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): May 2, 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 May 2, 2007, Great Plains Energy issued a press release announcing first quarter 2007 earnings information and revised 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 May 2, 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

Media Contact:		Matt Tidwell
		816-556-2069

Invester Contact:		Todd Allen
		816-556-2083

GREAT PLAINS ENERGY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

Maintenance outages at KCP&L and reduced gross margins at SE lead to lower Q1 results

Kansas City, MO, May 2, 2007 - Great Plains Energy Incorporated (NYSE:GXP) today announced first quarter 2007 reported earnings of $23.0 million or $0.28 per share, compared to a first quarter 2006 loss of $1.5 million or $0.02 per share. Core earnings, which exclude net mark-to-market gains and losses on energy contracts and other items, were a loss of $11.0 million or $0.13 per share in the first quarter of 2007, compared to core earnings of $25.4 million or $0.34 per share in the first quarter of 2006. Reported earnings are reconciled to core earnings in attachment B.

Great Plains Energy’s core earnings declined in the first quarter due primarily to three issues. KCP&L’s core earnings were impacted by plant outages which occurred during a period of cold weather and constrained transmission. As a result, KCP&L experienced decreased wholesale sales, increased purchased power costs, and increased fuel expense due to higher natural gas usage. Strategic Energy’s core earnings were negatively impacted by bad debt and customer attrition in the small business segment and an increase in purchased power costs associated with a resettlement in the first quarter for 2006 deliveries.

Chairman and CEO Michael Chesser commented, “Our team has managed through several operational challenges in the first quarter. None of the issues, however, has altered the long term growth path that we believe our Comprehensive Energy Plan provides.” Mr. Chesser continued, “From a strategic perspective, the first quarter was marked by significant successes. We announced our proposed acquisition of Aquila, filed new rate cases in both Missouri and Kansas, and reached a collaborative agreement with the Sierra Club that removes the last of the legal challenges to our Comprehensive Energy Plan.”

Based upon first quarter results, Great Plains Energy is adjusting 2007 core earnings guidance to a range of $1.65 to $1.85 per share, compared to the previous range of $1.80 to $2.00. The change in guidance is due to a reduction in Strategic Energy’s segment guidance to a range of $0.07 to $0.13 per share from a previous range of $0.21 to $0.28 per share. Further, although not anticipated to affect overall core earnings for 2007, segment guidance reflects an expense shift between the KCP&L and “Other” segments of approximately $0.17 per share due to the Aquila transaction and financing activities. The expected shift increases KCP&L’s core earnings guidance to a range of $1.92 to $2.04 per share and increases the expected loss from the “other” category to a range of $0.32 to $0.34 per share.

Kansas City Power & Light

KCP&L reported first quarter 2007 earnings and core earnings of $2.1 million or $0.02 per share. KCP&L earnings for the first quarter last year were $13.0 million or $0.17 per share, with core earnings of $18.8 million or $0.25 per share. Revenues for the first quarter of 2007

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were $256 million compared to $240 million for the first quarter of 2006. Retail revenues were $217 million, up from $189 million in the first quarter of 2006 due to favorable weather, higher retail rates, and customer growth. Wholesale revenues in the first quarter decreased from $48 million last year to $34 million due to lower wholesale sales volume resulting from plant outages and higher retail volume, as well as average wholesale prices that were 22% lower than last year.

Maintenance outages at two of KCP&L’s baseload coal units during a period of cold weather and constrained transmission led to increased use of gas-fired generation and increased purchased power expense during the first quarter of 2007. As a result, fuel expense increased $6.2 million and purchased power expense rose $11.3 million compared to last year. Operating expenses in the first quarter were also higher than last year due to increased maintenance expense and the anticipated increase in pension costs due to the reset of the level of pension costs in KCP&L’s rates effective January 1, 2007.

In addition to the rate cases KCP&L filed in Missouri and Kansas during the first quarter, Great Plains Energy, KCP&L and Aquila filed applications with the Missouri Public Service Commission and the Kansas Corporation Commission in early April seeking approval of the proposed Aquila transaction.

KCP&L continues to execute on its Comprehensive Energy Plan. The LaCygne 1 SCR installation is expected to be completed in the second quarter of 2007, and construction at Iatan 2 is on schedule. Additionally in the first quarter KCP&L, Sierra Club and Concerned Citizens of Platte County signed a collaboration agreement under which KCP&L agreed to pursue a set of initiatives including energy efficiency, renewable energy, lower emission permit levels at its Iatan and LaCygne generating stations and other initiatives designed to offset carbon dioxide emissions. KCP&L will address these matters in its future integrated energy resource plan, in collaboration with other key stakeholders. Full implementation of the terms of the agreement will necessitate approval from the appropriate authorities, as some of the initiatives in this agreement require either enabling legislation or regulatory approval.

Strategic Energy

Strategic Energy reported earnings of $27.1 million or $0.33 per share in the first quarter of 2007, compared to a loss of $10.9 million or $0.15 per share last year. Core earnings were a loss of $6.9 million or $0.08 per share, compared to a profit of $10.2 million or $0.13 per share in the first quarter of 2006.

The decrease in core earnings during the first quarter was primarily attributable to a lower average retail gross margin per MWh due to the disposition of previously-acquired power at lower than contracted prices caused by early terminations in the small business segment and the increased purchased power expense related to the previously mentioned resettlement. The average retail gross margin per MWh in the first quarter of 2007 was $15.79. Excluding net mark-to-market gains on energy contracts, average retail gross margin per MWh was $2.16. This compares to an average retail gross margin per MWh, excluding net mark-to-market losses on energy contracts, of $7.67 last year. Strategic Energy also experienced an increase in bad debt expense in the small business segment and recognized potential penalty expense related to the purchased power adjustment.

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Strategic Energy’s delivered volume increased 15% to 4.2 million MWhs during the first quarter from 3.7 million MWhs last year. Total backlog at Strategic Energy grew 50% in the first quarter to 34 million MWhs as new sales volume remained strong at 7.5 million MWhs in the first quarter of 2007, up slightly from 7.3 million MWhs in the same period in 2006. The average length of new and re-signed contracts remained at 18 months in the first quarter of 2007, unchanged compared to last year. Delivered volume during the quarter combined with 2007 backlog totaled 17.2 million MWhs at the end of the first quarter of 2007, compared to 13.8 million MWhs delivered and contracted for 2006 as measured at the same point last year.

Other

In the first quarter of 2007, the “other” category loss was $6.2 million or $0.07 per share compared to a loss of $3.6 million or $0.04 per share last year. The greater loss in the “other” category is primarily attributable to a decline in available tax credits from affordable housing investments and overall higher expenses at the holding company.

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 attachment B.

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.

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, 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

-Page 4-

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, acquisitions or divestiture plans (including the acquisition of Aquila, Inc., and Aquila’s 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.

GREAT PLAINS ENERGY
Consolidated Statements of Income
(Unaudited)
					As Adjusted
Three Months Ended March 31			2007			2006
Operating Revenues	(thousands, except per share amounts)
Electric revenues - KCP&L		$	255,652		$	240,390
Electric revenues - Strategic Energy			407,985			318,012
Other revenues			639			783
Total			664,276			559,185
Operating Expenses
Fuel			52,664			46,500
Purchased power - KCP&L			16,355			5,117
Purchased power - Strategic Energy			341,558			325,758
Skill set realignment costs			-			9,393
Other			96,510			76,117
Maintenance			29,834			21,959
Depreciation and amortization			45,042			38,946
General taxes			27,872			27,644
Loss on property			3			99
Total			609,838			551,533
Operating income			54,438			7,652
Non-operating income			4,773			2,985
Non-operating expenses			(2,703	)		(2,141	)
Interest charges			(21,699	)		(17,323	)
Income before income taxes and loss from equity investments			34,809			(8,827	)
Income taxes			(11,064	)		8,010
Loss from equity investments, net of income taxes			(379	)		(290	)
Net income (loss)			23,366			(1,107	)
Preferred stock dividend requirements			412			411
Earnings (loss) available for common shareholders		$	22,954		$	(1,518	)

Average number of common shares outstanding			82,813			74,659

Basic and diluted earnings (loss) per common share		$	0.28		$	(0.02	)

Cash dividends per common share		$	0.415		$	0.415

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

							Earnings per Great
	Earnings						Plains Energy Share
			As Adjusted						As Adjusted
	2007			2006			2007			2006
	(millions)
KCP&L	$	2.1		$	13.0		$	0.02		$	0.17
Strategic Energy		27.1			(10.9	)		0.33			(0.15	)
Other		(5.8	)		(3.2	)		(0.07	)		(0.04	)
Net income (loss)		23.4			(1.1	)		0.28			(0.02	)
Preferred dividends		(0.4	)		(0.4	)		-			-
Earnings (loss) available for common shareholders	$	23.0		$	(1.5	)	$	0.28		$	(0.02	)

Reconciliation of GAAP to Non-GAAP
Earnings (loss) available for common shareholders	$	23.0		$	(1.5	)	$	0.28		$	(0.02	)
Reconciling items
KCP&L - skill set realignment costs		-			5.8			-			0.08
Strategic Energy - mark-to-market impacts
from energy contracts		(34.0	)		21.1			(0.41	)		0.28
Core earnings (loss)	$	(11.0	)	$	25.4		$	(0.13	)	$	0.34

Core earnings (loss)
KCP&L	$	2.1		$	18.8		$	0.02		$	0.25
Strategic Energy		(6.9	)		10.2			(0.08	)		0.13
Other		(6.2	)		(3.6	)		(0.07	)		(0.04	)
Core earnings (loss)	$	(11.0	)	$	25.4		$	(0.13	)	$	0.34

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

	Consolidated						Strategic
	GPE			KCP&L			Energy			Other
	(millions)
Operating revenues	$	664.3		$	255.7		$	408.6		$	-
Fuel		(52.7	)		(52.7	)		-			-
Purchased power		(357.9	)		(16.4	)		(341.5	)		-
Other operating expense		(154.3	)		(130.3	)		(20.5	)		(3.5	)
Depreciation and amortization		(45.0	)		(43.0	)		(2.0	)		-
Operating income (loss)		54.4			13.3			44.6			(3.5	)
Non-operating income (expenses)		2.1			2.1			1.2			(1.2	)
Interest charges		(21.7	)		(18.2	)		(0.8	)		(2.7	)
Income taxes		(11.0	)		4.9			(17.9	)		2.0
Loss from equity investments		(0.4	)		-			-			(0.4	)
Net income (loss)	$	23.4		$	2.1		$	27.1		$	(5.8	)
Earnings (loss) per GPE common share	$	0.28		$	0.02		$	0.33		$	(0.07	)

GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)

	March 31		December 31
	2007		2006
ASSETS	(thousands)
Current Assets
Cash and cash equivalents	$	37,279	$	61,823
Receivables, net		326,801		339,399
Fuel inventories, at average cost		29,677		27,811
Materials and supplies, at average cost		60,229		59,829
Deferred refueling outage costs		11,818		13,921
Refundable income taxes		21,693		9,832
Deferred income taxes		-		39,566
Derivative instruments		27,693		6,884
Other		11,705		11,717
Total		526,895		570,782
Nonutility Property and Investments
Affordable housing limited partnerships		21,018		23,078
Nuclear decommissioning trust fund		106,163		104,066
Other		14,796		15,663
Total		141,977		142,807
Utility Plant, at Original Cost
Electric		5,302,130		5,268,485
Less-accumulated depreciation		2,491,508		2,456,199
Net utility plant in service		2,810,622		2,812,286
Construction work in progress		257,443		214,493
Nuclear fuel, net of amortization of $107,542 and $103,381		36,333		39,422
Total		3,104,398		3,066,201
Deferred Charges and Other Assets
Regulatory assets		427,481		434,392
Goodwill		88,139		88,139
Derivative instruments		27,881		3,544
Other		38,881		29,795
Total		582,382		555,870
Total	$	4,355,652	$	4,335,660

Attachment D continued

GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)

	March 31			December 31
	2007			2006
LIABILITIES AND CAPITALIZATION	(thousands)
Current Liabilities
Notes payable	$	241,000		$	-
Commercial paper		224,061			156,400
Current maturities of long-term debt		1,034			389,634
EIRR bonds classified as current		145,291			144,742
Accounts payable		298,177			322,724
Accrued taxes		40,225			24,106
Accrued interest		19,340			14,082
Accrued payroll and vacations		22,673			33,266
Pension and post-retirement liability		1,037			1,037
Deferred income taxes		1,467			-
Derivative instruments		9,343			91,482
Other		20,890			25,520
Total		1,024,538			1,202,993
Deferred Credits and Other Liabilities
Deferred income taxes		634,743			622,847
Deferred investment tax credits		28,104			28,458
Asset retirement obligations		92,601			91,824
Pension liability		141,993			143,170
Regulatory liabilities		116,340			114,674
Derivative instruments		14,297			61,146
Other		92,759			82,122
Total		1,120,837			1,144,241
Capitalization
Common shareholders' equity
Common stock-150,000,000 shares authorized without par value
86,056,254 and 80,405,035 shares issued, stated value		1,064,445			896,817
Retained earnings		479,713			493,399
Treasury stock-71,933 and 53,499 shares, at cost		(2,198	)		(1,614	)
Accumulated other comprehensive loss		21,766			(46,686	)
Total		1,563,726			1,341,916
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		607,551			607,510
Total		2,210,277			1,988,426
Commitments and Contingencies
Total	$	4,355,652		$	4,335,660

GREAT PLAINS ENERGY
Statistical Summary

Three Months Ended March 31	2007			2006
KCP&L
Retail revenues (millions)	$	216.9		$	189.2
Wholesale revenues (millions)	$	34.2		$	47.5
Average non-firm wholesale price per MWh	$	39.59		$	50.45
Wholesale MWh sales (thousands)		886			1,104
Equivalent availability - coal plants		70	%		80	%
Capacity factor - coal plants		65	%		70	%

Strategic Energy
Average retail gross margin per MWh	$	15.79		$	(2.12	)
Change in fair value related to non-hedging energy
contracts and from cash flow hedge ineffectiveness		(13.63	)		9.79
Average retail gross margin per MWh without fair
value impacts ¹	$	2.16		$	7.67

MWhs delivered (thousands)		4,207			3,662
MWhs delivered plus current year backlog (thousands)		17,181			13,794
Average duration - new and resigned contracts (months)		18			18
MWh sales (thousands)		7,459			7,302
Retention rate		64	%		50	%
Retention rate including month to month customers		75	%		62	%
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 average retail gross margin per delivered MWh, which are settled upon delivery
at contracted prices.

GREAT PLAINS ENERGY
2007 Core Earnings Guidance

	Previous Range							Revised Range
Kansas City Power & Light	$	1.75		-	$	1.87		$	1.92		-	$	2.04

Strategic Energy		0.21		-		0.28			0.07		-		0.13

Other¹		(0.16	)	-		(0.15	)		(0.34	)	-		(0.32	)

Consolidated Core EPS^2,3	$	1.80		-	$	2.00		$	1.65		-	$	1.85
¹Other includes Home Service Solutions, Holding Company costs and other miscellaneous items.
²Core 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. 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 and losses on energy contracts. The impact of these items could be material to operating results in accordance with GAAP.
³Segment guidance reflects an expense shift between the KCP&L and “other” segments of approximately $0.17 per share due to the Aquila transaction and financing activities. The expected shift increases KCP&L’s core earnings guidance to a range of $1.92 to $2.04 per share and increases the expected loss from the “other” category to a range of $0.32 to $0.34 per share. This shift is not anticipated to affect overall core earnings for 2007.