PPL Corporation (NYSE: PPL) today declared a quarterly common stock dividend of $0.275 per share, payable July 1, 2006, to shareowners of record as of June 9, 2006. This is the company's 242nd consecutive quarterly dividend.

PPL increased the annualized dividend rate twice in 2005 and once in 2006. The company has increased its dividend by more than 30 percent since the start of 2005 and by 108 percent over the past five years.

PPL Electric Utilities Corporation, a PPL subsidiary, today also declared the following quarterly dividends on its preferred stock and preference stock, payable July 1, 2006, to shareowners of record as of June 9, 2006.

Preferred Stock
4-1/2%         $1.125
3.35% Series  $0.8375
4.40% Series  $1.10
4.60% Series  $1.15
6.75% Series  $1.6875

Preference Stock
6.25% Series  $1.4757 (prorated)

The preference stock was issued in early April 2006 in connection with PPL Electric Utilities' sale of depositary shares, each representing a ¼ interest in a share of the preference stock. Accordingly, holders of record of the depositary shares will receive a dividend equal to ¼ of the dividend paid on the preference stock. Since the preference stock and the depositary shares were not outstanding for the entire quarter, the prorated dividend payment of $1.4757 for the preference stock ($.368925 per depositary share) is slightly less than a full quarterly dividend of $1.5625 per share for the preference stock ($.390625 per depositary share).

PPL Corporation, headquartered in Allentown, Pa., controls about 12,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to more than 5 million customers in Pennsylvania, the United Kingdom and Latin America.