments from certain economic activity (1,160) (1,160)  Gains from sale of emission allowances 32 (32)  Total revenue adjustments (1,692) (562) (1,130)  1,141 1,019 122  Expense adjustments  Expense  Fuel 267 257 10  Energy purchases 1,558 235 1,323  Expense adjustments  Mark-to-market adjustments from certain economic activity (1,046) (10) (1,036)  Domestic electric ancillaries (15) (13) (2)  Gross receipts tax 28 28  Other 5 1 4  Total expense adjustments (1,028) 6 (1,034)  797 498 299  Domestic gross energy margins $344 $521 ($177)  Three Months Ended Sept. 30,  (Millions of Dollars)

 Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-11  (Millions of Dollars)  Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date September 30, 2008  Reported earnings $297 $123 $233 $653  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 121 121  Impairment of emission allowances (27) (27)  Impairment of nuclear decom. trust investments (5) (5)  Sale of gas and propane businesses (5) (5)  Off-site remediation of ash basin leak 1 1  Colstrip groundwater litigation (5) (5)  Synfuel tax adjustment (13) (13)  72 (5) 67  Earnings from ongoing operations $225 $128 $233 $586  Year-to-Date September 30, 2007  Reported earnings $454 $97 $319 $870  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 20 20  Sale of gas and propane businesses (23) (23)  Settlement of Wallingford cost-based rates 33 33  Impairment of certain transmission rights (12) (12)  Change in U.K. tax rate 54 54  Sale of Latin American businesses 46 46  Sale of domestic telecommunication operations (23) (23)  PJM billing dispute (1) (1)  17 (23) 100 94  Earnings from ongoing operations $437 $120 $219 $776  Change excluding special items ($212) $8 $14 ($190)

 Reconciliation of Year-to-Date Reported  Earnings and Earnings from Ongoing Operations  A-12  (Dollars Per Share)  Pennsylvania International  Supply Delivery Delivery Total  Year-to-Date September 30, 2008  Reported earnings $0.78 $0.33 $0.62 $1.73  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 0.32 0.32  Impairment of emission allowances (0.07) (0.07)  Impairment of nuclear decom. trust investments (0.02) (0.02)  Sale of gas and propane businesses (0.01) (0.01)  Colstrip groundwater litigation (0.01) (0.01)  Synfuel tax adjustment (0.04) (0.04)  0.18 (0.01) 0.17  Earnings from ongoing operations $0.60 $0.34 $0.62 $1.56  Year-to-Date September 30, 2007  Reported earnings $1.17 $0.25 $0.83 $2.25  Special Items:  MTM adj's from energy-related, non-  trading economic hedges 0.05 0.05  Sale of gas and propane businesses (0.06) (0.06)  Settlement of Wallingford cost-based rates 0.09 0.09  Impairment of certain transmission rights (0.03) (0.03)  Change in U.K. tax rate 0.14 0.14  Sale of Latin American businesses 0.12 0.12  Sale of domestic telecommunication operations (0.06) (0.06)  0.05 (0.06) 0.26 0.25  Earnings from ongoing operations $1.12 $0.31 $0.57 $2.00  Change excluding special items ($0.52) $0.03 $0.05 ($0.44)

 Reconciliation of PPL’s Operating Income  and Energy Margins  A-13  2008 2007 Change  Per Share  (after-tax)  Synfuel  Tax Credit  Reclass (a)  Fourth Quarter  2008 Change  Full Year  2008 vs.  2007  Domestic gross energy margins, pre-tax $1,192 $1,385 ($193) ($0.30) $0.03 ($0.03) ($0.30)  2008 2007  Operating Income $1,264 $1,288  Adjustments:  Energy-related businesses, net (34) 18  Other operation and maintenance 1,101 996  Amortization of recoverable transition costs 217 229  Depreciation 347 334  Taxes, other than income 224 223  Revenue adjustments (b) (2,036) (1,519)  Expense adjustments (b) 109 (184)  Domestic gross energy margins $1,192 $1,385  Forecast (after-tax) Nine Months Ended September 30,  Nine Months Ended  September 30,  (Millions of Dollars)  (a) Reclassified for presentation purposes.  (b) See additional information on the following slide.

 Reconciliation of Year-to-Date  Operating Income and Energy Margins  A-14  Revenue adjustments 2008 2007 Change  Revenue  Utility $3,108 $3,074 $34  Unregulated retail electric and gas 110 73 37  Wholesale energy marketing 2,000 1,145 855  Net energy trading margins (82) 38 (120)  Revenue adjustments  WPD utility revenue (647) (638) (9)  Domestic delivery component of utility revenue (989) (980) (9)  Other utility revenue (38) (37) (1)  RMR revenues (52) 52  Mark-to-market adjustments from certain economic activity (363) 99 (462)  Gains from sale of emission allowances 1 89 (88)  Total revenue adjustments (2,036) (1,519) (517)  3,100 2,811 289  Expense adjustments  Expense  Fuel 718 692 26  Energy purchases 1,299 550 749  Expense adjustments  Mark-to-market adjustments from certain economic activity (157) 133 (290)  Domestic electric ancillaries (41) (39) (2)  Gross receipts tax 85 84 1  Other 4 6 (2)  Total expense adjustments (109) 184 (293)  1,908 1,426 482  Domestic gross energy margins $1,192 $1,385 ($193)  Nine Months Ended Sept. 30,  (Millions of Dollars)

 Reconciliation of PPL’s Reported Earnings and  Earnings from Ongoing Operations  High Low  2008 2008 2007 2006  Per Share Earnings from Ongoing Operations $2.05 $2.00 $2.60 $2.25  Special items (net of taxes):  economic hedges 0.32 0.32 0.08 (0.03)  Reversal of cost recovery - Hurricane Isabel (0.02)  Impairment of synfuel-related assets (0.01)  Sale of interest in Griffith (0.04)  Reduction in Enron reserve 0.03  Off-site remediation of ash basin leak 0.02  PJM billing dispute 0.01  Realization of benefits related to Black Lung Trust  assets 0.05  Susquehanna workforce reduction (0.01)  Impairment of nuclear decom. trust investments (0.02) (0.02) (0.01)  Sale of Latin American businesses 0.67  Sale of domestic telecommunication operations (0.06)  Sale of gas and propane businesses (0.01) (0.01) (0.11)  Settlement of Wallingford cost-based rates 0.09  Impairment of certain transmission rights (0.04)  Change in U.K. tax rate 0.14  Workforce reductions (0.02)  Synfuel tax adjustment (0.04) (0.04)  Colstrip groundwater litigation (0.01) (0.01)  Impairment of emission allowances (0.07) (0.07)  0.17 0.17 0.75 (0.01)  Reported Earnings Per Share $2.22 $2.17 $3.35 $2.24  Note: Per share amounts are based on diluted shares outstanding.  MTM adj's from energy-related, non-trading  Actual Forecast  A-15

 Credit Ratings  A-16  BBB Issuer Rating  AAA Aaa Tax-Exempt Bonds*  STABLE STABLE STABLE Outlook  A-A-A3Senior Secured Debt  F-2A-2P-2Commercial Paper  BBBBBBBaa3Preferred Stock  BBBA-Baa1Issuer Rating  A-A-A3First Mortgage Bonds  AA/A*** Aa3/Baa1***Tax-Exempt Bonds**  BBBBBBBaa3Preference Stock  PPL Electric Utilities  BBBBBB-Baa2Senior Unsecured Debt  BBB-BB+ Baa3Subordinated Debt  STABLE STABLE STABLE Outlook  PPL Capital Funding  BBB BBB Issuer Rating  BBB+ BBBBaa2Senior Notes  F-2A-2P-2Commercial paper  STABLE STABLE STABLE Outlook  PPL Energy Supply  STABLE STABLE STABLE Outlook  BBBBBBBaa2Issuer Rating  PPL Corporation  Fitch Standard & Poor’s Moody’s  * Letter of Credit-Backed Security  ** Insured Security  *** Ratings may differ for each issuance due to differences on Bond Insurer Ratings

 Credit Ratings (cont.)  A-17  A-3Commercial Paper  A-BBB+ Baa1Senior Unsecured Debt  F2A-2P-2Commercial Paper  POSITIVE STABLE STABLE Outlook  BBB+ BBB+ Baa1Issuer Rating  A-BBB+ Baa1Senior Unsecured Debt  F2A-2Commercial Paper  POSITIVE STABLE STABLE Outlook  Western Power Distribution (South West) PLC  BBB+ BBB+ Issuer Rating  Western Power Distribution (South Wales) PLC  POSITIVE STABLE STABLE Outlook  POSITIVE STABLE Outlook  BBB BBB-Issuer Rating  WPD Holdings LLP  BBB-BBB-Baa3Issuer Rating  BBBBBB-Baa3Senior Unsecured Debt  A-3Commercial Paper  WPD Holdings Limited  BBBBBB-Baa3Pass-Through Certificates  STABLE STABLE Outlook  PPL Montana  AAA AAA Aaa Transition Bonds  PPL Transition Bond Co.  Fitch Standard & Poor’s Moody’s

 Forward-Looking Information Statement  A-18  Statements contained in this presentation, including statements with respect to future earnings, energy prices,  margins, sales and supply, marketing performance, growth, revenues, expenses, rates, regulation, cash flows,  credit profile, financing, dividends, business disposition, corporate strategy, capital additions and expenditures,  and generating capacity and performance, 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 involve 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 plants and other facilities;  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 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 and rate relief; 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.

 “Earnings from ongoing operations” excludes the impact of special items. Special items include charges, credits or gains that  are unusual or nonrecurring. Special items also include the mark-to-market impact of energy-related, non-trading economic  hedges and impairments of securities in PPL’s nuclear decommissioning trust funds. The mark-to-market impact of these  hedges is economically neutral to the company because the mark-to-market gains or losses on the energy hedges will  reverse as the hedging contracts settle in the future. 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  generally accepted accounting principles (GAAP). PPL believes that earnings from ongoing operations, although a non- GAAP measure, is also useful and meaningful to investors because it provides them with PPL’s underlying earnings  performance as another criterion in making their 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.  “Free cash flow before dividends” is derived by deducting capital expenditures and other investing activities-net, as well as  the repayment of transition bonds, 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  since 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.  "Domestic Gross Energy Margins" is intended to supplement the investors' understanding of PPL’s domestic non-trading and  trading activities by combining applicable income statement line items and related adjustments to calculate a single financial  measure. PPL believes that "Domestic Gross Energy Margins" is useful and meaningful to investors because it provides  them with the results of PPL's domestic non-trading and trading activities as another criterion in making their investment  decisions. "Domestic Gross Energy Margins" is not intended to replace "Operating Income," which is determined in  accordance with GAAP, as an indicator of overall operating performance. PPL's management also uses "Domestic Gross  Energy Margins" in measuring certain corporate performance goals used in determining variable compensation. Other  companies may use different measures to present the results of their non-trading and trading activities.  Definitions of Financial Measures  A-19