The brokerage firms believe that PPL is an open market generator with some exposure to an economic recovery and higher gas prices, but the exposure is muted by a conservative hedging strategy out into 2011.  The firms have a neutral stance based on higher operating and maintenance costs, weak power markets, and mostly hedged 2010 base load generation output, partly offset by PPL's strategically located nuclear and coal assets.  The firms believe PPL’s regulated business will benefit from distribution and transmission rate base growth opportunities.  However, the outlook for the unregulated business remains uncertain, particularly regarding energy marketing margins, which have been impacted by the lower demand outlook to a greater degree.