PPL 8K Regulation FD Disclosure | PPL 13 Mar 09

EEI International Utility Conference March 15-17, 2009 Exhibit 99.1

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 148 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’s S&P Fitch PPL Corp. Corporate Credit Rating Baa2 BBB BBB PPL Capital Funding, Inc. Senior Unsecured Debt Baa2 BBB-BBB PPL Electric Utilities Corp. First Mortgage Bonds A3 A-A- Senior Secured Bonds A3 A-A- PPL Energy Supply Senior Unsecured Notes Baa2 BBB BBB+ WPD Holdings Limited Senior Unsecured Debt Baa3 BBB-BBB WPD Operating Cos. Senior Unsecured Debt Baa1 BBB+ A- See a complete list of all PPL rated companies in the appendix Contacts Timothy J. Paukovits Director-Investor Relations Phone: (610) 774-4124 Fax: (610) 774-5106 tjpaukovits@pplweb.com Joseph P. Bergstein, Jr. Finance Specialist Phone: (610) 774-5609 Fax: (610) 774-5106 jpbergstein@pplweb.com www.pplweb.com PPL Facts i1

PPL Facts (cont.) Financial and Operating Information Note: See Appendix for the reconciliation of reported earnings per share and earnings from ongoing operations. ii(Unaudited) ($ in millions, except per share amounts) Year Ended December 2008 December 2007 Common Equity $5,077 $5,556 Preferred Securities of a Subsidiary 301 301 Short-Term Debt 679 92 Long-Term Debt 7,838 7,568 Total Capitalization $13,895 $13,517 Total Assets $21,405 $19,972 Operating Revenues $8,044 $6,498 Reported Earnings Per Share -Diluted $2.47 $3.35 Earnings Per Share From Ongoing Operations – Diluted $2.02 $2.60 Market Price Per Share $30.69 $52.09 Book Value Per Share $13.55 $14.88 ROE – Reported 16.88% 24.47% ROE – Earnings From Ongoing Operations 14.46% 19.21% Common Shares Outstanding (thousands) End of Period 374,581 373,271 Average – Diluted 376,526 385,111 Annualized Dividend Rate $1.34 $1.22 Dividend Payout -Diluted, using annualized dividends Reported Earnings Per Share 54% 36% Earnings Per Share From Ongoing Operations 66% 47% Electric Energy Sales – Domestic (millions of kWh) Retail Deliveries 38,058 37,950 Retail Supply 40,374 40,074 Wholesale Supply East 28,614 20,816 West 14,098 12,699 Net System Capacity (thousands of KW) 12,002 11,259 2

Cautionary Statements And Factors That May Affect Future Results Any statements made in this presentation about future operating results or other future events are forward-looking statements under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in the Appendix to this presentation and in the Company’s SEC filings. 3

Corporate Overview PPL Corporation Owner and operator of a fleet of Nuclear, Coal and Hydro generating stations in PJM, Montana, New York and New England PPL Generation, LLC Marketing, trading, and fuel procurement in key U.S. markets PPL EnergyPlus, LLC 1.4 million customer electric delivery business in Pennsylvania PPL Electric Utilities Corporation 2.6 million customer electricity delivery business in the U.K. WPD Supply Segment PA Delivery Segment International Delivery Segment 4

PPL’s Generation Portfolio Total Domestic Generation: 12,184 MW Planned Uprate Projects or Additions: 148 MW • Well positioned in attractive markets • Carbon-advantaged • Low-cost, baseload weighted fleet 5 Coal 3,500 Nuclear 2,165 Oil 1,817 Gas 2,282 Hydro 366 CTs 462 QFs 305 Coal 683 Hydro 604 West 1,287 MW Hydro Uprate (2011) 28 Nuclear Uprate (2009-2010) 98 Hydro Uprate (2009) 3 Coal Uprate (2009) 11 Landfill Gas Addition (2009) 8 East 10,897 MW

Diverse and Balanced Fleet Market Segment Baseload 63% Peaking18% Intermediate 19% Installed Capacity MW Coal 34% Gas/Oil37% Nuclear 18% Hydro8% QFs 3% Geography Production GWh PJM 85% WECC 11% Coal 52% Gas/Oil9% Nuclear 31% Hydro8% NEPOOL 3% NYISO 1% Baseload oriented fleet augmented by attractive load-following capabilities 6

Nuclear Operations: Bell Bend Development Project • Early development-stage project to construct a new1,600 MW nuclear plant located near the Susquehanna Station – Site large enough to accommodate two new units • Achievements – Submitted first part of the federal loan guarantee application to the US DOE, September 29, 2008 – Submitted second part of the application for a federal loan guarantee to the US DOE, December 18, 2008 – Combined Operating License Application (COLA) was accepted by the NRC for docketing, December 19, 2008 • PPL has not committed to building Bell Bend; intend to finish COLA process to create a long-dated option – Approximately $60 million cost to finish COLA – No long lead-time parts have been ordered – No other material termination or unwind expenses 7

PPL Renewables Overview • Eleven operating projects in Pennsylvania and New Jersey, with a total capacity of 27 MW – Technologies include solar photovoltaic, landfill gas-to-energy, and cogeneration • Most states within PJM and NEPOOL have proposed or are considering expanding existing renewable portfolio standards that could provide PPL with additional opportunities • Existing development opportunities in Pennsylvania, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Virginia and West Virginia that could add up to 160 MW to the portfolio • Strong development, construction and asset management team 8

PPL’s Carbon Footprint • Currently 40% of generation output non- carbon emitting • Power plant uprates – all carbon neutral • PPL’s Supply margins would benefit under various climate legislation that is being proposed 9

Scrubbers Update Q3-09Brunner Island 1 & 2 Q2-09Brunner Island 3 In Service 5/17/2008Montour 1 In Service 3/8/2008 Montour 2 Scheduled In-Service Dates Montour Scrubber June 2008 Majority of PPL’s coal generation plants expected to have scrubbers installed by end of 2009 10

Environmental Control Equipment Keystone Conemaugh Control Device Removes Unit 1 Unit 2 Unit 3 Unit 1 Unit 2 Unit 1 & 2 Unit 3 & 4 Unit 1 & 2 Unit 1 & 2 Low Nox Burners NOx SCR NOx Scrubbers SO2 = Installed = Potential = Under Construction Brunner Island Montour Colstrip 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 11 (1) (2) (2)

Current Hedge Positions -Electricity and Fuel Note: As of 12/31/2008 12 2009 2010 2011 2012 Electricity Sales East 95% 80% 43% 23% West 93% 72% 66% 46% Total 95% 79% 47% 26% Uranium 100% 100% 100% 100% Coal East 100% 84% 71% 49% West 100% 100% 86% 77% Total 100% 89% 75% 57% Unhedged Coal – million tons Brunner & Montour 0.0 0.9 1.9 3.5 Keystone & Conemaugh 0.2 0.5 0.8 1.2

Hedged Baseload Electricity 2009-2012 Hedged Baseload Electricity Sales 0% 20% 40% 60% 80% 100% 2009 2010 2011 2012 % of Coal, Hydro & Nuclear Output $20 $30 $40 $50 $60 $70 $80 $/M W h Average Sale Price 13

Regulated Delivery PPL Electric Utilities 1.4 million customers WPD (South West) 1.4 million customers WPD (South Wales) 1.1 million customers Western Power Distribution 14

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 either by a base rate proceeding or an automatic adjustment clause • 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 • 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 – Has been used to recover the costs of: energy, stranded investment, transmission and universal service 15

PA Delivery Operational Update PA Delivery • PPLEU completed 4 of 6 RFPs • Bids due for 5th RFP March 30 with PUC approval expected April 2 • Filed Procurement Plan for 2011-2013 – Evidentiary Hearings held February 11-13 • 10% of eligible customers enrolled in Rate Phase-In Plan • Filed plan to provide customers an option to defer a portion of supply rate increase 16

PPL Electric Utilities Procurement Plan for 2011 and Beyond • PPL filed procurement plan with PUC on August28; review expected to take seven months • Purchase electricity supply for 2011 to mid-2013four times a year, beginning 3Q 2009 • Solicit supply contracts for 12-and 24-month increments and spot purchases • For residential and small business customers – 90% of supply from fixed-price contracts, 10% from spot purchases • Large commercial and industrial customers supply purchased on hourly basis in open market 17

Attractive Transmission Development Project • 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 Program (RTEP) • Expected to be completed in May 2012 • Cost of PPL’s portion of the line is estimated at $500 million • PPL earns formula-based rates on transmission rate base and incentive rates for RTEP project – Transmission rate 12.34%* – Adder for inclusion in an RTO 0.50% – RTEP incentive adder 1.25% *Subject to final settlement agreement 18

UK Electricity Distribution Regulation • Electricity and natural gas supply and distribution are regulated by the UK’s Office of Gas and Electricity Markets. • 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 comparable 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. 19

Cash Flow Forecast Millions ($300) ($100) $100 $300 $500 $700 2007A 2008A 2009E 2010E Free cash flow before dividends 20 Note: See Appendix for the reconciliation of cash flow measures.

Liquidity Profile (1) Reported as of 12/31/2008 Diverse bank group consisting of 23 banks committed under domestic facilities, with no bank having more than 14% of commitments. 21 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 $255 $285 $2,685 Bilateral Credit Facility Mar-2009 300 96 0 204 5-year Structured Credit Facility Mar-2011 300 269 0 31 364-day Credit Facility Sep-2009 385 0 0 385 $4,210 $620 $285 $3,305 PPL Electric Utilities 5-year Credit Facility May-2012 $190 $1 $95 $94 Asset-backed Credit Facility Jul-2009 150 0 0 150 $340 $1 $95 $244 WPD 5-year Credit Facility Oct-2009 £150 £0 £37 £113 5-year Credit Facility Jan-2013 150 0 121 29 Uncommitted Credit Facilities 65 0 8 57 Letter of Credit Facility Mar-2009 5 4 0 1 £370 £4 £166 £200

PPL Energy Supply Collateral Profile (Millions of Dollars) - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Available Credit Capacity Cash Posted Borrowings/CP Outstanding Letters of Credit 22

Debt Maturities (1) PPL Electric Utilities $400 million prefunding done in 10/2008 for 2009 maturity As of 12/31/2008 23 ($Millions) 2009 2010 2011 2012 2013 PPL Energy Supply $0 $0 $500 $0 $737 PPL Capital Funding 201 0 0 0 0 PPL Electric Utilities 486 (1) 0 0 0 500 WPD Group 0 0 0 0 0 Sub Total $687 $0 $500 $0 $1,237 Prefunding $400 (1) $0 $0 $0 $0 Total $287 $0 $500 $0 $1,237

$1.00 $1.10 $1.22 $1.34 $1.38 $0.00 $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 2005 2006 2007 2008 2009 $/Share Annualized Continued Dividend Growth 24

Supply Segment Open EBITDA *Based on forward market prices as of December 31, 2008 2010E 2011E 2012E Generation Output - MWh 55.5 55.8 56.7 Unhedged Gross Margin* 2,637 2,732 2,741 O&M (859) (899) (929) Open EBITDA 1,778 1,833 1,812 Fuel 309 239 190 Power 214 92 166 Other 7 5 8 Above/(Below) Market Value of Hedges* 530 336 364 Expected Margin 3,167 3,068 3,105 (Millions) 25

$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 2007A* 2008A* 2009 2010 Strong Long-Term Earnings Growth Forecast 26 * Earnings from ongoing operations – See Appendix for the per share reconciliation of reported earnings and earnings from ongoing operations. $2.60 $2.02 $4.20 Per Share $1.90 $1.60 $3.60

2009 -2012 Sensitivities EPS Impact 2009 2010 2011 2012 $10/MW-Day Capacity Price Change >$0.00 >$0.00 >$0.00 ±$0.03 $1/MWh of Unhedged Baseload Sales ±<$0.01 ±$0.01 ±$0.04 ±$0.06 $1/MWh of Unhedged Total Sales ±<$0.01 ±$0.02 ±$0.05 ±$0.07 1% Generation Availability ±$0.02 ±$0.03 ±$0.03 ±$0.03 See Appendix A-1 for market price assumptions 27 Note: Discrete sensitivities based on changes to individual item, but which ultimately may be interrelated. $0.05 between USD and British Pound ±$0.02 ±$0.02 ±$0.02 ±$0.02

PPL

Market Prices ELECTRIC PJM On-Peak Off-Peak ATC(2) Mid-Columbia On-Peak Off-Peak ATC(2) GAS(3) NYMEX TZ6NNY PJM MARKET HEAT RATE(4) CAPACITY PRICES (Per MWD) EQA Actual 2008 2009 2010 2011 2012 $81 $63 $69 $69 $69 $49 $47 $51 $52 $52 $69 $55 $59 $60 $60 $65 $48 $57 $59 $59 $51 $38 $44 $46 $46 $59 $43 $52 $53 $56 $8.84 $6.11 $7.13 $7.31 $7.20 $9.85 $7.10 $8.16 $8.31 $8.19 8.3 8.9 8.4 8.3 8.4 $82.00 $158.24 $181.39 $136.79 $157.63 89.6% 90.7% 92.2% 90.9% 92.1% Forward(1) (1) Market prices based on the average of broker quotes as of 12/31/2008. (2) 24-hour average. (3) NYMEX and TZ6NNY forward gas prices on 12/31/2008. (4) Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price. A-1

Proactive Coal Supply Management Supports Growth in Margins * Based on existing contracts as of 2/28/2009 A-2 • Supply region diversity • Fleet trains (>1600 cars) Projected 2009* Projected 2010* Central App 6% Powder River Basin 6% Central Pa 13% Mine Mouth 20% Northern App 55% Central Pa 13% Powder River Basin 6% Northern App 56% Mine Mouth 21% Illinois Basin 1% Central App 3%

0 20 40 60 80 100 120 2009 2009 2010 $/MWH Shaped Energy & Capacity Including Congestion Other Adders Line Losses GRT Load-following Components Example A-3 Total $105 $82.00* $45.47 Total $51.23 * Shaped price based on $63/MWH ATC energy price, $150/MW-Day capacity price, and congestion. $48.29 Total $54.41 Residential and Small C&I Residential and Small C&I All Customers 50.20 $10 Volumetric Risk Credit Ancillary Green $8 $5

Reconciliation of Cash from Operations to Free Cash Flow before Dividends (Millions of Dollars) A-4 303898Asset Sales (203)Investment in Energy Project $347$231($237)$513Free Cash Flow before Dividends (61)18(58)39Other Investing Activities-net (1,762)(1,218)(1,503)(1,685)Capital Expenditures --(293)(310)Transition Bond Repayment Increase/(Decrease) in cash due to: $2,170$1,431$1,517$1,571Cash from Operations 2010E2009E20082007 Note: Asset sales includes the net proceeds from the disposition of Latin American and domestic telecommunication operations in 2007 and the sale of gas and propane businesses in 2008.

Millions $939 $678 $752 $790 $286 $289 $582 $649 $278 $251 $428 $448 $0 $400 $800 $1,200 $1,600 $2,000 2008A 2009E 2010E 2011E Supply PA Delivery International Delivery $1,503 $1,887 $1,762 $1,218 Capital Expenditures by Segment A-5

Reconciliation of PPL’s Reported Earnings and Earnings from Ongoing Operations High Low 2009 2009 2008 2007 2006 Per Share Earnings from Ongoing Operations $1.90 $1.60 $2.02 $2.60 $2.25 Special items (net of taxes): economic hedges 0.67 0.08 (0.03) Reversal of cost recovery - Hurricane Isabel (0.02) Impairment of synfuel-related assets (0.01) Sale of interest in Griffith (0.04) Reduction in Enron reserve 0.03 Off-site remediation of ash basin leak 0.02 PJM billing dispute 0.01 Realization of benefits related to Black Lung Trust assets 0.05 Susquehanna workforce reduction (0.01) Impairment of nuclear decom. trust investments (0.04) (0.01) 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 certain transmission rights (0.04) Change in U.K. tax rate 0.14 Workforce reductions (0.02) Synfuel tax adjustment (0.04) Colstrip groundwater litigation (0.01) Asset impairments (0.05) Impairments & other impacts - Emission Allowances (0.07) 0.00 0.00 0.45 0.75 (0.01) Reported Earnings Per Share $1.90 $1.60 $2.47 $3.35 $2.24 Note: Per share amounts are based on diluted shares outstanding. MTM adj's from energy-related, non-trading Forecast Actual A-6

Credit Ratings A-7 BBB Issuer Rating AAAAaa Tax-Exempt Bonds* STABLE NEGATIVESTABLE Outlook A-A-A3Senior Secured Debt F-2A-2P-2Commercial Paper BBBBBBBaa3Preferred Stock BBBA-Baa1Issuer Rating A-A-A3First Mortgage Bonds AABaa1Tax-Exempt Bonds** BBBBBBBaa3Preference Stock PPL Electric Utilities BBBBBB-Baa2Senior Unsecured Debt BBB-BB+ Baa3Subordinated Debt STABLE STABLE STABLE Outlook PPL Capital Funding BBBBBB Issuer Rating BBB+ BBBBaa2Senior Notes STABLE NEGATIVESTABLE Outlook PPL Energy Supply STABLE NEGATIVESTABLE Outlook BBBBBBBaa2Issuer Rating PPL Corporation Fitch Standard & Poor’s Moody’s * Letter of Credit-Backed Security ** Insured Security

Credit Ratings (cont.) A-8 A-3 Commercial Paper A-BBB+ Baa1 Senior Unsecured Debt F2A-2P-2 Commercial Paper POSITIVE STABLE STABLE Outlook BBB+ BBB+ Baa1 Issuer Rating A-BBB+ Baa1 Senior Unsecured Debt F2A-2 Commercial Paper POSITIVE STABLE STABLE Outlook Western Power Distribution (South West) PLC BBB+ BBB+ Issuer Rating Western Power Distribution (South Wales) PLC POSITIVE STABLE STABLE Outlook POSITIVE STABLE Outlook BBBBBB-Issuer Rating WPD Holdings LLP BBB-BBB-Baa3 Issuer Rating BBBBBB-Baa3 Senior Unsecured Debt A-3 Commercial Paper WPD Holdings Limited BBBBBB-Baa3 Pass-Through Certificates STABLE STABLE Outlook PPL Montana Fitch Standard & Poor’s Moody’s

Forward-Looking Information Statement A-9 Statements contained in this presentation, including statements with respect to future earnings, energy prices, margins, sales and supply, marketing performance, hedging, growth, revenues, expenses, rates, regulation, cash flows, credit profile, financing, dividends, business disposition, corporate strategy, capital additions and expenditures, and generating capacity and performance, are “forward-looking statements” within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements involve a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: market demand and prices for energy, capacity and fuel; volatility in financial or commodities markets; weather conditions affecting customer energy usage and operating costs; competition in power markets; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of plants and other facilities; environmental conditions and requirements and the related costs of compliance, including environmental capital expenditures and emission allowance and other expenses; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; asset acquisitions and dispositions; any impact of hurricanes or other severe weather on our business, including any impact on fuel prices; receipt of necessary government permits, approvals and rate relief; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual terrorism or war or other hostilities; foreign exchange rates; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with PPL Corporation’s Form 10-K and other reports on file with the Securities and Exchange Commission.

“Earnings from ongoing operations” excludes the impact of special items. Special items include charges, credits or gains that are unusual or nonrecurring. Special items also include the mark-to-market impact of energy-related, non-trading economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds. These 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., coal and power). The mark-to-market impact of these hedges is economically neutral to the company because the mark-to-market gains or losses on the energy hedges will reverse as the hedging contracts settle in the future. Earnings from ongoing operations should not be considered as an alternative to reported earnings, or net income, which is an indicator of operating performance determined in accordance with generally accepted accounting principles (GAAP). PPL believes that earnings from ongoing operations, although a non-GAAP measure, is also useful and meaningful to investors because it provides them with PPL’s underlying earnings performance as another criterion in making their investment decisions. PPL’s management also uses earnings from ongoing operations in measuring certain corporate performance goals. Other companies may use different measures to present financial performance. “Free cash flow before dividends” is derived by deducting capital expenditures and other investing activities-net, as well as the repayment of transition bonds, from cash flow from operations. Free cash flow before dividends should not be considered as an alternative to cash flow from operations, which is determined in accordance with GAAP. PPL believes that free cash flow before dividends, although a non- GAAP measure, is an important measure to both management and investors since it is an indicator of the company’s ability to sustain operations and growth without additional outside financing beyond the requirement to fund maturing debt obligations. Other companies may calculate free cash flow before dividends in a different manner. "Domestic Gross Energy Margins" is intended to supplement the investors' understanding of PPL’s domestic non-trading and trading activities by combining applicable income statement line items and related adjustments to calculate a single financial measure. PPL believes that "Domestic Gross Energy Margins" is useful and meaningful to investors because it provides them with the results of PPL's domestic non-trading and trading activities as another criterion in making their investment decisions. "Domestic Gross Energy Margins" is not intended to replace "Operating Income," which is determined in accordance with GAAP, as an indicator of overall operating performance. PPL's management also uses "Domestic Gross Energy Margins" in measuring certain corporate performance goals used in determining variable compensation. Other companies may use different measures to present the results of their non-trading and trading activities. Definitions of Financial Measures A-10

PPL (PPL) 8-KRegulation FD Disclosure