SEC Filing | Evergy, Inc.

GREAT PLAINS ENERGY ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

Kansas City, MO, November 2, 2006 - Great Plains Energy Incorporated (NYSE:GXP) today announced core earnings of $56.8 million or $0.71 per share in the third quarter of 2006, on more shares outstanding, compared to $77.9 million or $1.05 per share in the third quarter of 2005. Reported earnings were $54.7 million or $0.68 per share, compared to third quarter 2005 earnings of $90.4 million or $1.21 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.

The difference in core earnings for the third quarter of 2006 compared to the third quarter last year was driven primarily by increases to 2005 core earnings of $16.7 million of tax benefits and $3.5 million due to pension benefits that were not present in 2006.

Great Plains Energy’s year to date core earnings reflect strong results largely driven by gross margin improvement at Strategic Energy with higher wholesale prices and lower purchased power expense at KCP&L, offset by the third quarter items mentioned above. Core earnings were $122.9 million or $1.59 per share, compared to $118.4 million or $1.59 per share for the same period last year. Reported earnings for the first nine months were $89.4 million or $1.16 per share, compared to $131.7 million or $1.77 per share for same period last year.

"KCP&L and Strategic Energy have produced strong results through the third quarter which support our current 2006 earnings guidance," said Chairman Mike Chesser. “Importantly, with the progress on the Comprehensive Energy Plan and continued backlog growth at Strategic Energy, we believe Great Plains Energy is positioned to deliver attractive long term earnings growth.”

Kansas City Power & Light

KCP&L core earnings were $56.4 million or $0.70 per share in the third quarter of 2006, compared to $69.1 million or $0.92 per share last year. Reported earnings were $70.0 million or $0.87 per share, compared to third quarter 2005 reported earnings of $69.1 million or $0.92 per share.

Revenues for the third quarter of 2006 were $359.3 million, compared to $353.0 million for the third quarter last year. Retail revenues in the third quarter were $311.4 million compared to $309.5 million last year. Wholesale revenues in the third quarter 2006 increased slightly to $43.7 million, up $4.4 million compared to last year. Wholesale volumes were higher primarily due to the absence of last year’s main transformer outage at Hawthorn No. 5 and the effect of coal conservation measures in the third quarter last year. The increase in wholesale volumes was partially offset by wholesale prices that were 25% lower than last year.

Purchased power expense decreased $23.2 million compared to the third quarter of 2005 primarily due to the absence of the Hawthorn No. 5 outage, as well as the litigation recoveries described below. Lower purchased power expense was more than offset by a $3.3 million increase in fuel costs in the third quarter of 2006, and the absence of tax and pension benefits recorded in the third quarter of 2005. During the third quarter last year, the implementation of a lower composite tax rate reduced KCP&L’s deferred tax liabilities by $11.8 million, directly reducing tax expense in the period. Third quarter 2005 earnings also benefited from lower pension expense due to the implementation of regulatory accounting treatment of pension costs effective from January 2005, which reduced third quarter pension expense by $5.6 million related to the first six months of 2005.

During the third quarter of 2006, KCP&L received proceeds of $38.9 million upon conclusion of an outstanding lawsuit related to the 1999 Hawthorn No. 5 incident. The proceeds reduced purchased power expense by $10.8 million and fuel expense by $3.7 million. The proceeds also increased wholesale revenues by $2.5 million and included $6.1 million of interest that increased other income during the quarter. All of these impacts are excluded from core earnings. The remaining $15.8 million of proceeds were recorded as a recovery of capital expenditures.

Year to date September 30, 2006, KCP&L’s core earnings were up slightly to $113.1 million, compared to $109.0 million in the first nine months of 2005, while core earnings per share were flat year over year at $1.46, reflecting the impact of additional shares outstanding. Reported year to date earnings were $117.8 million, compared to $109.0 million last year.

KCP&L has reached a constructive settlement with the Staff of the Kansas Corporation Commission and other parties on a rate increase effective January 1, 2007. The settlement calls for $29 million in additional revenue, including $4 million that is directly offset by accelerated depreciation, providing cash to meet KCP&L’s credit metrics, but not earnings. The settlement does not contain a fuel clause, however KCP&L agreed to file a new rate case by March 1, 2007, that includes an Energy Cost Adjustment. The settlement agreement recommends various accounting and other provisions, including annual pension costs beginning January 1, 2007, of approximately $43 million through the creation of a regulatory asset or liability. The settlement also establishes a regulatory asset or liability, effective January 1, 2006, for costs arising from defined benefit plan settlements and curtailments that will be amortized over a five-year period beginning with the effective date of rates approved in KCP&L’s next rate case. The settlement agreement is currently pending approval by the Kansas Corporation Commission.

KCP&L continues to make significant progress on the Comprehensive Energy Plan (CEP). The first element of the energy plan, the construction of the 100MW Spearville Wind Energy Facility, was completed in September. The project team brought the facility in ahead of schedule. The project met the in-service criteria to be included in our rate base for the current rate cases, despite a number of challenges including considerable tightening in the wind turbine market that occurred after the passage of the 2005 Energy Policy Act. Tax incentives from the Energy Policy Act will serve to lower ongoing O&M costs for the facility and are projected to save customers more than $30 million over the next five years. Construction of Iatan No. 2 and the environmental projects at both Iatan No. 1 and the SCR at LaCygne No. 1 have all begun and are on schedule. Demand management and asset management programs are also underway and have begun to have an impact in Missouri.

Strategic Energy

Strategic Energy core earnings, which exclude net mark-to-market gains and losses on energy contracts, were $4.8 million or $0.06 per share in the third quarter, compared to $7.4 million or $0.10 per share in the same period last year. Reported losses were $10.9 million or $0.14 per share, compared to earnings of $18.1 million or $0.24 per share in the third quarter of 2005. The decrease in core earnings was driven by lower delivered volume of 4.8 million MWhs during the third quarter of 2006, compared to 5.4 million MWhs last year. The lower delivered volume during the quarter was partially offset by higher average retail gross margins excluding unrealized mark-to-market gains and losses on energy contracts.

Average retail gross margin per MWh in the third quarter of 2006 was $(0.79). Excluding $26.6 million in net mark-to-market losses on energy contracts, average retail gross margin per MWh was $4.81, compared to an average retail gross margin per MWh, excluding net mark-to-market gains on energy contracts, of $4.48 last year. Average retail gross margin on new sales during the third quarter of 2006 was $3.50, which does not reflect potential portfolio optimization benefits.

Continuing strong sales at Strategic Energy led to a further increase in total backlog in the third quarter to 28.4 million MWhs, up 86% compared to the same period last year. Delivered volume during the first nine months, combined with fourth quarter 2006 backlog, totaled 16.5 million MWhs at the end of the third quarter, compared to 16.1 million MWhs at the end of the second quarter of 2006. Backlog for 2007 rose 26% to 11.2 million MWhs at the end of the third quarter, up from 8.9 million MWhs at the end of the second quarter of 2006. Strategic Energy’s retention rate including month-to-month customers improved to 80% during the third quarter, compared to 65% last quarter and 79% in the third quarter of 2005.

Year to date, Strategic Energy’s core earnings were up slightly to $20.4 million, compared to $19.5 million in the same period last year, and core earnings per share were flat year over year at $0.26. Strategic Energy’s reported losses were $17.6 million, or $0.23 per share, compared to earnings of $34.6 million or $0.46 per share in the same period last year. The year to date core earnings results were driven by the same factors affecting the third quarter, including lower delivered volumes compared to last year, offset by higher average retail gross margins per MWh, excluding mark-to-market gains and losses on energy contracts. In addition, the year to date comparison was favorably impacted by $5.3 million of net SECA charges.

KLT Investments and “Other”

Third quarter 2006 earnings from KLT Investments were $1.2 million or $0.01 per share, compared to $1.9 million or $0.03 per share in the third quarter of 2005. For the first nine months of 2006, earnings were $3.3 million or $0.04 per share, compared to $2.4 million or $0.03 per share last year.

In the third quarter of 2006, the “other” category loss was $5.6 million or $0.06 per share, compared to a loss of $0.5 million in the same period last year. The greater loss during the third quarter of 2006 was attributable to a $5.0 million net release of tax reserves in the third quarter last year. Year to date, the “other” category loss was $13.9 million or $0.17 per share

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on a core earnings basis, compared to $12.5 million or $0.16 per share in the first nine months of 2005.

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.

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
	September 30						September 30
	2006			2005			2006			2005
Operating Revenues	(thousands, except per share amounts)
Electric revenues - KCP&L	$	359,270		$	352,974		$	890,551		$	858,272
Electric revenues - Strategic Energy		458,538			429,407			1,127,056			1,099,895
Other revenues		730			446			2,220			1,495
Total		818,538			782,827			2,019,827			1,959,662
Operating Expenses
Fuel		77,154			73,935			180,751			160,228
Purchased power - KCP&L		5,157			28,303			18,844			56,590
Purchased power - Strategic Energy		462,299			386,499			1,117,404			1,003,201
Skill set realignment costs		1,389			-			15,905			-
Other		88,145			76,358			244,030			240,628
Maintenance		19,746			19,230			67,235			69,140
Depreciation and amortization		40,422			38,382			118,618			114,485
General taxes		31,826			31,197			87,234			83,619
(Gain) loss on property		28			3,419			(569	)		1,906
Total		726,166			657,323			1,849,452			1,729,797
Operating income		92,372			125,504			170,375			229,865
Non-operating income		9,852			3,563			16,741			15,334
Non-operating expenses		(2,141	)		(4,699	)		(5,593	)		(15,671	)
Interest charges		(17,974	)		(17,904	)		(53,113	)		(53,777	)
Income from continuing operations before income
taxes, minority interest in subsidiaries and loss
from equity investments		82,109			106,464			128,410			175,751
Income taxes		(26,482	)		(17,300	)		(36,683	)		(32,396	)
Minority interest in subsidiaries		-			-			-			(7,805	)
Loss from equity investments, net of income taxes		(468	)		(69	)		(1,047	)		(758	)
Income from continuing operations		55,159			89,095			90,680			134,792
Discontinued operations, net of income taxes		-			1,780			-			(1,826	)
Net income		55,159			90,875			90,680			132,966
Preferred stock dividend requirements		411			412			1,234			1,235
Earnings available for common shareholders	$	54,748		$	90,463		$	89,446		$	131,731

Average number of common shares outstanding		80,081			74,653			77,266			74,561

Basic and diluted earnings (loss) per common share
Continuing operations	$	0.68		$	1.19		$	1.16		$	1.79
Discontinued operations		-			0.02			-			(0.02	)
Basic and diluted earnings per common share	$	0.68		$	1.21		$	1.16		$	1.77

Cash dividends per common share	$	0.415		$	0.415		$	1.245		$	1.245

GREAT PLAINS ENERGY
Consolidated Earnings and Earnings Per Share
Three Months Ended September 30, 2006
(Unaudited)

							Earnings per Great
	Earnings						Plains Energy Share
	2006			2005			2006			2005
	(millions)
KCP&L	$	70.0		$	69.1		$	0.87		$	0.92
Strategic Energy		(10.9	)		18.1			(0.14	)		0.24
KLT Investments		1.2			1.9			0.01			0.03
Other		(5.1	)		-			(0.05	)		-
Income from continuing operations		55.2			89.1			0.69			1.19
KLT Gas discontinued operations,
net of income taxes		-			1.8			-			0.02
Preferred dividends		(0.5	)		(0.5	)		(0.01	)		-
Earnings available for common shareholders	$	54.7		$	90.4		$	0.68		$	1.21

Reconciliation of GAAP to Non-GAAP
Earnings available for common shareholders	$	54.7		$	90.4		$	0.68		$	1.21
Reconciling items
KCP&L - skill set realignment costs		0.8			-			0.01			-
KCP&L - Hawthorn No. 5 litigation recoveries		(14.4	)		-			(0.18	)		-
Strategic Energy - mark-to-market impacts
from energy contracts		15.7			(10.7	)		0.20			(0.14	)
KLT Gas - discontinued operations		-			(1.8	)		-			(0.02	)
Core earnings	$	56.8		$	77.9		$	0.71		$	1.05

Core earnings
KCP&L	$	56.4		$	69.1		$	0.70		$	0.92
Strategic Energy		4.8			7.4			0.06			0.10
KLT Investments		1.2			1.9			0.01			0.03
Other		(5.6	)		(0.5	)		(0.06	)		-
Core earnings	$	56.8		$	77.9		$	0.71		$	1.05

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Attachment C

GREAT PLAINS ENERGY
Consolidated Earnings and Earnings Per Share
Year to Date September 30, 2006
(Unaudited)

							Earnings per Great
	Earnings						Plains Energy Share
	2006			2005			2006			2005
	(millions)
KCP&L	$	117.8		$	109.0		$	1.52		$	1.46
Strategic Energy		(17.6	)		34.6			(0.23	)		0.46
KLT Investments		3.3			2.4			0.04			0.03
Other		(12.8	)		(11.2	)		(0.16	)		(0.14	)
Income from continuing operations		90.7			134.8			1.17			1.81
KLT Gas discontinued operations,
net of income taxes		-			(1.8	)		-			(0.02	)
Preferred dividends		(1.3	)		(1.3	)		(0.01	)		(0.02	)
Earnings available for common shareholders	$	89.4		$	131.7		$	1.16		$	1.77

Reconciliation of GAAP to Non-GAAP
Earnings available for common shareholders	$	89.4		$	131.7		$	1.16		$	1.77
Reconciling items
KCP&L - skill set realignment costs		9.7			-			0.13			-
KCP&L - Hawthorn No. 5 litigation recoveries		(14.4	)		-			(0.19	)		-
Strategic Energy - mark-to-market impacts
from energy contracts		38.0			(15.1	)		0.49			(0.20	)
Other - skill set realignment costs		0.2			-			-			-
KLT Gas - discontinued operations		-			1.8			-			0.02
Core earnings	$	122.9		$	118.4		$	1.59		$	1.59

Core earnings
KCP&L	$	113.1		$	109.0		$	1.46		$	1.46
Strategic Energy		20.4			19.5			0.26			0.26
KLT Investments		3.3			2.4			0.04			0.03
Other		(13.9	)		(12.5	)		(0.17	)		(0.16	)
Core earnings	$	122.9		$	118.4		$	1.59		$	1.59

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Attachment D


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

	Consolidated							Strategic
	GPE				KCP&L			Energy			Other
		(millions)
Operating revenues		$	818.5		$	359.3		$	459.2		$	-
Fuel			(77.2	)		(77.2	)		-			-
Purchased power			(467.4	)		(5.1	)		(462.3	)		-
Skill set realignment costs			(1.4	)		(1.4	)		-			-
Other operating expense			(139.7	)		(119.9	)		(16.6	)		(3.2	)
Depreciation and amortization			(40.4	)		(38.5	)		(1.9	)		-
Operating income (loss)			92.4			117.2			(21.6	)		(3.2	)
Non-operating income (expenses)			7.7			7.8			1.1			(1.2	)
Interest charges			(18.0	)		(15.5	)		(0.6	)		(1.9	)
Income taxes			(26.5	)		(39.5	)		10.2			2.8
Loss from equity investments			(0.4	)		-			-			(0.4	)
Net income (loss)		$	55.2		$	70.0		$	(10.9	)	$	(3.9	)
Earnings (loss) per GPE common share		$	0.68		$	0.87		$	(0.14	)	$	(0.05	)

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

	Consolidated						Strategic
	GPE			KCP&L			Energy			Other
	(millions)
Operating revenues	$	2,019.8		$	890.6		$	1,129.2		$	-
Fuel		(180.8	)		(180.8	)		-			-
Purchased power		(1,136.2	)		(18.8	)		(1,117.4	)		-
Skill set realignment costs		(15.9	)		(15.6	)		-			(0.3	)
Other operating expense		(398.5	)		(348.0	)		(42.5	)		(8.0	)
Depreciation and amortization		(118.6	)		(112.8	)		(5.8	)		-
Gain (loss) on property		0.6			0.6			-			-
Operating income (loss)		170.4			215.2			(36.5	)		(8.3	)
Non-operating income (expenses)		11.1			10.1			3.0			(2.0	)
Interest charges		(53.1	)		(45.4	)		(1.5	)		(6.2	)
Income taxes		(36.7	)		(62.1	)		17.4			8.0
Loss from equity investments		(1.0	)		-			-			(1.0	)
Net income (loss)	$	90.7		$	117.8		$	(17.6	)	$	(9.5	)
Earnings (loss) per GPE common share	$	1.16		$	1.52		$	(0.23	)	$	(0.13	)

GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)

	September 30				December 31
	2006				2005
LIABILITIES AND CAPITALIZATION		(thousands)
Current Liabilities
Notes payable		$	-		$	6,000
Commercial paper			80,600			31,900
Current maturities of long-term debt			389,902			1,675
Accounts payable			260,663			231,496
Accrued taxes			97,403			37,140
Accrued interest			13,515			13,329
Accrued payroll and vacations			32,356			36,024
Accrued refueling outage costs			15,707			8,974
Deferred income taxes			-			1,351
Supplier collateral			-			1,900
Liabilities of discontinued operations			-			64
Derivative instruments			81,641			7,411
Other			24,459			25,658
Total			996,246			402,922
Deferred Credits and Other Liabilities
Deferred income taxes			582,904			621,359
Deferred investment tax credits			27,413			29,698
Asset retirement obligations			91,072			145,907
Pension liability			89,812			87,355
Regulatory liabilities			107,500			69,641
Derivative instruments			72,318			7,750
Other			63,846			65,787
Total			1,034,865			1,027,497
Capitalization
Common shareholders' equity
Common stock-150,000,000 shares authorized without par value
80,341,419 and 74,783,824 shares issued, stated value			893,850			744,457
Retained earnings			479,609			488,001
Treasury stock-45,680 and 43,376 shares, at cost			(1,367	)		(1,304	)
Accumulated other comprehensive loss			(79,863	)		(7,727	)
Total			1,292,229			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			752,307			1,140,880
Total			2,083,536			2,403,307
Commitments and Contingencies
Total		$	4,114,647		$	3,833,726

GREAT PLAINS ENERGY
Statistical Summary

	Three Months Ended						Year to Date
	September 30						September 30
	2006			2005			2006			2005
KCP&L
Retail revenues (millions)	$	311.4		$	309.5		$	742.4		$	730.9
Wholesale revenues (millions)	$	43.7		$	39.3		$	137.4		$	115.7
Average non-firm wholesale price per MWh	$	37.99		$	50.86		$	45.09		$	40.18
Wholesale MWh sales (thousands)		1,058			918			3,240			3,166
Cooling degree days		1,093			1,116			1,664			1,564
Equivalent availability - coal plants		88	%		82	%		82	%		80	%
Capacity factor - coal plants		82	%		76	%		75	%		76	%

Strategic Energy
Average retail gross margin per MWh	$	(0.79	)	$	7.84		$	0.78		$	6.29
Change in fair value related to non-hedging energy
contracts and from cash flow hedge ineffectiveness		5.60			(3.36	)		5.21			(1.71	)
Average retail gross margin per MWh without fair
value impacts ¹	$	4.81		$	4.48		$	5.99		$	4.58

MWhs delivered (thousands)		4,748			5,424			12,384			15,185
MWhs delivered plus current year backlog (thousands)		N/A			N/A			16,513			19,309
Average duration - new and resigned contracts (months)		17			15			17			13
MWh sales (thousands)		7,351			2,241			22,213			9,128
Retention rate		58	%		39	%		53	%		65	%
Retention rate including month to month customers		80	%		79	%		66	%		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.

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)

[ ]	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))

Item 9.01	Financial Statements and Exhibits

(c) Exhibit No.

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

	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

Media Contact:		Tom Robinson
		816-556-2902

Invester Contact:		Todd Allen
		816-556-2083

GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)

	September 30			December 31
	2006			2005
ASSETS		(thousands)
Current Assets
Cash and cash equivalents		$	59,259	$	103,068
Restricted cash			-		1,900
Receivables, net			345,065		259,043
Fuel inventories, at average cost			25,269		17,073
Materials and supplies, at average cost			59,414		57,017
Deferred income taxes			46,329		-
Assets of discontinued operations			-		627
Derivative instruments			5,485		39,189
Other			14,189		13,001
Total			555,010		490,918
Nonutility Property and Investments
Affordable housing limited partnerships			24,475		28,214
Nuclear decommissioning trust fund			98,975		91,802
Other			14,718		17,291
Total			138,168		137,307
Utility Plant, at Original Cost
Electric			5,224,095		4,959,539
Less-accumulated depreciation			2,423,708		2,322,813
Net utility plant in service			2,800,387		2,636,726
Construction work in progress			170,500		100,952
Nuclear fuel, net of amortization of $127,029 and $115,240			37,703		27,966
Total			3,008,590		2,765,644
Deferred Charges and Other Assets
Regulatory assets			207,453		179,922
Prepaid pension costs			70,806		98,295
Goodwill			88,139		87,624
Derivative instruments			2,507		21,812
Other			43,974		52,204
Total			412,879		439,857
Total		$	4,114,647	$	3,833,726