PPL (PPL) 10-Q2013 Q1 Quarterly report

Filed: 3 May 13, 12:00am

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New words: accurately, added, adding, adherence, aid, Argentaria, asterisk, Banco, BB, Bilbao, Blake, Branch, BTA, capable, cave, colder, collaborative, consummated, decade, degradation, desulfurization, diagnostic, Dominion, downwind, duly, EEI, entirety, entrainment, Exhibit, FCM, feature, feedback, fired, flue, framework, frequency, GLT, Great, grow, handle, handling, heretofore, herewith, hydro, hydropower, imminent, impediment, inadequate, incomplete, Indenture, innovation, intensity, intermediary, intervenor, Intervention, Jefferson, karst, Kent, Label, landfill, layered, leachate, leak, Linkbase, linked, Mellon, Mitsui, MMBtu, MWh, opportunity, PacificCorp, parallel, permanent, pertaining, pose, possession, preliminarily, prerequisite, protested, PSD, quantity, Rainbow, rainfall, redevelopment, reply, residential, Rider, RIIO, routine, Schema, Seattle, setoff, shareowner, signature, SMR, solution, sooner, stakeholder, stemming, stringency, stronger, submission, Submittal, successful, sum, Sumitomo, Supplemental, Taxonomy, thereunto, Tier, Tracker, treated, unallocated, undersigned, Uniform, USD, USOA, Vizcaya, waiver, website, withdrew, XBRL, Yellowstone

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Exhibit 12(b)
PPL ENERGY SUPPLY, LLC AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)

					3 Months
					Ended
					March 31,		Years Ended December 31,
					2013		2012		2011		2010		2009		2008
Earnings, as defined:
	Income (Loss) from Continuing Operations Before
		Income Taxes			$	(73)	$	738	$	1,212	$	881	$	(13)	$	671
	Adjustments to reflect earnings from equity method
		investments on a cash basis								1		7		1
						(73)		738		1,213		888		(12)		671

	Total fixed charges as below					61		238		259		426		364		390
			Less:
			Capitalized interest			10		47		47		33		44		57
			Interest expense and fixed charges related to
				discontinued operations						3		147		102		157
	Total fixed charges included in Income (Loss) from
		Continuing Operations Before Income Taxes				51		191		209		246		218		176

			Total earnings		$	(22)	$	929	$	1,422	$	1,134	$	206	$	847

Fixed charges, as defined:
	Interest charges (a)				$	57	$	214	$	223	$	387	$	321	$	374
	Estimated interest component of operating rentals					4		24		36		38		42		15
	Fixed charges of majority-owned share of 50% or
		less-owned persons										1		1		1

			Total fixed charges (b)		$	61	$	238	$	259	$	426	$	364	$	390

Ratio of earnings to fixed charges (c)						(0.4)		3.9		5.5		2.7		0.6		2.2

(a)		Includes interest on long-term and short-term debt, as well as amortization of debt discount, expense and premium - net.
(b)		Interest on unrecognized tax benefits is not included in fixed charges.
(c)		The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $83 million for the three months ended March 31, 2013. In January 2011, PPL Energy Supply distributed its 100% membership interest in PPL Global to PPL Energy Supply's parent, PPL Energy Funding. As a result, PPL Global's operating results were reclassified as Discontinued Operations. Upon reflecting this reclassification, earnings were less than fixed charges for 2009. See Note 9 in PPL Energy Supply's 2011 Form 10-K for additional information. The total amount of fixed charges for this period was approximately $364 million and the total amount of earnings was approximately $206 million. The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $158 million.

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