PPL Electric Utilities 10-Q 30 Oct 09 2009 Q3 Quarterly report Financial data

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Share data in Thousands	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Operating Revenues
Utility	$955	$1,007	$2,901	$3,108
Unregulated retail electric and gas	34	43	108	110
Wholesale energy marketing
Realized	999	748	2,564	1,610
Unrealized economic activity (Note 14)	(307)	1,157	(67)	361
Net energy trading margins	7	(132)	2	(82)
Energy-related businesses	117	148	321	394
Total Operating Revenues	1,805	2,971	5,829	5,501
Operation
Fuel	264	305	708	734
Energy purchases
Realized	750	500	2,049	1,126
Unrealized economic activity (Note 14)	(79)	1,020	255	157
Other operation and maintenance	317	361	1,043	1,095
Amortization of recoverable transition costs	73	73	227	217
Depreciation	120	117	343	345
Taxes, other than income	70	77	209	224
Energy-related businesses	109	134	298	361
Total Operating Expenses	1,624	2,587	5,132	4,259
Operating Income	181	384	697	1,242
Other Income - net	9	8	38	32
Other-Than-Temporary Impairments	0	6	18	16
Interest Expense	106	119	294	335
Income from Continuing Operations Before Income Taxes	84	267	423	923
Income Taxes	34	57	101	277
Income from Continuing Operations After Income Taxes	50	210	322	646
Income (Loss) from Discontinued Operations (net of income taxes) (Note 8)	(24)	(2)	(53)	22
Net Income	26	208	269	668
Net Income Attributable to Noncontrolling Interests	6	5	15	15
Net Income Attributable to PPL Corporation	20	203	254	653
Amounts Attributable to PPL Corporation:
Income from Continuing Operations After Income Taxes	44	205	307	631
Income (Loss) from Discontinued Operations (net of income taxes)	(24)	(2)	(53)	22
Net Income	$20	$203	$254	$653
Income from Continuing Operations After Income Taxes Available to PPL Corporation Common Shareowners:
Basic	0.12	0.54	0.82	1.68
Diluted	0.12	0.54	0.81	1.67
Net Income Available to PPL Corporation Common Shareowners:
Basic	0.05	0.54	0.67	1.74
Diluted	0.05	0.54	0.67	1.73
Dividends Declared Per Share of Common Stock	0.345	0.335	1.035	1.005
Weighted-Average Shares of Common Stock Outstanding (in thousands)
Basic	376,384	374,290	375,795	373,394
Diluted	376,716	375,096	376,113	374,984

1_CONDENSED CONSOLIDATED STATEM

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash Flows from Operating Activities
Net income	$269	$668
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	345	347
Amortization of recoverable transition costs and other	286	286
Defined benefits	(29)	(55)
Deferred income taxes and investment tax credits	20	(56)
Gains related to the extinguishment of notes	(29)	0
Impairment of assets	109	53
Unrealized (gains) losses on derivatives, and other hedging activities	256	(83)
Other	36	52
Change in current assets and current liabilities
Accounts receivable	(69)	127
Accounts payable	(201)	(31)
Unbilled revenue	98	(28)
Counterparty collateral deposits	326	(18)
Price risk management assets and liabilities	(216)	(61)
Other	28	(58)
Other operating activities
Other assets	17	28
Other liabilities	1	(10)
Net cash provided by operating activities	1,247	1,161
Cash Flows from Investing Activities
Expenditures for property, plant and equipment	(821)	(979)
Expenditures for intangible assets	(67)	(283)
Proceeds from the sale of intangible assets	9	11
Purchases of nuclear plant decommissioning trust investments	(182)	(169)
Proceeds from the sale of nuclear plant decommissioning trust investments	163	149
Purchases of other investments	0	(50)
Proceeds from the sale of other investments	150	36
Net (increase) decrease in restricted cash and cash equivalents	170	(70)
Other investing activities	(13)	5
Net cash used in investing activities	(591)	(1,350)
Cash Flows from Financing Activities
Issuance of long-term debt	298	699
Retirement of long-term debt	(916)	(299)
Issuance of common stock	45	19
Repurchase of common stock due to the repurchase program	0	(38)
Payment of common stock dividends	(386)	(365)
Net increase (decrease) in short-term debt	(70)	109
Other financing activities	(31)	(9)
Net cash provided by (used in) financing activities	(1,060)	116
Effect of Exchange Rates on Cash and Cash Equivalents	0	(5)
Net Decrease in Cash and Cash Equivalents	(404)	(78)
Cash and Cash Equivalents at Beginning of Period	1,100	430
Cash and Cash Equivalents included in Assets Held for Sale	0	(3)
Cash and Cash Equivalents at End of Period	$696	$349

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions	Sep. 30, 2009		Dec. 31, 2008
Current Assets
Cash and cash equivalents	$696		$1,100
Short-term investments	0		150
Restricted cash and cash equivalents	151		320
Accounts receivable (less reserve: 2009, $38; 2008, $36)
Customer	411		456
Other	186		77
Unbilled revenues	504		599
Fuel, materials and supplies	361		337
Prepayments	97		84
Price risk management assets	1,685		1,224
Other intangibles	24		17
Assets held for sale	175		0
Other current assets	9		19
Total Current Assets	4,299		4,383
Investments
Equity method investments	34		47
Nuclear plant decommissioning trust funds	525		446
Other investments	23		29
Total Investments	582		522
Electric plant
Transmission and distribution	8,528		8,046
Generation	10,163		9,588
General	885		840
Electric plant in service	19,576		18,474
Construction work in progress	721		1,131
Nuclear fuel	460		428
Electric plant	20,757		20,033
Gas and oil plant	68		68
Other property	163		156
Property, plant and equipment, gross	20,988		20,257
Less: accumulated depreciation	8,111		7,882
Property, Plant and Equipment, net	12,877		12,375
Regulatory and Other Noncurrent Assets
Regulatory assets	493		737
Goodwill	805		763
Other intangibles	622		637
Price risk management assets	1,839		1,392
Other regulatory and noncurrent assets	427		596
Total Regulatory and Other Noncurrent Assets	4,186		4,125
Total Assets	21,944		21,405
Current Liabilities
Short-term debt	620		679
Long-term debt	0		696
Accounts payable	567		766
Taxes	89		77
Interest	140		130
Dividends	135		131
Price risk management liabilities	1,425		1,324
Counterparty collateral	348		22
Other current liabilities	469		477
Total Current Liabilities	3,793		4,302
Long-term Debt	7,250		7,142
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes and investment tax credits	2,203		1,764
Price risk management liabilities	927		836
Accrued pension obligations	839		899
Asset retirement obligations	398		389
Other deferred credits and noncurrent liabiliites	597		677
Total Deferred Credits and Other Noncurrent Liabilities	4,964		4,565
PPL Corporation Shareowners' Common Equity
Common stock - $0.01 par value (a)	4	[1]	4	[1]
Capital in excess of par value	2,264		2,196
Earnings reinvested	3,726		3,862
Accumulated other comprehensive loss	(376)		(985)
Total PPL Corporation Shareowners' Common Equity	5,618		5,077
Noncontrolling Interests	319		319
Total Equity	5,937		5,396
Total Liabilities and Equity	$21,944		$21,405
[1](a) 780,000 shares authorized; 376,639 shares issued and outstanding at September 30, 2009 and 374,581 shares issued and outstanding at December 31, 2008.

2_CONDENSED CONSOLIDATED BALANC

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL INFORMATION (USD $)
In Millions, except Share data in Thousands	Sep. 30, 2009	Dec. 31, 2008
Parenthetical Information Balance Sheet
Accounts receivable reserve for uncollectible accounts	$38	$36
Common stock par value	0.01	0.01
Common stock shares authorized	780,000	780,000
Common stock shares issued	376,639	374,581
Common stock shares outstanding	376,639	374,581

3_CONDENSED CONSOLIDATED STATEM

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (USD $)
In Millions, except Share data in Thousands	3 Months Ended Sep. 30, 2009		3 Months Ended Sep. 30, 2008		9 Months Ended Sep. 30, 2009		9 Months Ended Sep. 30, 2008
Balance at beginning of period - shares					374,581
Balance at beginning of period (a)	$5,838		$5,503		$5,396		$5,876
Common stock issued (b)	17	[2]	3	[2]	66	[2]	28	[2]
Common stock repurchased					(1)		(39)	[5]
Stock-based compensation	1		3		3		25
Net income	26		208		269		668
Dividends, dividend equivalents and distributions (c)	(137)		(131)		(406)		(392)
Other comprehensive income (loss)	192		318		610		(262)
Cumulative effect adjustment (d)					0	[4]
Balance at end of period - shares	376,639				376,639
Balance at end of period	5,937		5,904		5,937		5,904
Common stock
Balance at beginning of period - shares	376,144		374,519		374,581		373,271
Balance at beginning of period (a)	4		4		4		4
Common stock issued (b)	0		0		0		0
Common stock shares issued (b)	495	[2]	80	[2]	2,092	[2]	2,152	[2]
Common stock shares repurchased					(34)		(824)	[5]
Balance at end of period - shares	376,639		374,599		376,639		374,599
Balance at end of period	4		4		4		4
Capital in excess of par value
Balance at beginning of period (a)	2,246		2,193	[1]	2,196	[1]	2,185	[1]
Common stock issued (b)	17	[2]	3	[2]	66	[2]	28	[2]
Common stock repurchased					(1)		(39)	[5]
Stock-based compensation	1		3		3		25
Balance at end of period	2,264		2,199		2,264		2,199
Earnings reinvested
Balance at beginning of period (a)	3,837		3,634	[1]	3,862	[1]	3,435	[1]
Net income	20		203		254		653
Dividends, dividend equivalents and distributions (c)	(131)	[3]	(126)	[3]	(391)	[3]	(377)	[3]
Cumulative effect adjustment (d)					1	[4]
Balance at end of period	3,726		3,711		3,726		3,711
Accumulated other comprehensive loss
Balance at beginning of period (a)	(568)		(648)		(985)		(68)
Other comprehensive income (loss)	192		318		610		(262)
Cumulative effect adjustment (d)					(1)	[4]
Balance at end of period	(376)		(330)		(376)		(330)
Non-controlling interests
Balance at beginning of period (a)	319		320		319		320
Net income	6		5		15		15
Dividends, dividend equivalents and distributions (c)	(6)	[3]	(5)	[3]	(15)	[3]	(15)	[3]
Balance at end of period	$319		$320		$319		$320
[1](a) "Capital in excess of par value" and "Earnings reinvested" have been adjusted by $13 million to reflect the adoption of new accounting guidance. See "New Accounting Guidance Adopted - Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)" in Note 2 for additional information.
[2](b) The three months ended September 30, 2009, includes common stock shares issued through the ICP, ICPKE, and DRIP. The nine months ended September 30, 2009, includes common stock shares issued through the ICP, ICPKE, DRIP, ESOP and DDCP. The three months ended September 30, 2008, includes common stock shares issued through the ICP and ICPKE, net of forfeitures. The nine months ended September 30, 2008, includes common stock shares issued through the ICP, ICPKE and the 2-5/8% Convertible Senior Notes, net of fofeitures. "Capital in excess of par value" for the nine months ended September 30, 2009, includes $7 million for a company contribution to the ESOP.
[3](c) "Earnings reinvested" includes dividends and dividend equivalents on PPL Corporation common stock and restricted stock units. "Noncontrolling interests" includes dividends and distributions to noncontrolling interests.
[4](d) See "New Accounting Guidance Adopted - Recognition and Presentation of Other-Than-Temporary Impairments" in Note 2 regarding this cumulative effect adjustment.
[5](e) In 2007, PPL's Board of Directors authorized the repurchase by PPL of up to $750 million of its common stock. During the nine months ended September 30, 2008, PPL purchased 802,816 shares of PPL common stock for $38 million.

4_CONDENSED CONSOLIDATED STATEM

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Millions	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Net income	$26	$208	$269	$668
Amounts arising during the period - gains (losses), net of tax (expense) benefit:
Foreign currency translation adjustments, net of tax of $(1), $(4), $3, $(4)	18	(145)	88	(217)
Available-for-sale securities, net of tax of $(24), $10, $(35), $32	20	(7)	30	(28)
Qualifying derivatives, net of tax of $(12), $(452), $(184), $(104)	17	665	249	166
Equity investee's other comprehensive loss	0	0	0	(1)
Defined benefit plans:
Net actuarial gain, net of tax of $(3), $(3)	4	0	4	0
Reclassifications to net income - (gains) losses, net of tax expense (benefit):
Available-for-sale securities, net of tax of $(1), $(1)	2	0	2	0
Qualifying derivatives, net of tax of $(91), $137, $(158), $135	127	(203)	224	(204)
Defined benefit plans:
Prior service costs, net of tax of $(2), $(1), $(6), $(6)	4	5	10	12
Net actuarial loss, net of tax of $(1), $(2), $(4)	0	3	2	9
Transition obligation	0	0	1	1
Total other comprehensive income (loss) attributable to PPL Corporation	192	318	610	(262)
Comprehensive income	218	526	879	406
Comprehensive income attributable to noncontrolling interests	6	5	15	15
Comprehensive income attributable to PPL Corporation	$212	$521	$864	$391

5_CONDENSED CONSOLIDATED STATEM

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME PARENTHETICAL INFORMATION (USD $)
In Millions	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Statement of Comprehensive Income (Parenthetical)
Tax effect of foreign currency translation adjustments arising during the period	($1)	($4)	$3	($4)
Tax effect of available-for-sale securities arising during the period	(24)	10	(35)	32
Tax effect of qualifying derivatives arising during the period	(12)	(452)	(184)	(104)
Tax effect of net actuarial gain arising during period	(3)	0	(3)	0
Tax effect of available-for-sale securities reclassified to net income	(1)	0	(1)	0
Tax effect of qualifying derivatives reclassified to net income	(91)	137	(158)	135
Tax effect of prior service costs reclassified to net income	(2)	(1)	(6)	(6)
Tax effect of net actuarial loss reclassified to net income	0	(1)	(2)	(4)
Tax effect of transition obligation reclassified to net income	$0	$0	$0	$0

INTERIM FINANCIAL STATEMENTS

INTERIM FINANCIAL STATEMENTS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Interim Financial Statements	1. Interim Financial Statements (PPL, PPL Energy Supply and PPL Electric) Terms and abbreviations appearing in Combined Notes to Condensed Consolidated Financial Statements are explained in the glossary.Dollars are in millions, except per share data, unless otherwise noted. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and with the instructions to Form 10-Q and Article10 of Regulation S-X and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete financial statements.In the opinion of management, all adjustments considered necessary for a fair presentation in accordance with accounting principles generally accepted in the U.S. are reflected in the condensed consolidated financial statements.All adjustments are of a normal recurring nature, except as otherwise disclosed.Each Registrant's Balance Sheet at December31, 2008 is derived from that Registrant's 2008 audited Balance Sheet.The financial statements and notes thereto should be read in conjunction with the financial statements and notes contained in PPL Electric's 2008 Form 10-K and PPL and PPL Energy Supply's Form 8-K dated September 9, 2009.PPL and PPL Energy Supply filed the September 2009 Form 8-K to revise certain information in the financial statements and notes in their 2008 Form 10-K to reflect discontinued operations and the retrospective application of certain accounting standards.The results of operations for the nine months ended September30, 2009 are not necessarily indicative of the results to be expected for the full year ending December31, 2009, or other future periods, because results for interim periods can be disproportionately influenced by various factors and developments and seasonal variations. The classification of certain prior period amounts has been changed to conform to the presentation in the September30, 2009 financial statements.For PPL and PPL Energy Supply, these changes include the impact of new accounting guidance adopted.See Note 2 for additional information. (PPL and PPL Energy Supply) Discontinued Operations for the three and nine months ended September 30, 2009 and the nine months ended September30, 2008 include activity and adjustments related to the Latin American businesses that were sold in 2007 and the remaining holding companies that were substantially dissolved in 2008. In May 2009, PPL Generation signed a definitive agreement to sell its Long Island generation business and related tolling agreements and expects the sale to close in late 2009 or the first quarter of 2010.In July 2009, PPL Maine signed a definitive agreement to sell the majority of its hydroelectric generation business and expects the sale to close in November 2009.The results of operations for the three and nine months ended September30, 2009 and 2008 are classified as Discontinued Operations.The assets and liabilities of the Long Island generation business and the majority of the Maine hydroelectric generation bus

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The following accounting policy disclosures represent updates to the "Summary of Significant Accounting Policies" Note in PPL Electric's 2008 Form 10-K and PPL and PPL Energy Supply's Form 8-K dated September 9, 2009, and should be read in conjunction with that discussion. Revenue (PPL and PPL Electric) Revenue Recognition Beginning November 1, 2008, PPL Electric's transmission revenues were billed in accordance with a FERC tariff that utilizes a formula-based rate recovery mechanism.The tariff allows for recovery of actual transmission costs incurred, a return on transmission plant placed in service and an incentive return on construction work in progress for FERC-approved regional transmission expansion projects.The tariff utilizes estimated costs for the current year billing to customers and requires a true-up to adjust for actual costs in the subsequent year's rate.In August 2009, the FERC approved this formula-based rate recovery mechanism.As a result, the annual update of the rate is now implemented automatically without requiring specific approval by the FERC before going into effect. During the second quarter of 2009, a true-up was recorded for the FERC formula-based transmission revenues that had been billed for the period November 1, 2008 through May31, 2009 based on a calculation of the amounts that will be returned to customers in future rates for the required true-up to actual costs.This amount is reflected on the Statement of Income in "Utility" revenue for PPL and in "Retail electric" for PPL Electric, and reduced revenue by $11 million and net income by $7 million for the nine months ended September30, 2009.The overcollected revenue and an insignificant amount of interest are being returned to customers in monthly rates between June 1, 2009 and May 31, 2010. The $7 million after-tax true-up recorded during the second quarter of 2009 included $5 million related to prior periods ($2 million related to 2008 and $3 million related to the first quarter of 2009).The true-up, reflected in the Pennsylvania Delivery segment for PPL, is not considered by management as material to the financial statements of PPL and PPL Electric for the year ended December 31, 2008 or the first quarter of 2009 and it is not expected to be material to the financial statements for the full year 2009. Investments in Debt and Equity Securities (PPL, PPL Energy Supply and PPL Electric) Investments in debt securities are classified as held-to-maturity and measured at amortized cost when there is an intent and ability to hold the securities to maturity.Debt and equity securities that are acquired and held principally for the purpose of selling them in the near-term are classified as trading.Trading securities are generally held to capitalize on fluctuations in their value.All other investments in debt and equity securities are classified as available-for-sale.Both trading and available-for-sale securities are carried at fair value.The specific identification method is used to calculate realized gains and losses on debt and equity securities.Any unrealized gains and losses on tradin

SEGMENT AND RELATED INFORMATION

SEGMENT AND RELATED INFORMATION
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Segment and Related Information	3. Segment and Related Information (PPL and PPL Energy Supply) See the "Segment and Related Information" Note in each Registrant's Form 8-K dated September 9, 2009 for a discussion of reportable segments.The Supply segment of PPL and PPL Energy Supply includes the elimination of intersegment transactions. Financial data for the segments are: Three Months Ended September30, Nine Months Ended September30, PPL 2009 2008 2009 2008 Income Statement Data Revenues from external customers Supply (a) $ 841 $ 1,954 $ 2,902 $ 2,364 International Delivery 174 203 520 673 Pennsylvania Delivery (b) 790 814 2,407 2,464 $ 1,805 $ 2,971 $ 5,829 $ 5,501 Intersegment revenues (c) Supply $ 445 $ 453 $ 1,353 $ 1,370 Pennsylvania Delivery 19 29 59 87 Net Income (Loss) Attributable to PPL Supply (a) (d) $ (31 ) $ 98 $ (12 ) $ 297 International Delivery (e) 24 73 173 233 Pennsylvania Delivery (b)(f) 27 32 93 123 $ 20 $ 203 $ 254 $ 653 September30, 2009 December31, 2008 Balance Sheet Data Total assets Supply $ 12,882 $ 11,790 International Delivery 4,439 4,199 Pennsylvania Delivery 4,623 5,416 $ 21,944 $ 21,405 Three Months Ended September30, Nine Months Ended September30, PPL Energy Supply 2009 2008 2009 2008 Income Statement Data Revenues from external customers Supply (a) $ 1,282 $ 2,407 $ 4,248 $ 3,732 International Delivery 174 203 520 673 $ 1,456 $ 2,610 $ 4,768 $ 4,405 Net Income (Loss) Attributable to PPL Energy Supply Supply (a) (d) $ (40 ) $ 88 $ (29 ) $ 289 International Delivery (e) 24 73 173 233 $ (16 ) $ 161 $ 144 $ 522 September30, 2009 December31, 2008 Balance Sheet Data Total assets Supply $ 12,804 $ 12,270 International Delivery 4,439 4,199 $ 17,243 $ 16,469 (a) Includes unrealized gains and losses from economic activity.See "Commodity Price Risk (Non-trading) - Economic Activity" in Note

EARNINGS PER SHARE

EARNINGS PER SHARE
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Earnings Per Share	4. Earnings Per Share (PPL) EPS is computed using the two-class method, which is an earnings allocation method for computing EPS that treats a participating security as having rights to earnings that would otherwise have been available to common shareowners.Share-based payment awards that provide recipients a non-forfeitable right to dividends or dividend equivalents are considered participating securities. Basic EPS is computed by dividing income available to common shareowners by the weighted-average number of common shares outstanding during the period.Diluted EPS is computed by dividing income available to common shareowners by the weighted-average number of shares outstanding that are increased for additional shares that would be outstanding if potentially dilutive non-participating securities were converted to common shares.In 2009 and 2008, these securities consisted of stock options and performance units granted under the incentive compensation plans.In 2008, these securities also included PPL Energy Supply's 2-5/8% Convertible Senior Notes (Convertible Senior Notes). The basic and diluted EPS computations and reconciliations of the amounts of income and shares (in thousands) of common stock used in the calculations are: Three Months Ended September30, Nine Months Ended September30, 2009 2008 2009 2008 Income (Numerator) Income from continuing operations after income taxes attributable to PPL $ 44 $ 205 $ 307 $ 631 Less amounts allocated to participating securities 1 1 3 Income from continuing operations after income taxes available to PPL common shareowners $ 44 $ 204 $ 306 $ 628 Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners $ (24 ) $ (2 ) $ (53 ) $ 22 Net income attributable to PPL $ 20 $ 203 $ 254 $ 653 Less amounts allocated to participating securities 1 1 3 Net income available to PPL common shareowners $ 20 $ 202 $ 253 $ 650 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 376,384 374,290 375,795 373,394 Addincremental non-participating securities: Stock options and performance units 332 806 318 1,005 Convertible Senior Notes 585 Weighted-average shares - Diluted EPS 376,716 375,096 376,113 374,984 Basic EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 0.

INCOME TAXES

INCOME TAXES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Income Taxes	5. Income Taxes (PPL, PPL Energy Supply and PPL Electric) Reconciliations of effective income tax rates are: Three Months Ended September30, Nine Months Ended September30, PPL 2009 2008 2009 2008 Reconciliation of Income Taxes Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 35% $ 29 $ 93 $ 148 $ 323 Increase (decrease) due to: State income taxes (a) (c) 28 7 28 23 Amortization of investment tax credit (3 ) (2 ) (8 ) (7 ) Difference related to income recognition of foreign affiliates (net of foreign income taxes) (b) (56 ) (20 ) (75 ) (37 ) Enactment of U.K.'s Finance Act of 2008(d) (8 ) (8 ) Change in foreign tax reserves (a) 46 17 5 Foreign income tax return adjustments (c) 1 (17 ) Change in federal tax reserves (a) 2 12 6 Stranded cost securitization (a) (2 ) (2 ) (5 ) (5 ) Domestic manufacturing deduction (3 ) (6 ) (10 ) (13 ) Federal income tax credits (e) (1 ) 3 (1 ) 16 Other (c) (6 ) (8 ) (6 ) (9 ) 5 (36 ) (47 ) (46 ) Total income taxes from continuing operations $ 34 $ 57 $ 101 $ 277 (a) For the three months ended September 30, 2009, PPL recorded a $46 million expense related to federal, state and foreign income tax reserves, which consisted primarily of a $46 million expense reflected in "Change in foreign tax reserves" and a $2 million expense reflected in "Change in federal tax reserves," offset by a $2 million benefit in "Stranded cost securitization." For the three months ended September 30, 2008, PPL recorded an insignificant amount related to federal, state and foreign income tax reserves, which consisted primarily of a $2 million benefit reflected in "Stranded cost securitization," offset by a $2 million expense in "State income taxes." For the nine months ended September 30, 2009, PPL recorded a $24 million expense related to federal, state and foreign income tax reserves, which consisted primarily of a $17 million expense reflected in "Change in foreign tax reserves" and a $12 million expense reflected in "Change in federal tax reserves", offset by a $5 million benefit reflected in "Stranded cost securitization." For the nine months ended September 30, 2008, PPL recorded an $8 million expense related to federal, state and foreign income tax reserves, which consisted primarily of a $5 million expense reflected in "Change in foreign tax reserves," a $6 million

WORKFORCE REDUCTION

WORKFORCE REDUCTION
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Workforce Reduction	6. Workforce Reduction (PPL, PPL Energy Supply and PPL Electric) In February 2009, PPL announced workforce reductions that resulted in the elimination of approximately 200 management and staff positions across PPL's domestic operations, or approximately 6% of PPL's non-union, domestic workforce.The workforce reduction was completed during the third quarter of 2009, although a majority of the affected employees were separated during the first quarter.The charges noted below consisted primarily of enhanced pension and severance benefits under PPL's Pension Plan and Separation Policy and were recorded to "Other operation and maintenance" expense on the Statement of Income. As a result of the workforce reductions, PPL recorded a one-time charge of $22 million ($13 million after tax) in the first quarter of 2009. PPL Energy Supply eliminated approximately 50 management and staff positions and recorded a one-time charge of $13 million ($8 million after tax) in the first quarter of 2009.Included in this charge was $8 million ($4 million after tax) of allocated costs associated with the elimination of employees of PPL Services. PPL Electric eliminated approximately 50 management and staff positions and recorded a one-time charge of $9 million ($5 million after tax) in the first quarter of 2009.Included in this charge was $3 million ($1 million after tax) of allocated costs associated with the elimination of employees of PPL Services.

CREDIT ARRANGEMENTS AND FINANCI

CREDIT ARRANGEMENTS AND FINANCING ACTIVITIES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Credit Arrangements and Financing Activities	7. Credit Arrangements and Financing Activities Credit Arrangements (PPL and PPL Energy Supply) PPL Energy Supply had the following credit facilities in place at September30, 2009: Expiration Date Capacity Borrowed Letters of Credit Issued Unused Capacity PPL Energy Supply Domestic Credit Facilities 364-day Syndicated Credit Facility (a) Sept-10 $ 400 $ 400 364-day Bilateral Credit Facility (b) Mar-10 200 n/a $ 4 196 5-year Structured Credit Facility (c) Mar-11 300 n/a 230 70 5-year Syndicated Credit Facility (d) June-12 3,225 $ 285 455 2,485 Total PPL Energy Supply Domestic Credit Facilities $ 4,125 $ 285 $ 689 $ 3,151 WPD Credit Facilities WPDH Limited 5-year Syndicated Credit Facility(e) Jan-13 150 127 n/a 23 WPD (South West) 3-year Syndicated Credit Facility(f) July-12 210 54 n/a 156 WPD (South West) Uncommitted Credit Facilities(g) 60 21 n/a 39 WPD (South West) Letter of Credit Facility Mar-10 3 n/a 3 Total WPD Credit Facilities(h) 423 202 3 218 (a) In September 2009, PPL Energy Supply's 364-day syndicated credit facility was amended and restated.The amendment included extending the expiration date from September 2009 to September 2010, increasing the capacity from $385 million to $400 million and limiting the amount of letters of credit that may be issued.Under this facility, PPL Energy Supply has the ability to make cash borrowings and to request the lenders to issue up to $200 million of letters of credit.Borrowings generally bear interest at LIBOR-based rates plus a spread, depending upon the company's public debt rating. (b) In March 2009, PPL Energy Supply's 364-day bilateral credit facility was amended.The amendment included extending the expiration date from March 2009 to March 2010 and reducing the capacity from $300 million to $200 million.Under this facility, PPL Energy Supply can request the bank to issue letters of credit but cannot make cash borrowings. (c) Under this facility, PPL Energy Supply has the ability to request the lenders to issue letters of credit but cannot make cash borrowings.PPL Energy Supply's obligations under this facility are supported by a $300 million letter of credit issued on PPL Energy Supply's behalf under a separate, but related, $300 million five-year credit agreement, also expiring in March 2011. (d) Under this facility, PPL Energy Supply has the ability to make cash borrowings and to request the lenders to issue letters of credit.Borrowings generally bear interest at LIB

ACQUISITIONS, DEVELOPMENT AND D

ACQUISITIONS, DEVELOPMENT AND DIVESTITURES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Acquisitions, Development and Divestitures	8. Acquisitions, Development and Divestitures (PPL, PPL Energy Supply and PPL Electric) PPL and its subsidiaries continuously evaluate strategic options and, from time to time, PPL and its subsidiaries are involved in negotiations with third parties regarding acquisitions and dispositions of businesses and assets, joint ventures and development projects, which may or may not result in definitive agreements.Any such transactions may impact future financial results. Domestic License Renewals(PPL and PPL Energy Supply) In 2006, PPL Susquehanna applied to the NRC for 20-year license renewals for each of the Susquehanna units to extend their expiration dates to 2042 for Unit 1 and to 2044 for Unit 2.A final decision on the license renewal is expected to be issued in December 2009.Through September30, 2009, PPL and PPL Energy Supply capitalized $17 million of license renewal costs, which are included in "Other intangibles" within "Other Noncurrent Assets" on the Balance Sheets. Development (PPL and PPL Energy Supply) In April 2009, PPL announced that it filed a new application with the FERC for approval to expand the capacity of its Holtwood hydroelectric plant by 125 MW.The previous application had been withdrawn in December 2008 due to economic conditions at the time.PPL reconsidered this project in light of the availability of tax incentives and potential federal loan guarantees under the Economic Stimulus Package.The expansion project has an expected capital cost of approximately $440 million.PPL could begin construction in 2009, with commercial operations scheduled to start in 2013.PPL's ability and decision whether to proceed with the Holtwood facility expansion is subject to certain government approvals in addition to the FERC license amendment, the availability of certain federal economic stimulus incentives, as well as negotiation of acceptable construction and other related contracts.PPL cannot predict whether the Holtwood facility expansion will ultimately proceed to completion.A PPL subsidiary has submitted applications to the DOE for a federal loan guarantee for the Holtwood expansion project. In March 2009, PPL Montana received FERC approval for its request to redevelop the Rainbow hydroelectric facility, near Great Falls, Montana, for a total plant capacity of approximately 60 MW (representing an increase of 28 MW).The redevelopment project has an expected capital cost of $230 million.Construction began in October 2009, with commercial operations scheduled to start in 2012.A PPL subsidiary has submitted an application to the DOE for a federal loan guarantee for the Rainbow redevelopment project. In 2008, PPL Susquehanna received NRC approval for its request to increase the generation capacity of the Susquehanna nuclear plant.The total expected capacity increase is 159MW, of which PPL Susquehanna's 90% ownership share is 143MW.The first uprate for Unit 1 totaling 50MW was completed in 2008.The second uprate for Unit 1 will be completed in 2010.The first uprate for Unit 2 totaling 60MW was completed in 2009, and the second uprate will be completed in 2011.PPL Susquehanna's share of the remaining

DEFINED BENEFITS

DEFINED BENEFITS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Defined Benefits	9. Defined Benefits (PPL and PPL Energy Supply) Net periodic defined benefit costs (credits) were: Pension Benefits Three Months Ended September30, Nine Months Ended September30, Domestic WPD Domestic WPD 2009 2008 2009 2008 2009 2008 2009 2008 PPL Service cost $ 15 $ 15 $ 3 $ 4 $ 45 $ 45 $ 7 $ 12 Interest cost 36 34 40 49 108 103 114 147 Expected return on plan assets (43 ) (44 ) (49 ) (60 ) (127 ) (133 ) (139 ) (180 ) Amortization of: Transition asset (1 ) (1 ) (3 ) (3 ) Prior service cost 5 5 1 2 15 15 3 4 Actuarial (gain) loss (2 ) 4 2 (6 ) 2 14 Net periodic defined benefit costs (credits) prior to special termination benefits 12 7 (5 ) (1 ) 40 21 (13 ) (3 ) Special termination benefits (a) 9 Net periodic defined benefit costs (credits) $ 12 $ 7 $ (5 ) $ (1 ) $ 49 $ 21 $ (13 ) $ (3) PPL Energy Supply Service cost $ 1 $ 1 $ 3 $ 4 $ 3 $ 3 $ 7 $ 12 Interest cost 2 2 40 49 5 5 114 147 Expected return on plan assets (2 ) (2 ) (49 ) (60 ) (5 ) (6 ) (139 ) (180 ) Amortization of: Prior service cost 1 2 3 4 Actuarial loss 1 4 2 2 14 Net periodic defined benefit costs (credits) $ 2 $ 1 $ (5 ) $ (1 ) $ 5 $ 2 $ (13 ) $ (3 ) (a) Relates to the 2009 workforce reduction.See Note 6 for additional information. Other Postretirement Benefits Three Months Ended September30, Nine Months Ended September30, 2009 2008 2009 2008 PPL Service cost $ 2 $

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Energy Purchases, Energy Sales and Other Commitments Energy Purchase Commitments (PPL and PPL Energy Supply) PPL and PPL Energy Supply enter into long-term purchase contracts to supply the fuel requirements for generation facilities.These contracts include commitments to purchase coal, emission allowances, limestone, natural gas, oil and nuclear fuel and extend through 2019.PPL and PPL Energy Supply also enter into long-term contracts for the storage and transportation of natural gas.The long-term natural gas storage contracts extend through 2013, and the long-term natural gas transportation contracts extend through 2032.Additionally, PPL and PPL Energy Supply have entered into long-term contracts to purchase power that extend through 2017, excluding long-term power purchase agreements that extend through 2027 for the full output of two wind farms. (PPL and PPL Electric) In 2007, PPL Electric began to conduct competitive solicitations to purchase electricity generation supply in 2010, after its existing PLR contract expires, for customers who do not choose a competitive supplier.A total of six auctions were conducted, each for 850 MW of expected generation supply.These solicitations were completed in October 2009.Average generation supply prices (per MWh) for all six solicitations, including Pennsylvania gross receipts tax and an adjustment for line losses, were $99.48 for residential customers and $100.52 for small commercial and small industrial customers. In October 2009, PPL Electric purchased 2010 supply for fixed-price default service to large commercial and large industrial customers who elect to take that service.Later in 2009, PPL Electric also will purchase supply to provide hourly default service to large commercial and industrial customers in 2010. In August 2008, PPL Electric filed a request with the PUC to approve its plan to purchase the PLR electricity supply that PPL Electric will need for January 2011 through May 2014.In November 2008, PPL Electric proposed several amendments to its plan to reflect passage of Pennsylvania Act 129 (Act 129), including reducing the term by one year to May 2013.In June 2009, PPL Electric received approval from the PUC on its purchase plan and in August and October 2009, PPL Electric conducted the first two of its 14 planned competitive solicitations.The solicitations include a mixof long-term and short-term purchases for customer supply, including contracts for load-following, spot, block and alternative energy credits.See Note 15 in PPL Electric's 2008 Form 10-K and PPL's Form8-K dated September 9, 2009 for additional information on the original proposed plan and subsequent modifications. (PPL Energy Supply and PPL Electric) See Note 11 for information on the power supply agreements between PPL EnergyPlus and PPL Electric. Energy Sales Commitments (PPL and PPL Energy Supply) In connection with its marketing activities or hedging strategyfor certain of its power plants, PPL Energy Supply has entered into long-term power sales contracts that extend through 2023.All long-term contracts were executed at prices appr

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Related Party Transactions	11. Related Party Transactions PLR Contracts(PPL Energy Supply and PPL Electric) PPL Electric has power purchase agreements with PPL EnergyPlus, effective July 2000 and January 2002, under which PPL EnergyPlus will supply PPL Electric's entire PLR load through December31, 2009.Under these contracts, PPL EnergyPlus provides electricity at the predetermined capped prices that PPL Electric is authorized to charge its PLR customers.For the three months ended September30, 2009 and 2008, these purchases totaled $445 million and $453 million.For both the nine months ended September30, 2009 and 2008, these purchases totaled $1.4 billion.These purchases include nuclear decommissioning recovery and amortization of an up-front contract payment and are included in the Statements of Income as "Wholesale energy marketing to affiliate" by PPL Energy Supply, and as "Energy purchases from affiliate" by PPL Electric. Under one of the PLR contracts, PPL Electric is required to make performance assurance deposits with PPL EnergyPlus when the market price of electricity is less than the contract price by more than its contract collateral threshold.Conversely, PPL EnergyPlus is required to make performance assurance deposits with PPL Electric when the market price of electricity is greater than the contract price by more than its contract collateral threshold.PPL Electric estimated that at September30, 2009 and December 31, 2008, the fair value of the contract was approximately $90 million and $917 million.Accordingly, at September 30, 2009, no performance assurance deposit was required.At December 31, 2008, PPL Energy Supply was required to provide PPL Electric with performance assurance of $300 million.The deposit is shown on the Balance Sheet as "Collateral on PLR energy supply to/from affiliate," a current asset of PPL Energy Supply and a current liability of PPL Electric.PPL Electric pays interest equal to the one-month LIBOR plus 0.5% on this deposit, which is included in "Interest Expense with Affiliate" on the Statements of Income.PPL Energy Supply records the receipt of the interest as affiliated interest income, which is included in "Interest Income from Affiliates" on the Statements of Income.For the three months ended September30, 2009 and 2008, interest related to required deposits was insignificant and $3 million.For the nine months ended September30, 2009 and 2008, interest related to required deposits was $1 million and $8 million. PPL Electric has held competitive solicitations for generation supply in 2010 and 2011, after its existing PLR contracts expire.PPL EnergyPlus was one of the successful bidders in the first competitive solicitation process and has entered into an agreement with PPL Electric to supply up to 671 MW of total peak load in 2010, at an average price of $91.42 per MWh. Under the standard Supply Master Agreement for the bid solicitation process, PPL Electric requires all suppliers to post collateral once credit exposures exceed defined credit limits.In no instance is PPL Electric required to post collateral to suppliers under these supply contracts.PPL EnergyPlus is required to post collateral with PPL

OTHER INCOME NET

OTHER INCOME NET
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Other Income - Net	12. Other Income - net (PPL, PPL Energy Supply and PPL Electric) The breakdown of "Other Income - net" was: Three Months Ended September30, Nine Months Ended September30, 2009 2008 2009 2008 PPL Other Income Gains related to the extinguishment of notes (Note 7) $ 29 Interest income $ 1 $ 7 9 $ 24 Earnings on securities in the NDT funds 7 (1 ) 13 4 Equity earnings 1 1 Hyder liquidation distributions 3 Gain on sale of PPE 2 Miscellaneous - Domestic 1 3 4 Miscellaneous - International 1 1 Total 8 7 56 39 Other Expense Economic foreign currency hedges (2 ) (4 ) 9 (3 ) Charitable contributions 2 1 Miscellaneous - Domestic 1 1 6 4 Miscellaneous - International 2 1 5 Other Income - net $ 9 $ 8 $ 38 $ 32 PPL Energy Supply Other Income Gains related to the extinguishment of notes (Note 7) $ 25 Earnings on securities in the NDT funds $ 7 $ (1 ) 13 $ 4 Interest income 5 5 18 Equity earnings 1 2 1 Hyder liquidation distributions 3 Gain on sale of PPE 2 Miscellaneous - Domestic 1 2 3 Miscellaneous - International 1 1 Total 8 5 48 32 Other Expense Economic foreign currency hedges (2 ) (5 ) 9 (3 ) Miscellaneous - Domestic 1 2 6 5 Miscellaneous - International 2 1 5 Other Income - net $ 9 $ 6 $ 32 $ 25 PPL Electric Other Income Interest income $ 1 $ 3 $ 5 Other Expense 1 1 1 Other Income - net $ $ 2 $ 4

FAIR VALUE MEASUREMENTS AND CRE

FAIR VALUE MEASUREMENTS AND CREDIT CONCENTRATION
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Fair Value Measurements and Credit Concentration	13. Fair Value Measurements and Credit Concentration (PPL, PPL Energy Supply and PPL Electric) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).PPL and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and/or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability.These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability.These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. Recurring Fair Value Measurements September30, 2009 December31, 2008 Fair Value Measurements Using Fair Value Measurements Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 696 $ 696 $ 1,100 $ 1,100 Short-term investments - municipal debt securities 150 150 Restricted cash and cash equivalents 178 178 347 347 Price risk management assets: Energy commodities 3,448 5 $ 3,303 $ 140 2,460 19 $ 2,143 $ 298 Interest rate/foreign exchange 76 76 156 152 4 3,524 5 3,379 140 2,616 19 2,295 302 NDT funds: Cash and cash equivalents 8 8 7 7 Equity securities: (a) U.S. large-cap 253 174 79 182 116 66 U.S. mid/small-cap 99 74 25 69 50 19 Debt securities: U.S. Treasury 59 59 77 77 U.S. government agency 10 10 14 14 Municipality 66 66 61 61 Investment-grade corporate 28 28 33

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Derivative Instruments and Hedging Activities	14. Derivative Instruments and Hedging Activities Risk Management Objectives (PPL, PPL Energy Supply and PPL Electric) PPL has a risk management policy approved by the Board of Directors to manage market risk and counterparty credit risk.The RMC, comprised of senior management and chaired by the Vice President-Risk Management, oversees the risk management function.Key risk control activities designed to ensure compliance with the risk policy and detailed programs include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, VaR analyses, sensitivity analyses, and daily portfolio reporting, including open positions, determinations of fair value, and other risk management metrics. Market risk is the potential loss PPL and its subsidiaries may incur as a result of price changes associated with a particular financial or commodity instrument. PPL and PPL Energy Supply are exposed to market risk from: commodity price risk for energy and energy-related products associated with the sale of electricity from its generating assets and other electricity marketing activities and the purchase of fuel and fuel-related commodities for generating assets, as well as for proprietary trading activities; interest rate and price risk associated with debt used to finance operations, as well as debt and equity securities in NDT funds and defined benefit plans; and foreign currency exchange rate risk associated with investments in U.K. affiliates, as well as purchases of equipment in currencies other than U.S. dollars. PPL and PPL Energy Supply utilize forward contracts, futures contracts, options, swaps and structured deals such as tolling agreements as part of the risk management strategy to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and foreign currency exchange rates.All derivatives are recognized on the balance sheet at their fair value, unless they qualify for NPNS. PPL and PPL Electric are exposed to market risk from PPL Electric's obligation as the PLR to its customers.It has mitigated that risk with the fixed-price PLR agreement with PPL EnergyPlus, which expires at the end of 2009, and by entering into supply agreements for its customers for 2010 and 2011. Credit risk is the potential loss PPL and its subsidiaries may incur due to a counterparty's non-performance, including defaults on payments and energy commodity deliveries. PPL and PPL Energy Supply are exposed to credit risk from: commodity derivatives with its energy trading partners, which include other energy companies, fuel suppliers, and financial institutions; interest rate derivatives with financial institutions; and foreign currency derivatives with financial institutions. PPL and PPL Electric are exposed to credit risk from PPL Electric's supply agreements for its customers for 2010 and 2011. The majority of the credit risk stems from PPL Energy Supply's and PPL Electric's commodity derivatives for multi-year contracts for energy sales and purchases.If the counterparties fail to perform

GOODWILL

GOODWILL
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Goodwill	15. Goodwill (PPL and PPL Energy Supply) The changes in the carrying amounts of goodwill by segment were: Supply International Delivery Total Balance at December31, 2008 $ 94 $ 669 $ 763 Effect of foreign currency exchange rates 42 42 Balance at September30,2009 $ 94 $ 711 $ 805

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Asset Retirement Obligations	16. Asset Retirement Obligations (PPL and PPL Energy Supply) The change in the carrying amounts of the AROs was: AROs at December31, 2008 $ 389 Accretion expense 22 Change in estimated cash flows and/or settlement date 1 Obligations settled (14 ) AROs at September30, 2009 $ 398 The most significant ARO recorded by PPL and PPL Energy Supply relates to the decommissioning of the Susquehanna nuclear station.The accrued nuclear decommissioning obligation was $342 million and $322 million at September30, 2009 and December31, 2008. Assets in the NDT funds are legally restricted for purposes of settling PPL's and PPL Energy Supply's ARO related to the decommissioning of the Susquehanna station.The aggregate fair value of these assets was $525 million and $446 million at September30, 2009 and December31, 2008.See Notes 13 and 18 for additional information on the fair value of these assets.

RESTRICTED CASH AND CASH EQUIVA

RESTRICTED CASH AND CASH EQUIVALENTS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Restricted cash and cash equivalents	17. Restricted Cash and Cash Equivalents (PPL, PPL Energy Supply and PPL Electric) The following table details the components of restricted cash and cash equivalents. September30, 2009 PPL PPL Energy Supply PPL Electric Current: Funds deposited with Trustee to defease First Mortgage Bonds(a) $ 1 $ 1 Deposits for trading purposes (b) 22 $ 22 Counterparty collateral (b) 121 121 Client deposits 4 Miscellaneous 3 3 Total current 151 146 1 Noncurrent: Required deposits of WPD (c) 14 14 Funds deposited with Trustee to defease First Mortgage Bonds(a) 13 13 Total noncurrent 27 14 13 $ 178 $ 160 $ 14 December31, 2008 PPL PPL Energy Supply PPL Electric Current: Funds deposited with Trustee to defease First Mortgage Bonds(a) $ 1 $ 1 Deposits for trading purposes (b) 301 $ 301 Counterparty collateral (b) 12 12 Client deposits 4 Miscellaneous 2 2 Total current 320 315 1 Noncurrent: Required deposits of WPD (c) 13 13 Funds deposited with Trustee to defease First Mortgage Bonds(a) 14 14 Total noncurrent 27 13 14 $ 347 $ 328 $ 15 (a) The carrying amount of related First Mortgage Bonds was $10 million at September30, 2009 and December31, 2008. (b) "Deposits for trading purposes" represent margin posted by PPL Energy Supply in connection with trading activities."Counterparty collateral" represents margin posted by counterparties to PPL Energy Supply in connection with trading activities. The decrease in deposits for trading purposes and the increase in counterparty collateral from December31, 2008 relates primarily to decreases in market prices and/or the realization of certain transactions. (c) Primarily consists of insurance reserves.

AVAILABLE FOR SALE SECURITIES

AVAILABLE FOR SALE SECURITIES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Available-for-Sale Securities	18. Available-for-Sale Securities (PPL and PPL Energy Supply) The following table shows the amortized cost of available-for-sale securities and the gross unrealized gains and losses recorded in AOCI.See Note 13 for information regarding the fair value of these securities. September30, 2009 December 31, 2008 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Amortized Cost Gross Unrealized Gains Gross Unrealized Losses(a) PPL Short-term investments municipal debt securities $ 150 NDT funds: Cash and cash equivalents $ 8 7 Equity securities: U.S. large-cap 175 $ 78 160 $ 22 U.S. mid/small-cap 67 32 60 9 Debt securities: U.S. Treasury 56 3 67 10 U.S. government agency 10 13 1 Municipality 64 2 59 2 Investment-grade corporate 26 2 31 2 Residential mortgage-backed securities 1 2 Other 1 1 408 117 400 46 Auction rate securities 29 $ (11 ) 29 $ (5 ) Total PPL $ 437 $ 117 $ (11 ) $ 579 $ 46 $ (5 ) PPL Energy Supply Short-term investments municipal debt securities $ 150 NDT funds: Cash and cash equivalents $ 8 7 Equity securities: U.S. large-cap 175 $ 78 160 $ 22 U.S. mid/small-cap 67 32 60 9 Debt securities: U.S. Treasury 56 3 67 10 U.S. government agency 10 13 1 Municipality 64 2 59 2 Investment-grade corporate 26 2 31 2 Residential mortgage-backed securities 1 2 Other 1 1 408 117 400 46

LEASES

LEASES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Leases	19. Leases Lessor Transactions(PPL and PPL Energy Supply) A PPL Energy Supply subsidiary is the lessor, for accounting purposes, of each of the Shoreham and Edgewood plants (collectively with related tolling agreements, the Long Island generation business).In May 2009, PPL Generation signed a definitive agreement to sell the Long Island generation business.The tolling agreements related to these plants, accounted for as containing leases, will be transferred to the new owner upon completion of the sale.The lease related to the Shoreham plant is classified as a direct-financing lease.Future minimum lease payments on this lease are estimated to be $16 million per year for 2009 through 2013.The lease related to the Edgewood plant is classified as an operating lease.At December31, 2008, total minimum future rentals under this lease were estimated to be $28 million, including $3 million per year for 2009 through 2013.PPL Energy Supply no longer expects to receive these payments subsequent to completion of the anticipated sale.See Note 8 for additional information on the anticipated sale.

NEW ACCOUNTING GUIDANCE PENDING

NEW ACCOUNTING GUIDANCE PENDING ADOPTION
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
New Accounting Guidance Pending Adoption	20. New Accounting Guidance Pending Adoption (PPL, PPL Energy Supply and PPL Electric) Employers' Disclosures about Pensions and Other Postretirement Benefits Guidance on an employer's disclosures about plan assets of defined benefit plans was revised to provide users of financial statements with an understanding of: how investment allocation decisions are made, including the factors that are pertinent to an understanding of investment policies and strategies; the major categories of plan assets; the inputs and valuation techniques used to measure the fair value of plan assets; the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the period; and significant concentrations of risk within plan assets. PPL and its subsidiaries will adopt this guidance prospectively effective December 31, 2009.This guidance was issued to provide greater transparency within disclosures; therefore, the adoption is not expected to have a material impact on PPL and its subsidiaries' financial statements. Accounting for Transfers of Financial Assets Accounting guidance was issued to revise the accounting for transfers of financial assets.This guidance eliminates the concept of a qualifying special-purpose entity (QSPE); therefore, QSPEs will be subject to consolidation guidance.Further, it changes the requirements for the derecognition of financial assets, establishes new criteria for reporting the transfer of a portion of a financial asset as a sale and requires transferors to initially recognize, at fair value, assets obtained and liabilities incurred as a result of a transfer accounted for as a sale.Additionally, it requires enhanced disclosures to improve the transparency around transfers of financial assets and a transferor's continuing involvement. PPL and its subsidiaries will adopt this guidance effective January1, 2010.Early adoption is prohibited.This guidance will be applied prospectively to new transfers of financial assets.Disclosures will be required for all transfers, including those entered into before the effective date.Comparative disclosures are encouraged, but not required, for periods in which these disclosures were not previously required.The potential impact of adoption to the financial statements is not yet determinable but could be material. Consolidation of Variable Interest Entities Accounting guidance was issued to replace the quantitative-based risks and rewards calculation for determining which entity, if any, has a controlling financial interest in a variable interest entity (VIE) and is the primary beneficiary.This guidance prescribes a qualitative approach focused on identifying which entity has the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE.It also requires ongoing assessments of whether an entity is the primary beneficiary of a VIE and enhanced disclosures to improve the transparency of an entity's involvement in a VIE. Upon

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Subsequent Events	21. Subsequent Events (PPL, PPL Energy Supply and PPL Electric) Subsequent events have been evaluated through the time of issuance of these financial statements on October 30, 2009, and are included in the relevant note disclosures.

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	2009-09-30
Amendment Flag	false

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Oct. 23, 2009	Jun. 30, 2008
Entity Information [Line Items]
Entity Registrant Name	PPL CORP
Entity Central Index Key	0000922224
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$19,576,123,706
Entity Common Stock, Shares Outstanding		377,068,461