PPL Corporation (New York Stock Exchange)

PPL Corporation (PPL), incorporated in 1994, is an energy and utility holding company. Through its subsidiaries, PPL generates electricity from power plants in the northeastern and western United States, markets wholesale or retail energy primarily in the northeastern and western portions of the United States, and delivers electricity to approximately 4 million customers in Pennsylvania and the United Kingdom. PPL is organized into three segments: Supply, Pennsylvania Delivery and International Delivery. PPL Energy Supply, LLC (PPL Energy Supply), an indirect wholly owned subsidiary of PPL, is an energy company engaged through its subsidiaries in the generation and marketing of power, primarily in the northeastern and western power markets of the United States and in the delivery of electricity in the United Kingdom. PPL Energy Supply’s major operating subsidiaries PPL Generation, LLC (PPL Generation), PPL EnergyPlus, LLC (PPL EnergyPlus) and PPL Global, LLC (PPL Global). At December 31, 2008, PPL Energy Supply owned or controlled 12,002 megawatts of electric power generation capacity. PPL Electric Utilities Corporation (PPL Electric) is a direct subsidiary of PPL and a regulated public utility. PPL Electric provides electricity delivery service in its service territory in Pennsylvania and provides electricity supply to retail customers in that territory. On October 1, 2008, the Company sold PPL Gas Utilities Corporation (PPL Gas Utilities).

Supply

The Supply segment owns and operates domestic power plants to generate electricity; markets this electricity and other power purchases to deregulated wholesale and retail markets, and acquires and develops domestic generation projects. It consists primarily of the activities of PPL Generation and PPL EnergyPlus. PPL Energy Supply has generation assets that are located in the eastern and western United States markets. As of December 31, 2008, PPL Energy Supply owned or controlled generating capacity of 12,002 megawatts. Through subsidiaries, PPL Generation owns and operates power plants in Pennsylvania, Montana, Illinois, Connecticut, New York and Maine. Pennsylvania generation had a total capacity of 9,785 megawatts, as of December 31, 2008. These plants are fueled by uranium, coal, natural gas, oil, water and other fuels.

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PPL’s United States generation subsidiaries are exempt wholesale generators (EWGs), which sell electricity into the wholesale market. PPL Susquehanna, LLC (PPL Susquehanna), the nuclear generating subsidiary of PPL Generation, has majority-ownership interests in the two nuclear-fueled generating units at its Susquehanna station. PPL’s 90% share of Susquehanna’s generating capacity was 2,165 megawatts, as of December 31, 2008.

PPL EnergyPlus markets or brokers the electricity produced by PPL Generation subsidiaries, along with purchased power, natural gas, oil, emission allowances and renewable energy credits in wholesale and deregulated retail markets. PPL EnergyPlus purchases and sells electric capacity and energy at the wholesale level. PPL EnergyPlus also purchases and sells energy forward and futures contracts, as well as other commodity-based financial instruments. PPL EnergyPlus is licensed to provide retail electric supply to customers in Delaware, Maine, Massachusetts, Maryland, Montana, New Jersey and Pennsylvania. During the year ended December 31, 2008, PPL EnergyPlus provided energy to industrial customers in Montana. PPL EnergyPlus serves natural gas customers in Pennsylvania, New Jersey and Delaware and is licensed to do so in Maryland.

Pennsylvania Delivery

The Pennsylvania Delivery segment includes the regulated electric delivery operations of PPL Electric. PPL Electric delivers electricity to approximately 1.4 million customers in a 10,000-square mile territory in 29 counties of eastern and central Pennsylvania. In addition to delivering electricity in its service territory in Pennsylvania, PPL Electric also provides electricity supply to retail customers in that territory. During 2008, about 97% of PPL Electric’s operating revenues were derived from regulated electricity delivery and supply as a provider of last resort (PLR).

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International Delivery

The International Delivery segment includes WPDH Limited and WPD Investment Holdings Limited (WPDL) (collectively WPD). WPD, through indirect wholly owned subsidiaries, operates two of the 15 distribution networks providing electricity service in the United Kingdom. The WPD subsidiaries together serve approximately 2.6 million end users in the United Kingdom. WPD (South West) serves 1.5 million customers in a 5,560 square mile area of southwest England. WPD (South Wales) serves an area of Wales opposite the Bristol Channel from WPD (South West)’s territory.

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