<PAGE>

                                 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  March 31, 2001
                                    ----------------

                                      OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
     For the transition period from __________ to _____________



Commission File    Registrant; State of Incorporation;      IRS Employer
Number             Address; and Telephone No.               Identification No.
-----------------  -----------------------------------      ------------------

333-75369          PPL TRANSITION BOND COMPANY, LLC         23-3004428
                   (Delaware)
                   Two North Ninth Street, GENA92, Room 3
                   Allentown, PA  18101-1179
                   (610) 774-7934

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 [   ]
<PAGE>

                       PPL TRANSITION BOND COMPANY, LLC
                       --------------------------------


                                   FORM 10-Q
                     FOR THE QUARTER ENDED MARCH 31, 2001


                                     INDEX
                                     -----
<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION                                                                    Page
                                                                                                  ----
   Item 1. Financial Statements
<S>                                                                                                 <C>
          Statement of Operations and Changes in Member's Equity                                    1

          Statement of Cash Flows                                                                   2

          Balance Sheet                                                                             3


          Notes to Financial Statements                                                             4

   Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations    6

   Item 3. Quantitative and Qualitative Disclosures About Market Risk                               7

PART II. OTHER INFORMATION

   Item 1. Legal Proceedings                                                                        7

   Item 6. Exhibits and Reports on Form 8-K                                                         7

GLOSSARY OF TERMS AND ABBREVIATIONS                                                                 8

SIGNATURES                                                                                          9
</TABLE>
<PAGE>

PPL TRANSITION BOND COMPANY, LLC
--------------------------------
PART 1. FINANCIAL INFORMATION
-----------------------------
ITEM 1. FINANCIAL STATEMENTS
----------------------------

STATEMENT OF OPERATIONS AND CHANGES IN MEMBER'S EQUITY
(Unaudited)
(Thousands of Dollars)
<TABLE>
<CAPTION>
                                                                                         Three Months Ended
                                                                                              March 31,
                                                                                      ----------------------
                                                                                         2001        2000
                                                                                       --------    --------
<S>                                                                                   <C>         <C>
Revenue
       Intangible transition charge revenue........................................... $107,565    $113,088
       Interest income................................................................      190          77
                                                                                       --------    --------
            Total revenue.............................................................  107,755     113,165
                                                                                       --------    --------
Expenses
       Amortization of intangible transition property.................................   69,320      71,203
       Interest expense...............................................................   37,835      41,435
       Administrative and general expenses............................................      424         450
                                                                                       --------    --------
            Total expenses............................................................  107,579     113,088
                                                                                       --------    --------

Operating Income......................................................................      176          77
                                                                                       --------    --------
Income tax expense....................................................................       73          32
                                                                                       --------    --------
Net Income............................................................................ $    103    $     45
                                                                                       ========    ========

Member's equity - beginning of period.................................................   12,330      12,305
                                                                                       --------    --------
Member's equity - end of period....................................................... $ 12,433    $ 12,350
                                                                                       ========    ========

The accompanying Notes to Financial Statements are an integral part of the financial statements.
</TABLE>


                                       1
<PAGE>

PPL TRANSITION BOND COMPANY, LLC
--------------------------------
STATEMENT OF CASH FLOWS
(Unaudited)
(Thousands of Dollars)
<TABLE>
<CAPTION>
                                                                        Three Months Ended
                                                                             March 31,
                                                                      ----------------------
                                                                        2001         2000
                                                                      --------     --------
<S>                                                                   <C>          <C>
Cash Flows From Operating Activities
    Net Income.....................................................   $    103     $     45

    Adjustments to reconcile net income to net cash
    provided by operating activities:
    Amortization of intangible transition property.................     69,320       71,203
    Amortization of debt issuance expenses.........................        732          879
    Amortization of debt discount..................................         14           18
       Changes in current assets and liabilities:
       Intangible transition charge receivable from servicer.......      4,420      (17,008)
       Payable to Servicer.........................................                  (1,016)
       Other.......................................................        857          565
    Other operating activities - net...............................        326          331
                                                                      --------     --------
          Net cash provided by operating activities................     75,772       55,017
                                                                      --------     --------

Cash Flows From Investing Activities
    Change in restricted funds.....................................     (9,774)       3,412
                                                                      --------     --------
          Net cash provided by (used in) investing activities......     (9,774)       3,412
                                                                      --------     --------

Cash Flows From Financing Activities
    Repayment of transition bonds..................................    (65,820)     (60,997)
                                                                      --------     --------
          Net cash used in financing activities....................    (65,820)     (60,997)
                                                                      --------     --------

Net Increase (Decrease) in Cash and Cash Equivalents                       178       (2,568)
Cash and Cash Equivalents at Beginning of Period                           793        2,830
                                                                      --------     --------
Cash and Cash Equivalents at End of Period                            $    971     $    262
                                                                      ========     ========

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
    Interest.......................................................   $ 37,145     $ 40,590
    Income taxes...................................................       None         None


The accompanying Notes to Financial Statements are an integral part of the financial statements.
</TABLE>

                                       2
<PAGE>

PPL TRANSITION BOND COMPANY, LLC
--------------------------------
BALANCE SHEET
<TABLE>
<CAPTION>
(Unaudited)
(Thousands of Dollars)                                                                         March 31,            December 31,
                                                                                                 2001                   2000
                                                                                          --------------------   -------------------
<S>                                                                                       <C>                    <C>
ASSETS
       Current Assets
           Cash and cash equivalents....................................................  $               971    $              793
           Intangible transition charges receivable from Servicer.......................               77,764                82,184
           Other current assets.........................................................                   25                    41
                                                                                          --------------------   -------------------
                Current assets..........................................................               78,760                83,018
                                                                                          --------------------   -------------------

       Noncurrent Assets
           Intangible transition property, net..........................................            2,005,659             2,075,996
           Unamortized debt issuance expenses...........................................               10,846                11,578
           Restricted funds.............................................................               24,881                15,107
                                                                                          --------------------   -------------------
                Noncurrent assets.......................................................            2,041,386             2,102,681
                                                                                          --------------------   -------------------

                Total assets............................................................  $         2,120,146    $        2,185,699
                                                                                          ====================   ===================



LIABILITIES AND MEMBER'S EQUITY

       Current Liabilities
           Long-term debt...............................................................  $           242,370          $    240,308
           Interest accrued ............................................................                2,007                 2,064
           Taxes accrued - Servicer.....................................................                  126                    53
           Other........................................................................                3,361                 3,349
                                                                                          --------------------   -------------------
                Current liabilities.....................................................              247,864               245,774
                                                                                          --------------------   -------------------

       Noncurrent Liabilities
           Long-term debt, net of discount..............................................            1,855,271             1,923,141
           Other........................................................................                4,578                 4,454
                                                                                          --------------------   -------------------
                Noncurrent liabilities..................................................            1,859,849             1,927,595
                                                                                          --------------------   -------------------

       Commitments and Contingent Liabilities...........................................

       Member's Equity..................................................................               12,433                12,330
                                                                                          --------------------   -------------------

                Total liabilities and member's equity...................................  $          2,120,146   $         2,185,699
                                                                                          ====================   ===================


                 The accompanying Notes to Financial Statements are an integral part of the financial statements.
</TABLE>

                                       3

<PAGE>

                        Ppl Transition Bond Company, Llc
                         Notes to Financial Statements
                      -----------------------------------------

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

1. 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 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, 2000.

2. Nature of Operations

The financial statements include the accounts of PPL Transition Bond Company,
LLC (the Company). The Company is a limited liability company established under
the laws of the State of Delaware, and was formed on March 25, 1999 pursuant to
a limited liability company agreement.  PPL Electric Utilities is the sole
member of the Company.

The Company was organized for the sole purpose of purchasing and owning ITP,
issuing transition bonds (the 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.  ITP represents the irrevocable right of PPL Electric
Utilities, or its successor or assignee, to collect a non-bypassable ITC from
customers pursuant to the PUC Restructuring Order in accordance with the
Competition Act.  The PUC Restructuring Order authorized the ITC to be
sufficient to recover up to $2.85 billion aggregate principal amount of Bonds,
plus an amount sufficient to provide for any credit enhancement, to fund any
reserves and to pay interest, redemption premiums, servicing fees and other
expenses 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 Corporation, and the
ITP is legally not an asset of PPL Electric Utilities or PPL Corporation.  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.

3. Summary of Significant Accounting Policies

Management's Estimates

The preparation of 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 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 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 and investment
earnings not released to the Company are deposited into a Reserve Subaccount.
Accordingly, the Capital Subaccount, Overcollateralization Subaccount, and
Reserve Subaccount 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.

                                       4
<PAGE>

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.  The 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.

4. 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
other assets of the Company.

Scheduled maturities and interest rates for the Bonds at March 31, 2001 are:

                                  Expected Final     Final
Class    Bond Rate      Amount    Payment Date       Maturity Date
-----    ---------      ------    -----------------  -----------------
                     ($ Thousands)
A-1          6.08%    $        0   March 25, 2001     March 25, 2003
A-2          6.41%       148,795   December 26, 2001  December 26, 2003
A-3          6.60%       303,000   March 25, 2003     March 25, 2005
A-4          6.72%       201,000   December 26, 2003  December 26, 2005
A-5          6.83%       313,000   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
                      ----------
                      $2,097,795
Current Maturities      (242,370)
Unamort. Discount           (154)
                      ----------
Long-term Debt        $1,855,271
                      ==========

The carrying value of the long-term debt approximates fair market value as of
March 31, 2001. The current maturi ties stated above are based on the expected
final payment dates rather than the final maturity date.

The source of repayment for the Bon ds is the ITC. The Servicer collects this
non-bypassable charge from PPL Elec tric Utilities' retail consumers of
electricity. 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 2000 through February 2001 were
$113 million in aggregate. Each quarter, such monies are used to make principal
and interest payments on the Bonds, and to pay fees, costs and charges specified
in the Indenture. The Trustee made a scheduled payment on March 26, 2001. 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. Approximately $9 million was deposited into the Reserve
Subaccount on March 26, 2001. 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. To meet the required Overcollateralization Subaccount level
of $1.9 million, $327,964 was deposited on March 26, 2001. 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 in the Capital Subaccount in excess of $100,000. Any
remaining amounts collateralizing the Bonds will be released to the Company upon
final payment on the Bonds.

At March 31, 2001, the following balances were reflected in the Subaccounts
maintained by the Trustee:

Subaccounts                      Balance
-----------                      -------------
                                 ($ Thousands)
        General                       $     0
        Reserve                        10,612
        Overcollateralization           1,980
        Capital                        12,289
                                      -------
        Totals                        $24,881
                                      =======

5. 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.  For the three months ended March 31, 2001, the Company
expensed servicing fees of approximately $313,000 and other administrative fees
of $25,000.  The Company expensed similar amounts in the three months ended
March 31, 2000.

At March 31, 2001, the Balance Sheet includes a receivable from PPL Electric
Utilities of approximately $78 million for ITC collections.

                                       5

<PAGE>

                       PPL Transition Bond Company, LLC
                       --------------------------------

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

Forward-Looking Information

Certain 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.

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

Results of Operations

The following analysis of the financial condition and results of operations of
the Company is in an abbreviated format pursuant to Instruction H of Form 10-Q.
Such analysis should be read in conjunction with the Financial Statements and
Notes to 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, 2000.

PPL Transition Bond Company, LLC (the Company) is a Delaware limited liability
company organized in March 1999 for the limited purposes of purchasing ITP and
issuing Bonds secured by the ITP.  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.

Revenue generated from the ITP for the quarters ended March 31, 2001 and 2000
were approximately $108 million and $113 million, respectively.  During the
quarters ended March 31, 2001 and 2000, the Company also earned approximately
$190,000 and $77,000 respectively, in interest from the Capital Subaccount
maintained by the Trustee and from temporary investments.  The Company incurred
interest expense of approximately $38 million and $41 million, respectively,
during the quarters ended March 31, 2001 and 2000, which consists of interest on
the Bonds, and amortization of debt issuance expenses and discounts on the
Bonds.

The increase in interest income was due to increases in the restricted fund
accounts, other than the Overcollateralization Subaccount, maintained by the
trustee, while the decrease in interest expense was the result of the scheduled
repayments on the bonds.

For the three months ended March 31, 2001 and 2000, the Company also incurred
administrative and general expenses of approximately $424,000 and $450,000,
respectively, including servicing fees of approximately $313,000 and other
administrative fees of $25,000 in both periods.

The principal amount of the Bonds, interest, fees, and funding of the
Overcollateralization Subaccount will be recovered through ITC payable by retail
consumers of electricity within PPL Electric Utilities' service territory who
receive its electric delivery service.  As part of PPL Electric Utilities'
responsibility as Servicer under the Servicing Agreement, PPL Electric Utilities
remitted to the Trustee approximately $113 million of ITC collections for the
billing periods of December 1, 2000 to February 28, 2001.

There were sufficient revenues to meet all quarterly payments of Bond principal,
interest and all related expenses on March 26, 2001.  Scheduled principal
payments of $37 million of the class A-1 Bonds were made and this series was
retired.  An additional $29 million in principal payments were made on the Class
A-2 6.41% Bonds.  The Overcollateralization Subaccount was funded by $327,964 to
reach its required level of $1.9 million.  Excess ITC Collections and investment
earnings not released to the Company, in the amount of approximately $9 million,
were deposited into the Reserve Subaccount on March 26, 2001.

                                       6
<PAGE>

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 15, 2000 with the PUC.  The request was
approved and revised rates became effective on January 1, 2001.


Item 3. Quantitative and Qualitative Disclosures About Market Risk
        ----------------------------------------------------------

Not applicable.



PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings
--------------------------

None.

Item 6.  Exhibits and Reports On Form 8-K
-----------------------------------------

     (a)  Exhibits

             99 - Quarterly Servicer's Certificate

     (b)  Reports on Form 8-K

          None.

                                       7

<PAGE>

                      Glossary of Terms and Abbreviations

Capital Subaccount - An account held by the Trustee under the Indenture which is
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 is an indirect wholly-owned subsidiary of
PPL Energy Funding Corp.

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 by the Servicer are deposited. The Trustee allocates the
funds from the General Subaccount to other subaccounts on the quarterly payment
dates.

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

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

PUC - The 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; 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.

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 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.

                                       8
<PAGE>

                                  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:  May 9, 2001                        /s/  James S. Pennington
                                          --------------------------------------
                                               James S. Pennington, Manager


                                          /s/  Stephen C. May
                                          --------------------------------------
                                               Stephen C. May, Treasurer

                                       9