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): March 18, 2008

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”) (each a “Registrant” and collectively, the “Registrants”) are separately filing this combined Current Report on Form 8-K (the “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 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

William K. Hall, a member of the Great Plains Energy Board of Directors since 2000, informed the Governance Committee of the Board on March 18, 2008, that he will not stand for re-election to the Board at Great Plains Energy’s 2008 annual shareholders’ meeting. Mr. Hall reaffirmed his strong support for the executive leadership, business strategies, operations, policies and practices of Great Plains Energy.

Item 7.01

Regulation FD Disclosure

Commencing on March 25, 2008, the Registrants will be distributing a presentation at the Edward Jones Mid-Cap Utility Conference. A copy of the presentation is attached hereto as Exhibit 99.1.

The information under Item 7.01 and in Exhibit 99.1 hereto is being furnished and shall not be deemed filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended. The information under Item 7.01 and Exhibit 99.1 hereto shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless otherwise indicated in such registration statement or other document.

Item 9.01	Financial Statements and Exhibits

(d) Exhibits

99.1	Edward Jones Mid-Cap Utility Conference presentation

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: March 24, 2008

Great Plains Energy
Edward Jones
Mid-Cap Utility Conference

March 25, 2008

Exhibit 99.1

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, the registrants are 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, Great Plains Energy and KCP&L; 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; 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, acquisition or divestiture plans (including the
acquisition of Aquila, Inc., and Aquila’s sale of assets to Black Hills Corporation); the outcome of Great Plains Energy’s review
of strategic and structural alternatives for its subsidiary Strategic Energy, L.L.C.; 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.

Forward Looking Statement

- $2.1 billion market capitalization

- $4.8 billion in total assets

- $3.3 billion in revenues

- $133.4 million of core earnings or $1.57/share in 2007*

Regulated electric utility:

• $146.4 million in core earnings or
$1.72/share in 2007

• 506,000 customers in KS and MO

• Total generation capacity: 4,053 MWs

- Coal 72%, nuclear 24%, natural gas
and oil 3%, and wind 1%

Comprehensive Energy Plan

GXP is expanding its regulated platform with
the proposed Aquila transaction

Competitive retail electricity provider:

• $7.6 million in core earnings or
$0.09/share in 2007

• Projected MWh deliveries for 2008 of
21 million to 25 million MWhs

• Serving approximately 109,000
customers & 25,700 accounts

GXP is reviewing strategic alternatives

*Also includes $(20.6) million of other earnings that includes the company’s investments in
affordable housing and unallocated corporate charges.

Great Plains Energy Overview

2005-2008: Build the foundation

üLandmark stakeholder collaboration effort resulted in
Comprehensive Energy Plan and Sierra Club agreement

üSuccessfully brought in partners, received approval under our CEP,
and began construction of 850MW coal-fired plant in Missouri

üSuccessfully delivered on 100MW wind generation

üSuccessfully delivered on Phase 1 at LaCygne - SCR environmental

üSuccessfully completed first two rate cases in Kansas and Missouri
and will file a third case in 2008 in both states

• Complete Iatan 1 AQCS late 2008 - early 2009

• Conclude transformational steps:

• Complete Aquila transaction

• Finalize strategic alternative review for Strategic Energy

• Continue construction of Iatan 2

Building a Track Record of Success

Spearville Wind Energy Facility

ü 100MW completed on schedule and on budget

LaCygne

ü Phase 1: Unit 1 SCR - Completed on schedule, under budget, and
performing per specification

• Phase 2: Unit 1 - bag house and scrubber environmental upgrades

• Project Definition Report completed in Q3 2007

• Revised cost estimates higher than initial estimates

• Work moved to 2011

Iatan Unit 1

• AQCS Environmental Project to be completed late 2008 - early 2009

Iatan Unit 2 Construction

• Cost / schedule re-assessment underway; results available in Q2

• Current project schedule for completion of plant in late summer 2010

Comprehensive Energy Plan Progress

• Develop long range resource plan and file Integrated Resource Plan in
Missouri in August 2008

• Continue to engage community and regulators to develop energy
efficiency and demand response as resource alternatives including
potential:

- Energy Efficiency projects designed to reduce annual electricity

demand 100MW by 2010; additional 200MW by 2012

• Continue development of environmental and renewable generation
alternatives

• Potential to pursue an additional 400MW wind generation

- 100MW by 2010 and additional 300MW by 2012

• Expected future Phase 3 environmental upgrades at LaCygne Unit 2 for
BART

Developing Next Phase of Comprehensive
Energy Plan

2007 Regulatory Update:

Received approval for rate increases for 2008 in both Missouri and Kansas

•Missouri:

• Inclusion of Phase 1 LaCygne Unit 1 SCR environmental without disallowances

• ROE: 10.75%

• Increase of $35.3 million; including $10.7 million of additional amortization

•Kansas:

• Inclusion of Phase 1 LaCygne Unit 1 SCR environmental without disallowances

• Negotiated settlement achieved

• Increase $28 million; including $11 million added to depreciation reserve

• Rates include an Energy Cost Adjustment mechanism and an Energy Efficiency

Rider for recovery of Energy Efficiency and Demand Side Management costs

Regulatory Update:

Expect to file new rate cases in both states in 2008 on a schedule that allows for
the inclusion of the Iatan 1 environmental upgrades

Expect to file new rate cases in both states in 2009 on a schedule that allows for
the inclusion of Iatan 2

Regulatory Update

FORGING A STRONGER

REGIONAL UTILITY

ü Strong support for transaction from
shareholders of both companies

ü FERC approval received

ü Nebraska, Iowa, & Colorado approval of Black
Hills transaction

ü Kansas approval for Black Hills and Great
Plains

• Missouri hearings expected to begin April 21

• Transaction currently anticipated to close in
first half of 2008

Aquila Transaction Update

• Allowed recovery of $10 million of transition costs as five year
amortization starting with rates effective for Iatan 2 case (fall
2010)

• Due to regulatory lag, no material synergy give back until rates
set in the Iatan 2 rate case (fall 2010)

• No tracking of synergies

• No litigation of merger costs or synergies

Kansas Agreement

Highlights of Revised
Missouri Proposal

• Earlier savings to customers, plus mitigation of future rate
increases for both companies

• Recovery of interest on Aquila non-investment grade debt
through 2012 consistent with Aquila’s current approach

• Great Plains shareholders expected to see accretion beginning in
year 2

• Aquila shareholders become part of a financially stronger
company, including investment grade credit rating and dividend
payment

What Has Changed
In Missouri

Previous “ask”	Current “ask”
•Immediate approval for retention of 50% of utility operational synergies ($260 million net of transition costs) over 5 years	•Recovery of utility operational synergies through traditional ratemaking process •Regulatory lag expected to provide opportunity for the retention of approximately 50% of the synergies
•Recovery of 50% of transition costs ($45 million) over 5 years	•Recovery of 100% of updated transition cost ($58.9 million) over five years
•Recovery of 100% of the transaction costs ($95 million) over 5 years	•Recovery of 100% of the revised transaction costs ($64.9 million) over 5 years •Company no longer requesting recovery of CIC and Rabbi Trust for Senior Aquila officers
•Recovery requested of actual interest costs in Aquila customer rates	•No recovery of Aquila actual interest costs in excess of equivalent investment grade costs
•Authorization to use additional amortizations in Aquila rate cases to meet credit metrics, consistent with KCP&L’s treatment	•Will include as a component in a future regulatory plan for Aquila

Amounts shown are total amounts before allocations between Missouri and Kansas jurisdictions.

Missouri Hearings,
Approval and Close

Shareholders
receive benefits of
synergies

File rate case

Shareholders
receive benefits of
new synergies

Rates effective

Path to Synergy Sharing

Great Plains expects to realize $675 million of total savings and
synergies over five years

Interest Savings

Corporate Retained
& Merchant Savings

$302

$305

$68

$120

$131

$54

$27

$275

Significant Synergies Expected

üAnnounced intent to evaluate
strategic and structural alternatives
for the business

• Review is in process and various
alternatives are being considered

• Expect to complete and announce
the outcome of the evaluation
around the end of the first quarter of
2008

Strategic Energy
Assessment Update

2009 and beyond: Extend the platform

• Include Iatan 1 AQCS in rates effective in 2009

• Fully integrate Aquila and demonstrate ability to deliver on
synergies

• Complete Iatan 2 and incorporate into rates in 2010

• Potential for additional 100MW of wind generation by 2010

• Phase 2 environmental upgrades at LaCygne Unit 1 (bag house
and scrubber) moved from 2009 to 2011

• Potential for 300MW of additional wind generation by 2012

• Expected future Phase 3 environmental upgrades at LaCygne Unit
2 for BART

• Potential for Energy Efficiency projects designed to reduce annual
electricity demand

- 100MW by 2010; additional 200MW by 2012

A Path to Growth

Great Plains Energy
Edward Jones
Mid-Cap Utility Conference

March 25, 2008

Core earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes the effects of certain unusual items and mark-to-market gains and losses on energy
contracts. Great Plains Energy believes core earnings provides to investors a 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. Core earnings is used internally to measure performance against budget and in reports for management and the
Board of Directors and are a component, subject to adjustment, of employee and executive incentive compensation plans. Investors should note that this non-GAAP measure involves
judgments by management, including whether an item is classified as an unusual item, and Great Plains Energy’s definition of core earnings may differ from similar terms used by other
companies. The impact of these items could be material to operating results presented in accordance with GAAP. Great Plains Energy is unable to reconcile core earnings guidance to GAAP
earnings per share because it does not predict the future impact of unusual items and mark-to-market gains or losses on energy contracts.