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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) May 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 May 22, 1996, Western Resources issued the attached news release
stating that it had filed testimony in its regulatory proceeding pending
before the Kansas Corporation Commission (KCC) supporting its plan to lower
retail electric rates by approximately $92 million over seven years.
On the same day the staff of the KCC filed testimony purporting to
support revenue surpluses of approximately $58.5 million for KGE operations
and approximately $46.5 million for KPL operations and proposing a
commensurate rate reduction.
Hearings will be held later in the year. Western Resources intends to
vigorously oppose the staff recommendations. The final decision on the
proposed rate reductions will be made by the Commission following the hearing.
The following news release was issued by Western Resources on May 22,
1996:
WESTERN RESOURCES FILES TESTIMONY TO
ELECTRIC RATE CASE AT KANSAS CORPORATION COMMISSION
COMPANY REMAINS COMMITTED TO LOWERING RATES BY $92 MILLION
TOPEKA, Kansas, May 22,1996 -- Western Resources today filed testimony
in its regulatory plan pending before the Kansas Corporation Commission
supporting its plan to lower electric rates by approximately $92 million
during the next seven years.
"Our filing today shows that our electric rates are where they should
be, and plans for future reductions of $92 million have a solid
foundation," said John E. Hayes, Jr., Western Resources chairman of the
board and chief executive officer.
On August 17, 1995, Western Resources filed a regulatory plan to
accelerate depreciation on the Wolf Creek Generating Station and
simultaneously reduce rates for KGE electric retail customers. The plan
proposes $8.7 million in annual reductions over the next seven years for
a total of approximately $61 million in reductions for KGE retail
electric customers.
In addition, Western Resources' recent KCPL merger proposal would add
$21 million in annual electric rate reductions for KCPL customers and
another $10 million annually for KGE electric retail customers.
Western Resources earnings figures were calculated with the
assistance of two private consulting firms -- Benore Financial
Consultants, New London, Connecticut; and Applied Energy Group,
Hauppauge, New York.
"Whatever our cost of service studies show, we are keenly aware of
the competitive forces that necessitate lowering rates, not raising
them," said Hayes. "We are ready and willing to move forward to ensure
that we are implementing our series of rate reductions in a timely
manner to benefit customers."
Hayes said that if the KCC approves the pending rate reduction plan
and merger proposal with KCPL, KGE and KCPL retail electric rates would
be 10 percent below the current national average by 2002. KPL rates,
already 27 percent below the national average, are expected to remain
stable.
Western Resources (NYSE:WR) is a diversified energy company. 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 subsidiaries, Westar Business Services, Westar Consumer
Services, Westar Capital, and The Wing Group, 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.
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 May 24, 1996 By /s/ Jerry D. Courington
Jerry D. Courington,
Controller