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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) October 24, 1996
WESTERN RESOURCES, INC.
(Exact Name of Registrant as Specified in Its Charter)
KANSAS 1-3523 48-0290150
(State or Other Jurisdiction of (Commission (Employer
Incorporation or Organization) File Number) Identification No.)
818 KANSAS AVENUE, TOPEKA, KANSAS 66612
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number Including Area Code (913) 575-6300
WESTERN RESOURCES, INC.
Item 5. Other Events
On October 23, 1996, Western Resources, Inc. issued the following Press
Release:
KCC STAFF, CURB, CITY OF WICHITA,
WESTERN RESOURCES
AGREE TO NEW RATE REDUCTION SETTLEMENT
AGREEMENT SUPPORTS WESTERN RESOURCES/KCPL
MERGER FINANCIAL PROJECTIONS
TOPEKA, Kansas, October 23, 1996 -- Western Resources announced today
that it has reached a multi-year settlement agreement with the Kansas
Corporation Commission (KCC) staff, the Citizens' Utility Ratepayers Board,
and the City of Wichita regarding electric rate decreases for KPL and KGE
customers.
Western Resources initially filed an electric rate reduction plan in
August 1995, which together with Kansas City Power & Light Company (KCPL)
merger-related reductions, proposed to reduce rates for retail electric
customers by nearly $78 million during a period of several years. The
settlement announced today provides for a total decrease of $75 million during
a four-year period, plus $10 million in two one-time rebates.
This four-year settlement replaces the previous two-year rate reduction
plan. The agreement also supports projected earnings calculations in Western
Resources' merger plans with KCPL and requires no change in previously filed
financial projections regarding that transaction.
"We consistently have supported an innovative approach to rate
reductions for our customers to ensure the rates are competitive," said John
E. Hayes, Jr., Western Resources chairman of the board and chief executive
officer.
"The agreement reached late yesterday accommodates the interests of all
parties while allowing our company to remain financially strong. We are
satisfied the agreement will allow us to reduce rates in a sound business
manner."
Details of the settlement include a phased-in approach with reductions
occurring during four years:
* An $8.7 million interim reduction, which began in May for KGE
customers, will become permanent.
* KGE electric customers will receive a $36.3 million reduction in
February 1997. At the same time, KPL electric customers will receive a
$10 million reduction.
* In June 1998 and again in June 1999, KGE electric customers will
receive additional $10 million reductions.
* The total decrease for KGE electric customers is $65 million. KGE
electric rates will be 10 percent below the national average through
these decreases.
* KPL electric customers will receive a total of $10 million in rate
reductions.
* In January 1998, and again in January 1999, retail electric customers
also will receive a one-time rebate of $5 million.
"Our goal remains to meet competitive forces in our industry by
lowering electric rates in a responsible, fiscally prudent manner,"
said Hayes.
Western Resources (NYSE:WR) is a full-service, diversified energy
company with total assets of almost $6 billion. Its utilities, KPL and
KGE, operating in Kansas and Oklahoma, provide natural gas service to
approximately 650,000 customers and electric service to approximately
600,000 customers. Through its unregulated subsidiaries, Westar
Energy, Westar Security, Westar Capital, and The Wing Group, a full
range of energy and energy-related products and services are developed
and marketed in the continental U.S., and offshore.
For more information about Western Resources and its operating
companies, visit us on the Internet at http://www.wstnres.com.
This news release is neither an offer to exchange nor
a solicitation of an offer to exchange shares of common stock of KCPL.
Such offer is made solely by the Prospectus dated July 3, 1996, and
the related Letter of Transmittal, and is not being made to, nor will
tenders be accepted from or on behalf of, holders of shares of common
stock of KCPL in any jurisdiction in which the making of such offer or
the acceptance thereof would not be in compliance with the laws of
such jurisdiction. In any jurisdictions where securities, blue sky or
other laws require such offer to be made by a licensed broker or
dealer, such offer shall be deemed to be made on behalf of Western
Resources, Inc. by Salomon Brothers Inc or one or more registered
brokers or dealers licensed under the laws of such jurisdiction.
SIGNATURES
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 thereunto duly authorized.
Western Resources, Inc.
Date October 24, 1996 By /s/ Jerry D. Courington
Jerry D. Courington,
Controller