ALLENTOWN, Pa.---PP&L Resources, Inc. (NYSE: PPL) announced today (4/21) that it has authorized a program for the repurchase, from time to time, of up to 4 million shares of its common stock on the open market, depending on market conditions.

This program is in addition to a 3 million share repurchase program that the company announced in September 1998. The 3 million shares have been purchased through a series of forward purchase agreements that the company plans to settle immediately upon the issuance of transition bonds, currently anticipated in the third quarter of 1999.

Earlier this month, the company asked the Pennsylvania Public Utility Commission to approve various procedures related to the issuance of up to $2.85 billion in transition bonds.

"The issuance of the transition bonds and the company's continuing stock repurchase program are important measures in the financial restructuring of PP&L Resources," said John R. Biggar, senior vice president and chief financial officer. "These initiatives support the company's plans to focus on long-term growth in shareowner value," Biggar added.