PPL Electric Utilities 10-Q2008 Q1 Quarterly report

Filed: 2 May 08, 12:00am

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New words: Agent, ARB, AREVA, automatically, awarded, broad, Bulletin, capture, certiorari, closure, comment, commonly, concurrent, Conemaugh, Constellation, contemplating, Coordination, curtail, deal, delay, deployment, discovery, dismantled, dissolved, Duquesne, earlier, EDF, effluent, endangerment, enroll, enrolled, Entergy, entirety, Evolutionary, exit, expedited, explore, Family, FAS, fell, forgo, formula, gradual, hierarchy, highest, highly, inclusion, input, insolvent, introduction, Keystone, labeled, leave, Lebanon, lowest, MACT, membership, Memorandum, metering, minimizing, mode, municipal, nearest, NERC, noncontrolling, nonderivative, nonfinancial, Notice, notified, notwithstanding, Nova, NP, nuisance, opted, orderly, Outlook, pose, postponed, postponement, predicated, principle, priority, prohibited, properly, question, Reactor, reallocated, reclaim, redesignation, ReliabilityFirst, reliance, remarketed, remarketing, RFC, Scotia, smart, speculative, stationary, storm, student, surety, thereof, thereon, transparency, Triennial, UniStar, unobservable, unpaid, venture, WCI, welfare, zone

Removed: abate, abroad, accumulate, ACO, added, additive, agree, Aguaytia, appealed, appraisal, Arizona, BB, bear, belonging, Bethel, bifurcation, billed, biphenyl, book, bound, broker, bundled, calculating, calculation, callable, Canadian, challenge, chance, classify, COA, Cochabamba, Commissioner, comprehensively, concept, conditioned, confirmed, consented, consenting, consisting, context, continued, country, criterion, cumulative, curve, de, decide, declare, declaring, deeper, defeasance, defease, defeased, derecognize, disclosing, discontinue, dispose, doubtful, draft, Electrica, Elfec, Elroy, Emel, Empresa, enforceability, entering, environmentally, erroneously, error, estate, Estimator, Euro, EWG, examination, examine, exceeded, Exelon, exercised, expanding, expenditure, fact, favor, feedstock, forwarded, front, Fuerza, fundamental, generate, generator, Griffith, healthful, hearing, hybrid, illiquidity, impair, imposing, inadequate, inappropriate, inherent, intervened, issuing, Kingman, lag, largest, leased, liquidator, list, locational, LS, Luz, main, Manager, mandate, mechanical, method, methodology, milder, mistakenly, modeled, modest, month, Mt, negotiation, netted, notification, occurrence, operational, organized, overcharge, overcharged, PA, paying, PCB, peaking, PECO, percent, performed, Permanent, Peru, petitioned, plaintiff, plume, pole, polychlorinated, postretirement, principally, prompted, pronouncement, proper, quantitative, quickly, ranking, realization, reconcile, record, recovered, redeem, reevaluated, reexamining, refinance, reject, relation, remanded, remeasure, renew, representative, represented, residual, resolve, Restated, restricting, restrictive, resuming, RMR, run, securitized, sensitive, serial, sharing, single, Southwest, spring, step, stretch, strict, Subcommittee, Sundance, Superior, suspension, sustained, taxable, temporary, thermal, transformer, turbine, twelve, UFV, undercharged, unfounded, unregulated, unsecured, utilized, validity, voluntary, Wallingford, Warren, waste, weighted, wellhead, wholly, written

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Exhibit 12(a)
PPL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Millions of Dollars)

	3 Months Ended March 31,		12 Months Ended December 31,
	2008		2007		2006		2005		2004			2003
Earnings, as defined:
Net income (a)	$	246	$	1,016	$	842	$	695	$	681		$	772
Preferred security dividend requirements		5		18		14		2		2			29
Less undistributed income (loss) of equity method investments						3		2		(1	)		(5	)
Income taxes		129		270		268		128		196			162
Total fixed charges as below (excluding capitalized interest, preferred security distributions of subsidiaries on a pre-tax basis and interest expense related to discontinued operations)		113		495		476		505		519			494

Total earnings	$	493	$	1,799	$	1,597	$	1,328	$	1,399		$	1,462

Fixed charges, as defined:
Interest on long-term debt	$	121	$	522	$	482	$	465	$	491		$	417
Interest on short-term debt and other interest		5		35		13		29		20			25
Amortization of debt discount, expense and premium - net		4		8		11		23		8			41
Estimated interest component of operating rentals		5		21		29		32		34			45
Preferred securities distributions of subsidiaries on a pre-tax basis		7		23		24		5		5			45

Total fixed charges (b)	$	142	$	609	$	559	$	554	$	558		$	573

Ratio of earnings to fixed charges		3.5		3.0		2.9		2.4		2.5			2.6
Ratio of earnings to combined fixed charges and preferred stock dividends (c)		3.5		3.0		2.9		2.4		2.5			2.6

(a)		Net income excludes minority interest, discontinued operations and the cumulative effects of changes in accounting principles.
(b)		Interest on unrecognized tax benefits is not included in fixed charges.
(c)		PPL, the parent holding company, does not have any preferred stock outstanding; therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.