PP&L Resources, Inc. (NYSE: PPL) announced today (6/4) that it has authorized a program for the repurchase, from time to time, of up to 7 million additional shares of its common stock on the open market, depending on market conditions.

This new program is in addition to previously announced programs to repurchase an aggregate of 7 million shares of common stock, which were recently completed. Those completed programs were effected through forward purchase agreements that the company plans to settle immediately upon the issuance of transition bonds, currently anticipated in the third quarter of 1999. "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.