Pennsylvania Power & Light Company announced that PP&L Capital Trust has offered $100 million of Trust Originated Preferred Securities (TOPrS) to the public through an underwriting group headed by Merrill Lynch & Co., A. G. Edwards & Sons, Inc., Legg Mason Wood Walker, Incorporated, PaineWebber Incorporated and Prudential Securities Incorporated.

The TOPrS will be offered to the public at a price of $25.00 per security to provide a yield of 8.20%.

With certain exceptions related to changes in federal tax law or the federal Investment Company Act of 1940, the TOPrS will not be redeemable prior to April 1, 2002. Thereafter, they may be redeemed in whole or in part at the option of the Company at $25.00 per security plus accrued and unpaid distributions to the date of redemption.

The net proceeds from the sale of the TOPrS will be loaned (either directly or indirectly) to PP&L Resources, Inc., the parent company of PP&L, to finance a portion of the purchase price for PP&L Resources' outstanding tender offer for any and all outstanding shares of preferred stock of PP&L.