News Releases

PPL Corporation (NYSE: PPL) is focused on long-term, sustainable growth, the company's chairman said during PPL's annual meeting of shareowners Friday (4/23).

"We will continue to grow your company in a disciplined and opportunistic way, so that we maximize benefits to you while managing our risks, particularly in commodity markets," William F. Hecht, chairman, president and chief executive officer, told about 225 shareowners meeting in Lehigh University's Stabler Arena.

Hecht said that the company is optimistic about the future because "the people of PPL understand - and do - what it takes to succeed, both strategically and operationally."

Reflecting on the company's growth over the past decade, Hecht said what sets PPL apart is not what has changed over that time, but what has not changed.

"A constant at PPL - decades ago as well as today - is our focus on the essentials and an aggressive pursuit of innovation within the boundaries of our fundamental business," said Hecht. "We have grown your business without outgrowing our ability to deliver on our commitments."

  As a result, Hecht said, PPL has delivered superb value for shareowners:

   -- In 2003, the company's common stock price outperformed the Standard &
      Poor's® Electric Utilities Index by 35 percent.
   -- PPL Corporation's total return to shareowners in 2003 was 31 percent.
   -- At the end of 2003, the company's total return to shareowners over
      the past five years was 88 percent, putting PPL among the leaders in
      the U.S. electricity business.
   -- Also over the five years ending in December 2003, PPL's common stock
      price rose 57 percent, a rate better than all but two of the FORTUNE
      500® electric companies.

"We also have continued to grow our dividend," Hecht said. "With the 10-cent increase announced two months ago, our annualized dividend now is $1.64 per share, a 50 percent increase in just three years."

John Biggar, PPL's executive vice president and chief financial officer, said the dividend increase was appropriate given the high quality of PPL's earnings, the company's strengthening cash and credit positions, and a solid foundation for future growth.

"Our forecast for continuing improvement in cash flow and strong earnings from ongoing operations positions PPL to consider dividend increases in the future," said Biggar.

Biggar also said the company believes that its strategy "will result in growth of about 3 percent to 5 percent over the next several years."

During the meeting, shareowners ratified the appointment of PricewaterhouseCoopers LLP as the company's independent auditor for 2003 and re-elected three directors to three-year terms.

Re-elected to the board were: Hecht; Stuart Heydt, retired chief executive officer of the Geisinger Health System; and W. Keith Smith, retired vice chairman of Mellon Financial Corporation.

Continuing to serve on the board are (current term expiration in parentheses): Frederick M. Bernthal, president of Universities Research Association (2005); Biggar (2005); John W. Conway, chairman, president and chief executive officer of Crown Holdings, Inc. (2006); E. Allen Deaver, retired executive vice president and director of Armstrong World Industries (2006); Louise K. Goeser, vice president-Quality for Ford Motor Company (2005); and Susan M. Stalnecker, vice president-Government and Consumer Markets, DuPont Safety & Protection of E.I. du Pont de Nemours and Company (2006).

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 nearly 5 million customers in Pennsylvania, the United Kingdom and Latin America. More information is available at www.pplweb.com.

Certain statements contained in this news release, including statements with respect to future earnings, growth, corporate strategy, cash flow, credit 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/