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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 2, 1997
PP&L Resources, Inc.
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(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-11459 23-2758192
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
No.)
TWO NORTH NINTH STREET, ALLENTOWN, PA. 18101-1179
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 610-774-5151
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
Proposed Windfall Profits Tax
On July 2, 1997, the new Labour government in the United
Kingdom announced its budget proposals, which include a windfall
profits tax on the privatized utilities in the U.K. The tax
would be payable in two equal installments in December 1997 and
December 1998.
Power Markets Development Company, a wholly owned subsidiary
of PP&L Resources, Inc., has a 25 percent equity interest in
South Western Electricity plc ("SWEB"), one of the U.K.'s
privatized regional electric companies. Preliminary estimates
are that SWEB's windfall profits tax would be approximately 97
million pounds sterling, or about $160 million (depending on
exchange rates). Based on this estimate, PP&L Resources would
incur a one-time charge against earnings of about $40 million, or
about 24 cents per share. The budget proposal is expected to be
approved by Parliament during the third quarter of 1997, in which
case PP&L Resources would expect to record the charge in that
quarter.
SIGNATURE
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.
PP&L RESOURCES, INC.
By: /s/ R. E. Hill
R. E. Hill
Sr. Vice President-Financial
Date: July 14, 1997
