News Releases

PPL Corporation's (NYSE: PPL) projected earnings increases over the next several years should produce excellent results for shareowners, the company's chairman said here Friday.

"Based on our solid business strategy and anticipation of the continued outstanding efforts of PPL employees, we are projecting an increase in earnings, which over time should result in a growing stock price," said William F. Hecht, PPL chairman, president and chief executive officer. "This, combined with our strong dividend, should result in a continuation of superior total returns for our shareowners."

Hecht made his remarks during the company's annual meeting of shareowners, held at Stabler Arena on the campus of Lehigh University in Bethlehem, Pa. Hecht pointed out that a $100 investment in PPL common stock on Dec. 31, 1999 would have grown to $277.85 by the end of 2004, if the shareowner had reinvested dividends. A similar investment in the stocks of the S&P 500® index would have resulted in a loss and in an index of major U.S. electric utilities would have increased by only about $75.

He also noted that PPL's common stock has outperformed all but three of the FORTUNE 500® utilities over the past five years.

"Our growth in shareowner value has resulted from a careful understanding of the electricity business and a disciplined approach to acquiring and building new assets," said Hecht. "Most significant, however, was the fact that we kept our feet firmly planted on the ground, by being honest with ourselves about our limitations - about what we did not know and about what we could not do."

Hecht said the company's steady growth and strong balance sheet have enabled it to increase the common stock dividend by 70 percent in the past five years. The company's dividend is now $1.84 per share on an annualized basis.

The 200 shareowners attending the meeting also heard from Jim Miller, PPL's executive vice president and chief operating officer, and from John Biggar, the company's executive vice president and chief financial officer.

During the meeting, shareowners ratified the appointment of PricewaterhouseCoopers LLP as independent auditor for 2005 and re-elected three directors to three-year terms.

Re-elected were Frederick M. Bernthal, president of Universities Research Association; Biggar; and Louise K. Goeser, president and chief executive officer of Ford of Mexico.

Continuing to serve on the board are (current term expiration in parentheses): John W. Conway, chairman of the board, president and chief executive officer of Crown Holdings, Inc. (2006); E. Allen Deaver, former executive vice president and director of Armstrong World Industries, Inc. (2006); Hecht (2007); Stuart Heydt, former chief executive officer of Geisinger Health System (2007); W. Keith Smith, former vice chairman of Mellon Financial Corporation (2007); and Susan M. Stalnecker, vice president- Government and Consumer Markets, DuPont Safety & Protection, E.I. du Pont de Nemours and Company (2006).

PPL Corporation, headquartered in Allentown, Pa., controls about 12,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to nearly 5 million customers in Pennsylvania, the United Kingdom and Latin America. More information is available at http://www.pplweb.com/.

Certain statements contained in this news release, including statements with respect to future earnings, growth, stock price, returns, corporate strategy and dividends, 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 involve 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 variations affecting customer energy usage; competition in retail and wholesale 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 plants and other facilities; environmental conditions and requirements; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; asset acquisitions and dispositions; political, regulatory or economic conditions in states, regions and countries where PPL Corporation or its subsidiaries conduct business; receipt of necessary governmental permits, approvals and rate relief; the outcome of litigation against PPL Corporation and its subsidiaries; capital market conditions; stock price performance; the securities and credit ratings of PPL Corporation and its subsidiaries; foreign exchange rates; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such factors and in conjunction with PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission.

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SOURCE: PPL Corporation

CONTACT: Dan McCarthy, PPL Corporation, +1-610-774-5758, Fax:
+1-610-774-5281

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