Exhibit 12(b)
PPL ENERGY SUPPLY, LLC AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)


					2014 (a)		2013 (a)		2012 (a)		2011 (a)		2010 (a)
Earnings, as defined:
	Income (Loss) from Continuing Operations Before
		Income Taxes (b)			$	303	$	(420)	$	665	$	1,061	$	860
	Adjustments to reflect earnings from equity method
		investments on a cash basis										1		7
						303		(420)		665		1,062		867

	Total fixed charges as below					161		226		238		259		426
			Less:
			Capitalized interest			22		35		37		38		27
			Interest expense and fixed charges related to
				discontinued operations		10		14		12		6		169
	Total fixed charges included in Income (Loss) from
		Continuing Operations Before Income Taxes				129		177		189		215		230

			Total earnings		$	432	$	(243)	$	854	$	1,277	$	1,097

Fixed charges, as defined:
	Interest charges (c)				$	156	$	207	$	214	$	223	$	387
	Estimated interest component of operating rentals					5		19		24		36		38
	Fixed charges of majority-owned share of 50% or
		less-owned persons												1

			Total fixed charges (d)		$	161	$	226	$	238	$	259	$	426

Ratio of earnings to fixed charges (b)						2.7		(1.1)		3.6		4.9		2.6

(a)		Years 2010 through 2014 reflect the reclassification of certain PPL Montana hydroelectric generating facilities and related assets as Discontinued Operations. See Note 8 to the Financial Statements for additional information.
(b)		To facilitate the sale of the hydroelectric generating facilities referred to in (a) above, in December 2013, PPL Montana terminated a lease agreement which resulted in a $697 million charge. See Note 8 to the Financial Statements for additional information. As a result of these transactions, earnings were lower, which resulted in less than one-to-one coverage. The adjusted amount of the deficiency, or the amount of fixed charges in excess of earnings, was $469 million.
(c)		Includes interest on long-term and short-term debt, as well as amortization of debt discount, expense and premium - net.
(d)		Interest on unrecognized tax benefits is not included in fixed charges.

338

KENTUCKY UTILITIES CO 10-K