Limitations of the conventional stochastic approach which is widely used in the study of two-phase turbulent flows are addressed. The Lagrangian transport equation of the fluctuating kinetic energy in the dispersed phase (kkp) is then formulated in order to overcome the above limitations. Closure of the transport equation of kkp requires a model of the turbulence modulation term. Two simple turbulence modulation models are selected for the demonstration of kkp computations through two well-defined problems. Modifications to these two models are also made by introducing k variable into the models. It is found that the modified models yield more satisfactory kkp predictions than the original models in the test problems.