form8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 3, 2014

Commission File Number	Registrant; State of Incorporation; Address and Telephone Number	IRS Employer Identification No.

1-11459	PPL Corporation (Exact name of Registrant as specified in its charter) (Pennsylvania) Two North Ninth Street Allentown, PA 18101-1179 (610) 774-5151	23-2758192

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On August 26, 2014, PPL Corporation ("PPL" or the "Company") announced that on September 3, 2014, Senior Vice President and Chief Financial Officer, Vincent Sorgi, will make a presentation and discuss the Company's general business outlook with investors and financial analysts at the 2014 Barclays Capital CEO Energy-Power Conference. At this conference, Mr. Sorgi is expected to reaffirm the Company's previously announced 2014 ongoing earnings forecast of $2.20 to $2.40 per share and 2014 reported earnings forecast of $1.70 to $1.90 per share (reflecting special items recorded through the second quarter of 2014). A webcast of the presentation will be available for 30 days following the conference on PPL's Internet Web site: www.pplweb.com. In addition to this conference, representatives of PPL will be discussing the Company's business outlook with financial analysts and investors through October 1, 2014. Unless it publicly discloses otherwise, PPL expects that during these meetings and discussions it will reaffirm the Company's 2014 earnings forecasts.

Furnished as Exhibit 99.1 are the slides to be used during Mr. Sorgi's presentation.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits

	99.1 -	PPL slide presentation to be used at the 2014 Barclays Capital CEO Energy-Power Conference on September 3, 2014.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PPL CORPORATION

	By:	/s/ Stephen K. Breininger
		Stephen K. Breininger Controller

Dated: September 3, 2014

exhibit99_1.htm

Exhibit 99.1

Barclays CEO Energy-
Power Conference

New York, NY

September 3, 2014

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.

	2010 (1)	2012 (2)	2013 (3)	Pro-Forma PPL Corporation
Market Cap ($bn)	$12.8	$16.4	$18.8
Enterprise Value ($bn)	$17.2	$35.1	$37.8
FY+1 P/E
Business Profile (4)
Regulatory Asset Base (5) ($bn)	$12.2	$18.8	$21.3	$21.3 + (6.3% CAGR from 2014 - 2018)
Reg. Jurisdictions	KY, PA, UK	KY, PA, UK	KY, PA, UK	KY, PA, UK
UTY P/E Multiple (6)	~12.4x	~14.1x	~15.1x	~16.3x (7)

Commitment to Creating Shareholder Value

Source: FactSet, Company Filings.

(1)As of December 31, 2010.

(2)As of December 31, 2012.

(3)As of December 31, 2013.

(4)Proportion of earnings from ongoing operations.

2008

2009

2010

2011

2012

2014

Future

% Utility

% Competitive Energy

100%

Evolution of PPL

(5) Represents capitalization for LKE, as LG&E and KU rate constructs are based on capitalization. Represents
Regulatory Asset Value (RAV) for WPD.

(6) Based on PHLX UTY Index TTM multiples.

(7) As of June 05, 2014.

2013

PPL Overview

• Customers: 1.4 million Electric

• Allowed Distribution ROE: 10.40%

• Rate Base: $4.2 billion (1)

• 5-Year Transmission Rate Base CAGR: 12.5%

• 5-Year Distribution Rate Base CAGR: 6.4%

• Regulatory Entity: Pennsylvania PUC

PPL Electric Utilities

• Customers: 0.9 million Electric; 0.3 million Natural Gas

• KU Allowed ROE: 10.25% (KY), 10.00% (VA)

• LG&E Allowed ROE: 10.25%

• Rate Base: $7.6 billion (1),(2)

• 5-Year Rate Base CAGR: 5.1%

• Regulated Capacity: 8.1 GW

• Regulatory Entities: Kentucky PSC, Virginia SCC

Kentucky Utilities

• Customers: 7.8 million Electric

• Rate Base: $9.5 billion (1),(2)

• 5-Year Rate Base CAGR: 5.9%

• Regulatory Entity: Ofgem

U.K. Delivery

(1) Year-end Rate Base as of December 31, 2013.

(2) Represents capitalization for LKE, as LG&E and KU rate constructs are based on capitalization. Represents Regulatory Asset Value (RAV) for WPD.

PPL Corporation Investment Highlights

• 100% rate-regulated business model provides earnings and dividend
growth potential

– Substantial projected growth in rate base: 6.3% CAGR from 2014-2018

– Target EPS compound annual growth rate of at least 4%, excluding PPL Energy Supply(1)

– Maintain current dividend level until PPL Energy Supply transaction is completed;
intended growth thereafter

• Operates in premium regulatory jurisdictions that provide substantial
opportunity for real-time recovery of capital investments

– Approximately 75% of regulated capital expenditures earn returns subject to minimal or
no regulatory lag

• Strong management team with track record of execution

– U.K. team best-in-class among U.K. peers

– PPL Electric Utilities, Kentucky Utilities and LG&E have earned a combined 37 J.D. Power
awards for superior performance in reliability and customer service

(1) Based on 2014 hypothetical midpoint of $2.05.

Approximately 75% of regulated capital expenditures earn
returns subject to minimal or no regulatory lag

(1)

75%

$1.4

$0.5

$0.6

(1) Figures based on assumed exchange rate of $1.67 / £.

(2) Assumes 85% of total planned ECR spend as LKE expects between 80% and 90% to receive timely returns via ECR mechanism based on historical experience and future
projections.

(3) Excludes projected capex related to proposed Compass Project.

Real-Time Recovery of Regulated
Capex Spending

74%

$1.3

$0.4

$0.6

75%

$1.3

$0.3

$0.5

($ in billions)

$1.3

$0.3

$0.6

72%

$1.3

$0.6

74%

(2)

$0.3

$0.1

$0.2

(3)

Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

(1) 2015E assumes no contribution from PPL Energy Supply. However, PPL Energy Supply is expected to be part of PPL Corporation’s consolidated earnings for a portion

of 2015 based on an expected closing date of Q1 or Q2 2015.

Increasing 2014 Ongoing Earnings Forecast

Segment	Previous 2014E Ongoing Midpoint	Revised 2014E Ongoing Midpoint	2015E Midpoint
U.K. Regulated	$1.34	$1.35	$1.36
Kentucky Regulated	0.45	0.45	0.48
PA Regulated	0.39	0.39	0.39
Supply	0.11	0.17	--
Corporate and Other	(0.06)	(0.06)	(0.08)
Total	$2.23	$2.30	$2.15

$2.30

$2.40

$2.20

$2.15

$2.25

$2.05

(1)

PPL Energy Supply Transaction Overview

• PPL Energy Supply, LLC (“PPL Energy Supply”) will be spun off from PPL Corporation
(“PPL”) and combined with Riverstone’s power generation business (“RJS Power
Holdings LLC”) to form Talen Energy Corporation (“Talen Energy”)

• Creates a highly competitive 15 GW IPP with attractive assets in the right markets

• With a strong balance sheet and continuing Riverstone involvement, Talen Energy is
well positioned to deliver best-in-class growth and shareholder returns

• PPL’s shareholders will own 65% of Talen Energy with Riverstone owning 35%

– PPL will have no ongoing ownership interest, control or affiliation (1)

• Paul Farr has been named President of PPL Energy Supply and will become President
and CEO of Talen Energy at closing

– Vince Sorgi, previously Vice President and Controller, PPL Corporation, has been named Senior Vice
President and CFO of PPL Corporation

– Jeremy McGuire, currently Vice President - Strategic Development, will become CFO of Talen Energy at
closing

(1) Other than under certain limited contracts such as a Transition Services Agreement and ongoing arms-length commercial arrangements.

• Talen credit facility syndication process

– $1.85 billion 5-year 1st lien revolving credit facility

– Facility is fully committed and will be available upon transaction close

• RJS Power Holdings bond offering

– Riverstone formed RJS Power Holdings LLC as a holding company to consolidate
the generation portfolios being contributed to Talen

– Executed a $1.25 billion bond offering to refinance portfolio-level debt

– RJS bonds will “travel” to Talen upon the merger of RJS Power Holdings with and
into PPL Energy Supply, LLC at or after closing

– 5-year maturity, 5.125% coupon subject to 50 bps step down if Talen achieves
credit ratings of at least Ba2/BB- or Ba3/BB at time of merger

• Applications filed with FERC, NRC and PA PUC

– DOJ to be filed in 3rd or 4th quarter

• On target with projected cost savings and synergies

Talen Transaction: Activities Since

June 9th Announcement

Appendix

A predominantly rate-regulated business mix provides strong support
for current dividend and a platform for future growth

(1) Based on mid-point of forecast. Annualized dividend based on 2/6/2014 announced increase. Actual dividends to be determined by Board of Directors.

(2) From only regulated segments.

(3) See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

$/Share

Annualized

(2)

(1)

Dividend Profile

(3)

• Highly attractive rate-regulated business

– Regulator-approved multi-year forward-looking revenues based on future business plan, including capital
expenditures and O&M plus adjustments for inflation

– Real-time return of and return on capital investment - no lag

– No volumetric risk

– Additional incentives for operational efficiency and high-quality service

• Best-in-class management team with track record of delivering results

U.K. Regulated Segment
Investment Highlights

Top performing electricity distribution business in the U.K.

•WPD has earned about $300 million in annual performance awards over
the past 9 regulatory years

United Kingdom Delivery Territories:

WPD (South Wales)

WPD (South West)

WPD (West Midlands)

WPD (East Midlands)

(1) Central Networks was renamed WPD Midlands upon PPL acquisition in April 2011.

(1)

• Efficient, well-run utilities focused on safety, reliability and customer service

• Constructive regulatory environment that provides a timely return on a
substantial amount of planned capex over the next 5 years

– Environmental Cost Recovery (ECR): ~$2.3 billion estimated spend on projects approved by the KPSC with
a 10.25% ROE - virtually no regulatory lag

– Other supportive recovery mechanisms include Construction Work In Progress, Fuel Adjustment Clause,
Gas Supply Clause Adjustment and Demand Side Management recovery

Kentucky Regulated Segment
Investment Highlights

Significant Rate Base Growth

Kentucky Delivery Territories

($ in billions)

• Significant growth in transmission portion of
business which earns a favorable rate of
return on a near real-time basis

– CAGR of 12.5% in transmission rate base
through 2018 driven by initiatives to improve
aging infrastructure

– ROE of 11.68% earned through FERC Formula
Rate Mechanism

– ROE of 12.93% and return on CWIP for $630
million Susquehanna-Roseland project

– Return on CWIP for most of $335 million
Northeast Pocono Reliability project

Pennsylvania Regulated Segment
Investment Highlights

Projected Distribution Rate Base Growth

Projected Transmission Rate Base Growth

• Reliability initiatives drive distribution rate
base growth at a projected CAGR of over 6%
through 2018

• Act 11 - Alternative ratemaking legislation
provides for more timely recovery of about
$800 million in distribution plant costs that
improve and maintain safety and reliability
over 5 years

(1) Figures based on assumed exchange rate of $1.67 / £.

(2) Expect between 80% and 90% to receive timely returns via ECR mechanism based on historical experience and future projections.

(3) Excludes projected capex related to proposed Compass Project.

(1)

(2)

$4.19

$3.79

$3.51

$3.65

Projected Capital Expenditures

Significant and stable investment opportunities in regulated utilities

$3.68

(3)

($ in billions)

(1) Represents capitalization for LKE, as LG&E and KU rate constructs are based on capitalization. Represents Regulatory Asset Value (RAV) for WPD.

(2) Figures based on assumed exchange rate of $1.67 / £ and the RIIO-ED1 business plan as filed on July 1, 2013.

(2)

5-Year Regulatory Asset Base(1) CAGR: 6.3%

Projected Regulated Rate Base Growth

$21.3

$23.2

$24.8

$26.4

$27.6

$29.0

U.K. Regulated Segment

EPS from Ongoing Operations Projection

Note: Assumes foreign currency exchange rate of $1.67/£ for any unhedged projection.

See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.

($ Per Share)

U.K. Regulated Segment

Cash Repatriation Projection

Note: Assumes foreign currency exchange rate of $1.67/£ for any unhedged projection.

($ in millions)

Note: Total includes Residential, Commercial and Industrial customer classes as well as “Other”, which is not depicted on the charts above.

Regulated Volume Variances

Energy Supply Hedge Update

Capacity revenues are expected to be $560 and $505 million for 2014 and 2015 respectively.

Note: As of June 30, 2014

Includes PPL Montana's hydroelectric facilities through the 3rd quarter of 2014. On September 26, 2013, PPL Montana, LLC reached an agreement to sell all 11 of its hydroelectric power plants. The

sale is subject to regulatory approvals and currently is not expected to close before the fourth quarter of 2014.

(1) Represents expected sales of Supply segment based on current business plan assumptions.

(2) The 2015 ranges of average energy prices for existing hedges were estimated by determining the impact on the existing collars resulting from 2015 power prices at the 5th and 95th percentile
confidence levels.

Energy Supply Hedge Update 2014 2015 Baseload Expected Generation(1) (Million MWhs) 49.4 47.8 East 42.3 43.5 West 7.1 4.3 Current Hedges (%) 97- 99% 69- 71% East 97-99% 69-71% West 95-97% 73-75% Average Hedged Price (Energy Only) ($/MWh) (2) East $39-41 $39-40 West $38-40 $41-42 Current Coal Hedges (%) 100% 82% East 100% 78% West 100% 92% Average Consumed Coal Price (Delivered $/ Ton) East $76-78 $72-76 West $27-30 $26-33 Intermediate/Peaking Expected Generation(1) (Million MWhs) 9.7 8.5 Current Hedges (%) 84% 14%

Competitive Generation Overview

(1) Other includes PPAs, renewables and NUGS.

(1)	24-hour average.
(2)	NYMEX and TETCO M3 forward gas prices on 6/30/2014.
(3)	Market Heat Rate = PJM on-peak power price divided by TETCO M3 gas price.

Market Prices

Market Prices On-Peak Off-Peak (Per M W D) EQA HEAT RATE(3) TETCO M3 PJM MARKET CAPACITY PRICES ELECTRIC AT C(1) NYMEX GAS(2) Mid- Columbia On-Peak Off-Peak AT C(1) PJM Balance of 2014 $55 $35 $44 $48 $36 $43 $4.46 $3.66 15.0 $173.85 88% 2015 $52 $34 $42 $40 $29 $36 $4.22 $4.25 12.2 $154.56 89%

Free Cash Flow before
Dividends

(Millions of Dollars)

Reconciliation of Cash from
Operations to Free Cash Flow
before Dividends

(Millions of dollars)

Free Cash Flow before Dividends

Note: Free Cash Flow forecast updated on an annual basis.

(1) 2014E reflects anticipated proceeds from pending sale of Montana hydro facilities, which currently is not expected to close before the fourth quarter of 2014.

(1)

Free Cash Flow before Dividends Free Cash Flow before Reconciliation of Cash from Dividends Operations to Free Cash Flow (Millions of Dollars) before Dividends (Millions of dollars) Cash from Operations Increase (Dec rease) in c ash due to: Capital Expenditures Sale of Assets (1) 2012A 2,764 $(3,176) 2013A 2,857 $(4,307) $2014E 3,161 (4,032) 895 Other Investing Activities - Net Free Cash Flow before Dividends $(412) $(1,450) $120 144

Debt Maturities

Note: As of June 30, 2014

(1) This amount includes $81 million of Pennsylvania Economic Development Financing Authority bonds due 2037 and $150 million of Pennsylvania Economic Development
Financing Authority bonds due 2038 that may be put by the holders in September 2015. This amount also includes $300 million of REset Put Securities due 2035 that
are required to be put by the holders in October 2015.

Debt Maturities 2014 2015 2016 2017 2018 PPL Capital Funding $0 $0 $0 $0 $250 LG& E and KU Energy (Holding Co LKE) 0 400 0 0 0 Louisville Gas & Electric 0 250 0 0 0 Kentucky Utilities 0 250 0 0 0 PPL Electric Utilities 0 100 0 0 0 PPL Energy Supply 302 534 (1) 354 4 403 WPD 0 0 460 100 0 Total $302 $1,534 $814 $104 $653

Liquidity Profile

Note: As of June 30, 2014

Credit facilities consist of a diverse bank group, with no bank and its affiliates providing an aggregate commitment of more than 10% of the total committed capacity for the

domestic facilities and 13% of the total committed capacity for WPD’s facilities.

(1) In July 2014, PPL Capital Funding entered into an additional $300 million syndicated credit facility with an expiration date of July 2019.

(2) In July 2014, the existing syndicated credit facilities at Louisville Gas & Electric, Kentucky Utilities, WPD (South West), WPD (East Midlands), and WPD (West Midlands) were
amended and extended to July 2019. The existing syndicated credit facility at PPL Electric Utilities was amended and extended to October 2018, with an automatic extension
to July 2019 upon regulatory approval.

(3) As a result of the proposed spinoff transaction, PPL Energy Supply is in the process of syndicating a $1.85 billion credit facility which is currently fully committed. This
syndicated credit facility will replace the existing $3 billion PPL Energy Supply syndicated credit facility and will be effective upon closing of the spinoff transaction.

Liquidity Profile Institution Facility Expiration Date Total Capacity (Millions) Letters of Credit & Commercial Paper Issued (Millions) Drawn (Millions) Unused Capacity (Millions) PPL Capital Funding (1) Syndicated Credit Facility Bilateral Credit Facility Nov- 2018 Mar- 2015 $300 150 $450 $0 11 $11 $0 0 $0 $300 139 $439 PPL Energy Supply (3) Syndicated Credit Facility Letter of Credit Facility Uncommitted Credit Facilities Nov- 2017 Mar- 2015 $3,000 150 175 $3,325 $264 143 77 $484 $175 0 0 $175 $2,561 7 98 $2,666 PPL Electric Utilities Syndicated Credit Facility Oct-2017 (2) $300 $1 $0 $299 LG& E and KU Energy (LKE) Syndicated Credit Facility Oct-2018 $75 $0 $75 $0 Louisville Gas & Electric Syndicated Credit Facility Nov- 2017 (2) $500 $70 $0 $430 Kentucky Utilities Syndicated Credit Facility Letter of Credit Facility Nov- 2017 (2) May- 2016 $400 198 $598 $175 198 $373 $0 0 $0 $225 0 $225 WPD Note: As of June 30, 2014 PPL WW Syndicated Credit Facility WPD (South Wes t) Syndicated Credit Facility WPD (Eas t Midlands) Syndicated Credit Facility WPD (Wes t Midlands) Syndicated Credit Facility Uncommitted Credit Facilities Dec- 2016 Jan- 2017 (2) Apr-2016 (2) Apr-2016 (2) £210 245 300 300 105 £1,160 £0 0 0 0 5 £5 £ 95 0 0 0 0 £ 95 £115 245 300 300 100 £ 1,060

Talen Energy Market Presence

Presence in Most Attractive and Liquid U.S. Power Markets

ISO-NE
1%

PJM

ERCOT

WECC

Talen Energy (1),(2)

ISO-NE

PJM

ERCOT

RJS Power Holdings LLC (1)

PJM

WECC

PPL Energy Supply (1)

(1) Based on percentage of generating capacity. Excludes 11 Montana hydro assets to be sold under a September 26, 2013 Purchase and Sale Agreement with NorthWestern Corporation.

(2) Does not account for any market mitigation that will be required to achieve regulatory approvals.

< 300

300 - 750

750 - 1,000

> 1,000

Operating Capacity (MW)

PPL Energy Supply

Ownership

RJS Power Holdings LLC

Gas

Oil

Coal

Nuclear

Hydro

Fuel Type

93%

63%

35%

Talen Energy Market Presence Presence in Most Attractive and Liquid U.S. Power Markets PPL Energy Supply (1) WECC 93% PJM RJS Power Holdings LLC (1) ISO-NE ERCOT 35% 63% PJM ISO-NE 1% PJM ERCOT WECC TalenEnergy(1),(2) MD TX MT NY PA NH MA CT NJ DE RI VT < 300 300 – 750 750 – 1,000 > 1,000 Operating Capacity (MW) PPL Energy Supply Ownership RJS Power Holdings LLC Gas Oil Coal Nuclear Hydro Fuel Type MD NY PA NH MA CT NJ DE RI VT (1) Based on percentage of generating capacity. Excludes 11 Montana hydro assets to be sold under a September 26, 2013 Purchase and Sale Agreement with NorthWestern Corporation. (2) Does not account for any market mitigation that will be required to achieve regulatory approvals. © PPL Corporation 201426

Talen Energy Asset Overview

(1) Excludes 11 Montana hydro assets to be sold under a September 26, 2013 Purchase and Sale Agreement with NorthWestern Corporation.

(2) Prior to any market mitigation that will be required to achieve regulatory approvals.

(3) Includes Holtwood and Wallenpaupack.

(4) Includes Colstrip and J.E. Corette plants.

PPL Energy Supply Assets (1)(2)

(b)

(a)

(a) Included in market mitigation Option 1.

(b) Included in market mitigation Option 2.

Talen Energy Asset Overview PPL Energy Supply Assets (1)(2) Asset Location Fuel Type Ownership Owned Capacity (MW) COD Region Montour PA Coal 100% 1,505 1972 - 1973 PJM Brunner Is land PA Coal 100% 1,437 1961 - 1969 PJM Keys tone PA Coal 12% 210 1967 - 1968 PJM Conemaugh PA Coal 16% 276 1970 - 1971 PJM Martins Creek 3 & 4 PA Natural Gas / Oil 100% 1,400 (Gas) / 1,700 (Oil) 1975 - 1977 PJM Ironwood (a) PA Natural Gas 100% 660 2001 PJM Lower Mt. Bethel Energy PA Natural Gas 100% 551 2004 PJM Peakers PA Natural Gas / Oil 100% 354 1967 - 1973 PJM Susquehanna PA Nuclear 90% 2,268 1983 - 1985 PJM Eas tern Hydro (3) Montana Coal (4) Renewables (b) PA MT NH, NJ, PA, VT Hydro Coal Renewables 100% 25% (Cols trip) / 100% (J. E. Corette) 100% 292 677 65 1910 - 1926 1968 - 1986 Various PJM WECC Various Total 9,995

(b)

(a)

Talen Energy Asset Overview (cont’d)

RJS Power Holdings LLC Assets(1)

Sapphire

Portfolio

Jade

Portfolio

Raven

Portfolio

(1) Prior to any market mitigation that will be required to achieve regulatory approvals.

(a)

(b)

(a) Included in market mitigation Option 1.

(b) Included in market mitigation Option 2.

(a)

(b)

Talen Energy Asset Overview (cont’d) RJS Power Holdings LLC Assets(1) Asset Location Fuel Type Ownership Owned Capacity (MW) COD Region Brandon Shores MD Coal 100% 1,273 1984 - 1991 PJM Raven H. A . Wagner MD Coal / Natural Gas / Oil 100% 976 1956 - 1972 PJM Portfolio (b) C. P. Crane MD Coal 100% 399 1961 - 1967 PJM (a) (b) Bayonne NJ Natural Gas / Oil 100% 171 1988 PJM (a) (b) Camden NJ Natural Gas / Oil 100% 151 1993 PJM Dartmouth MA Natural Gas / Oil 100% 89 1996 ISO- NE Sapphire (a) (b) Elmwood Park NJ Natural Gas / Oil 100% 71 1989 PJM Portfolio (a) (b) New ark Bay NJ Natural Gas / Oil 100% 129 1993 PJM (a) (b) Pedricktown NJ Natural Gas / Oil 100% 131 1992 PJM (a) (b) York PA Natural Gas 100% 52 1989 PJM Barney Dav is 1 TX Natural Gas 100% 335 1974 ERCOT Barney Davis 2 TX Natural Gas 100% 674 2010 ERCOT Jade Nueces Bay 7 TX Natural Gas 100% 678 2010 ERCOT Portfolio Laredo 4 TX Natural Gas 100% 98 2008 ERCOT Laredo 5 TX Natural Gas 100% 98 2008 ERCOT Total 5,325

Reconciliation of PPL’s Forecast of Earnings from
Ongoing Operations to Reported Earnings

Reconciliation of PPL’s Forecast of Earnings from Ongoing Operations to Reported Earnings (After- Tax) (Unaudited) Forecast (per share - diluted) 2014 Midpoint U.K. Kentucky Pennsylvania Corporate High Low Regulated Regulated Regulated Supply and Other Total 2014 2014 Earnings from Ongoing Operations Special Items: $1.35 $0.45 $0.39 $0.17 $(0.06) $2.30 $2.40 $2.20 Adjusted energy-related economic activity, net (0.24) (0.24) (0.24) (0.24) Foreign currency-related economic hedges (0.06) (0.06) (0.06) (0.06) Kerr Dam Project impairment (0.02) (0.02) (0.02) (0.02) Spinoff of PPL Energy Supply: Change in tax valuation allowances (0.07) (0.07) (0.07) (0.07) Transaction costs (0.01) (0.01) (0.01) (0.01) Other: Change in WPD line loss accrual (0.08) (0.08) (0.08) (0.08) Separation benefits (0.02) (0.02) (0.02) (0.02) Total Special Items (0.14) (0.28) (0.08) (0.50) (0.50) (0.50) Reported Earnings $1.21 $0.45 $0.39 $(0.11) $(0.14) $1.80 $1.90 $1.70 Forecast (per share - diluted) 2015 Midpoint U.K. Kentucky Pennsylvania Corporate High Low Regulated Regulated Regulated and Other Total 2015 2015 Earnings from Ongoing Operations Special Items: $1.36 $0.48 $0.39 $(0.08) $2.15 $2.25 $2.05 Total Special Items Reported Earnings $1.36 $0.48 $0.39 $(0.08) $2.15 $2.25 $2.05

Reconciliation of PPL’s Earnings from Ongoing
Operations to Reported Earnings

Reconciliation of PPL's Earnings from Ongoing Operations to Reported Earnings Reconciliation of PPL's Earnings from Ongoing Operations to Reported Earnings (After- Tax) (Unaudited) Year-to-Date December 31, 2013 (per share - diluted) (a) U.K. Kentucky Pennsylvania Corporate Regulated Regulated Regulated Supply and Other Total Earnings from Ongoing Operations $1.32 $0.48 $0.31 $0.39 $(0.05) $2.45 Special Items: Adjusted energy-related economic activity, net (0.11) (0.11) Foreign currency-related economic hedges (0.03) (0.03) Corette asset impairment (0.06) (0.06) WPD Midlands acquisition- related adjustments: Separation benefits (0.01) (0.01) Other acquisition-related adjustments 0.01 0.01 Other: Change in tax accounting method related to repairs (0.01) (0.01) Windfall tax litigation 0.06 0.06 Change in WPD line loss accrual (0.05) (0.05) Change in U.K. tax rate 0.13 0.13 Loss on Colstrip lease termination to facilitate the sale of Montana hydro assets (0.62) (0.62) Total Special Items 0.11 (0.80) (0.69) Reported Earnings $1.43 $0.48 $0.31 $(0.41) $(0.05) $1.76 Year-to-Date December 31, 2012 (per share - diluted) U.K. Kentucky Pennsylvania Regulated Regulated Regulated Supply Total Earnings from Ongoing Operations $1.19 $0.33 $0.22 $0.68 $2.42 Special Items: Adjusted energy-related economic activity, net 0.07 0.07 Foreign currency-related economic hedges (0.06) (0.06) Impairments: Other asset impairments (0.03) (0.03) Acquisition-related adjustments: WPD Midlands Separation benefits (0.02) (0.02) LKE Net operating loss carryforward and other tax- related adjustments 0.01 0.01 Other: LKE discontinued operations (0.01) (0.01) Change in U.K. tax rate 0.13 0.13 Counterparty bankruptcy (0.01) (0.01) Coal contract modification payments (0.03) (0.03) Change in WPD line loss accrual 0.13 0.13 Total Special Items 0.18 (0.03) 0.03 0.18 Reported Earnings $1.37 $0.30 $0.22 $0.71 $2.60 (a) The "If-Converted Method" was applied to PPL's Equity Units beginning in the first quarter of 2013, resulting in $44 million of interest charges (after-tax) being added back to earnings for the twelve months ended December 31, 2013, and approximately 53 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings per share.

Reconciliation of PPL’s Earnings from Ongoing
Operations to Reported Earnings

(a) WPD Midlands' results are consolidated on a one-month lag, and include eight months of results in 2011, as the date of acquisition was April 1, 2011.

Reconciliation of PPL’s Earnings from Ongoing Operations to Reported Earnings (After-Tax) (Unaudited) Year-to-date December 31, 2011 Earnings from Ongoing Operations Special Items: Adjusted energy-related economic activity, net Foreign currency-related economic hedges Impairments: Renewable energy credits Acquisition-related adjustments WPD Midlands 2011 Bridge Facility costs Foreign currency loss on 2011 Bridge Facility Net hedge gains Hedge ineffectiveness U.K. stamp duty tax Separation benefits Other acquisition- related adjustments Other: Montana hydroelectric litigation Litigation settlement-spent nuclear fuel storage Change in U.K. tax rate Windfall tax litigation Counterparty bankruptcy Wholesale supply cost reimbursement Total Special Items Reported Earnings (per share - diluted) $0.87 U.K. Regulated (a) $0.40 Regulated Kentucky $0.31 Pennsylvania Regulated $1.15 Supply 0.01 0.12 (0.01) (0.05) (0.07) 0.07 (0.02) (0.04) (0.13) (0.10) 0.12 (0.07) (0.28) $0.59 $0.40 $0.31 $0.08 0.06 (0.01) 0.01 0.25 1.40 Total $2.73 0.12 0.01 (0.01) (0.05) (0.07) 0.07 (0.02) (0.04) (0.13) (0.10) 0.08 0.06 0.12 (0.07) (0.01) 0.01 (0.03) $2.70 (a) WPD Midlands' results are consolidated on a one-month lag, and include eight months of results in 2011, as the date of acquisition was April 1, 2011.

Reconciliation of PPL’s Earnings from Ongoing
Operations to Reported Earnings

Reconciliation of PPL’s Earnings from Ongoing Operations to Reported Earnings (After- Tax) (Unaudited) Year-to-date December 31, 2010 (per share - diluted) U.K. Kentucky Pennsylvania Regulated Regulated (a) Regulated Supply Other (b) Total Earnings from Ongoing Operations Special Items: $0.53 $0.06 $0.27 $2.27 $3.13 Adjusted energy-related economic activity, net Sales of assets: (0.27) (0.27) Maine hydroelectric generation business 0.03 0.03 Impairments: Emission allowances (0.02) (0.02) Acquisition-related adjustments: LKE Monetization of certain full-requirement sales contracts (0.29) (0.29) Sale of certain non-core generation facilities (0.14) (0.14) Discontinued cash flow hedges and ineffectiveness (0.06) (0.06) Reduction of credit facility (0.01) (0.01) 2010 Bridge Facility costs $(0.12) (0.12) Other acquisition-related adjustments (0.05) (0.05) Other: Montana hydroelectric litigation (0.08) (0.08) Change in U.K. tax rate 0.04 0.04 Windfall tax litigation 0.03 0.03 Health care reform - tax impact Total Special Items 0.07 (0.02) (0.86) (0.17) (0.02) (0.96) Reported Earnings $0.60 $0.06 $0.27 $1.41 $(0.17) $2.17 (a) Includes two months of results in 2010, as the acquisition date of LKE was November 1, 2010. (b) Includes certain costs incurred prior to the November 1, 2010 acquisition of LKE.

Reconciliation of U.K. Regulated Segment Earnings
from Ongoing Operations to Reported Earnings

Reconciliation of U.K. Regulated Segment Earnings from Ongoing Operations to Reported Earnings (After- tax) (Unaudited) High Low High Projections (per share - diluted) Low 2014 2015 2015 2016 2016 Earnings from Ongoing Operations Special Items: (1) 1.35 $1.40 $1.32 $1.42 $1.30 $Foreign currency-related economic hedges (0.06) Other: Change in WPD line loss accrual (0.08) Total Special Items (0.14) Reported Earnings 1.21 $1.40 $1.32 $1.42 $1.30 $(1) Projected midpoint of Earnings from Ongoing Operations.

Statements contained in this presentation, including statements with respect to future earnings, cash flows, financing, regulation and
corporate strategy 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 are
subject to 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; 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
generating plants and other facilities; the length of scheduled and unscheduled outages at our generating plants; 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 or business 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, rate relief and regulatory cost recovery;
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.

Forward-Looking Information Statement

Definitions of Non-GAAP Financial Measures

"Earnings from ongoing operations," also referred to as "ongoing earnings," should not be considered as an alternative to reported earnings, or
net income attributable to PPL shareowners, which is an indicator of operating performance determined in accordance with U.S. generally
accepted accounting principles (GAAP). PPL believes that "earnings from ongoing operations," although a non-GAAP financial measure, is also
useful and meaningful to investors because it provides management's view of PPL's fundamental earnings performance as another criterion in
making 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.

"Earnings from ongoing operations" is adjusted for the impact of special items. Special items include:

• Adjusted energy-related economic activity (as discussed below).

• Unrealized gains or losses on foreign currency-related economic hedges.

• Gains and losses on sales of assets not in the ordinary course of business.

• Impairment charges (including impairments of securities in the company's nuclear decommissioning trust funds).

• Workforce reduction and other restructuring effects.

• Acquisition and disposition-related adjustments.

• Other charges or credits that are, in management's view, not reflective of the company's ongoing operations.

Adjusted energy-related economic activity includes the changes in fair value of positions used to economically hedge a portion of the economic
value of the competitive generation assets, full-requirement sales contracts 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., fuel and power) prior to the delivery period that was hedged.
Adjusted energy-related economic activity also includes the ineffective portion of qualifying cash flow hedges, the monetization of certain full-
requirement sales contracts and premium amortization associated with options. Unrealized gains and losses related to this activity are deferred,
with the exception of the full-requirement sales contracts that were monetized, and included in earnings from ongoing operations over the
delivery period of the item that was hedged or upon realization. Management believes that adjusting for such amounts provides a better matching
of earnings from ongoing operations to the actual amounts settled for PPL's underlying hedged assets. Please refer to the Notes to the
Consolidated Financial Statements and MD&A in PPL Corporation's periodic filings with the Securities and Exchange Commission for additional
information on adjusted energy-related economic activity.

Free cash flow before dividends is derived by deducting capital expenditures, proceeds from the sale of certain assets and other investing
activities-net, 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, as 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.

Definitions of Non-GAAP Financial Measures

PPL utilizes the following non-GAAP financial measures as indicators of performance for its businesses. These measures are not intended to replace "Operating
Income," which is determined in accordance with GAAP, as an indicator of overall operating performance. Other companies may use different measures to
analyze and report their results of operations. Management believes these measures provide additional useful criteria to make investment decisions. These
performance measures are used, in conjunction with other information, by senior management and PPL's Board of Directors to manage the operations, analyze
actual results compared with budget and, in certain cases, to measure certain corporate financial goals used to determine variable compensation.

"Kentucky Gross Margins" is a single financial performance measure of the Kentucky Regulated segment's, LKE's, LG&E's and KU's electricity generation,
transmission and distribution operations as well as LKE's and LG&E's distribution and sale of natural gas. In calculating this measure, fuel, energy purchases
and certain variable costs of production (recorded as "Other operation and maintenance" on the Statements of Income) are deducted from revenues. In addition,
certain other expenses, recorded as "Other operation and maintenance" and "Depreciation" on the Statements of Income, associated with approved cost
recovery mechanisms are offset against the recovery of those expenses, which are included in revenues. These mechanisms allow for direct recovery of these
expenses and, in some cases, returns on capital investments and performance incentives. As a result, this measure represents the net revenues from the
electricity and gas operations.

"Pennsylvania Gross Delivery Margins" is a single financial performance measure of the Pennsylvania Regulated segment's and PPL Electric's electricity
delivery operations, which includes transmission and distribution activities. In calculating this measure, utility revenues and expenses associated with approved
recovery mechanisms, including energy provided as a PLR, are offset with minimal impact on earnings. Costs associated with these mechanisms are recorded
in "Energy purchases," "Other operation and maintenance," which is primarily Act 129 costs, and "Taxes, other than income," which is primarily gross receipts
tax. This performance measure includes PLR energy purchases by PPL Electric from PPL EnergyPlus, which are reflected in "PLR intersegment utility revenue
(expense)." As a result, this measure represents the net revenues from the Pennsylvania Regulated segment's and PPL Electric's electricity delivery operations.

"Unregulated Gross Energy Margins" is a single financial performance measure of the Supply segment's and PPL Energy Supply's competitive energy activities,
which are managed on a geographic basis. In calculating this measure, energy revenues, including operating revenues associated with certain businesses
classified as discontinued operations, are offset by the cost of fuel, energy purchases, certain other operation and maintenance expenses, primarily ancillary
charges, gross receipts tax, recorded in "Taxes, other than income," and operating expenses associated with certain businesses classified as discontinued
operations. This performance measure is relevant due to the volatility in the individual revenue and expense lines on the Statements of Income that comprise
"Unregulated Gross Energy Margins." This volatility stems from a number of factors, including the required netting of certain transactions with ISOs and
significant fluctuations in unrealized gains and losses. Such factors could result in gains or losses being recorded in either "Unregulated wholesale energy",
"Unregulated retail energy" or "Energy purchases" on the Statements of Income. This performance measure includes PLR revenues from energy sales to PPL
Electric by PPL EnergyPlus, which are reflected in "PLR intersegment utility revenue (expense)." "Unregulated Gross Energy Margins" excludes adjusted
energy-related economic activity, which includes the changes in fair value of positions used to economically hedge a portion of the economic value of the
competitive generation assets, full-requirement sales contracts 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., fuel and power) prior to the delivery period that was hedged. Adjusted energy-related economic activity
includes the ineffective portion of qualifying cash flow hedges, the monetization of certain full-requirement sales contracts and premium amortization associated
with options. This economic activity is deferred, with the exception of the full-requirement sales contracts that were monetized, and included in "Unregulated
Gross Energy Margins" over the delivery period that was hedged or upon realization.