Exhibit 23.01

                         CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

As independent public accountants, we hereby consent to the incorporation by
reference of our report dated January 27, 1999 (except with respect to the
matters discussed in the eighth and ninth paragraphs of Note 5, as to which
the date is February 12, 1999, and Note 22, as to which the date is March 15,
1999) included in this Form 10-K, into the Company's previously filed
Registration Statement No. 333-43985 relating to the Company's Savings Plan
and the 401(K) Savings Plan for Employees of the Louisville Gas and Electric
Company who are represented by Local 2100 of IBEW, Post-Effective Amendment
No. One to Registration Statement No. 33-56942 and Post-Effective Amendment
No.1-C to Registration Statement No. 33-33687 relating to the Automatic
Dividend Reinvestment and Stock Purchase Plan of the Company, Registration
Statement No. 333-05457 and Post-Effective Amendment No. 2-C to Registration
Statement No. 33-33687 relating to the Employee Common Stock Purchase Plan of
the Company, Registration No. 333-05459 and Post-Effective Amendment No. Two
to Registration Statement No. 33-38557 relating to the Omnibus Long-Term
Incentive Plan of the Company, Post-Effective Amendment No. One to
Registration Statement No. 33-56525 relating to the Stock Option Plan for
Non-Employee Directors of the Company, and Post-Effective Amendment No. One
to Registration Statement No. 33-60765 relating to the Deferred Stock
Compensation Plan for Non-Employee Directors of the Company.


                                          /S/ ARTHUR ANDERSEN LLP
                                          -----------------------
                                          Arthur Andersen LLP

Louisville, Kentucky
March 26, 1999