UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 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 ~~September~~June 30, ~~2003~~2004

[ ]	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.
333-75369	PPL Transition Bond Company, LLC (Delaware) Two North Ninth Street, ~~GENA92,~~GENGA2E ~~Room 3~~ Allentown, PA 18101-1179 (610) 774-7934	23-3004428

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 [ ]

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). YES [ X ] NO [ X ]

~~Indicate~~This bydocument ~~checkmark~~is ~~whether~~available free of charge at the ~~Registrant~~Investor isCenter on anPPL ~~accelerated~~Corporation's website at www.pplweb.com. However, information on this ~~filer~~website ~~(as~~does ~~defined~~not inconstitute ~~Rule~~a ~~12b-2~~part of ~~the~~this ~~Act~~Form 10-Q.)

YES [ ] NO [ X ]

PPL TRANSITION BOND COMPANY, LLC


FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2004


TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION			Page

	Item 1. Financial Statements

		Condensed Statement of Operations and Changes in Member's Equity		1

		Condensed Statement of Cash Flows		2

		Condensed Balance Sheet		3

		Notes to Condensed Financial Statements		4

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			7

	Item 3. Quantitative and Qualitative Disclosures About Market Risk			9

	Item 4. Controls and Procedures			9

PART II. OTHER INFORMATION

	Item 1. Legal Proceedings			9

	Item 6. Exhibits and Reports on Form 8-K			9

GLOSSARY OF TERMS AND ABBREVIATIONS				10

SIGNATURES				11

CERTIFICATE OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002				12

CERTIFICATE OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002				13

QUARTERLY SERVICER'S CERTIFICATE				14

This document is available free of charge at the Investor Center on PPL Corporation's website at www.pplweb.com.

PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements

CONDENSED STATEMENT OF OPERATIONS AND CHANGES IN MEMBER'S EQUITY
PPL Transition Bond Company, LLC
(Unaudited)
(Thousands of Dollars)

			Three Months Ended June 30,					Six Months Ended June 30,

			2004			2003		2004			2003

Revenue
	Intangible transition charge revenue		$	80,710		$	83,343	$	177,350		$	183,882
	Interest income			33			38		65			79

		Total revenue		80,743			83,381		177,415			183,961

Expenses
	Amortization of intangible transition property			56,201			54,326		127,054			124,647
	Interest expense			24,086			28,546		49,418			58,274
	Administrative and general expenses			130			135		258			257
	Administrative and general expenses with affiliate			337			337		675			675

		Total expenses		80,754			83,344		177,405			183,853


Operating Income (Loss)				(11	)		37		10			108

Income tax expense (benefit)				(5	)		15		4			45


Net Income (Loss)			$	(6	)	$	22	$	6		$	63


Member's equity - beginning of period			$	12,357		$	12,525	$	12,445		$	12,484

Net Income (Loss)				(6	)		22		6			63

Distribution to Member									(100	)


Member's equity - end of period			$	12,351		$	12,547	$	12,351		$	12,547


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

PPL TRANSITION BOND COMPANY, LLC
CONDENSED STATEMENT OF CASH FLOWS
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2003
PPL Transition Bond Company, LLC
TABLE OF CONTENTS
(Unaudited)
PART I. FINANCIAL INFORMATION			Page
(Thousands of Dollars)
	Item 1. Financial Statements
					Six Months Ended June 30,
		Condensed Statement of Operations and Changes in Member's Equity		1
					2004			2003
		Condensed Statement of Cash Flows		2
Cash Flows From Operating Activities
		Condensed Balance Sheet		3
	Net Income				$	6		$	63
		Notes to Condensed Financial Statements		4
	Adjustments to reconcile net income to net cash provided by operating activities:
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			6
		Amortization of intangible transition property				127,054			124,647
	Item 3. Quantitative and Qualitative Disclosures About Market Risk			8
		Amortization of debt issuance expenses				844			1,019
	Item 4. Controls and Procedures			8
		Amortization of debt discount				15			18
PART II. OTHER INFORMATION
	Changes in current assets and liabilities:
	Item 1. Legal Proceedings			8
		Intangible transition charges receivable from Servicer				5,267			35,411
	Item 6. Exhibits and Reports on Form 8-K			8
		Other				(203	)		(4	)
GLOSSARY OF TERMS AND ABBREVIATIONS				9
	Other operating activities - net:
SIGNATURES				10
		Other assets				352			381
CERTIFICATE OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002				11
		Other liabilities				654			654
CERTIFICATE OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002				12
			Net cash provided by operating activities			133,989			162,189
QUARTERLY SERVICER'S CERTIFICATE				13
Cash Flows From Investing Activities
	Change in restricted funds					6,457			(25,835	)
		Net cash provided by (used in) investing activities				6,457			(25,835	)
Cash Flows From Financing Activities
	Payment of principal on bonds					(140,416	)		(136,314	)
	Distribution to Member					(100	)
		Net cash used in financing activities				(140,516	)		(136,314	)
Net Increase (Decrease) in Cash and Cash Equivalents						(70	)		40
Cash and Cash Equivalents at Beginning of Period						351			368
Cash and Cash Equivalents at End of Period					$	281		$	408
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

PART 1. FINANCIAL INFORMATION
CONDENSED BALANCE SHEET
Item 1. Financial Statements
PPL Transition Bond Company, LLC
CONDENSED STATEMENT OF OPERATIONS AND CHANGES IN MEMBER'S EQUITY
(Unaudited)
PPL Transition Bond Company, LLC
(Thousands of Dollars)
(Unaudited)
					June 30, 2004			December 31, 2003
(Thousands of Dollars)
ASSETS
				Three Months Ended September 30,						Nine Months Ended September 30,
	Current Assets
				2003			2002			2003		2002
		Cash and cash equivalents			$	281		$	351
Revenue
		Intangible transition charges receivable from Servicer				63,173			68,440
	Intangible transition charge revenue			$	91,762		$	93,367		$	275,644	$	268,294
		Other				2			14
	Interest income				33			56			112		170
			Current assets			63,456			68,805
		Total revenue			91,795			93,423			275,756		268,464
	Noncurrent Assets
Expenses
		Intangible transition property, net				1,216,313			1,343,719
	Amortization of intangible transition property				63,554			61,287			188,201		168,763
		Unamortized debt issuance expenses				3,737			4,581
	Interest expense				27,698			31,659			85,972		98,267
		Restricted funds				22,619			29,076
	Administrative and general expenses				176			87			433		254
			Noncurrent assets			1,242,669			1,377,376
	Administrative and general expenses with affiliate				337			337			1,012		1,012
			Total Assets		$	1,306,125		$	1,446,181
		Total expenses			91,765			93,370			275,618		268,296
LIABILITIES AND MEMBER'S EQUITY
Operating Income					30			53			138		168
	Current Liabilities
Income tax expense					12			22			57		70
		Long-term debt			$	264,954		$	263,903
Net Income				$	18		$	31		$	81	$	98
		Interest accrued				1,505			1,665
Member's equity - beginning of period				$	12,547		$	12,335		$	12,484	$	12,468
		Other				1,547			1,602
Distribution to Member													(200	)
			Current liabilities			268,006			267,170
Member's equity - end of period				$	12,565		$	12,366		$	12,565	$	12,366
	Noncurrent Liabilities
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
		Long-term debt, net of discount				1,016,939			1,158,391
		Other				8,829			8,175
			Noncurrent liabilities			1,025,768			1,166,566
	Commitments and Contingent Liabilities
	Member's Equity					12,351			12,445
			Total Liabilities and Member's Equity		$	1,306,125		$	1,446,181
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

CONDENSED STATEMENT OF CASH FLOWS
PPL Transition Bond Company, LLC
(Unaudited)
(Thousands of Dollars)
			Nine Months Ended September 30,
			2003			2002
Cash Flows From Operating Activities
	Net Income		$	81		$	98
	Adjustments to reconcile net income to net cash provided by
		operating activities:
	Amortization of intangible transition property			188,201			168,763
	Amortization of debt issuance expenses			1,493			1,773
	Amortization of debt discount			27			28
	Changes in current assets and liabilities:
		Intangible transition charges receivable from Servicer		4,004			5,628
		Other		145			(878	)
	Other operating activities - net			1,548			2,590
		Net cash provided by operating activities		195,499			178,002
Cash Flows From Investing Activities
	Change in restricted funds			342			10,733
		Net cash provided by investing activities		342			10,733
Cash Flows From Financing Activities
	Payment of principal on bonds			(195,888	)		(188,773	)
	Distribution to Member						(200	)
		Net cash used in financing activities		(195,888	)		(188,973	)
Net Decrease in Cash and Cash Equivalents				(47	)		(238	)
Cash and Cash Equivalents at Beginning of Period				368			588
Cash and Cash Equivalents at End of Period			$	321		$	350
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

CONDENSED BALANCE SHEET
PPL Transition Bond Company, LLC
(Unaudited)
(Thousands of Dollars)
				September 30, 2003		December 31, 2002
ASSETS
	Current Assets
		Cash and cash equivalents		$	321	$	368
		Intangible transition charges receivable from Servicer			65,394		69,398
		Other			3
			Current assets		65,718		69,766
	Noncurrent Assets
		Intangible transition property, net			1,408,671		1,597,439
		Unamortized debt issuance expenses			5,034		6,527
		Restricted funds			26,322		26,664
			Noncurrent assets		1,440,027		1,630,630
			Total Assets	$	1,505,745	$	1,700,396
LIABILITIES AND MEMBER'S EQUITY
	Current Liabilities
		Long-term debt		$	261,709	$	255,492
		Interest accrued			1,732		1,626
		Other			1,711		1,669
			Current liabilities		265,152		258,787
	Noncurrent Liabilities
		Long-term debt, net of discount			1,220,180		1,422,258
		Other			7,848		6,867
			Noncurrent liabilities		1,228,028		1,429,125
	Commitments and Contingent Liabilities
	Member's Equity				12,565		12,484
			Total Liabilities and Member's Equity	$	1,505,745	$	1,700,396
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

PPL Transition Bond Company, LLC

Notes to Condensed Financial Statements

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

Interim Financial Statements
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 condensed 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, ~~2002~~2003.

~~The~~Certain ~~condensed~~amounts ~~financial~~in ~~statements include~~ the ~~accounts~~June ~~of PPL Transition Bond Company~~30, ~~LLC. The Company is a limited liability company established under the laws of the State of Delaware~~2003, ~~and~~financial ~~was~~statements ~~formed~~have onbeen ~~March 25, 1999,~~reclassified ~~pursuant~~ to ~~the~~conform ~~filing~~to ~~of a certificate of formation with~~ the ~~Delaware~~presentation ~~Secretary of~~in ~~State and a limited liability company agreement. PPL Electric Utilities is~~ the ~~sole~~June ~~member~~30, of2004, ~~the~~financial ~~Company~~statements.
Nature of Operations
The ~~Company~~condensed ~~was~~financial ~~organized~~statements ~~for~~include the ~~sole~~accounts ~~purpose~~ of ~~purchasing~~PPL ~~and owning~~Transition ~~ITP,~~Bond ~~issuing transition bonds~~Company, orLLC ~~Bonds,~~(Company). ~~pledging~~The ~~its~~Company ~~interest~~is ina ~~ITP~~limited ~~and~~liability company ~~other~~established ~~collateral~~under to the ~~Trustee~~laws ~~under~~of ~~an Indenture between~~ the ~~Company~~State ~~and the~~of ~~Trustee to collateralize the Bonds~~Delaware, and ~~performing~~was ~~activities~~formed ~~that~~on ~~are~~March ~~necessary to accomplish these purposes. ITP represents the irrevocable right of PPL Electric Utilities~~25, ~~or its successor or assignee~~1999, ~~to collect a non-bypassable ITC from customers~~ pursuant to the ~~PUC~~filing ~~Restructuring~~of ~~Order~~a incertificate ~~accordance with~~of ~~the~~formation ~~Competition~~with ~~Act. The PUC Restructuring Order authorized~~ the ~~ITC~~ toDelaware beSecretary ~~sufficient to recover up to $2.85 billion aggregate principal amount~~ of ~~Bonds,~~State ~~plus an amount sufficient to provide for any credit enhancement, to fund any reserves~~ and toa ~~pay~~limited ~~interest,~~liability ~~redemption~~company ~~premiums,~~agreement. ~~servicing~~PPL ~~fees~~Electric ~~and~~Utilities ~~other~~is ~~expenses~~the ~~relating~~sole tomember of the ~~Bonds~~Company.

The Company's ~~organizational~~was ~~documents~~organized ~~require~~for itthe tosole ~~operate~~purpose inof apurchasing ~~manner~~and owning soITP, ~~that~~issuing ~~its~~transition ~~assets~~bonds ~~would~~(or ~~not~~Bonds), bepledging ~~consolidated~~its ~~with~~interest ~~the~~in ~~bankruptcy~~ITP ~~estate~~and ofother ~~PPL~~collateral ~~Electric~~to ~~Utilities~~the inTrustee ~~the~~under ~~event~~an ~~PPL~~Indenture ~~Electric~~between ~~Utilities~~the ~~becomes~~Company ~~subject~~and tothe aTrustee ~~bankruptcy~~to ~~proceeding.~~collateralize ~~Both~~the ~~PPL~~Bonds, ~~Electric~~and ~~Utilities~~performing ~~and~~activities ~~the~~that ~~Company~~are ~~have~~necessary ~~treated~~to accomplish these purposes. ITP represents the ~~transfer~~irrevocable right of ~~the~~PPL ~~ITP~~Electric toUtilities, ~~the~~or ~~Company~~its assuccessor aor ~~sale~~assignee, ~~under~~to ~~applicable~~collect a non-bypassable ~~law.~~ITC ~~The~~from ~~Bonds~~customers ~~are~~pursuant ~~treated~~to asthe ~~debt~~PUC ~~obligations~~Restructuring ofOrder in accordance with the ~~Company~~Competition Act. The ~~assets~~PUC Restructuring Order authorized the ITC ofto ~~the~~be ~~Company~~sufficient ~~are~~to ~~not~~recover ~~available~~up to ~~creditors~~$2.85 ofbillion ~~PPL~~aggregate ~~Electric~~principal ~~Utilities~~amount orof ~~PPL Corporation~~Bonds, ~~and~~plus ~~the~~an ~~ITP~~amount issufficient ~~legally~~to ~~not~~provide anfor ~~asset~~any ofcredit ~~PPL Electric~~enhancement, ~~Utilities~~to orfund ~~PPL~~any ~~Corporation.~~reserves ~~The~~and ~~Company~~to ispay ~~expected~~interest, toredemption ~~terminate~~premiums, ~~its existence~~servicing ~~after~~fees ~~final~~and ~~maturity~~other ofexpenses relating to the Bonds.

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. 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, and the ITP is legally not an asset of PPL Electric Utilities or PPL. The Company is expected to terminate its existence after final maturity of the Bonds.

The 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

Management's Estimates

The preparation of condensed 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 the disclosure of contingencies. Actual results could differ from these estimates.

Cash and Cash Equivalents

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."

Restricted Funds

Under the Indenture, the Company deposited an amount equal to 0.5% of the initial 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, which are initially deposited in the General Subaccount, and investment earnings not released to the Company are deposited into a Reserve Subaccount. All of the subaccounts are classified as "Restricted Funds" on the Balance Sheet.

Amortization of Intangible Transition Property

The ITP was recorded at the acquired cost and is being amortized over the life of the Bonds, based on ITC revenues, interest accruals and other fees. The ITP is solely the property of the Company. The amortization of intangible transition property and interest expense on the transition bonds offset ITC revenues, resulting in minimal impact on earnings.

Amortization of Debt Issuance Costs and Discount on Debt

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.

Income Taxes

The Company is a 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 federal and state income tax returns of its ~~member~~Member. The Condensed Statement of Operations and Changes in Member's Equity reflects the Company's pro rata allocation of its Member's consolidated income taxes in accordance with its Member's tax sharing policy.

Long-Term Debt and Source of Repayment

In August 1999, the Company 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 different dates. The Bonds are collateralized by the ITP and the amounts in the subaccounts maintained by the Trustee under the Indenture (as described below).

Scheduled maturities and interest rates for the Bonds at ~~September~~ June 30, ~~2003~~2004, are:

Class	Bond Rate		Amount		Expected Final Payment Date	Final Maturity Date
			($ Thousands)
A-1	6.08%	$	0		March 25, 2001	March 25, 2003
A-2	6.41%		0		December 26, 2001	December 26, 2003
A-3	6.60%		0		March 25, 2003	March 25, 2005
A-4	6.72%		~~36,944~~0		December 26, 2003	December 26, 2005
A-5	6.83%		~~313~~149,~~000~~924		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,~~481~~281,~~944~~924
Current Maturities			(~~261~~264,~~709~~954	)
Unamort. Discount			(5531	)
Long-term Debt		$	1,~~220~~016,~~180~~939

The fair market value of the transition bonds was approximately $1~~,655,866~~.4 billion ~~thousand~~ at ~~September~~June 30, ~~2003~~2004. The estimated fair value of the bonds is based on a yield curve for similarly rated securities, with the cash flows discounted back to present value. The current maturities stated above are based on the expected final payment dates rather than the final maturity date.

The source of repayment for the Bonds is the ITC. The Servicer collects this non-bypassable charge from ~~PPL~~retail ~~Electric~~consumers ~~Utilities'~~of ~~retail~~electricity ~~consumers~~within PPL ofElectric ~~electricity~~Utilities' service area. 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 ~~2002~~2003 through ~~August 2003~~ May 2004 were $~~281~~183 million in aggregate. Each quarter, such monies are used to make principal and interest payments on the Bonds, and to pay fees, costs ~~and~~ and charges specified in the Indenture. The Trustee made scheduled payments on March 25, ~~June 25~~ and ~~September~~June 25, ~~2003~~2004. 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. On March 25 and June 25, 2004, the ~~Company~~Trustee withdrew $2 million and $5 million from the Reserve Subaccount to make the scheduled principal payments of $72 million and $69 million. The Indenture also provides for an Overcollateralization ~~Subaccount.~~ Subaccount. The funding level of this account is 0.5% of the initial principal ~~amount~~ amount of the Series 1999-1 Bonds, funded ratably over the life of the Bonds. To To meet the required Overcollateralization Subaccount level of $56.2 million, ~~the~~$314,000 ~~following~~was ~~deposits~~deposited ~~were~~on ~~made,~~March ~~$316~~25,~~000,~~ ~~$314~~2004,~~000~~ and $~~314~~317,000 onwas ~~the~~deposited on ~~scheduled~~June ~~payment~~25, ~~dates noted above~~2004. 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 are not sufficient on any payment date to make scheduled payments, the Trustee will draw on amounts ~~amounts~~ in the Capital Subaccount in excess of $100,000. Any remaining amounts collateralizing ~~collateralizing~~ the Bonds will be released to the Company upon final payment on the Bonds.

At ~~September~~June 30, ~~2003~~2004, the following balances were reflected in the Subaccounts maintained by the Trustee:

Subaccounts		Balance
	~~($ Thousands)~~	($ Thousands)
General	$
Reserve	$	84,~~945~~258
Overcollateralization		56,~~245~~229
Capital		12,132
Total	$	2622,~~322~~619

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, and other administrative fees of $100,000. For the ~~nine~~six months ended ~~September~~June 30, ~~2003~~2004, the Company expensed servicing fees of approximately ~~approximately~~ $~~937~~625,000 and other administrative fees of $7550,000. The Company expensed similar amounts in the ~~nine~~six months ended ~~September~~June 30, ~~2002~~2003.

At ~~September~~June 30, ~~2003~~2004, the Balance Sheet includes a receivable from PPL Electric Utilities of approximately $6563 million for billed and unbilled ITC revenues.

~~PPL~~In ~~Transition~~January ~~Bond Company~~2004, ~~LLC Item~~the ~~2.Management's~~Company ~~Discussion~~paid ~~and~~a ~~Analysis~~dividend of ~~Financial~~$100,000 ~~Condition~~to ~~and~~PPL ~~Results~~Electric Utilities offrom ~~Operations~~earnings on the Capital Subaccount.

~~Forward-Looking~~PPL ~~Information~~Transition Bond Company, LLC

~~Certain~~Item statements contained in this Form 10-Q 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 laws2.Management's ~~Although~~Discussion ~~PPL Electric Utilities~~ and ~~the~~Analysis 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~~Financial ~~and~~Condition ~~uncertainties,~~ and ~~actual~~Results ~~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.~~Operations

~~New factors that could cause actual results to differ materially from those described in forward~~Forward-~~looking~~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.Information

~~Background~~Statements contained in this Form 10-Q 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 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.

~~The~~New ~~Company~~factors isthat acould ~~Delaware~~cause ~~limited~~actual ~~liability~~results ~~company~~to ~~organized~~differ inmaterially ~~March~~from ~~1999~~those ~~for~~described ~~the~~in ~~sole~~forward-looking ~~purpose~~statements ofemerge ~~purchasing~~from ~~and~~time ~~owning~~to ~~ITP~~time, ~~issuing~~and ~~transition~~it ~~bonds,~~is ~~pledging~~not ~~its~~possible ~~interest~~for inPPL ~~ITP~~Electric ~~and~~Utilities ~~other~~or ~~collateral~~the Company to ~~the~~predict ~~Trustee~~all ~~under~~of ~~an Indenture~~such ~~between~~factors, or the ~~Company~~extent ~~and~~to ~~the~~which ~~Trustee~~any tosuch ~~collateralize~~factor ~~the~~or ~~Bonds,~~combination ~~and~~of ~~performing~~factors may ~~activities~~cause ~~that~~actual ~~are~~results ~~necessary~~ to ~~accomplish~~differ ~~these~~from ~~purposes.~~those ~~The~~contained ~~Company~~in isany ~~wholly~~forward-~~owned~~looking statement. byAny ~~PPL~~forward-looking ~~Electric~~statement ~~Utilities.~~speaks ~~The~~only ~~Company's~~as ~~organizational~~of ~~documents~~the ~~require~~date ~~it to~~on ~~operate~~which insuch astatement is ~~manner~~made, soand ~~that~~neither ~~its~~PPL ~~assets~~Electric ~~would~~Utilities ~~not~~nor bethe ~~consolidated~~Company ~~with~~undertakes ~~the~~any obligation ~~bankruptcy~~to ~~estate~~update ofthe ~~PPL~~information ~~Electric~~contained ~~Utilities~~ in ~~the~~such ~~event~~statement ~~PPL~~to ~~Electric~~reflect ~~Utilities~~subsequent ~~becomes~~developments ~~subject~~or ~~to a bankruptcy proceeding~~information.

The following analysis of the financial condition and results of operations of the Company is in an abbreviated format pursuant to Instructions H(1)(a) and (b) 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 "Review of the 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, 2002.Background

~~Results~~The Company is a Delaware limited liability company organized in March 1999 for the sole purpose of ~~Operations~~purchasing and owning ITP, issuing transition 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. 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.

~~Revenues~~The following analysis of the financial condition and results of operations of the Company is in an abbreviated format pursuant to Instructions H(1)(a) and (b) 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, 2003.

~~Revenues~~Results ~~generated~~of from the ITP for the nine months ended September 30, 2003 and 2002 were approximately $276 million and $268 million. The increase in ITC revenues was due to an increase in electricity delivery sales by PPL Electric Utilities.Operations

During the nine months ended September 30, 2003 and 2002, the Company also earned approximately $112,000 and $170,000 in interest from the Capital Subaccount maintained by the Trustee and from temporary investments. The decrease in interest income in 2003 reflects a lower rate of return on investments in the Capital Subaccount in 2003 compared with 2002. Revenues

~~Expenses~~Revenues generated from the ITP for the six months ended June 30, 2004 and 2003, were approximately $177 million and $184 million. The decrease in ITC revenues was due to lower ITC rates, offset by an increase in electricity delivery sales by PPL Electric Utilities.

~~Amortization~~During of the ~~ITP~~six ~~(which~~months isended ~~based~~June ~~on ITC revenues~~30, ~~interest~~2004 ~~accruals~~ and ~~other~~2003, ~~fees)~~the ~~was~~Company ~~approximately~~earned approximately $~~188~~65,000 ~~million~~ and $~~169~~79,000 ~~million~~in ~~for~~interest from the ~~nine months~~Capital ~~ended~~Subaccount ~~September~~maintained ~~30,~~by ~~2003~~the Trustee and ~~2002~~from temporary investments. The ~~increase~~decrease in ~~ITP~~interest ~~amortization~~income ~~reflects~~in 2004 ~~higher~~reflects ~~ITC~~a ~~revenues,~~lower asrate ~~noted~~of ~~above,~~return ~~and~~on ~~the~~investments ~~decrease~~ in ~~interest~~the ~~expense~~Capital Subaccount.

During the nine months ended September 30, 2003 and 2002, the Company incurred interest expense of approximately $86 million and $98 million. 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~~Amortization of the ~~nine~~ITP ~~months~~(which ~~ended~~is ~~September~~based ~~30,~~on ~~2003~~ITC ~~and 2002~~revenues, ~~the~~interest ~~Company also incurred~~accruals ~~administrative~~ and ~~general~~other ~~expenses~~fees) ofwas approximately $~~1.4~~127 million and $~~1.3~~125 million~~, including~~ ~~servicing~~for ~~fees~~the ofsix months ~~approximately~~ended ~~$937~~June 30,~~000~~ 2004 and ~~other~~2003. ~~administrative~~The increase in amortization expense reflects ~~fees~~the ofdecrease ~~$75~~in interest expense,~~000~~ partially offset by the decrease in ~~each~~ITP ~~period~~revenues, as noted above.

~~ITC~~During ~~Remittances~~the six months ended June 30, 2004 and ~~Debt~~2003, ~~Servicing~~the Company incurred interest expense of approximately $49 million and $58 million. 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.

~~The~~For ~~principal~~the ~~amount~~six ofmonths ~~the~~ended ~~Bonds,~~June ~~interest~~30, ~~fees~~2004 and ~~funding~~2003, of the ~~Overcollateralization Subaccount~~Company ~~are~~also ~~being recovered through the ITC payable by retail consumers of~~incurred ~~electricity~~administrative ~~within~~and ~~PPL~~general ~~Electric~~expenses ~~Utilities'~~of ~~service~~approximately ~~territory~~$933,000 ~~who~~and ~~receive its~~$932,000, ~~electric~~including ~~delivery~~servicing ~~service.~~fees ~~As part~~ of ~~PPL~~approximately ~~Electric Utilities' responsibility as Servicer under the Servicing Agreement~~$625,000 ~~PPL~~and ~~Electric~~other ~~Utilities remitted to~~administrative ~~the~~fees ~~Trustee~~of ~~approximately~~ $~~281~~50,000 ~~million~~in ofeach ~~ITC collections for the billing periods of December 2002 to August 2003~~period.

~~All~~ITC ~~scheduled~~Remittances ~~quarterly Bond principal payments, interest payments~~ and ~~all related~~Debt expenses were made on March 25, June 25 and September 25, 2003. On March 25, 2003, a scheduled principal payment of $32 million was made on the Class A-3 Bonds and this series was retired. On March 25, June 25 and September 25, 2003, scheduled principal payments of $38 million, $67 million and $60 million were made on the Class A-4 bonds.Servicing

The ~~Servicing~~principal ~~Agreement~~amount ~~also~~of ~~requires~~the ~~PPL Electric Utilities~~Bonds, ~~as Servicer~~interest, to ~~file~~fees ~~adjustment~~and ~~requests~~funding onof ~~each calculation date, and~~ the ~~Competition Act~~Overcollateralization ~~and~~Subaccount ~~the~~are ~~PUC~~being ~~Restructuring~~recovered ~~Order~~through ~~require~~ the ~~PUC~~ITC topayable ~~act~~by ~~upon~~retail ~~these~~consumers ~~requests within~~of ~~specified~~electricity ~~time~~within ~~periods.~~PPL ~~These~~Electric ~~adjustment~~Utilities' ~~requests~~service ~~are~~territory ~~based~~who onreceive ~~actual ITC collections~~its ~~and~~electric ~~updated~~delivery ~~assumptions~~service. byAs ~~the~~part ~~Servicer as to projected future usage~~ of ~~electricity by~~PPL ~~customers,~~Electric ~~expected~~Utilities' ~~delinquencies and write-offs, and future payments and~~responsibility ~~expenses~~as ~~relating~~Servicer tounder the ~~ITP~~Servicing ~~and~~Agreement, ~~the~~PPL ~~Bonds.~~Electric ~~The~~Utilities ~~Servicer~~remitted ~~filed such an adjustment~~to ~~request with~~ the ~~PUC~~Trustee onapproximately ~~December~~$183 ~~15,~~million ~~2002.~~of ~~The~~ITC ~~request~~collections ~~was~~for ~~approved~~the ~~and~~billing ~~revised~~periods ~~rates~~of ~~became~~December ~~effective~~2003 onto ~~January~~May ~~1, 2003~~2004.

All scheduled quarterly Bond principal payments, interest payments and all related expenses were made on March 25 and June 25, 2004. On March 25 and June 25, 2004, scheduled principal payments of $72 million and $69 million were made on the Class A-5 bonds.

The 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 10, 2003, with the PUC. The request was approved and revised rates became effective on January 1, 2004.

In January 2004, the Company paid a dividend of $100,000 to PPL Electric Utilities from earnings on the Capital Subaccount.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures
	(a)	Evaluation of disclosure controls and procedures.
		The registrant's principal executive officer and principal financial officer, based on his evaluation of the registrant's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934), has concluded that, as of September 30, 2003, the registrant's disclosure controls and procedures are adequate and effective to ensure that material information relating to the registrant is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms, particularly during the period for which this quarterly report has been prepared.
		The registrant's principal executive officer and principal financial officer, based on his evaluation of the registrant's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) has concluded that, as of June 30, 2004, the registrant's disclosure controls and procedures are adequate and effective to ensure that material information relating to the registrant is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms, particularly during the period for which this quarterly report has been prepared.
	(b)	Change in internal ~~control~~controls over financial reporting.
		The registrant's principal executive officer and principal financial officer has concluded that there were no changes in the registrant's internal control over financial reporting during the registrant's third fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
		The registrant's principal executive officer and principal financial officer has concluded that there were no changes in the registrant's internal controls over financial reporting during the registrant's second fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
In March 2003, the Derry Township Municipal Authority (DTMA), a retail customer of PPL Electric Utilities, petitioned the PUC for a declaratory order providing that PPL Electric Utilities must permit the prepayment or buy-out of DTMA's ITC obligation. In April 2003, PPL Electric Utilities filed with the PUC an answer and a motion to dismiss the DTMA's petition on the grounds that there is no legal basis for such a prepayment or buy-out of ITC and that such a prepayment would violate the PUC's qualified rate orders relating to the ITC. In May 2003, the Company and The Bank of New York, as Trustee, each filed a petition to intervene in this proceeding. In August 2003, the PUC denied PPL Electric Utilities' motion to dismiss, granted the petitions to intervene and assigned this proceeding to an Administrative Law Judge. In August 2003, the Company and PPL Electric Utilities filed a motion for reconsideration of the PUC's order, and DTMA filed an answer to this motion. In September, the PUC granted the petition pending disposition on the merits, corrected a factual error in its August order and reconsidered its decision to assign this matter to the Office of Administrative Law Judge. Neither the Company nor PPL Electric Utilities can predict the outcome of this proceeding.
None.
Item 6. Exhibits and Reports on Form 8-K
	(a)	Exhibits
			31	- Certificate of PPL's principal executive officer/principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
			31 -	Certificate of PPL Transition Bond Company's principal executive officer/principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
			32	- Certificate of PPL's principal executive officer/principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
			32 -	Certificate of PPL Transition Bond Company's principal executive officer/principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
			99	- Quarterly Servicer's Certificate
			99 -	Quarterly Servicer's Certificate
	(b)	Reports on Form 8-K
		None.

GLOSSARY OF TERMS AND ABBREVIATIONS

Capital Subaccount - An account held by the Trustee under the Indenture, which was 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.

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 became an indirect, wholly-owned subsidiary of PPL Energy Funding Corporation, a direct subsidiary of PPL Corporation.

Competition 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 from the Servicer are deposited. The Trustee allocates the funds from the General Subaccount to other subaccounts on the quarterly payment dates for the transition bonds.

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

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.

ITP - 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 the ITC, amounts sufficient to recover all Qualified Transition Expenses.

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

PPL - PPL Corporation, the parent holding company of PPL Electric Utilities, PPL Energy Funding and other subsidiaries.

PPL Electric Utilities - PPL Electric Utilities Corporation, the sole member of PPL Transition Bond Company, LLC.

PPL Energy Funding - PPL Energy Funding Corporation, ~~which is~~ a subsidiary ~~subsidiary~~ of PPL and the parent company of PPL Energy Supply, LLC.

PUC - Pennsylvania Public Utility Commission.

PUC Restructuring 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.

Qualified Transition Expenses - The transition or stranded costs of an electric utility approved by the PUC for recovery through the issuance of transition bonds under the Customer Choice Act; 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.

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 for the transition bonds.

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 the ITC, and maintains applicable accounting records, among other duties.

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

Trustee - The Bank of New York, a New York banking corporation, as Trustee under the Indenture.

SIGNATURES
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.
	PPL Transition Bond Company, LLC
	(Registrant)
Date: November 7, 2003		/s/ James S. Pennington James S. Pennington, Manager
Date: August 11, 2004		/s/ James S. Pennington James S. Pennington, Manager
		/s/ Stephen C. May Stephen C. May, Treasurer
		/s/ Charles S. Baker Charles S. Baker, Treasurer

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