EXHIBIT 12.1

PPL CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Millions of Dollars)

				12 Months			12 Months
				Ended			Ended
				September 30,			December 31,
				2003			2002			2001		2000		1999		1998
Fixed charges, as defined:
	Interest on long-term debt			$	401		$	486		$	351	$	323	$	233	$	203
	Interest on short-term debt and other interest				43			71			44		64		47		33
	Amortization of debt discount, expense and premium — net				52			25			17		5		4		2
	Interest on capital lease obligations
		Charged to expense											4		9		8
		Capitalized													1		2
	Estimated interest component of operating rentals				55			39			36		25		20		18
	Preferred stock dividends and preferred securities distributions of subsidiaries on a pre-tax basis				67			79			64		31		30		31
			Total fixed charges	$	618		$	700		$	512	$	452	$	344	$	297
Earnings, as defined:
	Net income (a)			$	586		$	436		$	167	$	491	$	492	$	379
	Preferred security dividend requirements				44			67			52		26		26		25
	Less undistributed income (loss) of equity method investments				(24	)		(23	)		20		74		56		3
					654			526			199		443		462		401
Add:
	Income taxes				217			210			261		294		174		259
	Amortization of capitalized interest on capital leases												2		2		2
	Total fixed charges as above (excluding capitalized interest, capitalized interest on capital lease obligations and preferred stock dividends of subsidiaries on a pre-tax basis)				546			600			419		405		307		257
			Total earnings	$	1,417		$	1,336		$	879	$	1,144	$	945	$	919
Ratio of earnings to fixed charges					2.3			1.9			1.7		2.5		2.7		3.1
Ratio of earnings to combined fixed charges and preferred stock dividends (b)					2.3			1.9			1.7		2.5		2.7		3.1

(a) Net income excludes extraordinary items, minority interest and the cumulative effect of a change in accounting principle.

(b) PPL Corporation, the parent holding company, does not have any preferred stock outstanding; therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.