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PPL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
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Consolidated Balance Sheet
(Millions of Dollars)
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Dec.31, 2001
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Dec. 31, 2000
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Assets
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Current assets
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$2,466
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$1,937
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Investments
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1,037
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1,161
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Property, plant and equipment – net
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Transmission and distribution
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2,692
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2,841
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Generation
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2,518
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2,177
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General and intangible
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317
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293
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Construction work in progress
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209
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261
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Nuclear fuel
and other leased property
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127
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123
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Electric utility plant
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5,863
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5,695
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Gas and oil utility plant
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197
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178
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Other property
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77
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75
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6,137
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5,948
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Recoverable transition costs
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2,174
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2,425
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Regulatory and other assets
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805
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889
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Total assets
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$12,619
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$12,360
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Liabilities and Equity
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Current liabilities
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$2,081
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$2,511
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Long-term debt (less current portion)
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4,992
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4,467
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Deferred income taxes and ITC
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1,420
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1,412
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Liability for above market NUG purchases
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494
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581
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Other noncurrent liabilities
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830
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976
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Minority interest
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38
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54
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Company-obligated mandatorily redeemable securities
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825
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250
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Preferred stock
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82
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97
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Earnings reinvested
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1,023
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999
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Other common equity
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1,670
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1,849
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Treasury stock
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(836)
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(836)
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Total liabilities and equity
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$12,619
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$12,360
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Consolidated Income Statement
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(Millions of Dollars)
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3 Months Ended Dec. 31
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12 Months Ended Dec. 31
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2001
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2000(a)
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2001
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2000(a)
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Operating Revenues
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Retail electric and gas
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$792
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$860
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$3,357
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$3,167
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Wholesale energy marketing and trading
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352
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507
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1,712
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2,080
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Energy-related businesses
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169
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138
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656
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436
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1,312
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1,505
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5,725
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5,683
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Operating Expenses
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Fuel and purchased power
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461
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570
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2,128
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2,461
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Other operation and maintenance
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239
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315
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1,024
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966
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Amortization of recoverable transition costs
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60
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68
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251
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227
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Depreciation
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64
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65
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254
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261
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Other
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191
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159
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727
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566
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1,015
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1,177
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4,384
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4,481
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Operating income
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297
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328
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1,341
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1,202
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Other income and (deductions)
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Write-down of International Energy Projects
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(336)
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(336)
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Cancellation of Generation Projects
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(150)
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(150)
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Other
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1
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(23)
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17
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(15)
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(485)
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(23)
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(485)
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(15)
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Income (loss) before interest, income taxes and minority interest
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(188)
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305
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872
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1,187
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Interest expense
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109
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102
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392
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376
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Income taxes
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14
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79
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261
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294
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Minority interest
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(6)
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0
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(2)
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4
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Income (loss)before extraordinary items
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(305)
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124
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221
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513
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Extraordinary items (net of tax)
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0
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11
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0
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11
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Income (loss) before cumulative effect of a change in accounting principle
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(305)
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135
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221
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524
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Cumulative effect of a change in accounting principle (net of tax)
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10
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0
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1 0
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0
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Income (loss) before dividends on preferred securities
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(295)
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135
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231
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524
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Dividends – preferred securities
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17
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7
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52
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26
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Net Income (loss) available for common stock
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($312)
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$128
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$179
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$498
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Earnings per share of common stock – basic
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Income from core operations
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$0.87
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$0.88
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$4.245
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$3.29
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Unusual items
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(3.00)
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0.00
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(3.01)
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0.16
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Net Income
(loss) available for common stock
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$2.13
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$0.88
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$1.23
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$3.45
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Earnings per share of common stock – diluted
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Income from core operations
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$0.87
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$0.87
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$4.22
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$3.28
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Unusual items
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(2.99)
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0.00
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(3.00)
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0.16
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Net Income
(loss available for common stock
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($2.12)
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$0.87
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$1.22
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$3.44
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Average number of shares outstanding (thousands)
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Basic
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146,483
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144,906
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145,974
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144,350
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Diluted
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146,804
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145,822
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146,614
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144,782
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(a) Certain amounts have been reclassified to conform to the current year presentation.
Key Indicators
Financial
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12 Months Ended
Dec. 31, 2001
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12 Months Ended
Dec. 31, 2000
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Dividends declared per share
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$1.06
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$1.06
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Book value per share (a)
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$12.67
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$13.87
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Market price per share (a)
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$34.8500
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$45.1880
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Dividend yield
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3.0%
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2.3%
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Dividend payout ratio – diluted (b)
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25%
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32%
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Price/earnings ratio – diluted (b)
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8.3
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13.8
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Return on average common equity (b)
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28.80%
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27.14%
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(a) End of period
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(b) Based on adjusted earnings from core operations
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Operating-Domestic Energy
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3 Months Ended Dec. 31
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12 Months Ended Dec. 31
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PPL Corp.
(millions of kwh)
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2001
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2000
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Percent
Change
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2001
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2000
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Percent
Change
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Retail
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Delivered (a)
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7,934
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8,281
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-4.2%
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34,610
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33,907
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2.1%
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Supplied
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8,652
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9,370
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-7.7%
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37,551
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37,758
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-0.5%
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Wholesale
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East
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4,769
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6,246
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-23.6%
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19,125
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31,585
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-39.4%
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West
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Montana Power Company (b)
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1,201
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1,253
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-4.2%
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4,717
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5,096
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-7.4%
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Other
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1,112
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1,069
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4.0%
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3,841
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4,244
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-9.5%
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(a)
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Electricity delivered to retail customers represents the kwh delivered to customers within PPL Electric Utilities Corp.’s service territory.
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(b)
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Energy sold to Montana Power for retail customers under power sale agreements that expire on or before June 30, 2002.
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