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): February 7, 2007

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 February 7, 2007, Great Plains Energy issued a press release announcing fourth quarter and full year 2006 earnings information and 2007 earnings guidance. A copy of the press release is attached to this report on Form 8-K as Exhibit 99.

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 February 7, 2007.

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: February 7, 2007

Media Contact:		Tom Robinson
		816-556-2902

Invester Contact:		Todd Allen
		816-556-2083

GREAT PLAINS ENERGY ANNOUNCES FULL YEAR

AND FOURTH QUARTER 2006 RESULTS

Kansas City, MO, February 7, 2007 - Great Plains Energy Incorporated (NYSE:GXP) today announced full year 2006 reported earnings per share were $1.61, which reflect $0.08 per share of dilution from the May 2006 equity issuance, compared to $2.15 in 2005. Reported earnings in 2006 were $126.0 million compared to 2005 earnings of $160.7 million. Reported earnings are reconciled to core earnings in attachments B and C.

Full year 2006 core earnings per share were $1.93 on more shares outstanding compared to $2.16 in 2005. Core earnings, which exclude net mark-to-market gains/losses on energy contracts and other items, were $150.9 million in 2006 compared to $161.2 million in 2005.

Full year 2006 results were characterized by higher fuel costs, lower wholesale prices and coal conservation in the first half of the year, partially offset by lower purchased power expense, and higher retail revenue at Kansas City Power & Light Company (KCP&L), as well as gross margin improvement at Strategic Energy. Earnings for the full year 2006 also reflect the absence of tax benefits experienced at KCP&L in 2005 and lower delivered volumes at Strategic Energy.

“We are very pleased with the solid earnings during 2006 and our progress on the Comprehensive Energy Plan,” said Chairman Mike Chesser. “We are right on track. Our 100-megawatt Spearville Wind Energy Facility is fully operational and producing clean, renewable energy. We also successfully began a series of partnerships with customers to increase energy efficiency,” Chesser commented. “We broke ground on our high efficiency Iatan 2 coal-fired plant and are nearing completion of the environmental upgrade at our LaCygne Generating Station. Finally, we are providing today 2007 earnings guidance of $1.80-$2.00 per share.”

Core earnings in the fourth quarter of 2006 were $25.5 million or $0.31 per share compared to $43.5 million or $0.58 per share in the fourth quarter of 2005. The difference in core earnings resulted primarily from lower wholesale prices at KCP&L, as well as lower delivered volumes and margins, and higher bad debt expense at Strategic Energy. Reported earnings were $34.1 million or $0.42 per share compared to $29.7 million or $0.40 per share in the fourth quarter of 2005.

Kansas City Power & Light

During 2006, KCP&L made significant progress on its Comprehensive Energy Plan (CEP). The 100MW Spearville Wind Energy Facility was completed on schedule in September. Construction of the new chimney stack at the Iatan site was recently completed, and other Iatan No. 2 construction activity is ongoing. Progress continues on both the LaCygne No. 1

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SCR, which is scheduled for completion in the second quarter of 2007, and the Iatan No. 1 environmental projects. Demand management and asset management programs are also underway and have begun to have an impact in Missouri. In December, KCP&L updated the total anticipated capital expenditures associated with CEP projects to a range of $1.52 to $1.62 billion. Finally, KCP&L received constructive rate treatment in both Missouri and Kansas, and KCP&L recently filed a new rate case in Missouri requesting a $45 million rate increase. The requested increase is driven by higher operating and fuel costs, the completion of the LaCygne No. 1 SCR, and amortization to help maintain cash flow levels. A new rate case is expected to be filed in Kansas in March.

KCP&L’s core earnings for the full year 2006 were $141.0 million or $1.80 per share compared to $145.2 million or $1.94 per share last year. Reported earnings at KCP&L were $149.6 million or $1.91 per share in 2006 compared to $145.2 million or $1.94 per share in 2005.

Revenues for the full year 2006 increased slightly to $1.14 billion compared to 2005. Retail revenues rose slightly to $935.5 million in 2006 compared to $924.1 million in 2005 due primarily to load growth. Wholesale revenues were $190.4 million, close to the 2005 level of $192.4 million. Wholesale volumes in 2006, which were up slightly compared to 2005, were more than offset by average wholesale electricity prices in 2006 that were 11% lower than the average in 2005.

KCP&L benefited in 2006 from lower purchased power expense compared to 2005 primarily due to a 40% reduction in purchased power volumes and lower capacity payments due to the expiration of certain contracts in mid-2005. Lower purchased power expense was more than offset by higher delivered coal costs and more natural gas in the fuel mix. Compared to prior year results, 2006 core earnings were also impacted by the absence of significant tax benefits related to the 2005 implementation of a lower composite tax rate. Partially offsetting these negative impacts, KCP&L’s comparative results reflect the absence of the 2005 ice storm and a 2005 Wolf Creek software write-off.

Core earnings for the fourth quarter 2006 were $25.4 million or $0.31 per share compared to $36.9 million or $0.49 per share in 2005. Fourth quarter 2006 reported earnings were $29.3 million or $0.36 per share compared to $36.9 million or $0.49 per share in the same period of 2005. KCP&L’s fourth quarter revenues were $249.8 million compared to $272.5 million in the fourth quarter 2005. Retail revenues in the quarter were $193.1 million, consistent with the prior year. However, wholesale revenues in the fourth quarter of 2006 were $53.0 million compared to $76.7 million in the same period of 2005 due primarily to average wholesale prices in the fourth quarter that were 40% lower than the year ago period. Wholesale volumes were nearly flat compared to the previous fourth quarter as the impact of the Wolf Creek refueling outage in the fourth quarter of 2006 generally offset the absence of last year’s coal conservation. In the fourth quarter, KCP&L deferred certain costs as ordered in the Missouri and Kansas rate orders favorably impacting earnings in the fourth quarter and full year 2006 by $3.4 million.

Strategic Energy

Sales growth continued throughout 2006, with particular strength in the small business customer segment, driving a substantial increase in Strategic Energy’s backlog for future deliveries. Strategic Energy benefited from an increasing focus on portfolio optimization,

-Page 3-

contributing to higher gross margins in 2006 compared to 2005. Additionally, during 2006 Strategic Energy entered new markets in Illinois and upstate New York, broadening its accessible market.

Strategic Energy’s core earnings for the full year 2006 were $23.5 million or $0.30 per share compared to $26.8 million or $0.36 per share in 2005. Strategic Energy’s full year 2006 reported losses were $9.9 million or $0.13 per share compared to earnings of $28.2 million or $0.38 per share in 2005. Mark-to-market impacts for the full year 2006 were a loss of $33.4 million due to generally declining power prices during the year compared to a gain of $1.4 million in 2005.

The decrease in core earnings was primarily attributable to delivered volume that declined 15% to 16.6 million MWhs in 2006 compared to 19.5 million MWhs in 2005. The lower delivered volume in 2006 was partially offset by higher average retail gross margins excluding net mark-to-market impacts. The average retail gross margin per MWh in 2006 was $2.52 compared to $5.19 in 2005. Excluding unrealized mark-to-market gains and losses on energy contracts, the average retail gross margin per MWh in 2006 was $5.93 compared to $5.07 in the previous year. In addition, the impact of net SECA charges was $5.4 million less in 2006 when compared to 2005.

For the fourth quarter of 2006, Strategic Energy’s core earnings were $3.1 million or $0.04 per share compared to $7.3 million or $0.10 per share in the fourth quarter of 2005. Strategic Energy’s reported earnings for the fourth quarter were $7.7 million or $0.10 per share compared to a loss of $6.4 million or $0.08 per share in last year’s fourth quarter. Lower core earnings in the fourth quarter of 2006 compared to the same period in 2005 were driven by slightly lower delivered volume, lower average retail gross margins and increased bad debt expense attributable to increasing sales to the small business customer segment.

Strategic Energy’s strong sales performance continued through the fourth quarter of 2006, increasing total backlog to 32.8 million MWhs, up 79% compared to the end of 2005. Backlog for 2007 was 14.7 million MWhs at the end of 2006 compared to 10.4 million MWhs in backlog for 2006 at the end of 2005. Strategic Energy’s retention rate including month-to-month customers remained strong at 85% during the fourth quarter, raising the full year 2006 retention rate including month-to-month customers to 71%.

KLT Investments and “Other”

Full year 2006 earnings from KLT Investments affordable housing investments were $4.3 million compared to $5.7 million in 2005. Earnings per share were $0.06 in 2006 versus $0.08 in 2005. The lower earnings in 2006 are due to a decline in available tax credits from the investments and the timing of reductions of affordable housing investments.

The “other” category 2006 loss from continuing operations was $18.0 million or $0.23 per share compared to a loss from continuing operations of $16.5 million or $0.22 per share in 2005. On a core earnings basis, the loss in the “other” category was $17.9 million or $0.23 per share in 2006 compared to a loss of $16.5 million or $0.22 per share in 2005.

-Page 4-

Non-GAAP Financial Measure

Core earnings is a non-GAAP financial measure that differs from earnings reported in accordance with GAAP. We believe core earnings provide investors a meaningful indicator of our results that improves comparability among periods because it excludes the effects of discontinued operations, certain unusual items and mark-to-market gains and losses on energy contracts that may not be indicative of our prospective earnings potential. Core earnings is used internally to measure performance against budget and in reports for management and the Board of Directors. Calculation of core earnings involves judgments by management, including whether an item is classified as an unusual item, and our definition of core earnings may differ from similar terms used by other companies. We are unable to reconcile our 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 reported in accordance with GAAP.

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.

Information Concerning Forward-Looking Statements

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, Great Plains Energy 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 its subsidiaries 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; the ability to successfully complete merger, acquisitions or divestiture plans (including the acquisition of Aquila, Inc., and the sale of assets to Black Hills Corporation); and other risks and uncertainties. Other risk factors are detailed from time to time in Great Plains Energy’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.

Attachment A

GREAT PLAINS ENERGY
Consolidated Statements of Income
(Unaudited)

	Three Months Ended						Year Ended
	December 31						December 31
				As Adjusted						As Adjusted
	2006			2005			2006			2005
Operating Revenues	(thousands, except per share amounts)
Electric revenues - KCP&L	$	249,806		$	272,520		$	1,140,357		$	1,130,792
Electric revenues - Strategic Energy		405,050			371,595			1,532,106			1,471,490
Other revenues		666			1,105			2,886			2,600
Total		655,522			645,220			2,675,349			2,604,882
Operating Expenses
Fuel		51,418			46,747			229,469			208,431
Purchased power - KCP&L		7,574			4,673			26,418			61,263
Purchased power - Strategic Energy		372,842			365,218			1,490,246			1,368,419
Skill set realignment costs		(6,457	)		-			9,448			-
Other		84,001			87,368			327,917			327,801
Maintenance		17,942			20,695			83,844			89,983
Depreciation and amortization		41,931			38,595			160,549			153,080
General taxes		25,367			25,817			112,601			109,436
(Gain) loss on property		4			1,638			(565	)		3,544
Total		594,622			590,751			2,439,927			2,321,957
Operating income		60,900			54,469			235,422			282,925
Non-operating income		3,144			4,171			19,885			19,505
Non-operating expenses		(1,109	)		(1,074	)		(6,702	)		(16,745	)
Interest charges		(18,108	)		(20,010	)		(71,221	)		(73,787	)
Income from continuing operations before income taxes,
minority interest in subsidiaries and loss from equity
investments		44,827			37,556			177,384			211,898
Income taxes		(9,579	)		(7,734	)		(47,822	)		(39,462	)
Minority interest in subsidiaries		-			-			-			(7,805	)
Loss from equity investments, net of income taxes		(885	)		324			(1,932	)		(434	)
Income from continuing operations		34,363			30,146			127,630			164,197
Discontinued operations, net of income taxes		-			(73	)		-			(1,899	)
Net income		34,363			30,073			127,630			162,298
Preferred stock dividend requirements		412			411			1,646			1,646
Earnings available for common shareholders	$	33,951		$	29,662		$	125,984		$	160,652

Average number of basic common shares outstanding		80,182			74,704			78,003			74,597
Average number of diluted common shares outstanding		80,717			74,725			78,170			74,743

Basic earnings (loss) per common share
Continuing operations	$	0.42		$	0.40		$	1.62		$	2.18
Discontinued operations		-			-			-			(0.03	)
Basic earnings per common share	$	0.42		$	0.40		$	1.62		$	2.15

Diluted earnings (loss) per common share
Continuing operations	$	0.42		$	0.40		$	1.61		$	2.18
Discontinued operations		-			-			-			(0.03	)
Diluted earnings per common share	$	0.42		$	0.40		$	1.61		$	2.15

Cash dividends per common share	$	0.415		$	0.415		$	1.66		$	1.66

Attachment B


GREAT PLAINS ENERGY
Consolidated Earnings and Earnings Per Share
Three Months Ended December 31
(Unaudited)

							Earnings per Great
	Earnings						Plains Energy Share
			As Adjusted						As Adjusted
	2006			2005			2006			2005
	(millions)
KCP&L	$	29.3		$	36.9		$	0.36		$	0.49
Strategic Energy		7.7			(6.4	)		0.10			(0.08	)
KLT Investments		1.0			3.3			0.01			0.04
Other		(3.6	)		(3.7	)		(0.04	)		(0.05	)
Income from continuing operations		34.4			30.1			0.43			0.40
KLT Gas discontinued operations,
net of income taxes		-			(0.1	)		-			-
Preferred dividends		(0.3	)		(0.3	)		(0.01	)		-
Earnings available for common shareholders	$	34.1		$	29.7		$	0.42		$	0.40

Reconciliation of GAAP to Non-GAAP
Earnings available for common shareholders	$	34.1		$	29.7		$	0.42		$	0.40
Reconciling items
KCP&L - skill set realignment costs		(3.9	)		-			(0.05	)		-
Strategic Energy - mark-to-market impacts
from energy contracts		(4.6	)		13.7			(0.06	)		0.18
Other - skill set realignment costs		(0.1	)		-			-			-
KLT Gas - discontinued operations		-			0.1			-			-
Core earnings	$	25.5		$	43.5		$	0.31		$	0.58

Core earnings
KCP&L	$	25.4		$	36.9		$	0.31		$	0.49
Strategic Energy		3.1			7.3			0.04			0.10
KLT Investments		1.0			3.3			0.01			0.04
Other		(4.0	)		(4.0	)		(0.05	)		(0.05	)
Core earnings	$	25.5		$	43.5		$	0.31		$	0.58

GREAT PLAINS ENERGY
Consolidated Earnings and Earnings Per Share
Year Ended December 31
(Unaudited)

							Earnings per Great
	Earnings						Plains Energy Share
			As Adjusted						As Adjusted
	2006			2005			2006			2005
	(millions)
KCP&L	$	149.6		$	145.2		$	1.91		$	1.94
Strategic Energy		(9.9	)		28.2			(0.13	)		0.38
KLT Investments		4.3			5.7			0.06			0.08
Other		(16.4	)		(14.9	)		(0.21	)		(0.20	)
Income from continuing operations		127.6			164.2			1.63			2.20
KLT Gas discontinued operations,
net of income taxes		-			(1.9	)		-			(0.03	)
Preferred dividends		(1.6	)		(1.6	)		(0.02	)		(0.02	)
Earnings available for common shareholders	$	126.0		$	160.7		$	1.61		$	2.15

Reconciliation of GAAP to Non-GAAP
Earnings available for common shareholders	$	126.0		$	160.7		$	1.61		$	2.15
Reconciling items
KCP&L - skill set realignment costs		5.8			-			0.07			-
KCP&L - Hawthorn No. 5 litigation recoveries		(14.4	)		-			(0.18	)		-
Strategic Energy - mark-to-market impacts
from energy contracts		33.4			(1.4	)		0.43			(0.02	)
Other - skill set realignment costs		0.1			-			-			-
KLT Gas - discontinued operations		-			1.9			-			0.03
Core earnings	$	150.9		$	161.2		$	1.93		$	2.16

Core earnings
KCP&L	$	141.0		$	145.2		$	1.80		$	1.94
Strategic Energy		23.5			26.8			0.30			0.36
KLT Investments		4.3			5.7			0.06			0.08
Other		(17.9	)		(16.5	)		(0.23	)		(0.22	)
Core earnings	$	150.9		$	161.2		$	1.93		$	2.16

GREAT PLAINS ENERGY
Summary Income Statement by Segment
Three Months Ended December 31
(Unaudited)

	Consolidated						Strategic
	GPE			KCP&L			Energy			Other
	(millions)
Operating revenues	$	655.5		$	249.8		$	405.7		$	-
Fuel		(51.4	)		(51.4	)		-			-
Purchased power		(380.5	)		(7.6	)		(372.9	)		-
Skill set realignment costs		6.5			6.3			-			0.2
Other operating expense		(127.3	)		(105.5	)		(19.0	)		(2.8	)
Depreciation and amortization		(41.9	)		(39.9	)		(2.0	)		-
Operating income (loss)		60.9			51.7			11.8			(2.6	)
Non-operating income (expenses)		2.1			1.0			1.2			(0.1	)
Interest charges		(18.1	)		(15.5	)		(0.6	)		(2.0	)
Income taxes		(9.6	)		(7.9	)		(4.7	)		3.0
Loss from equity investments		(0.9	)		-			-			(0.9	)
Net income (loss)	$	34.4		$	29.3		$	7.7		$	(2.6	)
Diluted earnings (loss) per GPE common share	$	0.42		$	0.36		$	0.10		$	(0.04	)

GREAT PLAINS ENERGY
Summary Income Statement by Segment
Year Ended December 31
(Unaudited)

	Consolidated						Strategic
	GPE			KCP&L			Energy			Other
	(millions)
Operating revenues	$	2,675.3		$	1,140.4		$	1,534.9		$	-
Fuel		(229.5	)		(229.5	)		-			-
Purchased power		(1,516.7	)		(26.4	)		(1,490.3	)		-
Skill set realignment costs		(9.4	)		(9.3	)		-			(0.1	)
Other operating expense		(524.4	)		(452.1	)		(61.5	)		(10.8	)
Depreciation and amortization		(160.5	)		(152.7	)		(7.8	)		-
Gain (loss) on property		0.6			0.6			-			-
Operating income (loss)		235.4			271.0			(24.7	)		(10.9	)
Non-operating income (expenses)		13.2			11.1			4.2			(2.1	)
Interest charges		(71.2	)		(60.9	)		(2.1	)		(8.2	)
Income taxes		(47.9	)		(71.6	)		12.7			11.0
Loss from equity investments		(1.9	)		-			-			(1.9	)
Net income (loss)	$	127.6		$	149.6		$	(9.9	)	$	(12.1	)
Diluted earnings (loss) per GPE common share	$	1.61		$	1.91		$	(0.13	)	$	(0.17	)

GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)
			As Adjusted
	December 31		December 31
	2006		2005
ASSETS	(thousands)
Current Assets
Cash and cash equivalents	$	61,823	$	103,068
Restricted cash		-		1,900
Receivables, net		339,399		259,043
Fuel inventories, at average cost		27,811		17,073
Materials and supplies, at average cost		59,829		57,017
Deferred refueling outage costs		13,921		8,063
Refundable income taxes		9,832		-
Deferred income taxes		39,566		-
Assets of discontinued operations		-		627
Derivative instruments		6,884		39,189
Other		11,717		13,001
Total		570,782		498,981
Nonutility Property and Investments
Affordable housing limited partnerships		23,078		28,214
Nuclear decommissioning trust fund		104,066		91,802
Other		15,663		17,291
Total		142,807		137,307
Utility Plant, at Original Cost
Electric		5,268,485		4,959,539
Less-accumulated depreciation		2,456,199		2,322,813
Net utility plant in service		2,812,286		2,636,726
Construction work in progress		214,493		100,952
Nuclear fuel, net of amortization of $103,381 and $115,240		39,422		27,966
Total		3,066,201		2,765,644
Deferred Charges and Other Assets
Regulatory assets		434,392		179,922
Prepaid pension costs		-		98,295
Goodwill		88,139		87,624
Derivative instruments		3,544		21,812
Other		29,795		52,204
Total		555,870		439,857
Total	$	4,335,660	$	3,841,789

Attachment E continued

GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)
				As Adjusted
	December 31			December 31
	2006			2005
LIABILITIES AND CAPITALIZATION	(thousands)
Current Liabilities
Notes payable	$	-		$	6,000
Commercial paper		156,400			31,900
Current maturities of long-term debt		389,634			1,675
EIRR bonds classified as current		144,742			-
Accounts payable		322,724			231,496
Accrued taxes		24,106			37,140
Accrued interest		14,082			13,329
Accrued payroll and vacations		33,266			36,024
Pension liability		1,037			-
Deferred income taxes		-			7,757
Supplier collateral		-			1,900
Liabilities of discontinued operations		-			64
Derivative instruments		91,482			7,411
Other		25,520			25,658
Total		1,202,993			400,354
Deferred Credits and Other Liabilities
Deferred income taxes		622,847			621,359
Deferred investment tax credits		28,458			29,698
Asset retirement obligations		91,824			145,907
Pension liability		143,170			87,355
Regulatory liabilities		114,674			69,641
Derivative instruments		61,146			7,750
Other		82,122			65,787
Total		1,144,241			1,027,497
Capitalization
Common shareholders' equity
Common stock-150,000,000 shares authorized without par value
80,405,035 and 74,783,824 shares issued, stated value		896,817			744,457
Retained earnings		493,399			498,632
Treasury stock-53,499 and 43,376 shares, at cost		(1,614	)		(1,304	)
Accumulated other comprehensive loss		(46,686	)		(7,727	)
Total		1,341,916			1,234,058
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		607,510			1,140,880
Total		1,988,426			2,413,938
Commitments and Contingencies
Total	$	4,335,660		$	3,841,789

-Page 11-

Attachment F

GREAT PLAINS ENERGY
Statistical Summary

	Three Months Ended						Year Ended
	December 31						December 31
	2006			2005			2006			2005
KCP&L
Retail revenues (millions)	$	193.1		$	193.2		$	935.5		$	924.1
Wholesale revenues (millions)	$	53.0		$	76.7		$	190.4		$	192.4
Average non-firm wholesale price per MWh	$	37.66		$	62.52		$	42.52		$	47.82
Wholesale MWh sales (thousands)		1,436			1,442			4,676			4,608
Cooling degree days		-			-			1,724			1,626
Equivalent availability - coal plants		87	%		88	%		83	%		82	%
Capacity factor - coal plants		83	%		77	%		77	%		76	%

Strategic Energy
Average retail gross margin per MWh	$	7.56		$	1.37		$	2.52		$	5.19
Change in fair value related to non-hedging energy
contracts and from cash flow hedge ineffectiveness		1.82			(5.42	)		(3.41	)		0.12
Average retail gross margin per MWh without fair
value impacts ¹	$	5.74		$	6.79		$	5.93		$	5.07

MWhs delivered (thousands)		4,260			4,349			16,644			19,534
Average duration - new and resigned contracts (months)		19			27			18			17
MWh sales (thousands)		11,007			9,347			33,220			18,475
Retention rate		81	%		95	%		61	%		76	%
Retention rate including month to month customers		85	%		97	%		71	%		86	%
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.

2007 Core Earnings Guidance

	Range
Kansas City Power & Light	$	1.75		-	$	1.87

Strategic Energy		0.21		-		0.28

Other¹		(0.16	)	-		(0.15	)

Consolidated Core EPS²	$	1.80		-	$	2.00

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

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.