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SECURITIES
AND EXCHANGE COMMISSION
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Washington,
D.C. 20549
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FORM
8-K
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Current
Report
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Pursuant
to Section 13 or 15(d) of the
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Securities
Exchange Act of 1934
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Date
of Report (Date of earliest event reported): March 18,
2009
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Commission
File
Number
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Registrant,
State of Incorporation,
Address
and Telephone Number
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I.R.S.
Employer
Identification
Number
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001-32206
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GREAT
PLAINS ENERGY INCORPORATED
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43-1916803
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(A
Missouri Corporation)
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1201
Walnut Street
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Kansas
City, Missouri 64106
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(816)
556-2200
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NOT
APPLICABLE
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(Former
name or former address,
if
changed since last report)
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000-51873
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KANSAS
CITY POWER & LIGHT COMPANY
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44-0308720
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(A
Missouri Corporation)
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1201
Walnut Street
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Kansas
City, Missouri 64106
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(816)
556-2200
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NOT
APPLICABLE
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(Former
name or former address,
if
changed since last report)
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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:
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
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(17
CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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This
combined Current Report on Form 8-K is being furnished by Great Plains Energy
Incorporated (Great Plains Energy) and Kansas City Power & Light Company
(KCP&L). KCP&L is a wholly owned subsidiary of Great Plains
Energy and represents a significant portion of its assets, liabilities,
revenues, expenses and operations. Thus, all information contained in
this report relates to, and is furnished by, Great Plains
Energy. Information that is specifically identified in this report as
relating solely to Great Plains Energy, such as its financial statements and all
information relating to Great Plains Energy’s other operations, businesses and
subsidiaries, including KCP&L Greater Missouri Operations Company, formerly
Aquila, Inc. (GMO), does not relate to, and is not furnished by,
KCP&L. KCP&L makes no representation as to that
information. Neither Great Plains Energy nor GMO has any obligation
in respect of KCP&L’s debt securities and holders of such securities should
not consider Great Plains Energy’s or GMO’s financial resources or results of
operations in making a decision with respect to KCP&L’s debt
securities. Similarly, KCP&L has no obligation in respect of
securities of Great Plains Energy or GMO.
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Item
8.01
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Other
Information
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On March
18, 2009, the Missouri Public Service Commission (the “MPSC”) issued an order in
the pending KCP&L and GMO rate cases moving the expected effective date of
the MPSC’s orders in these cases from August 5, 2009 to September 5,
2009. Great Plains Energy and KCP&L will evaluate potential
alternatives to mitigate the financial impacts of this
delay. However, there is no assurance that these impacts can be
wholly or partially mitigated, and they could have a significant adverse effect
on Great Plains Energy’s and KCP&L’s results of operations.
The order
also contained certain conditions regarding adjustments to reserves and rate
base amounts associated with Iatan Unit No. 1, as well as including a portion of
Iatan Unit No. 1 costs in rates on an interim basis, subject to refund, pending
a true-up of costs in KCP&L’s and GMO’s next Missouri rate
cases. The order does not provide sufficient detail for Great Plains
Energy or KCP&L to reasonably quantify the impact of these
conditions. KCP&L and GMO believe that the MPSC exceeded its
authority in establishing these conditions in a procedural order, and will seek
rehearing and/or judicial review to remove or clarify these
conditions. It is not possible to predict the outcome of these
proceedings. It is possible that the final orders from the MPSC will
authorize a lower rate increase than what either or both KCP&L or GMO have
requested, or no increase or a rate reduction. Management cannot
predict or provide any assurances regarding the outcome of these
proceedings.
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Item
7.01
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Regulation
FD Disclosure
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The
information contained in Item 8.01 above is incorporated by reference
herein.
Great
Plains Energy estimates, based upon the amount of rate increases requested by
both KCP&L and GMO in Missouri, that the impact of the delay would be to
reduce 2009 earnings by approximately $0.10 per share of Great Plains Energy
common stock, if not otherwise mitigated. KCP&L estimates that
the impact of the delay on its 2009 earnings would be approximately $0.06 per
share of Great Plains Energy common stock, if not otherwise
mitigated. Great Plains Energy and KCP&L will evaluate potential
alternatives to mitigate the financial impacts of this
delay. However, there is no assurance that these impacts can be
wholly or partially mitigated, and they could have a significant adverse effect
on Great Plains Energy’s and KCP&L’s results of operations. Great
Plains Energy reaffirms its 2009 earnings guidance range of $1.10 to $1.40 per
share.
The
information under this Item 7.01 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 this Item 7.01
shall not
be deemed incorporated by reference into any registration statement or other
document pursuant to the Securities Act of 1933, as amended, unless otherwise
expressly indicated in such registration statement or other
document.
FORWARD-LOOKING
STATEMENTS
Statements
made in this report 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, 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 regional,
national and international markets and their effects on sales, prices and costs,
including, but not limited to, possible further deterioration in economic
conditions and the timing and extent of any economic recovery; prices and
availability of electricity in regional and national wholesale markets; market
perception of the energy industry, Great Plains Energy, KCP&L and KCPL
Greater Missouri Operations Company (“GMO”); 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 and GMO 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 credit spreads and in availability and cost of capital and the effects
on nuclear decommissioning trust and 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, but not limited to, weather-related damage and their effects on
sales, prices and costs; cost, availability, quality and deliverability of fuel;
ability to achieve generation planning goals and the occurrence and duration of
planned and unplanned generation outages; delays in the anticipated in-service
dates and cost increases of additional generating capacity and environmental
projects; nuclear operations; workforce risks, including, but not limited to,
retirement compensation and benefits costs; the ability to successfully
integrate KCP&L and GMO operations and the timing and amount of resulting
synergy savings; and other risks and uncertainties.
This list
of factors is not all-inclusive because it is not possible to predict all
factors. Other risk factors are detailed from time to time in Great Plains
Energy’s and KCP&L’s most recent quarterly report on Form 10-Q or annual
report on Form 10-K filed with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the date
on which such statement is made. Great Plains Energy and KCP&L
undertake no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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 hereunto
duly authorized.
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GREAT
PLAINS ENERGY INCORPORATED
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/s/
Terry Bassham
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Terry
Bassham
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Executive
Vice President- Finance & Strategic Development and Chief Financial
Officer
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KANSAS
CITY POWER & LIGHT COMPANY
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/s/
Terry Bassham
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Terry
Bassham
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Executive
Vice President- Finance & Strategic Development and Chief Financial
Officer
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Date: March
18, 2009
