This action results in an indicated annual common stock dividend level of $1.44 per share. The company's annual common stock dividend level had been $1.06 per share since early 2000.

In addition, PPL Electric Utilities Corp., a subsidiary of PPL Corporation, today (2/22) declared the following quarterly dividends on its preferred stock, payable April 1, 2002, to shareowners of record March 8, 2002.

Preferred

4.50%...................$1.125

3.35% Series.......$0.8375

4.40% Series.......$1.10

4.60% Series.......$1.15

6.125% Series.....$1.53125

6.15% Series.......$1.5375

6.33% Series.......$1.5825

6.75% Series.......$1.6875