News Releases

PPL Corporation (NYSE: PPL) has successfully remarketed an aggregate principal amount of $99,337,000 of the PPL Capital Funding, Inc., Notes due 2006.

The Notes were remarketed at a price of 100.5 percent of their aggregate principal amount with a floating reset interest rate initially equal to 2.31 percent, which is 3-month LIBOR plus a spread of 105 basis points, or 1.05 percent. Interest on the Notes resets quarterly at 3-month LIBOR plus a spread of 105 basis points, and is payable quarterly from May 18, 2004, through, but excluding, the maturity date of May 18, 2006.

The Notes (CUSIP No. 69351TAA4) were issued by PPL Capital Funding in January 2004 as a component of the 7-3/4 percent Premium Equity Participating Security Units (PEPS(SM) Units), Series B (NYSE: PPLPrF). The other component of the PEPS Units, Series B is a purchase contract requiring holders to purchase shares of PPL's common stock on or prior to May 18, 2004. Under the terms of the PEPS Units, Series B, holders were entitled to settle their purchase contract obligation by surrendering their Notes for remarketing.

The Premium Equity Participating Security Units (PEPS(SM) Units) (NYSE: PPLPrE), which were issued by PPL in May 2001, are not affected in any way by this remarketing announcement. The fixed income component of those PEPS Units was remarketed in February 2004, and the purchase contract settlement date of those PEPS Units is also May 18, 2004.

Morgan Stanley & Co. Incorporated served as the remarketing agent for the remarketing of the Notes.

PPL Corporation, headquartered in Allentown, Pa., controls about 11,500 megawatts of generating capacity in the United States, sells energy in key U.S. markets, and delivers electricity to customers in Pennsylvania, the United Kingdom and Latin America. More information is available at www.pplweb.com.

This news release shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities, nor shall there be any offer, solicitation or sale of any securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or other jurisdiction.

SOURCE: PPL Corporation

CONTACT: George Biechler, PPL Corporation, +1-610-774-5997, Fax:
+1-610-774-5281

Web site: http://www.pplweb.com/