Company in Strongest Growth Period in Its History, PPL Chairman Tells Shareowners

Apr 27, 2001, 01:00 ET from PPL Corporation

    ALLENTOWN, Pa., April 27 /PRNewswire/ -- "I am pleased to tell you that we
 are in the midst of the strongest growth period that your company has ever
 known."
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19981015/PHTH025 )
     Those words from William F. Hecht, PPL Corporation chairman, president and
 chief executive officer, summarized the upbeat tone at the company's annual
 meeting of shareowners on Friday (4/27).
     Hecht said that 2000 was a year of accomplishment for PPL.
     "We achieved record earnings.  Our stock price nearly doubled, growing at
 more than twice the rate of the Dow Jones Utility Average and the S&P 500.  We
 generated, sold and delivered more electricity than ever.  And, we continued
 to develop projects that will lead to continued growth in the future," said
 Hecht.
     PPL people around the world are proving that they know how to do "the
 right things in the right places at the right time," said Hecht.
     Among those "right things," Hecht said, is a strategic initiative
 announced this week that more than doubles the company's generating capacity
 available for wholesale electricity markets, while lowering its cost of
 capital and eliminating the risk of higher energy costs for PPL Electric
 Utilities' customers for the rest of this decade.
     Based on better-than-expected results from its energy supply business in
 the first quarter and the expected earnings improvements from this strategic
 initiative, Hecht said the company has increased its 2001 earnings forecast to
 $4.00 per share, which will be an increase of 22 percent over the record level
 the company achieved in 2000.  The company also increased its 2002 forecast to
 $4.55 to $4.65 per share.
     PPL Corporation now forecasts a 12 to 15 percent compound annual growth
 rate in earnings per share through the middle of this decade, he said.
 "Clearly, our strategy continues to be a very solid one -- one that is
 permitting us to grow at a pace faster than all but a handful of energy
 companies in the United States," Hecht said.
     That strategy, he said, involves:
 
       -- Acquiring, developing and operating generating facilities in key
          U.S. markets.  The company now operates nearly 10,000 megawatts of
          generating capacity and is developing an additional 4,600 megawatts,
 
       -- Marketing electricity in wholesale and retail markets.  The company
          now markets electricity in 42 states and Canada, and
 
       -- Providing high-quality, low-cost electricity delivery services.  The
          company now delivers electricity to nearly 6 million customers in
          the United States, Latin America and the United Kingdom.
 
     Frank Long, PPL executive vice president, and John Biggar, executive vice
 president and chief financial officer, also addressed the meeting, which was
 held at Stabler Arena on the campus of Lehigh University in Bethlehem, Pa.
     During the meeting, shareowners ratified the appointment of
 PricewaterhouseCoopers LLP as independent accountants and reelected three
 directors to three-year terms.
     Reelected to the board were: Hecht; Stuart Heydt, former president and
 chief executive officer, Geisinger Health System; and W. Keith Smith, former
 senior vice chairman, Mellon Financial Corporation.
     Continuing to serve on the board are (term expiration in parentheses):
 Frederick M. Bernthal, president, Universities Research Association (2002);
 John W. Conway, chief executive officer and president, Crown, Cork & Seal
 Company (2003); E. Allen Deaver, former executive vice president, Armstrong
 World Industries (2003); William J. Flood, secretary-treasurer, Highway
 Equipment & Supply Co. (2002); Elmer D. Gates, former vice chairman, Fuller
 Co. (2003); and Long (2002).
     At the close of the business meeting, Hecht led shareowners in a tribute
 to Long, who will be retiring later this year.  "Frank Long has dedicated
 nearly four decades to building high-performing organizations that understand
 customer needs and are singularly focused on operational excellence," said
 Hecht. "It is my pleasure to thank you, Frank, for your leadership, insight
 and dedication."
     PPL Corp. (NYSE:   PPL), headquartered in Allentown, Pa., generates
 electricity at power plants in Pennsylvania, Maine and Montana; markets
 wholesale or retail energy in 42 U.S. states and Canada; and delivers
 electricity to nearly 6 million customers in Pennsylvania, in the United
 Kingdom and in Latin America.
 
     Certain statements contained in this news release, including statements
 with respect to future earnings, energy delivery, energy and financing costs,
 strategic initiatives, subsidiary performance, growth, project development,
 and generating capacity, are "forward-looking statements" within the meaning
 of the federal securities laws.  Although PPL Corp. believes that the
 expectations and assumptions reflected in these forward-looking statements are
 reasonable, these statements involve a number of risks and uncertainties, and
 actual results may differ materially from the results discussed in the
 statements.  The following are among the important factors that could cause
 actual results to differ materially from the forward-looking statements:
 market demand and prices for energy, capacity and fuel; weather variations
 affecting customer energy usage; competition in retail and wholesale power
 markets; the effect of any business or industry restructuring; the
 profitability and liquidity of PPL Corp. and its subsidiaries; new accounting
 requirements or new interpretations or applications of existing requirements;
 operating performance of plants and other facilities; environmental conditions
 and requirements; system conditions and operating costs; development of new
 projects, markets and technologies; performance of new ventures; political,
 regulatory or economic conditions in countries where PPL Corp. or its
 subsidiaries conduct business; receipt of necessary governmental approvals;
 capital market conditions; stock price performance; foreign exchange rates;
 and the commitments and liabilities of PPL Corp. and its subsidiaries.  Any
 such forward-looking statements should be considered in light of such factors
 and in conjunction with PPL Corp.'s Form 10-K and other reports on file with
 the Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X30474266
 
 

SOURCE PPL Corporation
    ALLENTOWN, Pa., April 27 /PRNewswire/ -- "I am pleased to tell you that we
 are in the midst of the strongest growth period that your company has ever
 known."
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19981015/PHTH025 )
     Those words from William F. Hecht, PPL Corporation chairman, president and
 chief executive officer, summarized the upbeat tone at the company's annual
 meeting of shareowners on Friday (4/27).
     Hecht said that 2000 was a year of accomplishment for PPL.
     "We achieved record earnings.  Our stock price nearly doubled, growing at
 more than twice the rate of the Dow Jones Utility Average and the S&P 500.  We
 generated, sold and delivered more electricity than ever.  And, we continued
 to develop projects that will lead to continued growth in the future," said
 Hecht.
     PPL people around the world are proving that they know how to do "the
 right things in the right places at the right time," said Hecht.
     Among those "right things," Hecht said, is a strategic initiative
 announced this week that more than doubles the company's generating capacity
 available for wholesale electricity markets, while lowering its cost of
 capital and eliminating the risk of higher energy costs for PPL Electric
 Utilities' customers for the rest of this decade.
     Based on better-than-expected results from its energy supply business in
 the first quarter and the expected earnings improvements from this strategic
 initiative, Hecht said the company has increased its 2001 earnings forecast to
 $4.00 per share, which will be an increase of 22 percent over the record level
 the company achieved in 2000.  The company also increased its 2002 forecast to
 $4.55 to $4.65 per share.
     PPL Corporation now forecasts a 12 to 15 percent compound annual growth
 rate in earnings per share through the middle of this decade, he said.
 "Clearly, our strategy continues to be a very solid one -- one that is
 permitting us to grow at a pace faster than all but a handful of energy
 companies in the United States," Hecht said.
     That strategy, he said, involves:
 
       -- Acquiring, developing and operating generating facilities in key
          U.S. markets.  The company now operates nearly 10,000 megawatts of
          generating capacity and is developing an additional 4,600 megawatts,
 
       -- Marketing electricity in wholesale and retail markets.  The company
          now markets electricity in 42 states and Canada, and
 
       -- Providing high-quality, low-cost electricity delivery services.  The
          company now delivers electricity to nearly 6 million customers in
          the United States, Latin America and the United Kingdom.
 
     Frank Long, PPL executive vice president, and John Biggar, executive vice
 president and chief financial officer, also addressed the meeting, which was
 held at Stabler Arena on the campus of Lehigh University in Bethlehem, Pa.
     During the meeting, shareowners ratified the appointment of
 PricewaterhouseCoopers LLP as independent accountants and reelected three
 directors to three-year terms.
     Reelected to the board were: Hecht; Stuart Heydt, former president and
 chief executive officer, Geisinger Health System; and W. Keith Smith, former
 senior vice chairman, Mellon Financial Corporation.
     Continuing to serve on the board are (term expiration in parentheses):
 Frederick M. Bernthal, president, Universities Research Association (2002);
 John W. Conway, chief executive officer and president, Crown, Cork & Seal
 Company (2003); E. Allen Deaver, former executive vice president, Armstrong
 World Industries (2003); William J. Flood, secretary-treasurer, Highway
 Equipment & Supply Co. (2002); Elmer D. Gates, former vice chairman, Fuller
 Co. (2003); and Long (2002).
     At the close of the business meeting, Hecht led shareowners in a tribute
 to Long, who will be retiring later this year.  "Frank Long has dedicated
 nearly four decades to building high-performing organizations that understand
 customer needs and are singularly focused on operational excellence," said
 Hecht. "It is my pleasure to thank you, Frank, for your leadership, insight
 and dedication."
     PPL Corp. (NYSE:   PPL), headquartered in Allentown, Pa., generates
 electricity at power plants in Pennsylvania, Maine and Montana; markets
 wholesale or retail energy in 42 U.S. states and Canada; and delivers
 electricity to nearly 6 million customers in Pennsylvania, in the United
 Kingdom and in Latin America.
 
     Certain statements contained in this news release, including statements
 with respect to future earnings, energy delivery, energy and financing costs,
 strategic initiatives, subsidiary performance, growth, project development,
 and generating capacity, are "forward-looking statements" within the meaning
 of the federal securities laws.  Although PPL Corp. believes that the
 expectations and assumptions reflected in these forward-looking statements are
 reasonable, these statements involve a number of risks and uncertainties, and
 actual results may differ materially from the results discussed in the
 statements.  The following are among the important factors that could cause
 actual results to differ materially from the forward-looking statements:
 market demand and prices for energy, capacity and fuel; weather variations
 affecting customer energy usage; competition in retail and wholesale power
 markets; the effect of any business or industry restructuring; the
 profitability and liquidity of PPL Corp. and its subsidiaries; new accounting
 requirements or new interpretations or applications of existing requirements;
 operating performance of plants and other facilities; environmental conditions
 and requirements; system conditions and operating costs; development of new
 projects, markets and technologies; performance of new ventures; political,
 regulatory or economic conditions in countries where PPL Corp. or its
 subsidiaries conduct business; receipt of necessary governmental approvals;
 capital market conditions; stock price performance; foreign exchange rates;
 and the commitments and liabilities of PPL Corp. and its subsidiaries.  Any
 such forward-looking statements should be considered in light of such factors
 and in conjunction with PPL Corp.'s Form 10-K and other reports on file with
 the Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X30474266
 
 SOURCE  PPL Corporation