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):  October 23, 2009

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 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On October 23, 2009, PPL Corporation (“PPL” or the “Company”) issued a press release announcing that on Tuesday, November 3, 2009, members of PPL’s senior management will make a presentation to investors and financial analysts at the Edison Electric Institute's (“EEI”) annual financial conference in Hollywood, Florida.  James H. Miller, PPL's chairman, president and chief executive officer, will discuss the Company's corporate strategy, growth opportunities and general business outlook.

The presentation and the slides to be used during the conference will be available in a simultaneous Webcast and will also be available for 30 days on PPL's Internet Web site:  www.pplweb.com.  A copy of the press release announcing this presentation and Webcast is furnished as Exhibit 99.1 and is incorporated herein by reference.

A copy of the slides to be used for the presentation and related discussions is furnished as Exhibit 99.2 and is incorporated herein by reference.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1 -	October 23, 2009 press release announcing PPL’s presentation at the EEI annual financial conference in Hollywood, Florida.
	99.2 -	Slides to be used in connection with the presentation referred to in Exhibit 99.1.

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:  October 30, 2009

EX-99.1

Exhibit 99.1

Contact:     George E. Biechler, 610-774-5997

Joseph P. Bergstein, 610-774-5609

PPL Corporation

Two N. Ninth St.

Allentown, PA 18101

PPL’s presentation to be webcast

from Edison Electric Institute’s Annual Financial Conference

ALLENTOWN, Pa. (Oct. 23, 2009) -- Senior management of PPL Corporation (NYSE: PPL) will make a presentation to investors and financial analysts at the Edison Electric Institute’s annual financial conference in Hollywood, Fla., at 8:15 a.m. EST Tuesday, Nov. 3.

James H. Miller, PPL’s chairman, president and chief executive officer, will discuss PPL’s corporate strategy, growth opportunities and general business outlook.

The presentation will be available online live, in audio format along with slides, on PPL’s Web site at www.pplweb.com. For those who cannot listen to the live webcast of the presentation, a replay will be archived and will be accessible for 30 days on the Web site.

PPL Corporation, headquartered in Allentown, Pa., controls more than 12,000 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 to Editors: Visit our media Web site at www.pplnewsroom.com for additional news and background about PPL Corporation.

EX-99.2

EEI Financial Conference

Hollywood, Florida

November 1-4, 2009

Exhibit 99.2

1

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.

2

Investment Highlights

•Significant increase in financial performance

–Earnings expected to increase substantially in 2010 driven by transition to market based
electricity prices after approximately 10 years of fixed generation rates

–Dividends continue to be viewed as an important component of shareowner return

–Investment grade credit ratings are a key competitive asset

•Highly attractive baseload oriented generation fleet

–Competitively positioned nuclear, hydro and efficient coal

–Attractive nuclear and hydro uprate/expansion projects equating to 208 additional MWs

–Potential benefit from carbon regulation

–Underlying value strongly and positively correlated to a recovery in natural gas prices

•Disciplined multiyear hedging program has created significant value

–99% for 2009, 99% for 2010, 89% for 2011 and 58% for 2012 of expected baseload volumes

–Protects against further weakness in energy prices and allows for upside participation if near-
term recovery occurs

•Focused on growth in rate regulated businesses

–Achieved formula rate mechanism for Transmission tariffs at a ROE of 11.64%

–Highly attractive Susquehanna-Roseland RTEP project; PPL EU’s portion is expected to cost
about $500 million at an approved 12.89% ROE

–Significant Distribution Capex to support performance of existing network

–WPD DPCR5: Initial OFGEM proposal constructive; final proposal in November

PPL’s Generation Portfolio

3

Morony

Ryan

Cochrane

Rainbow

Black Eagle

Kerr

Thompson Falls

Holter

Hauser

Madison

Mystic Lake

Corette

Colstrip

Montour

Keystone

Conemaugh

Lake
Wallenpaupack

Susquehanna

Martins Creek

Lower Mount Bethel

Ironwood

Brunner
Island

Safe Harbor

Holtwood

Hydro
Coal
Nuclear
Gas/Oil

Key

Montana

Generating capacity - 1,287 MW

Madison
Morony
Mystic Lake
Rainbow
Ryan
Thompson Falls

Other generating stations

(1) PPL has signed agreements to sell Shoreham, Edgewood and

the PPL Maine hydro assets.

 PPL’s Generation Portfolio   3  MoronyRyanCochrane  Rainbow  Black Eagle  Kerr  Thompson Falls  Holter  Hauser  Madison  Mystic Lake Corette  Colstrip  Montour  Keystone  Conemaugh  Lake  Wallenpaupack  Susquehanna  Martins Creek  Lower Mount Bethel  Ironwood  Brunner  Island Safe Harbor  Holtwood  HydroCoal  Nuclear  Gas/Oil  Key  Montana  Generating capacity – 1,287 MW  Black EagleCochrane  ColstripCorette  Hauser  Holter  Kerr  Madison  MoronyMystic LakeRainbow  RyanThompson Falls  Other generating stations  University Park, IL – 540 MW  Wallingford, CT – 225 MW  Shoreham and Edgewood, Long Island, NY – 159 MW (1)  Nine Hydroelectric Facilities,  ME – 39 MW (1)  Wyman, ME – 51 MW  PennsylvaniaGenerating capacity – 10,894 MW  Brunner Island  Holtwood  Lake WallenpaupackLower Mount Bethel  Martins Creek  Montour  SusquehannaConemaughKeystoneSafe Harbor  Ironwood (1) PPL has signed agreements to sell Shoreham, Edgewood and  the PPL Maine hydro assets.

4

Note: As of 9/30/2009

…provides higher level of earnings and cash flow predictability

201020112012

99%

Band 1

Band 2

89%

Band 3

58%

{

Target
Range

Actual
Hedge
Level

Hedges

Swaps/Options96%89%58%

Load-following3%0%0%

Multi-year Hedging Program…

Note:As of 9/30/2009

2009201020112012

Uranium100%100%100%100%

Coal

East100% 97% 83% 60%

West100%100%100% 90%

Total100%98%88%68%

$35

$40

$45

$50

$55

Balance of 2009

2010

2011

max collar price

fixed base price

min collar price

Weighted

Average

$/Ton

at Mine (1)

7%

11%

% Diesel Surcharge

78%

5%

0%

% Collars

88%

89%

% Fixed Base Price (2)

22%

0%

5

(1) Base prices for East wholly owned plants, which include Montour & Brunner Island but not Keystone & Conemaugh.

(2) Excludes contracts subject to mining-related oil surcharges and/or price collars.

Current Fuel Hedge Positions

PPL Electric Utilities

•Transmission and Distribution business
with 1.4 million customers in Pennsylvania

•Attractive rate base investment
opportunities to support infrastructure and
reliability

•Superior customer service

•Constructive regulatory relationships

6

Millions

$3,006

$3,442

$3,907

$4,290

$4,679

$2,809

7

CAGR

Distribution = 6.8%

Transmission = 19.7%

PPL Electric Utilities Rate Base

 Attractive Transmission Development Project   8  • PPL Electric to build Pennsylvania portion of the  150-mile Susquehanna to Roseland, NJ 500 kV  transmission line. New Jersey portion of the line  to be built by PSEG.  • Project needed for reliability and is part of  PJM’s Regional Transmission Expansion Plan  (RTEP)  • PJM-directed completion date June 2012  • Cost of PPL’s portion of the line is estimated at  $500 million  • Formula rate mechanism for transmission  – Settlement agreement approved by FERC  for 11.64% ROE* including RTO adder  • PPL rate structure for RTEP project  – 12.89% ROE*  – CWIP in rate base  – Recovery of costs if terminated  *ROE increases to 11.68% including RTO adder and to 12.93% for RTEP projects in June 2010

Western Power Distribution

•Electricity Distribution company
that delivers electricity to 2.6
million end users in the United
Kingdom

•No commodity exposure

•Highly attractive regulatory
construct

•Final proposal for DCPR5
expected in November

9

Forecast

10

* Earnings from ongoing operations - See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations.

$2.02

$3.50

Per Share

$1.90

$1.60

$3.10

Strong Expected Earnings Growth

(1) Market prices based on the average of broker quotes as of 9/30/2009

(2) 24-hour average

(3) NYMEX and TZ6NNY forward gas prices on 9/30/2009

(4) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price

A-1

Market Prices

 Market Prices   (1) Market prices based on the average of broker quotes as of 9/30/2009  (2) 24-hour average  (3) NYMEX and TZ6NNY forward gas prices on 9/30/2009  (4) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price  Actual  2008 2009 2010 2011 2012  $81 $44 $59 $63 $65  $49 $32 $39 $41 $43  $69 $38 $48 $52 $53  $65 $36 $52 $56 $57  $51 $29 $41 $45 $45  $59 $33 $47 $51 $51  $8.84 $4.04 $6.21 $6.87 $7.02  $9.85 $4.79 $7.01 $7.69 $7.80  8.2 9.2 8.4 8.2 8.3  $82.00 $158.24 $181.39 $136.79 $123.63  89.6% 89.5% 91.6% 88.6% 91.1%  (Per MWD)  EQA  HEAT RATE(4)  TZ6NNY  PJM MARKET  ATC(2)  NYMEX  GAS(3)  CAPACITY PRICES  Mid-Columbia  Forward(1)  On-Peak  Off-Peak  ATC(2)  ELECTRIC  PJM  On-Peak  Off-Peak  A-1

Market Segment

Baseload

63%

Peaking

18%

Intermediate

19%

Installed Capacity

MW

Coal

34%

Gas/Oil

38%

Nuclear

18%

Hydro

8%

QFs

2%

Diverse and Balanced Fleet

Geography

Production

GWh

PJM

85%

WECC

11%

Coal

49%

Gas/Oil
10%

Nuclear

32%

Hydro

9%

NEPOOL

3%

NYISO

1%

Baseload oriented fleet augmented by attractive load-following capabilities

A-2

Note:As of September 30, 2009

PPL has proactively complied with current environmental regulations on an economic basis

(1) Colstrip is located in Montana

(2) Keystone & Conemaugh: PPL is a minority owner and does not operate

A-3

Environmental Control Equipment

Environmental Control Equipment   Keystone(2) Conemaugh(2)  Control Device Removes Unit 1 Unit 2 Unit 3 Unit 1 Unit 2 Unit 3 & 4 Unit 3 & 4 Unit 1 & 2 Unit 1 & 2  Low Nox Burners NOx  SCR NOx  Scrubbers SO2  Brunner Island Montour Colstrip(1)  = Installed  = Potential  = Under Construction  PPL has proactively complied with current environmental regulations on an economic basis  (1) Colstrip is located in Montana  (2) Keystone & Conemaugh: PPL is a minority owner and does not operate  A-3

A-4

Supply Segment Asset Hedge Positions

Supply Segment Asset Hedge Positions   2009 2010 2011 2012  Baseload  Expected Generation* (1,000 MWhs) 51.4 52.0 52.2 53.4  East 42.9 43.5 43.9 45.0  West 8.5 8.5 8.3 8.4  Current Hedges (%) 99% 99% 89% 58%  East 99% 100% 90% 55%  West 96% 90% 83% 73%  Average Hedged Price (Energy Only) ($/MWh) $46 $59 $59 $61  East $46 $60 $60 $62  West $47 $50 $56 $57  Expected Average Price (Fully Loaded) ($/MWh) $46 $70 $67 $68  East** $46 $72 $70 $71  West $47 $50 $56 $57  % Hedged Through Swaps/Options Energy Transactions 22% 96% 89% 58%  % Hedged Through Load-following Transactions 77% 3% 0% 0%  Intermediate/Peaking  Expected Generation (1,000 MWhs) 5.8 5.2 5.2 5.3  Current Hedges (%) 88% 17% 0% 0%  As of September 30, 2009  *Represents expected sales based on current forecasted assumptions for 2009-2012  **Represents energy, capacity, congestion and other revenues  A-4

20092010
Expected Gross Margin$35 Mil$35 Mil

Geographic Diversity

20092010

NEPOOL

24%

MISO

2%

PJM

74%

PJM

71%

NEPOOL

27%

MISO

2%

A-5

Supply Segment Marketing and Trading Overview

 Supply Segment Marketing and Trading Overview    Year-Over-Year Change Energy Demand  for PPL EnergyPlus Load Following Contracts   2009 2010   0.0%   Expected Gross Margin  $35 Mil  $35 Mil   -2.0%   -1.0%   -4.0% -6.0% - -8.0%   -10.0%   -12.0%   -14.0% - -13.0%    -16.0% -15.0%  PJM MISO NEPOOL   Year-Over-Year Change (%)   Geographic Diversity  2009 2010   MISO MISO Average On-peak Electricity Prices ($/MWh)  $100   NEPOOL  24%  PJM  74%  PJM  71%  NEPOOL  27%  $90   2% 2%   $90   $81   $80  $70    $65    $60  $50    $45   $ / MWh   $44   $40   $33   $30  $20  $10  $0   PJM MISO NEPOOL   2008   2009

A-6

Pennsylvania Electricity Distribution Rate Regulation

•Retail distribution of electricity and natural gas are regulated by the
Pennsylvania Public Utility Commission

–Pennsylvania deregulated the generation of electricity in 1997

–Transmission and wholesale sales of electricity are regulated by the Federal
Energy Regulatory Commission

•Retail distribution rates are set by a combination of base rate
proceedings and automatic adjustment clauses

•Base rate proceedings

–Initiated by a utility filing or, rarely, through a Commission investigation

–Based upon the traditional cost of service, rate of return model

–The utility must have the opportunity to earn a "fair rate of return“ on used and
useful rate base

–The utility must file historic data; may file future data

–The Commission must enter an order within nine months of the utility's filing or the
proposed rates go into effect subject to refund

•Automatic adjustment clauses

–Specifically authorized in the Public Utility Code

–Limited by court decision to expense items, not capital costs

–Usually based on a forecast of costs with an annual reconciliation to actual costs

–Have been used to recover the costs of: energy, stranded investment,
transmission and universal service

PPL Electric Utilities 2011 to mid-2013
Procurement Plan

A-7

•Residential load to be supplied under 12- and 24-month
load-following contracts, 5- and 10-year fixed block
products, and spot purchases

•Small commercial and industrial to be supplied under 12-
and 24-month load-following contracts, and spot
purchases

•Large commercial and industrial load to be supplied
under hourly pricing products and an optional fixed-price
product

A-8

August 11, 2009 July 19, 2011

October 20, 2009 October 18, 2011

January 19, 2010 January 9, 2012

April 20, 2010 April 3, 2012

July 20, 2010 July 17, 2012

October 19, 2010 October 16, 2012

April 18, 2011 January 22, 2013

P

P

P

Completed

PPL Electric Utilities 2011 to mid-2013
Procurement Plan Schedule

•Due dates for bids:

A-9

UK Electricity Distribution Regulation

•Electricity and natural gas supply and distribution are regulated by the UK’s Office of
Gas and Electricity Markets (OFGEM)

•Electricity distribution revenues are set every five years through a Distribution Price
Control Review (DPCR) process

–Price control is based on a forward looking assessment of income sufficient to finance an
efficient business

–Revenues must cover operating and capital costs at an efficient level for the service territory

•Efficiency is determined through a detailed comparative analysis of all UK electricity
distribution companies

–Typically, the DPCR results in a one-time price reduction followed by annual adjustments for
inflation less an efficiency factor

•An incentive / penalty arrangement exists for reliability and customer service levels

•The revenue that a company can earn in each of the five years is the sum of:

–The Regulator’s view of efficient operating costs,

–A return on the value of Regulated Asset Base (“RAB”), and

–A return of capital being the depreciation of the RAB

•The DPCR is currently in process with the next five-year period beginning April 1,
2010

A-10

$1,503

$1,299

$1,888

$2,185

$1,933

$1,845

Capital Expenditures by Segment

Millions

A-11

Note:See Appendix for reconciliation of cash from operations to free cash flow before dividends

Free Cash Flow before Dividends Forecast

(1)Reported as of 9/30/2009

A-12

Domestic facilities consist of a diverse bank group, with no bank and its
affiliates providing an aggregate commitment of more than 15% of the total
committed capacity.

Liquidity Profile

Liquidity Profile   (1) Reported as of 9/30/2009  A-12  Institution Facility  Expiration  Date  Total  Facility  (Millions)  Letters of Credit  Outstanding (1)  (Millions)  Drawn (1)  (Millions)  Availability  (Millions)  PPL Energy Supply 5-year Credit Facility Jun-2012 $3,225 $455 $285 $2,485  Bilateral Credit Facility Mar-2010 200 4 0 196  5-year Structured Credit Facility Mar-2011 300 230 0 70  364-day Credit Facility Sep-2010 400 0 0 400  $4,125 $689 $285 $3,151  PPL Electric Utilities 5-year Credit Facility May-2012 $190 $5 $0 $185  Asset-backed Credit Facility Jul-2010 150 0 0 150  $340 $5 $0 $335  WPD 3-year Credit Facility Jul-2012 £210 £0 £54 £156  5-year Credit Facility Jan-2013 150 0 127 23  Uncommitted Credit Facilities 60 0 21 39  Letter of Credit Facility Mar-2010 3 3 0 0  £423 £3 £202 £218  Domestic facilities consist of a diverse bank group, with no bank and its  affiliates providing an aggregate commitment of more than 15% of the total  committed capacity.

A-13

PPL Energy Supply Collateral Profile

Note:As of 9/30/2009

A-14

(1)PPL Capital Funding $201 million maturity paid off in March 2009

(2)PPL Electric Utilities $486 million maturity paid off in August 2009

Debt Maturities

Debt Maturities   Note: As of 9/30/2009  A-14  2009 2010 2011 2012 2013  PPL Energy Supply  $0  $0 $500 $0 $737  PPL Capital Funding 0 (1) 0 0 0 0  PPL Electric Utilities 0 (2) 0 0 0 500  WPD Group  0  0 0 0 0  Total $0 $0 $500 $0 $1,237  (Millions)  (1) PPL Capital Funding $201 million maturity paid off in March 2009  (2) PPL Electric Utilities $486 million maturity paid off in August 2009

(Millions)

A-15

	2008	2009	2010
Cash from Operations	$ 595	$741	$1,437
Increase/(Decrease) in cash due to:
Capital Expenditures	(939)	(753)	(892)
Investment in Energy Project	(203)
Asset Sales		216	39
Other Investing Activities-net	(58)	(15)	(61)
Free Cash Flow before Dividends	($605)	$189	$523

ActualProjected

Note:Asset Sales in 2009 include the anticipated proceeds from the announced pending sale of most of the Maine generating assets
and all of the Long Island generating assets.Closing of the sale of the Maine assets is expected on or about November 1,
2009.Closing on the sale of the Long Island assets is expected later in 2009 or in the first quarter of 2010.Asset sales in
2010 include the anticipated proceeds from the announced pending sale of the remaining Maine generating assets.

Supply Segment Reconciliation of Cash from Operations
to Free Cash Flow before Dividends

(Millions)

A-16

	2008	2009	2010
Cash from Operations	$ 643	$561	$250
Less Transition Bond Repayment Increase/(Decrease) in cash due to:	(293)
Capital Expenditures	(286)	(295)	(568)
Asset Sales & Other	303
Free Cash Flow before Dividends	$367	$266	($318)

Note:Asset Sales in 2008 includes the net proceeds from the sale of gas and propane businesses

ActualProjected

PA Delivery Segment Reconciliation of Cash from
Operations to Free Cash Flow before Dividends

(Millions)

A-17

	2008	2009	2010
Cash from Operations	$ 279	$230	$248
Increase/(Decrease) in cash due to:
Capital Expenditures	(278)	(251)	(428)
Free Cash Flow before Dividends	$1	($21)	($180)

ActualProjected

International Delivery Segment Reconciliation of Cash
from Operations to Free Cash Flow before Dividends

A-18

Reconciliation of PPL’s Reported Earnings and
Earnings from Ongoing Operations

 Reconciliation of PPL’s Reported Earnings and  Earnings from Ongoing Operations    Forecast Actual  High Low  2009 2009 2008 2007   Earnings from Ongoing Operations per share of common stock $1.90 $1.60 $2.02 $2.60   Special items (net of taxes):  Unrealized gains (losses) from energy-related, non-trading  economic hedges (0.45) (0.45) 0.67 0.08  Unrealized losses from foreign currency economic hedges (0.01) (0.01)  Adjustments -nuclear decommissioning trust investments (0.04)  Sale of Latin American businesses 0.67  Sale of telecommunication operations (0.06)  Sale of gas and propane businesses (0.01) (0.11)  Settlement of Wallingford cost-based rates 0.09  Impairment of transmission rights (0.04)  Change in U.K. tax rate 0.14  Workforce reductions (0.03) (0.03) (0.02)  Synfuel tax adjustment (0.04)  Montana basin seepage litigation (0.01)  Impairments & other impacts - emission allow ances (0.04) (0.04) (0.07)  Impairments - assets held for sale & other (0.10) (0.10) (0.05)  Taxes - Latin American businesses (0.06) (0.06)  Changes in tax accounting method (0.07) (0.07)   (0.76) (0.76) 0.45 0.75  Reported Earnings per share of common stock $1.14 $0.84 $2.47 $3.35  Note: Per share amounts are based on diluted shares outstanding.

Credit Ratings

A-19

	Moody’s	Standard & Poor’s	Fitch
PPL Corporation
Issuer Rating	Baa2	BBB	BBB
Outlook	NEGATIVE	NEGATIVE	STABLE
PPL Energy Supply
Issuer Rating		BBB	BBB
Tax-Exempt Bonds*	Aaa	AAA
Senior Notes	Baa2	BBB	BBB+
Outlook	STABLE	NEGATIVE	STABLE
PPL Capital Funding
Issuer Rating			BBB
Senior Unsecured Debt	Baa2	BBB-	BBB
Subordinated Debt	Baa3	BB+	BBB-
Outlook	NEGATIVE		STABLE
PPL Electric Utilities
Issuer Rating	Baa1	A-	BBB
First Mortgage Bonds	A3	A-	A-
Tax-Exempt Bonds**	A3/Baa1	A/A-
Senior Secured Debt	A3	A-	A-
Commercial Paper	P-2	A-2	F-2
Preferred Stock	Baa3	BBB	BBB
Preference Stock	Baa3	BBB	BBB
Outlook	NEGATIVE	NEGATIVE	STABLE

*Letter of Credit-Backed Security

**Includes both Insured and Non-Insured Securities

Credit Ratings (cont.)

A-20

Commercial Paper

A-

BBB+

Baa1

Senior Unsecured Debt

F2

A-2

P-2

Commercial Paper

POSITIVE

NEGATIVE

STABLE

Outlook

BBB+

BBB+

Baa1

Issuer Rating

A-

BBB+

Baa1

Senior Unsecured Debt

F2

A-2

Commercial Paper

POSITIVE

NEGATIVE

STABLE

Outlook

Western Power Distribution (South West) PLC

BBB+

BBB+

Issuer Rating

Western Power Distribution (South Wales) PLC

POSITIVE

NEGATIVE

STABLE

Outlook

POSITIVE

Outlook

BBB

Issuer Rating

WPD Holdings LLP

BBB-

BBB-

Baa3

Issuer Rating

BBB

BBB-

Baa3

Senior Unsecured Debt

A-3

Commercial Paper

WPD Holdings Limited

BBB

BBB-

Baa3

Pass-Through Certificates

STABLE

STABLE

Outlook

PPL Montana

Fitch

Standard & Poor’s

Moody’s

A-21

PPL Corporation(NYSE: PPL) is a Fortune 500 company with headquarters in Allentown, Pa.The Company’s diversified
corporate strategy is to achieve growth in energy supply margins while limiting volatility in both cash flows and earnings and to
achieve stable, long-term growth in regulated delivery businesses through efficient operations and strong customer and
regulatory relations.The strategy is carried out through four principal subsidiaries:

PPL EnergyPlus,which markets energy in key U. S. markets.

PPL Generation, which operates more than 12,000 megawatts of electricity generating capacity in Pennsylvania, Montana,
Maine, Illinois, New York and Connecticut, with an additional 208 megawatts of planned uprate projects.

PPL Electric Utilities, which delivers electricity to 1.4 million customers in Pennsylvania.

PPL Global, which delivers electricity to 2.6 million customers in the United Kingdom.

Security Ratings

Moody’sS&PFitch

PPL Corp.

Corporate Credit RatingBaa2BBBBBB

PPL Capital Funding, Inc.

Senior Unsecured DebtBaa2BBB-BBB

PPL Electric Utilities Corp.

First Mortgage Bonds A3A-A-

Senior Secured BondsA3A-A-

PPL Energy Supply

Senior Unsecured NotesBaa2BBBBBB+

WPD Holdings Limited

Senior Unsecured Debt Baa3BBB-BBB

WPD Operating Cos.

Senior Unsecured DebtBaa1BBB+A-

Contacts

Joseph P. Bergstein, Jr.

Manager-Investor Relations

Phone: (610) 774-5609

Fax: (610) 774-5106

jpbergstein@pplweb.com

www.pplweb.com

PPL Facts

A-22

Statements contained in this presentation, including statements with respect to future earnings, energy prices,
margins and sales, growth, revenues, expenses, cash flow, asset disposition, marketing performance, hedging,
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 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; 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, 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.

Forward-Looking Information Statement

A-23

“Earnings from ongoing operations” excludes the impact of special items. Special items include charges or credits that are unusual or
nonrecurring. Special items also include unrealized gains and losses from energy-related, non-trading economic hedges, foreign
currency-related economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds. The energy-related, non
-trading economic hedges are used to hedge a portion of the economic value of PPL’s generation assets and PPL’s load-following 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). Also included in this special item is the ineffective portion of qualifying cash flow hedges. The foreign currency-
related economic hedges are used to hedge a portion of the net income of the international delivery business segment. This economic
value in U.S. dollars is subject to changes in the British Pound Sterling to U.S. dollar exchange rate. Management believes that the
exclusion of such amounts provides a better matching of ongoing earnings to the actual amounts settled for our underlying hedged
assets. Earnings from ongoing operations should not be considered as an alternative to reported earnings, or net income attributable to
PPL, 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 Non-GAAP Financial Measures