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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):  November 17, 2009
  
   
 
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)
    
   
1200 Main Street
    
   
Kansas City, Missouri  64105
    
   
(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)
    
   
1200 Main Street
    
   
Kansas City, Missouri  64105
    
   
(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))

 
 

 
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 (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.

Item 7.01
Regulation FD Disclosure

On November 18, 2009, Great Plains Energy will make a presentation to the Kansas City Securities Association.  A copy of the presentation slides to be used in the presentation is attached hereto as Exhibit 99.1.

The presentation slides contain information regarding KCP&L.  Accordingly, information in the presentation slides relating to KCP&L is also being furnished on behalf of KCP&L.

The information under this 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 this Item 7.01 and Exhibit 99.1 hereto 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.

 
Item 9.01
Financial Statements and Exhibits
   
(d) Exhibit No.
  
   
99.1
Kansas City Securities Association presentation slides (furnished and not deemed filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended).
 


 
 

 

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.


 
GREAT PLAINS ENERGY INCORPORATED
   
 
/s/ Michael W. Cline
 
Michael W. Cline
 
Vice President-Investor Relations and Treasurer

 
KANSAS CITY POWER & LIGHT COMPANY
   
 
/s/ Michael W. Cline
 
Michael W. Cline
 
Vice President-Investor Relations and Treasurer


Date: November 17, 2009.

Exhibit Index
   
Exhibit No.
Title
   
99.1
Kansas City Securities Association presentation slides (furnished and not deemed filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended).



ex99_1.htm


Great Plains Energy

Kansas City
Securities Association Presentation

November 18, 2009
 
Exhibit 99.1
 
 
 
1
Terry Bassham
Executive Vice President
Finance & Strategic Development
and Chief Financial Officer
Ellen Fairchild, Director
Investor Relations
816-556-2083
ellen.fairchild@kcpl.com
Michael Cline, Vice President
Investor Relations & Treasurer
816-556-2622
michael.cline@kcpl.com
Eula Jones
Investor Relations Analyst
816-556-2080
eula.jones@kcpl.com
Company Representatives
 
 
 
2
Statements made in this presentation 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 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; impairments of long-lived assets or goodwill; 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.
Forward Looking Statement
 
 
 
3
• Strong Midwest electric utilities focused on regulated operations in Missouri and Kansas
• Diversified customer base includes 820,000 residential, commercial, and industrial customers
• ~6,000 Megawatts of generation capacity
• Low-cost generation mix - projected 76% coal, 17% nuclear (Wolf Creek) in 2009
100% Regulated
Electric Utility
Operations Focus
• Growth and stability in earnings driven by sizable regulated investments as part of the
 Comprehensive Energy Plan (“CEP”)
 • Wind and environmental retrofit components of CEP in place; Iatan 2 baseload coal plant
 targeted for completion in late summer 2010
• Anticipated growth beyond 2010 driven by additional environmental capex and wind
Attractive Platform
for Long-Term
Earnings Growth
• Successful outcomes in 2006, 2007 and 2008 rate cases in Missouri and Kansas
• Combined annual rate increases from 2008 cases of $59mm in Kansas and $159mm in Missouri;
 new rates effective August 1st in Kansas and September 1st in Missouri
Focused Regulatory
Approach
• Cash flow and earnings heavily driven by regulated operations and cost recovery mechanisms
• Ample liquidity currently available under $1.5bn credit facilities
• Sustainable dividend and pay-out, right-sized to fund growth and to preserve liquidity
• Committed to maintaining current investment grade credit ratings
Stable and
Improving Financial
Position
Strong Platform for Long-Term Growth
 
 
 
4
Pro Forma 2008 Revenue by Customer Segment
Pro Forma 2008 Revenue by Utility Jurisdiction
Service Territories: KCP&L and GMO
Business Highlights
• Solid Midwest electric utility - KCP&L brand
• Transformational events in 2008 to focus business model on
 fully regulated utility operations
 – Sale of Strategic Energy
 – Acquisition of Aquila
• Company attributes post-acquisition
 • 820,000 customers / 3,200+ employees
 • ~6,000 MW of primarily low-cost baseload generation
 • 5-year projected synergies of $723 million
 • ~$7.9bn in assets and $3.6bn in rate base at 2008YE
Total: $1.7bn
Total: $1.7bn
Solid Foundation
 
 
 
5
Project description 
Comments
 100 MW plant in Spearville, KS
 Began construction in 2005
ü  Completed in Q3 2006
ü  In rate base from 1/1/2007
ü  No regulatory disallowance
 Selective Catalytic Reduction (SCR) unit at LaCygne
 1 plant
ü  Completed in Q2 2007
ü  In rate base from 1/1/2008
ü  No regulatory disallowance
 Air Quality Control System at Iatan 1 coal plant
ü Completed in Q2 2009
ü In rate base starting 3Q 2009 (KS 08/1 & MO 9/1)
ü No regulatory disallowance in 2009 MO and KS
 cases; minimal exposure in 2010 cases
 Construction of Iatan 2 super-critical coal plant (850
 MW; 73% GXP ownership share)1
ü  On track for completion late summer 2010
ü  Expected in rate base Q4 2010 / 1Q 2011
Iatan 2
Iatan 1
Environmental
LaCygne
Environmental
Wind
Great Plains Energy has effectively executed all elements of its Comprehensive Energy
Plan to date and received positive, just, and reasonable regulatory treatment
Comprehensive Energy Plan
1 Includes post-combustion environmental technologies including an SCR system, wet flue gas desulphurization system and fabric
filter to control emissions
Strong Track Record of Execution
 
 
 
6
Iatan Site Photographs - October 2009
Iatan 2 Fabric Filter
Cooling Tower
Construction Campus
Iatan 1 SCR
Iatan 2 Boiler
Iatan 2 SCR
Gypsum Storage
Reagent Prep Bldg
Iatan 2 Absorber
Recycle Pump Building
Tank Farm and Coal Yard
 
 
 
7
2008 rate cases
Company
Last Allowed
ROE
Effective
Date of Last
Allowed ROE
ROE
requested1
Requested
revenue increase
Stipulated /
settled revenue
increase
Tariff implementation
RPS2
Fuel
Clause?
10.25%
6/1/07
11.55%
$66mm
$48mm
9/1/09
ü
Yes
(95%)
10.25%
6/1/07
11.55%
17mm
$15mm
9/1/09
ü
Yes
(95%)
—3
N/A
11.55%
1mm
$1mm
7/1/09
ü
Yes
(85%)
10.75%
1/1/08
11.55%
102mm
$95mm
9/1/09
ü
No
—3
N/A
11.40%
72mm
$59mm
8/1/09
ü
Yes
(100%)
GMO-MPS
GMO-L&P
GMO-Steam
KCP&L-KS
KCP&L-MO
1 ROE of 10.75% originally requested in all cases; requests increased in rebuttal testimony based on financial market developments. All cases settled; ROE not
 disclosed
2 Missouri mandatory Renewable Portfolio Standard of 2% by 2011, 10% by 2018 and 15% by 2021;
 Kansas has targets of 10% by 2011, 15% by 2016 and 20% by 2020
3 “Black Box” settlement - - ROE not disclosed
Focused Regulatory Approach
 
 
 
8
• Address supply opportunities including:
 • environmental mandates,
 • renewable portfolio standards
 • fuel alternatives
• Help customers understand and manage
 consumption
 • smart grid
 • energy efficiency
• Explore transmission in our region
What’s Next
 
 
 
9
The Green Impact Zone
Adjacent to Green Impact
Zone:
• Stowers Institute
• Midwest Research Institute
(NREL)
• UMKC Volker Campus
• Kauffman Foundation
• Rockhurst University
• DNR Gorman Center
• Nelson-Atkins Museum
 
 
 
10
KCP&L filed an application for ARRA Stimulus funding to advance energy efficiency and conduct a Smart Grid demonstration
project in the Green Impact Zone. We will invest approximately $14 million and requested Federal matching funds for
approximately $24 million and key partner funds of $10 million for a total estimated project value of $48 million.
 Advancement of Existing Residential & C&I Energy Efficiency Programs
 n Weatherization & Energy Audits
 n Efficient Appliances, Lighting and HVAC Equipment
 n Efficient Motors, Drives and Data Centers
 Smart Grid Demonstration
 n Smart Distribution
 – Substation
 – IP/RF 2-way Field Area Network (FAN)
 – Distribution Management System (DMS)
 n Generation and Storage
 – Commercial Solar and Photovoltaic
 – Battery and Thermal Storage
 n Smart End-Use
 – Residential & Commercial EMS Demonstration
 – In-Home Display and Interval Data
 – PHEV Charging
 – Smart Appliances and Pilot RTP or CPP Rates
Customer/Community Benefits:
 Lower utility bills
 Increased environmental stewardship
 Improved energy information
 Increased local energy sector jobs
KCP&L Benefits:
 New business model development
 Increased reliability
 Reduced costs
 Greater asset utilization
 Environmental
 Customer satisfaction
 Regional economic development
Green Impact Zone Investments: Benefits
For Customers and KCP&L
 
 
 
11
• Address supply opportunities including:
 • environmental mandates,
 • renewable portfolio standards
 • fuel alternatives
• Help customers understand and manage
 consumption
 • smart grid
 • energy efficiency
• Explore transmission in our region
What’s Next Continued
 
 
 
Financial Overview
 
 
 
13
• Electric Utility segment earnings decreased $18.6 million primarily as a result of a) $14.3 million decrease in
 operating income driven by lower wholesale revenue, higher operating expenses and depreciation, partially offset by
 higher retail revenue and lower purchased power; and b) an $11.6 million increase in interest expense.
• Other segment earnings decreased $7.8 million primarily as a result of increased interest from the equity units issued
 in May and a favorable 2008 impact from the reversal of interest expense related to unrecognized tax benefits.
• A 21.0 million increase in the average number of shares outstanding since the third quarter of 2008 resulted in $0.11
 per share dilution
 
 
 
14
Earnings
Key Earnings Drivers:
+ Increased retail revenue of $22.2 million driven by GMO’s inclusion for full quarter in 2009 and new
 retail rates partially offset by mild weather and lower weather-normalized demand
+ Decline in purchased power expense of $24.2 million
+ Increased AFUDC of $2.7 million
- Decline in wholesale revenue of $28.5 million
- Increased depreciation & amortization of $12.5 million; including $3.8 million of additional amortization
- Increased non-fuel operating expense including $7.5 million wind termination fee and $5.2 million
 increase for GMO driven by inclusion for a full quarter in 2009
- Increased interest expense, net of AFUDC, of $11.6 million
- Higher shares outstanding caused electric utility segment dilution of $0.12 per share.
(millions except
where indicated)
Earnings Per Share
$83.9
$0.90
$0.62
$102.5
 
 
 
15
• Increased Electric Utility segment earnings of $6.7 million mainly attributable to the inclusion of GMO’s regulated utility
 operations for the full period in 2009;
• Increased Other segment earnings of $17.6 million including a $16.0 million tax benefit from an audit settlement in
 GMO’s non-utility operation;
• Loss of $2.3 million in 2009 related to the discontinued operations of Strategic Energy compared to earnings of $35.0
 million for the first nine months of 2008.
• Increase of 32.3 million average dilutive shares outstanding resulted in dilution of $0.36 per share.
 
 
 
16
Earnings Per Share
Earnings
(millions except
where indicated)
Earnings Drivers:
+ GMO utility earnings increased $6.6 million
+ Decreased fuel and purchase power expense of $51.0 million at KCP&L
+ Decreased income taxes of $20.9 million at KCP&L
+ Increase in KCP&L’s AFUDC equity of $8.3 million
- Reduced KCP&L revenues of $58.5 million, including $52.4 million drop in wholesale
- Increased depreciation and amortization of $13.7 million including $3.8 million of
 additional amortization at KCP&L
- Increased interest expense, net of AFUDC, of $9.4 million at KCP&L
- Dilution of $0.36 per share caused by additional shares outstanding
$134.1
$1.34
$1.05
$127.4
Electric Utility Year-to-Date Results
 
 
 
17
3Q 2009 Compared to 3Q 2008
YTD 2009 Compared to YTD 2008
GPE
Customers
Use/Customer
Change
MWh
Sales
Customers
Use/Customer
Change
MWh
Sales
Residential
0.2%
-0.1%
0.1%
0.4%
-0.4%
 0.0%
Commercial
-0.4%
-2.2%
-2.5%
0.1%
-0.5%
 -0.4%
Industrial
Weighted
Avg.
Retail MWh Sales by Customer Class - Third Quarter 2009
Weather-Normalized Retail MWh Sales and Customer Growth Rates
Note: Includes GMO for full periods presented
Electric Utility Segment
 
 
 
18
Great Plains Energy Debt
Long-term Debt Maturities
Credit Ratings
*Includes current maturities
Credit Ratings, Debt, Capital Structure
 
 
 
19
• Strong Midwest electric utilities focused on regulated operations in Missouri and Kansas
• Diversified customer base includes 820,000 residential, commercial, and industrial customers
• ~6,000 Megawatts of generation capacity
• Low-cost generation mix - projected 76% coal, 17% nuclear (Wolf Creek) in 2009
100% Regulated
Electric Utility
Operations Focus
• Growth and stability in earnings driven by sizable regulated investments as part of the
 Comprehensive Energy Plan (“CEP”)
 • Wind and environmental retrofit components of CEP in place; Iatan 2 baseload coal plant
 targeted for completion in late summer 2010
• Anticipated growth beyond 2010 driven by additional environmental capex and wind
Attractive Platform
for Long-Term
Earnings Growth
• Successful outcomes in 2006, 2007 and 2008 rate cases in Missouri and Kansas
• Combined annual rate increases from 2008 cases of $59mm in Kansas and $159mm in Missouri;
 new rates effective August 1st in Kansas and September 1st in Missouri
Focused Regulatory
Approach
• Cash flow and earnings heavily driven by regulated operations and cost recovery mechanisms
• Ample liquidity currently available under $1.5bn credit facilities
• Sustainable dividend and pay-out, right-sized to fund growth and to preserve liquidity
• Committed to maintaining current investment grade credit ratings
Stable and
Improving Financial
Position
Strong Platform for Long-Term Growth
 
 
 


Great Plains Energy

Kansas City
Securities Association Presentation

November 18, 2009