|                                                        |                                                    |                     |     |     | Exhibit 12(d)
|------------------------------------------------------- | -------------------------------------------------- | ------------------- | --- | --- | -------------
|                                                        |                                                    |                     |     |     |              
|                                                        |                                                    |                     |     |     |              
|PPL MONTANA, LLC AND SUBSIDIARIES                      
|                                                        |                                                    |                     |     |     |              
|COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES      
|(Millions of Dollars)                                  
|                                                        |                                                    |                     |     |     |              
|                                                        |                                                    |                     |     |     | 2001         
|                                                        |                                                    |                     |     |     |              
|Fixed charges, as defined:                              |                                                    |                     |     |     |              
|                                                        | Interest expense on credit
      facility          |                     | $   | 2   |              
|                                                        | Amortization of financing
      costs              |                     |     | 1   |              
|                                                        | Amortization of wholesale
      energy commitments |                     |     | 6   |              
|                                                        | Interest with rental expense                       |                     |     | 15  |              
|                                                        |                                                    |                     |     |     |              
|                                                        |                                                    | Total fixed charges |     | $   | 24           
|                                                        |                                                    |                     |     |     |              
|                                                        |                                                    |                     |     |     |              
|Earnings, as defined:                                   |                                                    |                     |     |     |              
|                                                        | Net income                                         |                     | $   | 103 |              
|                                                        |                                                    |                     |     |     |              
|                                                        |                                                    |                     |     |     |              
|Add (Deduct):                                           |                                                    |                     |     |     |              
|                                                        | Income taxes                                       |                     |     | 68  |              
|                                                        |                                                    |                     |     |     |              
|                                                        | Total fixed charges as above                       |                     |     | 24  |              
|                                                        |                                                    |                     |     |     |              
|                                                        |                                                    |                     |     |     |              
|                                                        |                                                    | Total earnings      |     | $   | 195          
|                                                        |                                                    |                     |     |     |              
|                                                        |                                                    |                     |     |     |              
|Ratio of earnings to fixed
      charges                |                                                    |                     | 8.1 |     |              
|                                                        |                                                    |                     |     |     |              
|                                                       
|                                                       
|(a) 2000 net income excluding
      extraordinary item.