UNITEDUnited STATES SECURITIESStates ANDSecurities EXCHANGEand COMMISSION WASHINGTONExchange Commission Washington, DC 20549

FORMForm 10-Q

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN
GENERAL INSTRUCTIONS H(1) (a) AND (b) OF FORM 10-Q AND
IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
	EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2001

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2001

[_]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
	EXCHANGE ACT OF 1934
	For the transition period from ______________________ to _______________________

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _________________

Commission File Number	Registrant; State of Incorporation; Address; and Telephone No.	IRS Employer Identification No.
Commission File	Registrant; State of Incorporation;	IRS Employer
333-75369	PPL Transition Bond Company, LLC (Delaware) Two North Ninth Street, GENA92, Room 3 Allentown, PA 18101-1179 (610) 774-7934	23-3004428
Number	Address; and Telephone No.	dentification No.
333-75369	PPL Transition Bond Company, LLC	23-3004428
	(Delaware)
	Two North Ninth Street, GENA92, Room 3
	Allentown, PA 18101-1179
	(610) 774-7934

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [ X ] NO [_ ]

PPL TRANSITION BOND COMPANY, LLC

FORM 10-Q FOR THE QUARTER ENDED ~~JUNE~~SEPTEMBER 30, 2001

INDEX
PART I. FINANCIAL INFORMATION			Page
	Item 1. Financial Statements
		Statement of Operations and Changes in Member's Equity	1
		Statement of Cash Flows	2
		Balance Sheet	3
		Notes to Financial Statements	4
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		6
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		7
PART II. OTHER INFORMATION
	Item 1. Legal Proceedings		7
	Item 6. Exhibits and Reports on Form 8-K		7
GLOSSARY OF TERMS AND ABBREVIATIONS			8
SIGNATURES			9

Table of Contents

PPL TRANSITION BOND COMPANY, LLC
PART I. FINANCIAL INFORMATION			Page
Part 1. FINANCIAL INFORMATION
	Item 1. Financial Statements
Item 1. Financial Statements
		Condensed Statement of Operations and Changes in Member's Equity	1
STATEMENT OF OPERATIONS AND CHANGES IN MEMBER'S EQUITY
		Condensed Statement of Cash Flows	2
(Unaudited)
		Condensed Balance Sheet	3
(Thousands of Dollars)
		Notes to Condensed Financial Statements	4
				Three Months			Six Months
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		6
				Ended June 30,			Ended June 30,
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		7
				2001	2000	2001		2000
PART II. OTHER INFORMATION
Revenues
	Item 1. Legal Proceedings		7
	Intangible transition charge revenue			$ 90,329	$ 92,973	$197,894		$206,061
	Item 6. Exhibits and Reports on Form 8-K		7
	Interest income			138	4	328		81
GLOSSARY OF TERMS AND ABBREVIATIONS			8
				------------	------------	------------		------------
SIGNATURES			9
		Total revenue		90,467	92,977	198,222		206,142
				------------	------------	------------		------------
Expenses
	Amortization of intangible transition property			53,126	52,039	122,446		123,242
	Interest expense			36,772	40,467	74,607		81,902
	Administrative and general expenses			466	466	890		916
				------------	------------	------------		------------
		Total expenses		90,364	92,972	197,943		206,060
				------------	------------	------------		------------
Operating Income				103	5	279		82
Income tax expense				42	2	115		34
				------------	------------	------------		------------
Net Income				$ 61	$ 3	$ 164		$ 48
				=======	=======	=======		=======
Member's equity - beginning of period				12,433	12,350	12,330		12,305
				------------	------------	------------		------------
Member's equity - end of period				$ 12,494	$ 12,353	$12,494		$ 12,353
				=======	=======	=======		=======
The accompanying Notes to Financial Statements are an integral part of the financial statements

PPL TRANSITION BOND COMPANY, LLC
STATEMENT OF CASH FLOWS
Part 1. FINANCIAL INFORMATION
(Unaudited)
Item 1. Financial Statements
(Thousands of Dollars)
CONDENSED STATEMENT OF OPERATIONS AND CHANGES IN MEMBER'S EQUITY
					Six Months Ended
(Unaudited)
					June 30,
(Thousands of Dollars)
					2001		2000
			Three Months Ended						Nine Months Ended
Cash Flows From Operating Activities
			September 30,						September 30,
	Net Income				$ 164		$ 48
				2001			2000		2001		2000
	Adjustments to reconcile net income to net cash
Revenue
	provided by operating activities:
	Intangible transition charge revenue		$	97,463		$	95,363	$	295,357	$	301,424
	Amortization of intangible transition property				122,446		123,242
	Interest income			115			55		443		136
	Amortization of debt issuance expenses				1,428		1,721
	Total revenue			97,578			95,418		295,800		301,560
	Amortization of debt discount				27		35
Expenses
	Changes in current assets and liabilities:
	Amortization of intangible transition property			61,305			55,343		183,751		178,585
		Intangible transition charges receivable from Servicer			14,173		(6,739)
	Interest expense			35,733			39,503		110,340		121,405
		Payable to Servicer					(1,056)
	Administrative and general expenses			424			518		1,279		1,434
		Other			(167)		1,269
	Total expenses			97,462			95,364		295,370		301,424
	Other operating activities - net				2,134		654
Operating Income				116			54		430		136
					-------------------		-------------------
Income tax expense				49			22		199		56
			Net cash provided by operating activities		140,205		119,174
Net Income			$	67		$	32	$	231	$	80
					-------------------		-------------------
Member's equity - beginning of period				12,494			12,353		12,330		12,305
Cash Flows From Investing Activities
Member's equity - end of period			$	12,561		$	12,385	$	12,561	$	12,385
	Change in restricted funds				(11,102)		663
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
					-------------------		-------------------
			Net cash provided by (used in) investing activities		(11,102)		663
					-------------------		-------------------
Cash Flows From Financing Activities
	Payment of principal on bonds				(129,138)		(122,327)
					-------------------		-------------------
			Net cash used in financing activities		(129,138)		(122,327)
					-------------------		-------------------
Net Decrease in Cash and Cash Equivalents					(35)		(2,490)
Cash and Cash Equivalents at Beginning of Period					793		2,830
					-------------------		-------------------
Cash and Cash Equivalents at End of Period					$ 758		$ 340
					===========		===========
The accompanying Notes to Financial Statements are an integral part of the financial statements.

PPL TRANSITION BOND COMPANY, LLC
BALANCE SHEET
(Unaudited)
(Thousands of Dollars)				June 30,	December 31,
				2001	2000
ASSETS
	Current Assets
		Cash and cash equivalents		$ 758	$ 793
		Intangible transition charges receivable from Servicer		68,011	82,184
		Other current assets		8	41
				-------------------	-------------------
			Current assets	68,777	83,018
				-------------------	-------------------
	Noncurrent Assets
		Intangible transition property, net		1,951,867	2,075,996
		Unamortized debt issuance expenses		10,150	11,578
		Restricted funds		26,209	15,107
				-------------------	-------------------
			Noncurrent assets	1,988,226	2,102,681
				-------------------	-------------------
			Total assets	$ 2,057,003	$ 2,185,699
				===========	===========
LIABILITIES AND MEMBER'S EQUITY
	Current Liabilities
		Long-term debt		$ 243,192	$ 240,308
		Interest accrued		1,950	2,064
		Taxes accrued - Member		77	53
		Other		3,239	3,349
				-------------------	-------------------
			Current liabilities	248,458	245,774
				-------------------	-------------------
	Noncurrent Liabilities
		Long-term debt, net of discount		1,791,146	1,923,141
		Other		4,905	4,454
				-------------------	-------------------
			Noncurrent liabilities	1,796,051	1,927,595
				-------------------	-------------------
	Commitments and Contingent Liabilities
	Member's Equity			12,494	12,330
				-------------------	-------------------
			Total liabilities and member's equity	$ 2,057,003	$ 2,185,699
				===========	===========
The accompanying Notes to Financial Statements are an integral part of the financial statements.

PPL Transition Bond Company, LLC

PPL TRANSITION BOND COMPANY, LLC

CONDENSED STATEMENT OF CASH FLOWS

(Unaudited)

(Thousands of Dollars)

Nine Months Ended

September 30,

2001

2000

Cash Flows From Operating Activities

Net Income

231

Adjustments to reconcile net income to net cash provided

by operating activities:

Amortization of intangible transition property

183,751

178,585

Amortization of debt issuance expenses

2,094

2,521

Amortization of debt discount

Changes in current assets and liabilities:

Intangible transition charge receivable from Servicer

10,399

(5,250)

Payable to Servicer

(1,056)

Other

1,765

1,766

Other operating activities - net

981

981

Net cash provided by operating activities

199,259

177,678

Cash Flows From Investing Activities

Change in restricted funds

(14,592)

(5,632)

Net cash used in investing activities

(14,592)

(5,632)

Cash Flows From Financing Activities

Payment of principal on bonds

(184,785)

(174,624)

Net cash used in financing activities

(184,785)

(174,624)

Net Decrease in Cash and Cash Equivalents

(118)

(2,578)

Cash and Cash Equivalents at Beginning of Period

793

2,830

Cash and Cash Equivalents at End of Period

675

252

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

~~Notes to Financial Statements~~2

Terms and abbreviations appearing in Notes to Financial Statements are explained in the glossary.

PPL TRANSITION BOND COMPANY, LLC
CONDENSED BALANCE SHEET
(Unaudited)
(Thousands of Dollars)
				September 30,			December 31,
					2001		2000

ASSETS
	Current Assets
		Cash and cash equivalents			$	675	$	793
		Intangible transition charges receivable from Servicer				71,785		82,184
		Other current assets				80		41

			Current assets			72,540		83,018


	Noncurrent Assets
		Intangible transition property, net				1,889,851		2,075,996
		Unamortized debt issuance expenses				9,484		11,578
		Restricted funds				29,699		15,107

			Noncurrent assets			1,929,034		2,102,681


			Total assets		$	2,001,574	$	2,185,699




LIABILITIES AND MEMBER'S EQUITY
	Current Liabilities
		Long-term debt			$	244,297	$	240,308
		Interest accrued				1,901		2,064
		Taxes accrued - Member				134		53
		Other				3,044		3,349

			Current liabilities			249,376		245,774


	Noncurrent Liabilities
		Long-term debt, net of discount				1,734,405		1,923,141
		Other				5,232		4,454

			Noncurrent liabilities			1,739,637		1,927,595


	Commitments and Contingent Liabilities

	Member's Equity					12,561		12,330


			Total liabilities and member's equity		$	2,001,574	$	2,185,699



The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

~~Interim Financial Statements~~3

Certain information in footnote disclosures, normally included in financial statements prepared in accordance with accounting standards generally accepted in the U.S., has been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC. These financial statements should be read in conjunction with the financial statements and notes included in PPL Transition Bond Company, LLC~~'s Annual Report to the SEC on Form 10-K for the year ended December 31, 2000.~~

~~Nature~~Notes ofto ~~Operations~~Condensed Financial Statements

~~The~~Terms ~~financial statements include the accounts of PPL Transition Bond Company, LLC (the Company). The Company is a limited liability company established under the laws of the State of Delaware,~~ and ~~was~~abbreviations ~~formed~~appearing onin ~~March~~Notes ~~25, 1999 pursuant~~ to aCondensed ~~limited~~Financial ~~liability~~Statements ~~company~~are explained ~~agreement.~~in ~~PPL Electric Utilities is~~ the ~~sole member of the Company~~glossary.

Interim Financial Statements

~~The~~Certain ~~Company~~information ~~was~~in ~~organized~~footnote ~~for the sole purpose of purchasing and owning ITP~~disclosures, ~~issuing~~normally ~~transition~~included ~~bonds~~in ~~(the~~financial ~~Bonds),~~statements ~~pledging its interest~~ prepared in ~~ITP~~accordance ~~and~~with ~~other~~accounting ~~collateral~~standards togenerally ~~the~~accepted ~~Trustee~~in ~~under an Indenture between~~ the ~~Company and the Trustee to collateralize the Bonds, and performing activities that are necessary to accomplish these purposes~~U. ~~ITP represents the irrevocable right of PPL Electric Utilities~~S., orhas ~~its~~been ~~successor~~condensed or ~~assignee,~~omitted toin ~~collect~~this ~~a non~~Form 10-~~bypassable~~Q ~~ITC from customers~~ pursuant to the ~~PUC~~rules ~~Restructuring~~and ~~Order~~regulations inof ~~accordance with~~ the ~~Competition Act~~SEC. These ~~The~~condensed ~~PUC~~financial ~~Restructuring~~statements ~~Order~~should ~~authorized~~be ~~the~~read ~~ITC~~in conjunction towith bethe ~~sufficient~~financial tostatements ~~recover~~and upnotes toincluded ~~$2.85~~in ~~billion~~PPL ~~aggregate~~Transition ~~principal~~Bond ~~amount of Bonds~~Company, ~~plus~~LLC's anAnnual ~~amount~~Report ~~sufficient~~ to the ~~provide~~SEC ~~for~~on ~~any~~Form ~~credit~~10-K ~~enhancement,~~for tothe ~~fund~~year ~~any~~ended ~~reserves~~December ~~and to pay interest~~31, ~~redemption premiums, servicing fees and other expenses relating to the Bonds~~2000.
Nature of Operations

The ~~Company's~~condensed ~~organizational~~financial ~~documents~~statements ~~require~~include ~~it to operate in a manner so that its assets would not be consolidated with~~ the ~~bankruptcy~~accounts ~~estate~~ of PPL ~~Electric~~Transition ~~Utilities~~Bond ~~in the event PPL Electric Utilities becomes subject to a bankruptcy proceeding. Both PPL Electric Utilities and the~~ Company, ~~have~~LLC ~~treated~~ (the ~~transfer of the ITP to the~~ Company ~~as a sale under applicable law~~). The ~~Bonds~~Company ~~are~~is ~~treated~~a aslimited ~~debt~~liability ~~obligations~~company ofestablished under the ~~Company.~~laws ~~The assets~~ of the ~~Company~~State ~~are not available to creditors~~ of ~~PPL~~Delaware, ~~Electric~~and ~~Utilities~~was formed oron ~~PPL~~March ~~Corporation~~25, ~~and~~1999 ~~the~~pursuant ~~ITP~~to isa ~~legally~~limited ~~not~~liability ancompany ~~asset of~~ agreement. PPL Electric Utilities ~~or PPL Corporation. The Company~~ is ~~expected~~the tosole member ~~terminate its existence after final maturity~~ of the ~~Bonds~~Company.

The Company ~~issued~~was organized for the sole purpose of purchasing and owning ITP, issuing transition bonds (the Bonds), pledging its interest in ITP and other collateral to the Trustee under an Indenture between the Company and the Trustee to collateralize the Bonds, and performing activities that are necessary to accomplish these purposes. ITP represents the irrevocable right of PPL Electric Utilities, or its successor or assignee, to collect a non-bypassable ITC from customers pursuant to the PUC Restructuring Order in accordance with the Competition Act. The PUC Restructuring Order authorized the ITC to be sufficient to recover up to $2.4285 billion aggregate principal amount of Bonds, inplus ~~eight~~an ~~different~~amount ~~classes~~sufficient onto ~~August~~provide 10for any credit enhancement, ~~1999.~~to ~~See~~fund ~~Note~~any 4reserves ~~for~~and ~~additional~~to ~~information~~pay interest, redemption premiums, servicing fees and other expenses relating to the Bonds.

~~Summary~~The Company´s organizational documents require it to operate in a manner so that its assets would not be consolidated with the bankruptcy estate of ~~Significant~~PPL ~~Accounting~~Electric ~~Policies~~Utilities in the event PPL Electric Utilities becomes subject to a bankruptcy proceeding. Both PPL Electric Utilities and the Company have treated the transfer of the ITP to the Company as a sale under applicable law. The Bonds are treated as debt obligations of the Company. The assets of the Company are not available to creditors of PPL Electric Utilities or PPL Corporation, and the ITP is legally not an asset of PPL Electric Utilities or PPL Corporation. The Company is expected to terminate its existence after final maturity of the Bonds.

~~Management's~~The ~~Estimates~~Company issued $2.42 billion of Bonds in eight different classes on August 10, 1999. See Note 4 for additional information.
Summary of Significant Accounting Policies

~~The~~Management´s preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions will affect the reported amount of revenues, expenses, assets, and liabilities and disclosure of contingencies. Actual results could differ from these estimates.Estimates

~~Cash~~The preparation of condensed financial statements in conformity with generally accepted accounting principles requires management to make estimates and ~~Cash~~assumptions. These ~~Equivalents~~estimates and assumptions will affect the reported amount of revenues, expenses, assets, and liabilities and disclosure of contingencies. Actual results could differ from these estimates.

~~The Company considers all liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.~~ Cash and Cash Equivalents ~~do not include Restricted Funds.~~

The Company considers all liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash and Cash Equivalents do not include Restricted Funds.

Under the Indenture, the Company deposited an amount equal to 0.5% of the initial principal amount of the 1999-1 Bonds into the Capital Subaccount with the Trustee. This amount was contributed by PPL Electric Utilities to the Company. This account is the last account drawn in the event funds are insufficient to make scheduled allocations. If the Capital Subaccount is used, it will be replenished from ITC remittances to its original level through the periodic reconciliation process. The Indenture also provides for an Overcollateralization Subaccount. The funding level of this account is 0.5% of the initial principal amount of the Series 1999-1 Bonds, funded ratably over the life of the Bonds. Any excess amounts of ITC collections and investment earnings not released to the Company are deposited into a Reserve Subaccount. Accordingly, the Capital Subaccount, Overcollateralization Subaccount, and Reserve Subaccount are classified as "Restricted Funds~~" on the Balance Sheet.~~

~~Amortization~~Under the Indenture, the Company deposited an amount equal to 0.5% of ~~Intangible~~the ~~Transition~~initial ~~Property~~principal amount of the Series 1999-1 Bonds into the Capital Subaccount with the Trustee. This amount was contributed by PPL Electric Utilities to the Company. This account is the last account drawn in the event funds are insufficient to make scheduled allocations. If the Capital Subaccount is used, it will be replenished from ITC remittances to its original level through the periodic reconciliation process. The Indenture also provides for an Overcollateralization Subaccount. The funding level of this account is 0.5% of the initial principal amount of the Series 1999-1 Bonds, funded ratably over the life of the Bonds. Any excess amounts of ITC collections and investment earnings not released to the Company are deposited into a Reserve Subaccount. Accordingly, the Capital Subaccount, Overcollateralization Subaccount, and Reserve Subaccount are classified as "Restricted Funds" on the Balance Sheet.

~~The~~Amortization ~~ITP was recorded at the acquired cost and is being amortized over the life~~ of ~~the~~Intangible ~~Bonds,~~Transition ~~based on ITC revenues, interest accruals and other fees. The ITP is solely the property of the Company.~~Property

~~Amortization~~The ofITP ~~Debt~~was ~~Issuance~~recorded ~~Costs~~at the acquired cost and ~~Discount~~is being amortized over the life of the Bonds, based on ~~Debt~~ITC revenues, interest accruals and other fees. The ITP is solely the property of the Company.

~~The costs associated with the issuance of the Bonds have been capitalized and are being amortized over the life of the Bonds, utilizing the effective interest method.~~4

~~Income~~Amortization ~~Taxes~~of Debt Issuance Costs and Discount on Debt

The ~~Company~~costs isassociated awith ~~limited liability company and has elected to be disregarded as a separate entity for federal and state income tax purposes. The Company's taxable income or loss is included in~~ the ~~consolidated~~issuance ~~federal and state income tax returns~~ of ~~its~~the ~~member.~~Bonds ~~The~~have ~~Statement~~been ofcapitalized ~~Operations~~ and ~~Changes~~are inbeing amortized ~~Member's~~over ~~Equity reflects~~ the ~~Company's~~life ~~pro rata allocation~~ of ~~its~~the ~~member's~~Bonds, ~~consolidated~~utilizing ~~income~~the ~~taxes~~effective ininterest ~~accordance with its member's tax sharing policy~~method.

~~Long-Term~~Income ~~Debt and Source of Repayment~~Taxes

InThe ~~August~~Company ~~1999,~~is ~~the~~a ~~Company~~limited ~~issued~~liability ~~$2.42~~company ~~billion~~and ofhas ~~Series~~elected ~~1999-1~~to ~~Bonds.~~be ~~The~~disregarded ~~Bonds~~as ~~consist~~a ofseparate ~~eight~~entity for ~~classes.~~federal ~~The~~and ~~Company~~state ~~used~~income ~~the~~tax ~~proceeds~~purposes. The ~~from~~Company's ~~the~~taxable ~~Bonds~~income toor ~~purchase~~loss ~~ITP~~is ~~from~~included ~~CEP~~in ~~Securities.~~the ~~PPL~~consolidated federal ~~Electric~~and ~~Utilities~~state ~~arranged~~income ~~for~~tax ~~the~~returns ~~formation~~ of ~~CEP~~its ~~Securities~~member. The toCondensed ~~provide~~Statement ~~flexibility~~of toOperations ~~issue~~and ~~multiple~~Changes ~~tranches~~in ofMember's Equity ~~transition~~reflects ~~bonds~~the atCompany's ~~different~~pro ~~dates.~~rata ~~The~~allocation ~~Bonds~~of ~~are~~its ~~collateralized~~member's byconsolidated ~~the~~income ~~ITP~~taxes ~~and~~in ~~other~~accordance ~~assets~~with ofits member's ~~the~~tax ~~Company~~sharing policy.

Long-Term Debt and Source of Repayment

~~Scheduled~~In ~~maturities~~August ~~and~~1999, ~~interest~~the ~~rates~~Company ~~for~~issued $2.42 billion of Series 1999-1 Bonds. The Bonds consist of eight classes. The Company used the proceeds from the Bonds to purchase ITP from CEP Securities. PPL Electric Utilities arranged for the formation of CEP Securities to provide flexibility to issue multiple tranches of transition bonds at ~~June~~different ~~30, 2001~~dates. The Bonds are: collateralized by the ITP and other assets of the Company.

			Expected Final	Final
Class	Bond Rate	Amount	Payment Date	Maturity Date
		($ Thousands)
A-1	6.08%	0	March 25, 2001	March 25, 2003
A-2	6.41%	85,478	December 26, 2001	December 26, 2003
A-3	6.60%	303,000	March 25, 2003	March 25, 2005
A-4	6.72%	201,000	December 26, 2003	December 26, 2005
A-5	6.83%	313,000	March 25, 2005	March 25, 2007
A-6	6.96%	223,000	December 26, 2005	December 26, 2007
A-7	7.05%	455,000	June 25, 2007	June 25, 2009
A-8	7.15%	454,000	December 26, 2008	June 25, 2009
		------------
		2,034,478
Current Maturities		(243,192)
Unamort. Discount		(140)
		------------
Long-term Debt		1,791,146
		========

Scheduled maturities and interest rates for the Bonds at September 30, 2001 are:

The carrying value of the long-term debt approximates fair market value as of June 30, 2001. The current maturities stated above are based on the expected final payment dates rather than the final maturity date.

				Expected Final	Final
Class	Bond Rate		Amount	Payment Date	Maturity Date
			($ Thousands)
A-1	6.08%	$	0	March 25, 2001	March 25, 2003
A-2	6.41%		29,831	December 26, 2001	December 26, 2003
A-3	6.60%		303,000	March 25, 2003	March 25, 2005
A-4	6.72%		201,000	December 26, 2003	December 26, 2005
A-5	6.83%		313,000	March 25, 2005	March 25, 2007
A-6	6.96%		223,000	December 26, 2005	December 26, 2007
A-7	7.05%		455,000	June 25, 2007	June 25, 2009
A-8	7.15%		454,000	December 26, 2008	June 25, 2009

		$	1,978,831
Current Maturities			(244,297)
Unamort. Discount			(129)

Long-term Debt		$	1,734,405

The ~~source~~carrying value of ~~repayment for~~ the ~~Bonds is the ITC. The Servicer collects this non~~long-~~bypassable~~term ~~charge~~debt ~~from~~approximates ~~PPL~~fair ~~Electric~~market ~~Utilities'~~value ~~retail~~as ~~consumers~~ of ~~electricity.~~September The Servicer deposits ITC monthly collections into a General Subaccount maintained by the Trustee under the Indenture. The monthly ITC collections from the billing periods of December 2000 through May 2001 were $213 million in aggregate. Each quarter30, ~~such monies are used to make principal and interest payments on the Bonds, and to pay fees, costs and charges specified in the Indenture. The Trustee made scheduled payments on March 26 and June 25,~~ 2001. The ~~Indenture~~current ~~also~~maturities ~~includes~~stated aabove ~~Reserve~~are ~~Subaccount~~based that is maintained for the purpose of retaining any excess amount of ITC collections and investment earnings not released to the Company. Approximately $9.3 million was deposited into the Reserve Subaccount on ~~March 26, and an additional $893,000 on June 25, 2001. The Indenture also provides for an Overcollateralization Subaccount. The funding level of this account is 0.5% of~~ the ~~initial~~expected ~~principal~~final amount of the Series 1999-1 Bonds, funded ratably over the life of the Bonds. To meet the required Overcollateralization Subaccount levels, $327,000 was deposited on both March 26 and June 25, 2001. Additionally an amount equal to 0.5% of the initial principal amount of the Bonds has been deposited into the Capital Subaccount under the Indenture. If amounts available in the General, Reserve, and Overcollateralization Subaccounts are not sufficient on any payment ~~date~~dates torather ~~make~~than ~~scheduled payments,~~ the ~~Trustee will draw on amounts in the Capital Subaccount in excess of $100,000. Any remaining amounts collateralizing the Bonds will be released to the Company upon~~ final maturity ~~payment on the Bonds~~date.

AtThe source of repayment for the Bonds is the ITC. The Servicer collects this non-bypassable charge from PPL Electric Utilities' retail consumers of electricity. The Servicer deposits ITC monthly collections into a General Subaccount maintained by the Trustee under the Indenture. The monthly ITC collections from the billing periods of December 2000 through August 2001 were $307 million in aggregate. Each quarter, such monies are used to make principal and interest payments on the Bonds, and to pay fees, costs and charges specified in the Indenture. The Trustee made scheduled payments on March 26, June 3025, and September 25, 2001. The Indenture also includes a Reserve Subaccount that is maintained for the purpose of retaining any excess amount of ITC collections and investment earnings not released to the Company. The following amounts were deposited to the Reserve Subaccount on the dates noted above: $9.3 million, $893,000 and $3 million. The Indenture also provides for an Overcollateralization Subaccount. The funding level of this account is 0.5% of the initial principal amount of the Series 1999-1 Bonds, funded ratably over the life of the Bonds. To meet the required Overcollateralization Subaccount level, the following ~~balances~~deposits were ~~reflected~~made on the same dates noted above: $327,000, $327,000 and $276,000. Additionally, an amount equal to 0.5% of the initial principal amount of the Bonds was deposited into the Capital Subaccount under the Indenture on the date of issuance. If amounts available in the General, Reserve, and Overcollateralization Subaccounts ~~maintained~~are bynot sufficient on any payment date to make scheduled payments, the Trustee: will draw on amounts in the Capital Subaccount in excess of $100,000. Any remaining amounts collateralizing the Bonds will be released to the Company upon final payment on the Bonds.

Subaccounts	Balance
	($ Thousands)
General	$0
Reserve	11,642
Overcollateralization	2,337
Capital	12,230
	------------------
Totals	$26,209
	==========

At September 30, 2001, the following balances were reflected in the Subaccounts maintained by the Trustee:

Significant Agreements and Related Party Transactions

	Subaccounts	Balance
		($ Thousands)
	General	$ -
	Reserve	14,726
	Overcollateralization	2,635
	Capital	12,338

	Total	$ 29,699

Significant Agreements and Related Party Transactions
Under the Servicing Agreement, PPL Electric Utilities, as Servicer, is required to manage and administer the ITP of the Company and to collect the ITC on behalf of the Company. The Company pays an annual servicing fee of $1.25 million to PPL Electric Utilities. For the three months ended ~~June~~ September 30, 2001, the Company expensed servicing fees of approximately $313,000 and other administrative fees of $25,000. For the ~~six~~ nine months ended ~~June~~September 30, 2001, the company expensed servicing fees of approximately $~~625~~937,000 and other administrative fees of $5075,000.

At ~~June~~September 30, 2001, the Balance Sheet includes a receivable from PPL Electric Utilities of approximately $6872 million for billed and unbilled ITC revenues.

~~PPL Transition Bond Company, LLC~~5

~~Item~~PPL 2.Transition ~~Management's~~Bond ~~Discussion~~Company, ~~and Analysis of Financial Condition and Results of Operations~~LLC

~~Forward-Looking~~Item ~~Information~~2. Management's Discussion and Analysis of Financial Condition and Results of Operations

~~Certain statements contained in this Form 10~~Forward-QLooking concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are other than statements of historical facts are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Electric Utilities and PPL Transition Bond Company, LLC (the Company) believe that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to have been correct. These forward-looking statements involve a number of risks and uncertainties, and actual results may differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements should be considered in conjunction with other documents of PPL Electric Utilities and the Company on file with the SEC.Information

~~New~~Certain ~~factors~~statements ~~that~~contained ~~could~~in ~~cause~~this ~~actual~~Form ~~results~~10-Q toconcerning ~~differ~~expectations, ~~materially~~beliefs, ~~from~~plans, objectives, ~~those~~goals, ~~described~~strategies, infuture ~~forward-looking~~events or performance and underlying assumptions and other statements ~~emerge~~which are ~~from~~other ~~time~~than tostatements ~~time,~~of ~~and~~historical itfacts isare ~~not~~"forward-looking ~~possible~~statements" ~~for~~within the meaning of the federal securities laws. Although PPL Electric Utilities orand the Company tobelieve ~~predict~~that ~~all~~the ofexpectations ~~such~~and ~~factors~~assumptions reflected in these statements are reasonable, orthere ~~the~~can ~~extent~~be no assurance that these expectations will prove to ~~which~~have been ~~any~~correct. These ~~such~~forward-looking ~~factor~~statements orinvolve ~~combination~~a number of ~~factors~~risks ~~may~~and ~~cause~~uncertainties, and actual results to may differ materially from ~~those~~the ~~contained~~results discussed in ~~any~~the forward-looking ~~statement~~statements. Any such forward-looking ~~statement~~statements should ~~speaks~~be ~~only~~considered asin ofconjunction ~~the~~with ~~date~~other ondocuments ~~which~~of ~~such statement is made, and neither~~ PPL Electric Utilities ~~nor~~and the Company ~~undertakes~~on ~~any~~file ~~obligation~~with ~~to update~~ the ~~information contained in such statement to reflect subsequent developments or information~~ SEC.

~~Background~~New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for PPL Electric Utilities or the Company to predict all of such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. Any forward-looking statement speaks only as of the date on which such statement is made, and neither PPL Electric Utilities nor the Company undertakes any obligation to update the information contained in such statement to reflect subsequent developments or information.

The Company is a Delaware limited liability company organized in March 1999 for the limited purposes of purchasing ITP and issuing Bonds secured by the ITP. The Company is wholly-owned by PPL Electric Utilities. The Company's organizational documents require it to operate in a manner so that its assets would not be consolidated with the bankruptcy estate of PPL Electric Utilities in the event PPL Electric Utilities becomes subject to a bankruptcy proceeding.Background

The ~~following~~Company ~~analysis~~is ofa ~~the~~Delaware ~~financial~~limited ~~condition~~liability ~~and~~company ~~results~~organized ofin ~~operations~~March of1999 for the ~~Company~~limited purposes isof inpurchasing anITP ~~abbreviated~~and ~~format~~issuing ~~pursuant~~Bonds tosecured ~~Instruction~~by Hthe ~~of Form 10-Q~~ITP. The ~~Such~~Company ~~analysis~~is ~~should~~wholly-owned beby ~~read~~PPL inElectric Utilities. The ~~conjunction~~Company's ~~with~~organizational ~~the~~documents ~~Financial~~require ~~Statements~~it ~~and Notes~~ to ~~Financial~~operate ~~Statements included~~ in ~~Item~~a 1manner ~~above,~~so ~~and~~that ~~with~~its ~~the~~assets ~~section~~would ~~entitled~~not ~~"Management's~~be consolidated ~~Discussion~~with ~~and~~the ~~Analysis~~bankruptcy estate of ~~Financial~~PPL ~~Condition~~Electric ~~and~~Utilities ~~Results of Operations"~~ in the ~~Company's~~event ~~Annual~~PPL ~~Report~~Electric toUtilities ~~the~~becomes subject ~~SEC~~to ona ~~Form~~bankruptcy ~~10-K for the year ended December 31, 2000~~proceeding.

The following analysis of the financial condition and results of operations of the Company is in an abbreviated format pursuant to Instruction H of Form 10-Q. Such analysis should be read in conjunction with the Financial Statements and Notes to Condensed Financial Statements included in Item 1 above, and with the section entitled "Management´s Discussion and Analysis of Financial Condition and Results of Operations" in the Company´s Annual Report to the SEC on Form 10-K for the year ended December 31, 2000.

~~Revenues~~Results of Operations

~~Revenue generated from the ITP for the three months ended June 30, 2001 and 2000 were approximately $90 million and $93 million, respectively.~~ Revenues ~~generated from the ITP for the six months ended June 30, 2001 and 2000 were approximately $198 million and $206 million, respectively.~~

~~During~~Revenue generated from the ~~three~~ITP ~~months~~for the quarters ended ~~June~~September 30, 2001 and 2000, ~~the Company earned~~ were approximately $~~138,000~~97 million and $~~4,000,~~95 ~~respectively,~~million. Revenues ingenerated ~~interest~~ from the ~~Capital~~ITP ~~Subaccount~~for ~~maintained by~~ the ~~Trustee~~nine ~~and from temporary investments. During the six~~ months ended ~~June~~September 30, 2001 and 2000, ~~the~~were ~~Company earned~~ approximately $~~328,000~~295 million and $~~81,000,~~301 ~~respectively, in such interest~~million. ~~The additional interest income in 2001 reflects higher balances in the Capital Subaccount and temporary investments in 2001 compared with 2000.~~

~~Expenses~~During the quarters ended September 30, 2001 and 2000, the Company also earned approximately $115,000 and $55,000 in interest from the Capital Subaccount maintained by the Trustee and from temporary investments. During the nine months ended September 30, 2001 and 2000, the Company earned approximately $443,000 and $136,000 in such interest. The additional interest income in 2001 reflects higher balances in the Capital Subaccount and temporary investments in 2001 compared with 2000.

During the three months ended June 30, 2001 and 2000, the Company incurred interest expense of approximately $37 million and $40 million, respectively. During the six months ended June 30, 2001 and 2000, the Company incurred interest expense of approximately $75 million and $82 million, respectively. Interest expense includes interest on the bonds, and amortization of debt issuance expenses and discounts on the bonds. The decrease in interest expense was the result of the scheduled repayments on the bonds. Expenses

~~For~~During the three months ended ~~June~~September 30, 2001 and 2000, the Company incurred ~~administrative~~interest ~~and general expenses~~ expense of approximately $~~466,000,~~36 ~~including~~million ~~servicing fees of $313,000~~ and ~~other administrative fees of~~ $~~25,000~~40 ~~in each period~~million. During ~~For~~ the ~~six~~nine months ended ~~June~~September 30, 2001 and 2000, the Company incurred ~~administrative~~interest ~~and~~expense ~~general fees~~ of approximately $~~890,000~~110 million and $~~916,000,~~121 ~~respectively,~~million. Interest ~~including~~expense ~~servicing~~includes ~~fees~~interest ofon ~~$625~~the bonds,~~000~~ and ~~other~~amortization ~~administrative~~of ~~fees~~debt ofissuance ~~$50,000~~expenses and discounts on the bonds. The decrease in ~~each~~interest ~~period~~expense was the result of the scheduled repayments on the bonds.

~~ITC~~For ~~Remittances~~the three months ended September 30, 2001 and ~~Debt~~2000, ~~Servicing~~the Company also incurred administrative and general expenses of approximately $424,000 and $518,000, including servicing fees of approximately $313,000 and other administrative fees of $25,000 in each period. For the nine months ended September 30, 2001 and 2000, the Company incurred administrative and general fees of approximately $1.3 million and $1.4 million, including servicing fees of approximately $937,000 and administrative fees of $75,000, in each period.

The principal amount of the Bonds, interest, fees, and funding of the Overcollateralization Subaccount are being recovered through ITC payable by retail consumers of electricity within PPL Electric Utilities' service territory who receive its electric delivery service. As part of PPL Electric Utilities' responsibility as Servicer under the Servicing Agreement, PPL Electric Utilities remitted to the Trustee approximately $213 million of ITC collections for the billing periods of December 2000 to May 2001.6

All scheduled quarterly Bond principal payments, interest payments and all related expenses were made on March 26 and June 25, 2001. On March 26, 2001, scheduled principal payments of $37 million of the class A-1 Bonds were made and this series was retired. An additional $29 million in principal payments were made on the Class A-2 6.41% bonds. On June 25, 2001, the scheduled principal payment of $63 million was made on the class A-2 Bonds. The Overcollateralization Subaccount was funded by $327,000 on both March 26 and June 25, 2001, to reach its required funding levels. Excess ITC ~~Collections~~Remittances and ~~investment~~Debt ~~earnings not released to the Company, totaling approximately $10.2 million, were deposited into the Reserve Subaccount on March 26 and June 25, 2001.~~Servicing

The ~~Servicing~~principal ~~Agreement~~amount ~~also~~of ~~requires~~the ~~PPL Electric Utilities~~Bonds, ~~as Servicer~~interest, ~~to file adjustment requests on each calculation date~~fees, and ~~the~~funding ~~Competition~~of ~~Act and~~ the ~~PUC~~Overcollateralization Subaccount ~~Restructuring~~are ~~Order~~being ~~require~~recovered ~~the~~through ~~PUC~~ITC topayable ~~act~~by ~~upon~~retail ~~these~~consumers ~~requests~~of electricity within ~~specified~~PPL ~~time~~Electric ~~periods.~~Utilities' service ~~These~~territory ~~adjustment~~who ~~requests~~receive ~~are~~its ~~based~~electric ondelivery ~~actual~~service. As ~~ITC~~part ~~collections~~of ~~and~~PPL ~~updated~~Electric ~~assumptions~~Utilities' byresponsibility ~~the~~ as Servicer asunder tothe ~~projected~~Servicing ~~future usage of electricity by customers~~Agreement, ~~expected~~PPL ~~delinquencies~~Electric ~~and~~Utilities ~~write-offs,~~remitted ~~and future payments and expenses relating~~ to the ~~ITP~~Trustee ~~and~~approximately ~~the~~$307 ~~Bonds.~~million ~~The~~of ITC ~~Servicer~~collections ~~filed~~for ~~such~~the anbilling ~~adjustment~~periods ~~request~~of on December ~~15,~~ 2000 ~~with~~to ~~the~~August ~~PUC. The request was approved and revised rates became effective on January 1,~~ 2001.

~~Item~~All 3scheduled quarterly Bond principal payments, interest payments and all related expenses were made on March 26, June 25, and September 25, 2001. On ~~Quantitative~~March 26, 2001, scheduled principal payments of $37 million of the class A-1 Bonds were made and ~~Qualitative~~this ~~Disclosures~~series ~~About~~was ~~Market~~retired. An ~~Risk~~additional $29 million in principal payments were made on the class A-2 bonds. On June 25 and September 25, 2001 the scheduled principal payments of $63 million and $56 million were made on the class A-2 Bonds. The Overcollateralization Subaccount was funded by $327,000 on both March 26 and June 25, 2001 and $276,000 on September 25, 2001, to reach its required funding levels. Excess ITC collections and investment earnings not released to the Company, totaling approximately $13.2 million, were deposited into the Reserve Subaccount on March 26, June 25, and September 25, 2001.

~~Not~~The ~~applicable~~Servicing Agreement also requires PPL Electric Utilities, as Servicer, to file adjustment requests on each calculation date, and the Competition Act and the PUC Restructuring Order require the PUC to act upon these requests within specified time periods. These adjustment requests are based on actual ITC collections and updated assumptions by the Servicer as to projected future usage of electricity by customers, expected delinquencies and write-offs, and future payments and expenses relating to the ITP and the Bonds. The Servicer filed such an adjustment request on December 15, 2000 with the PUC. The request was approved and revised rates became effective on January 1, 2001.

~~PART~~Item II3. ~~OTHER~~Quantitative ~~INFORMATION~~and Qualitative Disclosures About Market Risk

~~Item~~Not 1applicable. ~~Legal Proceedings~~

~~None~~PART II. OTHER INFORMATION

Item 61. ~~Exhibits~~Legal ~~and Reports on Form 8-K~~Proceedings

~~Exhibits~~None.

99Item -6. ~~Quarterly~~Exhibits ~~Servicer's~~and ~~Certificate~~Reports on Form 8-K

Exhibits

~~Reports~~99 on- ~~Form~~Quarterly ~~8-K~~Servicer's Certificate
Reports on Form 8-K
None.

~~GLOSSARY OF TERMS AND ABBREVIATIONS~~7

~~Capital~~GLOSSARY ~~Subaccount~~OF TERMS AND ABBREVIATIONS

~~CEP~~Capital Subaccount – An account held by the Trustee under the Indenture which is funded by a contribution to PPL Transition Bond Company, LLC by PPL Electric Utilities at the date of issuance of each series of transition bonds.

~~Competition~~CEP Securities – CEP Securities Co. LLC, a Delaware limited liability company and formerly an indirect wholly-owned subsidiary of PPL Electric Utilities. Effective July 1, 2000 CEP Securities is an indirect wholly-owned subsidiary of PPL Energy Funding Corp.

~~General~~Competition ~~Subaccount~~Act -– The Pennsylvania Electricity Generation Customer Choice and Competition Act, enacted in Pennsylvania in December 1996.

General Subaccount – An account held by the Trustee under the Indenture, into which ITC remittances by the Servicer are deposited. The Trustee allocates the funds from the General Subaccount to other subaccounts on the quarterly payment dates.

~~ITC~~Indenture – The Indenture entered into by PPL Transition Bond Company, LLC and the Trustee, providing for the issuance of transition bonds.

~~ITP~~ITC – Intangible Transition Charge, which PPL Electric Utilities has been authorized by the PUC to impose on customer bills and to collect through a non-bypassable billing mechanism to recover Qualified Transition Expenses.

~~Overcollateralization~~ITP ~~Subaccount~~– Intangible Transition Property, which is the property right created under the Competition Act, representing the irrevocable right of PPL Transition Bond Company, LLC to receive, through ITC, amounts sufficient to recover all Qualified Transition Expenses.

~~PPL~~Overcollateralization ~~Electric~~Subaccount ~~Utilities~~– An account held by the Trustee under the Indenture, which is funded ratably from collections of ITC over the term of each series of transition bonds.

~~PUC~~PPL Electric Utilities – PPL Electric Utilities Corporation, the sole member of PPL Transition Bond Company, LLC.

PUC ~~Restructuring~~– ~~Order~~The Pennsylvania Public Utility Commission.

~~Qualified~~PUC ~~Transition~~Restructuring ~~Expenses~~Order – The final order issued by the PUC to PPL Electric Utilities in August 1998, in connection with PPL Electric Utilities' restructuring filing under the Competition Act, as supplemented by a May 1999 PUC order.

~~Reserve~~Qualified Transition Expenses – The transition or stranded costs of an electric utility approved by the PUC for recovery through the issuance of transition bonds; the costs of retiring existing debt or equity capital of the electric utility or its holding company parent, including accrued interest and acquisition or redemption premium, costs of defeasance, and other related fees, costs and charges, through the issuance of transition bonds or the assignment, sale or other transfer of ITP; and the costs incurred to issue, service or refinance the transition bonds, including accrued interest and acquisition or redemption premium, and other related fees, costs and charges associated with the transition bonds, or to assign, sell or otherwise transfer ITP.

~~SEC~~Reserve Subaccount – An account held by the Trustee under the Indenture, which consists of remaining funds available after required allocations on the quarterly payment dates.

~~Servicer~~SEC – Securities and Exchange Commission.

Servicer – PPL Electric Utilities acting in this capacity under the Servicing Agreement. In this capacity, PPL Electric Utilities calculates, bills and collects ITC, and maintains applicable accounting records, among other duties.

~~Trustee~~Servicing Agreement – The Intangible Property Servicing Agreement between PPL Electric Utilities, as Servicer, and PPL Transition Bond Company, LLC, as Issuer.

~~SIGNATURES~~Trustee – The Bank of New York, a New York banking corporation, as Trustee under the Indenture.

~~Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.~~8

	PPL Transition Bond Company, LLC
		(Registrant)
Date: August 13, 2001	/s/ James S. Pennington
	James S. Pennington, Manager
	/s/ Stephen C. May
	Stephen C. May, Treasurer

SIGNATURES

~~Exhibit~~Pursuant 99to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Quarterly Servicer's Certificate PPL Transition Bond Company LLC $2,420,000,000 Transition Bonds, Series 1999-1 Pursuant to Section 4 of Annex 1 the Intangible Transition Property Servicing Agreement dated as of August 10, 1999 (the "Servicing Agreement") between PPL Electric Utilities Corporation, as Servicer and PPL Transition Bond Company, LLC, as Issuer, the Servicer does hereby certify as follows: Capitalized terms used in the Quarterly Servicer's Certificate (the "Quarterly Certificate") have their respective meanings as set forth in the Servicing Agreement. References herein to the "Indenture" are to the Indenture dated as of August 10, 1999 between PPL Transition Bond Company, LLC, as issuer and The Bank of New York as Trustee. Billing Periods: March 2001, April 2001, May 2001 Payment Date: June 25, 2001

	PPL Transition Bond Company, LLC
	(Registrant)


Date: November 7, 2001	/s/ James S. Pennington
	James S. Pennington, Manager


	/s/ Stephen C. May
	Stephen C. May, Treasurer

1.	Collections Allocable and Aggregate Amounts Available for the Current Payment Date:
N1	i.	Remittances for the March 2001 Collection Period - Refer to Note 1	$35,417,726.69
	ii.	Remittances for the April 2001 Collection Period	$33,590,901.24
	iii.	Remittances for the May 2001 Collection Period	$31,365,684.48
	iv.	Net Earnings on Collection Account	$643,592.11
	v.	Net Earnings on Capital Subaccount	$192,287.06
	vi.	Net Earnings on Overcollateralization Subaccount	$27,704.18
	vii.	Net Earnings on Reserve Subaccount	$36,995.18
	viii.	General Subaccount Balance	$101,274,890.94
	ix.	Reserve Subaccount Balance	$10,605,871.77
	x.	Overcollateralization Subaccount Balance	$1,967,744.76
	xi.	Capital Subaccount Balance (less $100K)	$12,000,000.00
	xii.	Collection Account Balance	$125,848,507.47
2.	Outstanding Principal Balance and Collection Account Balance as of Prior Payment Date:
	i.	Class A-1 Principal Balance	$0.00
	ii.	Class A-2 Principal Balance	$148,795,346.00
	iii.	Class A-3 Principal Balance	$303,000,000.00
	iv.	Class A-4 Principal Balance	$201,000,000.00
	v.	Class A-5 Principal Balance	$313,000,000.00
	vi.	Class A-6 Principal Balance	$223,000,000.00
	vii.	Class A-7 Principal Balance	$455,000,000.00
	viii.	Class A-8 Principal Balance	$454,000,000.00
	ix.	Transition Bond Principal Balance	$2,097,795,346.00
	x.	Reserve Subaccount Balance	$10,605,871.77
	xi.	Overcollateralization Subaccount Balance	$1,967,744.76
	xii.	Capital Subaccount Balance	$12,000,000.00
3.	Required Funding/Payments as of Current Payment Date:
	i.	Projected Class A-1 Bond Balance	$0.00
	ii.	Projected Class A-2 Bond Balance	$85,478,334.00
	iii.	Projected Class A-3 Bond Balance	$303,000,000.00
	iv.	Projected Class A-4 Bond Balance	$201,000,000.00
	v.	Projected Class A-5 Bond Balance	$313,000,000.00
	vi.	Projected Class A-6 Bond Balance	$223,000,000.00
	vii.	Projected Class A-7 Bond Balance	$455,000,000.00
	viii.	Projected Class A-8 Bond Balance	$454,000,000.00
	ix.	Projected Transition Bond Balance	$2,034,478,334.00

Note 1 -			ITC collections $36,564,300.11 less adjustment of $1,146,573.42 over-remitted Jan, Feb 2001
	x.	Required Class A-1 Coupon (6.08% per annum rate)		$0.00
	xi.	Required Class A-2 Coupon (6.41% per annum rate)		$2,384,445.42
	xii.	Required Class A-3 Coupon (6.60% per annum rate)		$4,999,500.00
	xiii.	Required Class A-4 Coupon (6.72% per annum rate)		$3,376,800.00
	xiv.	Required Class A-5 Coupon (6.83% per annum rate)		$5,344,475.00
	xv.	Required Class A-6 Coupon (6.96% per annum rate)		$3,880,200.00
	xvi.	Required Class A-7 Coupon (7.05% per annum rate)		$8,019,375.00
	xvii.	Required Class A-8 Coupon (7.15% per annum rate)		$8,115,250.00
	xviii.	Required Overcollateralization Funding		$2,289,189.19
	xix.	Required Capital Subaccount Funding		$0.00
4.	Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(d) of the Indenture:
	i.	Bond Trustee Fees and Expenses		$5,625.00
	ii.	Independent Managers Fee		$0.00
	iii.	Servicing Fee		$312,500.00
	iv.	Quarterly Administration Fee		$25,000.00
	v.	Operating Expenses (subject to $100,000 cap)		$16,841.20
	vi.	Quarterly Interest		$36,120,045.42
		1.	Class A-1 Bond Coupon Payment	$0.00
		2.	Class A-2 Bond Coupon Payment	$2,384,445.42
		3.	Class A-3 Bond Coupon Payment	$4,999,500.00
		4.	Class A-4 Bond Coupon Payment	$3,376,800.00
		5.	Class A-5 Bond Coupon Payment	$5,344,475.00
		6.	Class A-6 Bond Coupon Payment	$3,880,200.00
		7.	Class A-7 Bond Coupon Payment	$8,019,375.00
		8.	Class A-8 Bond Coupon Payment	$8,115,250.00
	vii.	Principal Due and Payable		$ -
	viii.	Scheduled Quarterly Principal		$63,317,012.00
		1.	Class A-1 Bond Principal Payment	$0.00
		2.	Class A-2 Bond Principal Payment	$63,317,012.00
		3.	Class A-3 Bond Principal Payment	$0.00
		4.	Class A-4 Bond Principal Payment	$0.00
		5.	Class A-5 Bond Principal Payment	$0.00
		6.	Class A-6 Bond Principal Payment	$0.00
		7.	Class A-7 Bond Principal Payment	$0.00
		8.	Class A-8 Bond Principal Payment	$0.00
	ix.	Operating Expenses (in excess of $100,000)		$0.00
	x.	Funding of Capital Subaccount (to required level)		$0.00
	xi.	Funding of Overcollateralization Subaccount (to required level)		$327,027.00
	xii.	Net Earnings on Capital Subaccount Released to Issuer		$192,287.06
	xiii.	Deposits to Reserve Subaccount		$893,853.90
	xiv.	Released to Issuer upon Series Retirement: Collection Account		$0.00
5.	Outstanding Principal Balance and Collection Account Balance as of Current Payment Date:
	(after giving effect to payments to be made on such payment date):
	i.	Class A-1 Principal Balance		$0.00
	ii.	Class A-2 Principal Balance		$85,478,334.00
	iii.	Class A-3 Principal Balance		$303,000,000.00
	iv.	Class A-4 Principal Balance		$201,000,000.00
	v.	Class A-5 Principal Balance		$313,000,000.00
	vi.	Class A-6 Principal Balance		$223,000,000.00
	vii.	Class A-7 Principal Balance		$455,000,000.00
	viii.	Class A-8 Principal Balance		$454,000,000.00

	ix.	Transition Bond Principal Balance		$2,034,478,334.00
	x.	Reserve Subaccount Balance		$11,536,720.85
	xi.	Overcollateralization Subaccount Balance		$2,322,475.94
	xii.	Capital Subaccount Balance (less $100K)		$12,000,000.00
6.	Subaccount Draws as of Current Payment Date (if applicable, pursuant to Section 8.02(d) of the Indenture):
	i.	Reserve Subaccount		$0.00
	ii.	Overcollateralization Subaccount		$0.00
	iii.	Capital Subaccount		$0.00
	iv.	Total Draws		$0.00
7.	Shortfalls In Interest and Principal Payments as of Current Payment Date:
	i.	Quarterly Interest		$0.00
		1.	Class A-1 Bond Coupon Payment	$0.00
		2.	Class A-2 Bond Coupon Payment	$0.00
		3.	Class A-3 Bond Coupon Payment	$0.00
		4.	Class A-4 Bond Coupon Payment	$0.00
		5.	Class A-5 Bond Coupon Payment	$0.00
		6.	Class A-6 Bond Coupon Payment	$0.00
		7.	Class A-7 Bond Coupon Payment	$0.00
		8.	Class A-8 Bond Coupon Payment	$0.00
	ii.	Quarterly Principal		$0.00
		1.	Class A-1 Bond Principal Payment	$0.00
		2.	Class A-2 Bond Principal Payment	$0.00
		3.	Class A-3 Bond Principal Payment	$0.00
		4.	Class A-4 Bond Principal Payment	$0.00
		5.	Class A-5 Bond Principal Payment	$0.00
		6.	Class A-6 Bond Principal Payment	$0.00
		7.	Class A-7 Bond Principal Payment	$0.00
		8.	Class A-8 Bond Principal Payment	$0.00
8.	Shortfalls in Required Subaccount Levels as of Current Payment Date:
	i.	Overcollateralization Subaccount		$0.00
	ii.	Capital Subaccount		$0.00
IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Servicer's Bond
this 21st day of June, 2001.
PPL Electric Utilities Corporation, as Servicer
by: /s/ James E. Abel
	James E. Abel
	Vice President - Finance & Treasurer

Filing Compare · PP&L TRANSITION BOND CO INC