SEC Filing | Evergy, Inc.

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): August 2, 2006

Commission File Number	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification Number


001-32206	GREAT PLAINS ENERGY INCORPORATED	43-1916803
	(A Missouri Corporation)
	1201 Walnut Street
	Kansas City, Missouri 64106
	(816) 556-2200

	NOT APPLICABLE
(Former name or former address, if changed since last report)


000-51873	KANSAS CITY POWER & LIGHT COMPANY	44-0308720
	(A Missouri Corporation)
	1201 Walnut Street
	Kansas City, Missouri 64106
	(816) 556-2200

	NOT APPLICABLE
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
	(17 CFR 240.14d-2(b))

[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Great Plains Energy Incorporated (Great Plains Energy) and Kansas City Power & Light Company (KCP&L) (the Registrants) are separately furnishing this combined Current Report on Form 8-K (Report). Information contained herein relating to an individual Registrant is furnished by such registrant on its own behalf. Each Registrant makes representations only as to information relating to itself.

Item 2.02 Results of Operations and Financial Condition

On August 2, 2006, Great Plains Energy issued a press release announcing second quarter 2006 earnings information and increased 2006 core earnings guidance. A copy of the press release is attached to this report on Form 8-K as Exhibit 99.

Item 7.01 Regulation FD Disclosure

The information set forth under Item 2.02 relating to the announcement of increased 2006 core earnings guidance is incorporated herein by reference.

The press release contains information regarding Great Plains Energy’s reportable segments, including the KCP&L reportable segment. Accordingly, this report is also being furnished on behalf of KCP&L.

The information, including the exhibit attached hereto, in this report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01	Financial Statements and Exhibits

(c) Exhibit No.

99	Press release issued by Great Plains Energy Incorporated on August 2, 2006.

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 hereunto duly authorized.

GREAT PLAINS ENERGY INCORPORATED

/s/Terry Bassham

Terry Bassham

Executive Vice President- Finance & Strategic Development and Chief Financial Officer

KANSAS CITY POWER & LIGHT COMPANY

/s/Terry Bassham

Terry Bassham

Chief Financial Officer

Date: August 2, 2006

Media Contact:		Tom Robinson
		816-556-2902

Invester Contact:		Todd Allen
		816-556-2083

GREAT PLAINS ENERGY ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

Increasing 2006 Core Earnings Guidance

Kansas City, MO, August 2, 2006 - Great Plains Energy Incorporated (NYSE:GXP) today announced core earnings of $41.7 million or $0.54 per share in the second quarter of 2006, compared to $23.6 million or $0.32 per share in the second quarter of 2005. Reported earnings were $37.2 million or $0.48 per share, compared to second quarter 2005 earnings of $21.5 million or $0.29 per share. Core earnings exclude net mark-to-market gains and losses on energy contracts and other items. Reported earnings are reconciled to core earnings in attachments B and C.

Strategic Energy’s core earnings in the second quarter of 2006 were higher than last year, with improved gross margins more than offsetting lower delivered volumes. Higher core earnings in the second quarter of 2006 compared to the same quarter last year were also driven by weather-driven retail revenue, higher wholesale prices and lower purchased power expense that more than offset higher fuel costs at Kansas City Power & Light (KCP&L).

For the first six months of 2006, core earnings were $66.1 million or $0.87 per share, compared to $40.5 million or $0.54 per share for the same period last year. Reported earnings for the first six months were $34.7 million or $0.46 per share, compared to $41.3 million or $0.55 per share for same period last year. Year to date core earnings growth was largely driven by the same factors that drove increased earnings in the second quarter, including gross margin improvements at Strategic Energy, and favorable weather, higher wholesale prices and lower purchased power expense at KCP&L.

“Great Plains Energy’s operating performance in the first half of 2006, particularly at Strategic Energy, has led to an increase in our core earning guidance for the year by $0.10 cents per share,” said Chairman Mike Chesser. Chesser continued, “KCP&L has experienced new winter and summer peaks in the last few quarters, underscoring the growing demand for electricity and need for our Comprehensive Energy Plan.”

Great Plains Energy is increasing 2006 core earnings guidance to a range of $1.85 to $2.10, compared to the previous range of $1.75 to $2.00 (see table G). The company is increasing Strategic Energy’s segment guidance to $0.26 to $0.32 per share, compared to the previous guidance range of $0.16 to $0.22.

Kansas City Power & Light

KCP&L core earnings were $38.9 million or $0.51 per share in the second quarter of 2006, compared to $29.1 million or $0.39 per share last year. Reported earnings were $35.8 million or $0.47 per share, compared to second quarter 2005 reported earnings of $29.1 million or $0.39 per share.

-Page 2-

Revenues for the second quarter of 2006 were $290.9 million, compared to $272.1 million for the second quarter last year. Retail revenue increased by $9.9 million to $241.8 compared to last year due primarily to 53% warmer than normal weather. Wholesale revenues in the second quarter 2006 also increased to $46.2 million, up $8.9 million compared to the second quarter last year. The increase in wholesale revenues was driven by a 23% increase in average wholesale prices. Wholesale volumes rose slightly as the absence of last year’s Wolf Creek refueling outage was largely offset by higher retail usage and coal conservation measures, as well as planned and unplanned outages. Included among these outages was the planned installation of the new Hawthorn 5 transformer in late June, which returned the unit to its full 563MW net capacity.

Higher fuel prices, increased fuel usage and an unfavorable fuel mix compared to last year led to a 25% increase in fuel costs in the second quarter of 2006. The higher fuel costs more than offset the benefit of lower purchased power expense. The regulatory accounting treatment of pension costs, which was implemented retroactively in the third quarter of 2005, positively impacted earnings, excluding the pension settlement charges related to the skill set realignment, by $1.6 million for the three months ended June 30, 2006 compared to the same period last year.

Year to date June 30, 2006, KCP&L’s core earnings were $56.7 million, compared to $39.9 million in the first half of 2005. Reported year to date earnings were $47.8 million, compared to $39.9 million last year. The increase in core earnings during the first half of 2006 was largely attributable to the same factors that drove the core earnings increase in the second quarter, as well as the absence of costs resulting from the 2005 ice storm.

During the second quarter of 2006, progress on KCP&L’s Comprehensive Energy Plan projects continued. The remaining permits required for construction of Iatan 2 were issued, and the co-owners signed the co-ownership agreement. Construction is anticipated to begin later this year. The 100MW wind facility is currently under construction and remains on schedule for completion in Fall 2006. The LaCygne 1 environmental retrofit project is on track for completion in the first half of 2007.

Strategic Energy

Strategic Energy core earnings, which exclude net mark-to-market gains and losses on energy contracts, were $5.4 million or $0.07 per share in the second quarter, compared to $2.2 million or $0.03 per share in the same period last year. Reported earnings were $4.2 million or $0.05 per share, compared to earnings of $3.7 million or $0.05 per share in the second quarter of 2005. The increase in core earnings was driven by improved average retail gross margins, primarily due to the absence of transitional SECA charges, which more than offset lower delivered volumes compared to the second quarter last year. Strategic Energy’s delivered volumes decreased to 3.9 million MWhs during the second quarter, compared to 5.2 million MWhs last year, reflecting the challenging sales environment experienced during much of 2004 and 2005.

Strategic Energy continues to benefit from successful marketing efforts and a more favorable sales environment in several states. Total backlog at Strategic Energy continued to increase, growing 40% in the second quarter of 2006 compared to the same period last year to 25.7

-Page 3-

million MWhs. New sales volume rose to 7.6 million MWhs in the second quarter of 2006, compared to 3.9 million MWhs in the same period in 2005. Delivered volume during the first six months, combined with 2006 backlog, totaled 16.1 million MWhs at the end of the second quarter, compared to 13.8 million MWhs at the end of first quarter. Average contract durations of 16 months in the second quarter of 2006 compared favorably to 14 months in the same quarter last year, but were slightly lower than the 18 months reported in the first quarter of 2006.

Average retail gross margin per MWh in the second quarter of 2006 was $5.32. Excluding $2.0 million in net mark-to-market losses on energy contracts, average retail gross margin per MWh was $5.84, compared to an average retail gross margin per MWh, excluding net mark-to-market gains on energy contracts, of $3.33 last year. The year over year difference in gross margin per MWh reflects a $2.22 net SECA impact. Average retail gross margin on new sales during the second quarter of 2006 was $3.74, which excludes potential portfolio optimization benefits.

KLT Investments and “Other”

Second quarter 2006 core earnings from KLT Investments were $1.4 million or $0.02 per share, compared to a loss of $2.5 million or $0.03 per share in the second quarter of 2005. In the first six months of 2006, core earnings were $2.1 million or $0.03 per share, compared to $0.5 million or $0.01 per share last year. For both the quarter and year to date periods, the increases are attributable to the timing of reductions in affordable housing investments partially offset by a decline in available tax credits from the investments.

In the second quarter of 2006 the “other” category loss was $4.0 million compared to a loss of $5.2 million in the same period last year on a core earnings basis. The loss per share was $0.06 in the second quarter of 2006 versus $0.07 in the second quarter of 2005. Year to date, the “other” category loss was $8.3 million or $0.11 per share on a core earnings basis, compared to $12.0 million or $0.17 per share in the first six months of 2005.

Non-GAAP Financial Measure

Great Plains Energy provides in its earnings releases descriptions of “core earnings” in addition to earnings calculated in accordance with GAAP. Great Plains Energy also provides its earnings guidance in terms of core earnings. Core earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes the effects of discontinued operations, certain unusual items and mark-to-market gains and losses on energy contracts. Core earnings for historical periods are reconciled to GAAP earnings in Attachments B and C.

The Company believes core earnings provide to investors a meaningful indicator of its results that is comparable among periods because it excludes the effects of discontinued operations, certain unusual items and mark-to-market gains and losses on energy contracts. These items are excluded from core earnings because they may not be indicative of Great Plains Energy’s prospective earnings potential. Investors should note that this non-GAAP measure involves judgments by management, including whether an item is classified as an unusual item. Core earnings is used internally to measure performance against budget and in reports for management and the Board of Directors. Great Plains Energy’s definition of core earnings may differ from similar terms used by other companies.

-Page 4-

Great Plains Energy Incorporated (NYSE:GXP) headquartered in Kansas City, MO, is the holding company for Kansas City Power & Light Company, a

leading regulated provider of electricity in the Midwest, and Strategic Energy L.L.C., a competitive electricity supplier. The Company's web site is www.greatplainsenergy.com.

CERTAIN FORWARD-LOOKING INFORMATION -- Statements made in this release that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements regarding projected delivered volumes and margins, the outcome of regulatory proceedings, cost estimates of the comprehensive energy plan and other matters affecting future operations. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company is providing a number of important factors that could cause actual results to differ materially from the provided forward-looking information. These important factors include: future economic conditions in the regional, national and international markets, including but not limited to regional and national wholesale electricity markets; market perception of the energy industry and Great Plains Energy; changes in business strategy, operations or development plans; effects of current or proposed state and federal legislative and regulatory actions or developments, including, but not limited to, deregulation, re-regulation and restructuring of the electric utility industry; decisions of regulators regarding rates KCP&L can charge for electricity; adverse changes in applicable laws, regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not limited to, air and water quality; financial market conditions and performance including, but not limited to, changes in interest rates and in availability and cost of capital and the effects on pension plan assets and costs; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of terrorist acts; increased competition including, but not limited to, retail choice in the electric utility industry and the entry of new competitors; ability to carry out marketing and sales plans; weather conditions including weather-related damage; cost, availability, quality and deliverability of fuel; ability to achieve generation planning goals and the occurrence and duration of unplanned generation outages; delays in the anticipated in-service dates and cost increases of additional generating capacity; nuclear operations; ability to enter new markets successfully and capitalize on growth opportunities in non-regulated businesses and the effects of competition; application of critical accounting policies, including, but not limited to, those related to derivatives and pension liabilities; workforce risks including compensation and benefits costs; performance of projects undertaken by non-regulated businesses and the success of efforts to invest in and develop new opportunities and other risks and uncertainties. Other risk factors are detailed from time to time in the Company’s most recent quarterly report on Form 10-Q or annual report on Form 10-K filed with the Securities and Exchange Commission. This list of factors is not all-inclusive because it is not possible to predict all factors.

GREAT PLAINS ENERGY
Consolidated Statements of Income
(Unaudited)

	Three Months Ended						Year to Date
	June 30						June 30
	2006			2005			2006			2005
Operating Revenues	(thousands, except per share amounts)
Electric revenues - KCP&L	$	290,891		$	272,083		$	531,281		$	505,298
Electric revenues - Strategic Energy		350,506			359,172			668,518			670,488
Other revenues		707			466			1,490			1,049
Total		642,104			631,721			1,201,289			1,176,835
Operating Expenses
Fuel		56,197			44,803			103,597			86,293
Purchased power - KCP&L		8,570			16,797			13,687			28,287
Purchased power - Strategic Energy		329,347			338,836			655,105			616,702
Skill set realignment costs		5,123			-			14,516			-
Other		79,650			84,375			155,885			164,270
Maintenance		24,899			20,552			47,489			49,910
Depreciation and amortization		39,250			38,241			78,196			76,103
General taxes		27,764			26,566			55,408			52,422
Gain on property		(696	)		(994	)		(597	)		(1,513	)
Total		570,104			569,176			1,123,286			1,072,474
Operating income		72,000			62,545			78,003			104,361
Non-operating income		3,904			9,847			6,889			11,771
Non-operating expenses		(1,311	)		(9,657	)		(3,452	)		(10,972	)
Interest charges		(17,816	)		(18,386	)		(35,139	)		(35,873	)
Income from continuing operations before income
taxes, minority interest in subsidiaries and loss
from equity investments		56,777			44,349			46,301			69,287
Income taxes		(18,831	)		(9,805	)		(10,201	)		(15,096	)
Minority interest in subsidiaries		-			(8,693	)		-			(7,805	)
Loss from equity investments, net of income taxes		(289	)		(344	)		(579	)		(689	)
Income from continuing operations		37,657			25,507			35,521			45,697
Discontinued operations, net of income taxes		-			(3,606	)		-			(3,606	)
Net income		37,657			21,901			35,521			42,091
Preferred stock dividend requirements		412			412			823			823
Earnings available for common shareholders	$	37,245		$	21,489		$	34,698		$	41,268

Average number of common shares outstanding		76,997			74,592			75,834			74,515

Basic and diluted earnings (loss) per common share
Continuing operations	$	0.48		$	0.34		$	0.46		$	0.60
Discontinued operations		-			(0.05	)		-			(0.05	)
Basic and diluted earnings per common share	$	0.48		$	0.29		$	0.46		$	0.55

Cash dividends per common share	$	0.415		$	0.415		$	0.83		$	0.83

GREAT PLAINS ENERGY
Consolidated Earnings and Earnings Per Share
Three Months Ended June 30
(Unaudited)

							Earnings per Great
	Earnings						Plains Energy Share
	2006			2005			2006			2005
	(millions)
KCP&L	$	35.8		$	29.1		$	0.47		$	0.39
Strategic Energy		4.2			3.7			0.05			0.05
KLT Investments		1.4			(2.5	)		0.02			(0.03	)
Other		(3.8	)		(4.8	)		(0.05	)		(0.06	)
Income from continuing operations		37.6			25.5			0.49			0.35
KLT Gas discontinued operations,
net of income taxes		-			(3.6	)		-			(0.05	)
Preferred dividends		(0.4	)		(0.4	)		(0.01	)		(0.01	)
Earnings available for common shareholders	$	37.2		$	21.5		$	0.48		$	0.29

Reconciliation of GAAP to Non-GAAP
Earnings available for common shareholders	$	37.2		$	21.5		$	0.48		$	0.29
Reconciling items
KCP&L - skill set realignment costs		3.1			-			0.04			-
Strategic Energy - mark-to-market impacts
from energy contracts		1.2			(1.5	)		0.02			(0.02	)
Other - skill set realignment costs		0.2			-			-			-
KLT Gas - discontinued operations		-			3.6			-			0.05
Core earnings	$	41.7		$	23.6		$	0.54		$	0.32

Core earnings
KCP&L	$	38.9		$	29.1		$	0.51		$	0.39
Strategic Energy		5.4			2.2			0.07			0.03
KLT Investments		1.4			(2.5	)		0.02			(0.03	)
Other		(4.0	)		(5.2	)		(0.06	)		(0.07	)
Core earnings	$	41.7		$	23.6		$	0.54		$	0.32

GREAT PLAINS ENERGY
Consolidated Earnings and Earnings Per Share
Year to Date June 30
(Unaudited)

							Earnings per Great
	Earnings						Plains Energy Share
	2006			2005				2006			2005
	(millions)
KCP&L	$	47.8		$	39.9			$	0.63		$	0.54
Strategic Energy		(6.7	)		16.5				(0.09	)		0.22
KLT Investments		2.1			0.5				0.03			0.01
Other		(7.7	)		(11.2	)			(0.10	)		(0.16	)
Income from continuing operations		35.5			45.7				0.47			0.61
KLT Gas discontinued operations,
net of income taxes		-			(3.6	)			-			(0.05	)
Preferred dividends		(0.8	)		(0.8	)			(0.01	)		(0.01	)
Earnings available for common shareholders	$	34.7		$	41.3			$	0.46		$	0.55

Reconciliation of GAAP to Non-GAAP
Earnings available for common shareholders	$	34.7		$	41.3			$	0.46		$	0.55
Reconciling items
KCP&L - skill set realignment costs		8.9			-				0.12			-
Strategic Energy - mark-to-market impacts
from energy contracts		22.3			(4.4	)			0.29			(0.06	)
Other - skill set realignment costs		0.2			-				-			-
KLT Gas - discontinued operations		-			3.6				-			0.05
Core earnings	$	66.1		$	40.5			$	0.87		$	0.54

Core earnings
KCP&L	$	56.7		$	39.9			$	0.75		$	0.54
Strategic Energy		15.6			12.1				0.20			0.16
KLT Investments		2.1			0.5				0.03			0.01
Other		(8.3	)		(12.0	)			(0.11	)		(0.17	)
Core earnings	$	66.1		$	40.5			$	0.87		$	0.54

GREAT PLAINS ENERGY
Summary Income Statement by Segment
Three Months Ended June 30, 2006
(Unaudited)

Consolidated							Strategic
	GPE			KCP&L			Energy			Other
	(millions)
Operating revenues	$	642.1		$	290.9		$	351.2		$	-
Fuel		(56.2	)		(56.2	)		-			-
Purchased power		(337.9	)		(8.6	)		(329.3	)		-
Skill set realignment costs		(5.1	)		(4.9	)		-			(0.2	)
Other operating expense		(132.3	)		(116.7	)		(13.4	)		(2.2	)
Depreciation and amortization		(39.3	)		(37.3	)		(2.0	)		-
Gain on property		0.7			0.7			-			-
Operating income		72.0			67.9			6.5			(2.4	)
Non-operating income (expenses)		2.6			1.6			1.0			-
Interest charges		(17.8	)		(15.0	)		(0.6	)		(2.2	)
Income taxes		(18.9	)		(18.7	)		(2.7	)		2.5
Loss from equity investments		(0.3	)		-			-			(0.3	)
Net income (loss)	$	37.6		$	35.8		$	4.2		$	(2.4	)
Earnings (loss) per GPE common share	$	0.48		$	0.47		$	0.05		$	(0.04	)

GREAT PLAINS ENERGY
Summary Income Statement by Segment
Year to Date June 30, 2006
(Unaudited)

	Consolidated							Strategic
	GPE				KCP&L			Energy			Other
		(millions)
Operating revenues		$	1,201.3		$	531.3		$	670.0		$	-
Fuel			(103.6	)		(103.6	)		-			-
Purchased power			(668.8	)		(13.7	)		(655.1	)		-
Skill set realignment costs			(14.5	)		(14.2	)		-			(0.3	)
Other operating expense			(258.8	)		(228.1	)		(25.9	)		(4.8	)
Depreciation and amortization			(78.2	)		(74.3	)		(3.9	)		-
Gain on property			0.6			0.6			-			-
Operating income (loss)			78.0			98.0			(14.9	)		(5.1	)
Non-operating income (expenses)			3.4			2.3			1.9			(0.8	)
Interest charges			(35.1	)		(29.9	)		(0.9	)		(4.3	)
Income taxes			(10.2	)		(22.6	)		7.2			5.2
Loss from equity investments			(0.6	)		-			-			(0.6	)
Net income (loss)		$	35.5		$	47.8		$	(6.7	)	$	(5.6	)
Earnings (loss) per GPE common share		$	0.46		$	0.63		$	(0.09	)	$	(0.08	)

GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)

	June 30		December 31
	2006		2005
ASSETS	(thousands)
Current Assets
Cash and cash equivalents	$	96,176	$	103,068
Restricted cash		-		1,900
Receivables, net		290,330		259,043
Fuel inventories, at average cost		29,912		17,073
Materials and supplies, at average cost		58,193		57,017
Deferred income taxes		31,469		-
Assets of discontinued operations		-		627
Derivative instruments		14,944		39,189
Other		18,184		13,001
Total		539,208		490,918
Nonutility Property and Investments
Affordable housing limited partnerships		25,440		28,214
Nuclear decommissioning trust fund		94,991		91,802
Other		16,284		17,291
Total		136,715		137,307
Utility Plant, at Original Cost
Electric		5,049,618		4,959,539
Less-accumulated depreciation		2,392,022		2,322,813
Net utility plant in service		2,657,596		2,636,726
Construction work in progress		219,646		100,952
Nuclear fuel, net of amortization of $123,062 and $115,240		41,355		27,966
Total		2,918,597		2,765,644
Deferred Charges and Other Assets
Regulatory assets		205,195		179,922
Prepaid pension costs		83,514		98,295
Goodwill		88,139		87,624
Derivative instruments		4,281		21,812
Other		45,526		52,204
Total		426,655		439,857
Total	$	4,021,175	$	3,833,726

Attachment E continued

GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)

	June 30			December 31
	2006			2005
LIABILITIES AND CAPITALIZATION	(thousands)
Current Liabilities
Notes payable	$	-		$	6,000
Commercial paper		82,400			31,900
Current maturities of long-term debt		389,902			1,675
Accounts payable		215,926			231,496
Accrued taxes		61,458			37,140
Accrued interest		13,680			13,329
Accrued payroll and vacations		29,385			36,024
Accrued refueling outage costs		14,996			8,974
Deferred income taxes		-			1,351
Supplier collateral		-			1,900
Liabilities of discontinued operations		-			64
Derivative instruments		50,067			7,411
Other		24,601			25,658
Total		882,415			402,922
Deferred Credits and Other Liabilities
Deferred income taxes		608,070			621,359
Deferred investment tax credits		28,175			29,698
Asset retirement obligations		153,697			145,907
Pension liability		89,667			87,355
Regulatory liabilities		73,899			69,641
Derivative instruments		27,127			7,750
Other		63,602			65,787
Total		1,044,237			1,027,497
Capitalization
Common shareholders' equity
Common stock-150,000,000 shares authorized without par value
80,267,216 and 74,783,824 shares issued, stated value		890,425			744,457
Retained earnings		458,291			488,001
Treasury stock-45,680 and 43,376 shares, at cost		(1,367	)		(1,304	)
Accumulated other comprehensive loss		(43,020	)		(7,727	)
Total		1,304,329			1,223,427
Cumulative preferred stock $100 par value
3.80% - 100,000 shares issued		10,000			10,000
4.50% - 100,000 shares issued		10,000			10,000
4.20% - 70,000 shares issued		7,000			7,000
4.35% - 120,000 shares issued		12,000			12,000
Total		39,000			39,000
Long-term debt		751,194			1,140,880
Total		2,094,523			2,403,307
Commitments and Contingencies
Total	$	4,021,175		$	3,833,726

GREAT PLAINS ENERGY
Statistical Summary

	Three Months Ended						Year to Date
	June 30						June 30
	2006			2005			2006			2005
KCP&L
Retail revenues (millions)	$	241.8		$	231.9		$	431.0		$	421.4
Wholesale revenues (millions)	$	46.2		$	37.3		$	93.7		$	76.4
Average non-firm wholesale price per MWh	$	47.02		$	38.37		$	48.68		$	36.49
Wholesale MWh sales (thousands)		1,078			1,038			2,182			2,248
Cooling degree days		571			448			571			448
Equivalent availability - coal plants		80	%		82	%		80	%		80	%
Capacity factor - coal plants		71	%		78	%		71	%		76	%

Strategic Energy
Average retail gross margin per MWh	$	5.32		$	3.87		$	1.76		$	5.43
Change in fair value related to non-hedging energy
contracts and from cash flow hedge ineffectiveness		0.52			(0.54	)		4.97			(0.80	)
Average retail gross margin per MWh without fair
value impacts ¹	$	5.84		$	3.33		$	6.73		$	4.63

MWhs delivered (thousands)		3,974			5,136			7,636			9,761
MWhs delivered plus current year backlog (thousands)		N/A			N/A			16,090			18,679
Average duration - new and resigned contracts (months)		16			14			17			14
MWh sales (thousands)		7,560			3,918			14,862			6,887
Retention rate		54	%		69	%		52	%		71	%
Retention rate including month to month customers		65	%		83	%		63	%		81	%
¹This is a non-GAAP financial measure that differs from GAAP because it excludes the impact of unrealized fair value gains
or losses. Management believes this measure is more reflective of average retail gross margins on MWhs delivered due
to the non-cash nature and volatility of changes in fair value related to non-hedging energy contracts and from cash flow
hedge ineffectiveness. Management and the Board of Directors use this as a measurement of Strategic Energy's
realized retail gross margin per delivered MWH, which are settled upon delivery at contracted prices.

GREAT PLAINS ENERGY
2006 Core Earnings Guidance

		Previous Range			Revised Range
Kansas City Power & Light		$ 1.74	-	$ 1.89	$ 1.74	-	$ 1.89

Strategic Energy		0.16	-	0.22	0.26	-	0.32

KLT Investments		0.06	-	0.07	0.06	-	0.07

Other ¹		(0.21)	-	(0.18)	(0.21)	-	(0.18)

Consolidated core EPS ^{2, 3}		$ 1.75	-	$ 2.00	$ 1.85	-	$ 2.10

¹	Other includes Home Service Solutions, Holding Company costs and other miscellaneous items

²	Core earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes
	the effects of discontinued operations, certain unusual items and mark-to-market gains and losses
	on energy contracts. The Company believes core earnings provide to investors a more meaningful
	indicator of its results that is comparable among periods because it excludes the effects of items that
	may not be indicative of Great Plains Energy’s prospective earnings potential.

³	Great Plains Energy is unable to reconcile its core earnings guidance to GAAP earnings per share
	because we do not predict the future impact of unusual items and mark-to-market gains or losses on
	energy contracts. The impact of these items could be material to our operating results in accordance
	with GAAP.