PP&L Resources, Inc. Wednesday (7/23) reported earnings of $2.05 per share of common stock for the 12-month period ended June 30, 1997, compared with $2.22 per share in earnings reported by the company in the previous 12-month period.

However, if the effects of abnormal weather and one-time adjustments are removed, the company would have had earnings of $2.10 per share for the 12 months ended June 30, 1997, compared to $1.74 per share for the previous 12-month period.

Reported earnings for the 12 months ended June 30, 1996, were influenced by several one-time adjustments related primarily to regulatory decisions by the Pennsylvania Public Utility Commission and the sale of coal reserves.

"The increase reflects continued growth in electricity sales by Pennsylvania Power & Light Co., the company's electric utility subsidiary," said Ronald E. Hill, senior vice president-Financial, "along with lower interest expense because of improved cash flow and refinancing and retirement of high-cost securities."

The increase also reflects an increased contribution to earnings by Power Markets Development Co., the company's wholly owned subsidiary investing in worldwide energy projects.

Pennsylvania Power & Light Co.'s weather-adjusted sales to service-area customers were up in all major categories: residential sales increased 1.6 percent; commercial sales rose 2.8 percent; and industrial sales were up 3.9 percent during the 12 months ended June 30, 1997.

"Industrial and commercial sales continue to increase, and that's a good indication of continued regional economic health," noted Hill.

A reduction in Pennsylvania Power & Light Co.'s contractual bulk power sales to a New Jersey utility reduced earnings by 9 cents per share in the 12 months ended June 30, 1997, as compared to the previous 12-month period. Under the terms of the contract, the amount of bulk power sold will continue to decline over the next several years. PP&L has increased its efforts to sell this energy and capacity on the open market.

In the second quarter of 1997, PP&L Resources reported earnings of 39 cents per share, compared with earnings of 38 cents per share in the second quarter of 1996. After excluding the effects of weather, second quarter 1997 earnings remained at 39 cents per share, compared with 36 cents per share for the second quarter of 1996.

The new Labor government in the United Kingdom has announced its budget proposals, which include a windfall profits tax on privatized utilities in the U.K. Power Markets Development Co. has a 25 percent equity interest in South Western Electricity plc (SWEB), one of the U.K.'s privatized regional electric companies. Preliminary estimates are that SWEB's windfall profits tax would be about $160 million. Based on this estimate, PP&L Resources would incur a one-time charge against earnings of about $40 million, or about 24 cents per share, in the third quarter of 1997.

Also in the third quarter, PP&L Resources will record one-time transaction costs associated with its recently announced acquisition of Penn Fuel Gas Co., which will reduce earnings by about 6 cents per share.

PP&L RESOURCES, INC. AND SUBSIDIARY COMPANIES CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) June 1997 Thousands of Dollars

3 Months Ended June 30

6 Months Ended June 30

	1997	1996		1997	1996
Operating revenues	$686,009	$669,070		$1,471,778	$1,458,263
Net income	64,553	61,327		181,325	177,589
Earnings per share of common stock (based on average number of shares outstanding)	$0.39	$0.38		$1.11	$1.11
Average number of shares outstanding (thousands)	164,068	160,610		163,660	160,271

PP&L RESOURCES, INC. AND SUBSIDIARY COMPANIES CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) Thousands of Dollars 12 Months Ended June 30

		1997	1996
	Operating revenues	$2,923,757	$2,873,363
	Net income	333,168	354,203
	Earnings per share of common stock (based on average number of shares outstanding)	$2.05	$2.22
	Average number of shares outstanding (thousands)	162,744	159,429

SYSTEM SALES COMPARISONS -- ACTUAL Millions of kwh

3 Months Ended June 30

6 Months Ended June 30

	1997	1996	% Change		1997	1996	% Change
Residential	2,486	2,543	-2.2		6,141	6,565	-6.5
Commercial	2,415	2,393	0.9		5,109	5,151	-0.8
Industrial	2,533	2,479	2.2		4,989	4,828	3.3
Other	333	360	-7.5		772	848	-9.0
Total	7,767	7,775	-0.1		17,011	17,392	-2.2

SYSTEM SALES COMPARISONS -- ACTUAL Millions of kwh 12 Months Ended June 30

SYSTEM SALES COMPARISONS -- WEATHER-ADJUSTED Millions of kwh

3 Months Ended June 30

6 Months Ended June 30

	1997	1996	% Change		1997	1996	% Change
Residential	2,481	2,463	0.7		6,295	6,330	-0.6
Commercial	2,418	2,369	2.1		5,152	5,088	1.3
Industrial	2,533	2,478	2.2		4,989	4,828	3.3
Other	332	354	-6.2		782	833	-6.1
Total	7,764	7,664	1.3		17,218	17,079	0.8

SYSTEM SALES COMPARISONS -- WEATHER ADJUSTED Millions of kwh 12 Months Ended June 30

		1997	1996	Percent Change
	Residential	11,585	11,401	1.6
	Commercial	10,314	10,029	2.8
	Industrial	10,177	9,799	3.9
	Other	1,576	1,568	0.5
	Total	33,652	33,797	2.6