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UNITED STATES

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 7, 2008

WESTAR ENERGY, INC.

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code (785) 575-6300

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:

WESTAR ENERGY, INC.

Section 7. Regulation FD

We will be attending the 43^rd Edison Electric Institute Financial Conference on November 9 through 12 in Phoenix, Arizona. A copy of the materials we will present at the conference is attached to this report as Exhibit 99.1 and incorporated herein by this reference. The materials are also available to the public on our website, http://www.WestarEnergy.com, under Investors, Investor Presentations.

The information above is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current Report, including the presentation attached hereto as Exhibit 99.1, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Section 9. Financial Statements and Exhibits

Forward-looking statements: Certain matters discussed in this Current Report on Form 8-K are “forward-looking statements.” The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Forward-looking statements may include words like we “believe,” “anticipate,” “expect,” “likely,” “estimate,” “intend” or words of similar meaning. Forward-looking statements describe our future plans, objectives, expectations or goals and are based on assumptions by the management of the Company as of the date of this document. If management’s assumptions prove incorrect or should unanticipated circumstances arise, the Company’s actual results could differ materially from those anticipated. These differences could be caused by a number of factors or a combination of factors including, but not limited to, those factors described under the headings “Forward-Looking Statements” and “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the period ended December 31, 2007, and under the heading “Risk Factors” contained in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2008, each as filed with the Securities and Exchange Commission. Readers are urged to consider such factors when evaluating any forward-looking statement, and the Company cautions you not to put undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date such statement was made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made except as required by applicable laws or regulations.

The information contained in this report is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time. We disclaim any current intention to revise or update the information contained in this report, although we may do so from time to time as our management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

SIGNATURE

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.

EXHIBIT INDEX

There’s Never a Good Time for a Liquidity Crisis, But… There’s Never a Good Time for a Liquidity Crisis, But… Westar Energy, Inc. 43   Annual EEI Financial Conference November 11, 2008 Westar Energy, Inc. 43   Annual EEI Financial Conference November 11, 2008 EXHIBIT 99.1 rd

2 Forward Looking Disclosures Forward Looking Disclosures The following presentation contains some “forward-looking statements” with respect to Westar Energy, Inc.’s (“Westar”) future plans, expectations and goals, including management’s expectations with respect to future operating results and dividend growth. The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Although we believe that the expectations and goals reflected in such forward-looking statements are based on reasonable assumptions, all forward-looking statements involve risk and uncertainty. Therefore, actual results could vary materially from what we expect. Please review our Quarterly Report Form 10-Q for the period ending September 30, 2008 and Annual Report Form 10-K for the year ended December 31, 2007 for important risk factors that could cause results to differ materially from those in any such forward-looking statements. Any forward-looking statement speaks only as of the date such statement was made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made except as required by applicable laws or regulations. The following presentation contains some “forward-looking statements” with respect to Westar Energy, Inc.’s (“Westar”) future plans, expectations and goals, including management’s expectations with respect to future operating results and dividend growth. The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Although we believe that the expectations and goals reflected in such forward-looking statements are based on reasonable assumptions, all forward-looking statements involve risk and uncertainty. Therefore, actual results could vary materially from what we expect. Please review our Quarterly Report Form 10-Q for the period ending September 30, 2008 and Annual Report Form 10-K for the year ended December 31, 2007 for important risk factors that could cause results to differ materially from those in any such forward-looking statements. Any forward-looking statement speaks only as of the date such statement was made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made except as required by applicable laws or regulations.

3 Westar Business Overview Westar Business Overview Key operational facts Pure-play electric Rate regulated 6,500 MW of fuel-diverse generation 675,000 customers Key operational facts Pure-play electric Rate regulated 6,500 MW of fuel-diverse generation 675,000 customers Kansas’ largest electric provider

4 Our Strategy Leaves Us Well-Positioned Our Strategy Leaves Us Well-Positioned Strategic approach is validated by present market conditions Approach to regulation is working Sustaining our ability to meet customers’ needs Strategic approach is validated by present market conditions Approach to regulation is working Sustaining our ability to meet customers’ needs

5 Westar’s Strategic Approach Westar’s Strategic Approach Embrace uncertainty rather than assume it away Don’t try to outsmart markets or pretend to know the future Place a high value on flexibility and remaining nimble Preserving options and off ramps Avoid over committing to a single strategy Leverage actions and strategies around our unique attributes Invest according to our strengths, which may mean we do things differently than the pack Collaborative and constructive approach to regulation More predictability and less volatility Ultimately results in lower prices for customers Embrace uncertainty rather than assume it away Don’t try to outsmart markets or pretend to know the future Place a high value on flexibility and remaining nimble Preserving options and off ramps Avoid over committing to a single strategy Leverage actions and strategies around our unique attributes Invest according to our strengths, which may mean we do things differently than the pack Collaborative and constructive approach to regulation More predictability and less volatility Ultimately results in lower prices for customers

6 Our Strategy in Practice… Our Strategy in Practice… Defer commitments to a new base load plant Diversify CAPEX across asset types Flexible capital raising strategies Raise equity capital through multiple channels Work with regulators to: Minimize regulatory lag Make rate increases smaller and less volatile Stick to what we think we know Defer commitments to a new base load plant Diversify CAPEX across asset types Flexible capital raising strategies Raise equity capital through multiple channels Work with regulators to: Minimize regulatory lag Make rate increases smaller and less volatile Stick to what we think we know

7 Examples of How It’s Paying Off Examples of How It’s Paying Off Raising capital Capital planning and project management Rates and regulation Raising capital Capital planning and project management Rates and regulation

8 Advantages in Capital Raising Advantages in Capital Raising In February increased multi-year revolving credit facility by 50% to $750 million Between April 2007 and June 2008 issued more than $500 million of equity Three different methods Three different times All new equity reflected in recent rate settlement Between May 2007 and May 2008 issued almost $500 million of first mortgage bonds at 6.1%-6.6% Present liquidity (cash and revolver)    $380 million Ample first mortgage bond capacity Flexible equity shelf In February increased multi-year revolving credit facility by 50% to $750 million Between April 2007 and June 2008 issued more than $500 million of equity Three different methods Three different times All new equity reflected in recent rate settlement Between May 2007 and May 2008 issued almost $500 million of first mortgage bonds at 6.1%-6.6% Present liquidity (cash and revolver)    $380 million Ample first mortgage bond capacity Flexible equity shelf

9 Advantages in Capital Planning & Project Management Advantages in Capital Planning & Project Management Virtually complete with the first phase of large CAPEX plan Three scrubbers 600 MW of peaking generation 300 MW of wind First 345 kV transmission line But haven’t yet started the next phase Environmental projects at two other coal plants Next two 345 kV transmission lines 765 kV transmission JV Virtually complete with the first phase of large CAPEX plan Three scrubbers 600 MW of peaking generation 300 MW of wind First 345 kV transmission line But haven’t yet started the next phase Environmental projects at two other coal plants Next two 345 kV transmission lines 765 kV transmission JV

10 Advantages from Rate Mechanisms Advantages from Rate Mechanisms Retail Energy Cost Adjustment (i.e., fuel clause) Operating as planned Environmental Cost Recovery Rider Presently capturing $27 million of annual revenue requirement $22 million estimated annual increase in June FERC Transmission Formula Rate & Companion Retail Transmission Rider $6 million estimated annual increase in September Recently settled general rate case (pending final order) Captured pre-determined plant investments as planned Reflects CWIP as planned Set stage for upcoming abbreviated case Retail Energy Cost Adjustment (i.e., fuel clause) Operating as planned Environmental Cost Recovery Rider Presently capturing $27 million of annual revenue requirement $22 million estimated annual increase in June FERC Transmission Formula Rate & Companion Retail Transmission Rider $6 million estimated annual increase in September Recently settled general rate case (pending final order) Captured pre-determined plant investments as planned Reflects CWIP as planned Set stage for upcoming abbreviated case

11 What This Means in Present Market Turmoil What This Means in Present Market Turmoil More control over our own destiny Not forced into tough capital markets No need to change our strategy Can adjust speed of implementation Avoid the risk of half-completed projects that could reflect dead regulatory investment e.g., no half finished plants in need of expensive financing More control over our own destiny Not forced into tough capital markets No need to change our strategy Can adjust speed of implementation Avoid the risk of half-completed projects that could reflect dead regulatory investment e.g., no half finished plants in need of expensive financing

Settlement of General Rate Case Settlement of General Rate Case

13 Drivers of Retail Rate Case Drivers of Retail Rate Case May 2008, filed request for $178 million increase to recover: Spring Creek investment Emporia Energy Center Phase I plant service Phase II CWIP Wind generation CWIP December 2007 deferred ice storm cost Update capital costs Higher equity ratio Request higher ROE O&M and working capital May 2008, filed request for $178 million increase to recover: Spring Creek investment Emporia Energy Center Phase I plant service Phase II CWIP Wind generation CWIP December 2007 deferred ice storm cost Update capital costs Higher equity ratio Request higher ROE O&M and working capital

14 Pending Settlement Pending Settlement Unanimous settlement among staff, consumer advocate, and commercial and industrial customers Signed on October 27 and presented to KCC on same day Awaiting Commission approval and order Statutory deadline January 23 Unanimous settlement among staff, consumer advocate, and commercial and industrial customers Signed on October 27 and presented to KCC on same day Awaiting Commission approval and order Statutory deadline January 23

15 Key Provisions of the Settlement Key Provisions of the Settlement $130 million annual revenue increase Ice storm recovery over five years Increase in steam generating plant depreciation of $7.6 million Wind and Emporia CWIP measurement through September 25 Rate base of  $3.1 billion and equity ratio of 51% For purposes of accounting entries only, 10.4% ROE was cited No incentive on existing wind projects Parties agree to use abbreviated rate case to capture balance of Emporia and wind investment $130 million annual revenue increase Ice storm recovery over five years Increase in steam generating plant depreciation of $7.6 million Wind and Emporia CWIP measurement through September 25 Rate base of  $3.1 billion and equity ratio of 51% For purposes of accounting entries only, 10.4% ROE was cited No incentive on existing wind projects Parties agree to use abbreviated rate case to capture balance of Emporia and wind investment

Capital Planning and Project Management Capital Planning and Project Management

17 Nearing Closure of First Phase of Major Projects Nearing Closure of First Phase of Major Projects Second JEC scrubber outage underway and within schedule Wichita-Hutchinson 345 kV expected in-service before year end All three wind farms expected in-service by year end Emporia Phase II on schedule for spring in-service date Third JEC scrubber outage next spring Second JEC scrubber outage underway and within schedule Wichita-Hutchinson 345 kV expected in-service before year end All three wind farms expected in-service by year end Emporia Phase II on schedule for spring in-service date Third JEC scrubber outage next spring

18 Flexibility With Next Phase of Major Projects Flexibility With Next Phase of Major Projects Given conditions in capital markets and economy We are taking advantage of the flexibility in our strategy Not backed into a corner with “must do now” projects Capability to scale back, stop and re-start any of our second phase projects without significant penalty or consequences Expect downward adjustments in our 2009 capital forecast 2009 budgeting in full swing Given conditions in capital markets and economy We are taking advantage of the flexibility in our strategy Not backed into a corner with “must do now” projects Capability to scale back, stop and re-start any of our second phase projects without significant penalty or consequences Expect downward adjustments in our 2009 capital forecast 2009 budgeting in full swing

Financing Plans Financing Plans

20 Future Financings Future Financings Plan for continued use of multiple channels and opportunities as they present themselves Amount and type of financing will depend on nexus between our 2009 budget matched with capital market conditions Next long-term financing likely to be a first mortgage bond offering Potentially late this year or early 2009 Too soon to gauge next equity offering Remain flexible with respect to timing and form Plan for continued use of multiple channels and opportunities as they present themselves Amount and type of financing will depend on nexus between our 2009 budget matched with capital market conditions Next long-term financing likely to be a first mortgage bond offering Potentially late this year or early 2009 Too soon to gauge next equity offering Remain flexible with respect to timing and form

Future Rate Issues Future Rate Issues

22 Rates & Regulatory Events on the Horizon Rates & Regulatory Events on the Horizon Expect order on rate case settlement by late January FERC approval of forward-looking transmission rate early 2009 Retail TDC to follow shortly Expect ECRR update June 2009 Expect abbreviated rate case to be filed early-mid next year Regulatory approvals for Prairie Wind Expect order on rate case settlement by late January FERC approval of forward-looking transmission rate early 2009 Retail TDC to follow shortly Expect ECRR update June 2009 Expect abbreviated rate case to be filed early-mid next year Regulatory approvals for Prairie Wind

Closing Comments Closing Comments

24 Well-Positioned in Present Circumstances Well-Positioned in Present Circumstances Stable, experienced utility management team Thoughtful, flexible approach to capital planning and financing Focus on containing risks and maintaining returns Collaborative and constructive approach to regulation and energy policy Stable, experienced utility management team Thoughtful, flexible approach to capital planning and financing Focus on containing risks and maintaining returns Collaborative and constructive approach to regulation and energy policy

25 Future Investor Communications Future Investor Communications Plan to issue 2009 guidance following rate order and with discussion of 2008 results in late February Board typically addresses dividend in late February as well Plan to issue 2009 guidance following rate order and with discussion of 2008 results in late February Board typically addresses dividend in late February as well

Introduction and Company Strategy Introduction and Company Strategy

27 Key operational facts Pure-play electric Vertically integrated Rate regulated 6,500 MW of fuel-diverse generation 675,000 customers Very low retail utility rates Key operational facts Pure-play electric Vertically integrated Rate regulated 6,500 MW of fuel-diverse generation 675,000 customers Very low retail utility rates Westar Business Overview Westar Business Overview Kansas’ largest electric provider Capable, experienced utility management team Track record of meeting and exceeding commitments Substantial, transparent, diversified, regulated growth plan Investment grade financial profile Strong liquidity Solid dividend yield Constructive regulatory and political environment and regulatory mechanics Capable, experienced utility management team Track record of meeting and exceeding commitments Substantial, transparent, diversified, regulated growth plan Investment grade financial profile Strong liquidity Solid dividend yield Constructive regulatory and political environment and regulatory mechanics

28 Leveraging Unique Attributes Leveraging Unique Attributes Leverage around unique attributes Low rates Quality baseload resources Minimal present natural gas use Flexible wholesale contracts Abundant wind resources Constructive regulation and energy policy environment Policy support for added transmission Create a set of unique advantages that gives us options others don’t have Leverage around unique attributes Low rates Quality baseload resources Minimal present natural gas use Flexible wholesale contracts Abundant wind resources Constructive regulation and energy policy environment Policy support for added transmission Create a set of unique advantages that gives us options others don’t have

29 We Have Much In Our Favor We Have Much In Our Favor Coal 80% Gas 6% Uranium 14% 0.0¢ 1.0¢ 2.0¢ 3.0¢ 4.0¢ 5.0¢ 6.0¢ 7.0¢ 8.0¢ 9.0¢ 10.0¢ Westar Energy North Westar Energy South Empire District Electric (KS) Kansas City Power and Light (KS) National Average 6.3¢ 6.1¢ 8.7¢ 6.9¢ $91.38 $15.21 $4.51 Uranium Coal Gas Low Rates Industrial 29% Other 0.5% Residential 33% Commercial 38% Growing, Diversified Retail Sales High Quality, Diverse Generating Fleet Ave. Fuel Cost $18.42/MWh 0 100 200 300 400 500 600 700 800 900 1,000 2007 2011 2015 2019 0 100 200 300 400 500 600 700 800 900 1,000 2007 2011 2015 2019 Current agreements expire from 2008 to 2019 Potential to renew Potential to recapture Wholesale Sales Contract Portfolio 913 Source: Edison Electric Institute 12/31/2007

30 Our Plan / Progress Report Our Plan / Progress Report Status Timing Objective Business Plan Late 2007 Publish “A Strategic Plan for Uncertain TImes”  (comprehensive plan) Ongoing Finance capital program targeting 50/50 capital struture Mid 2008 Roll out first phase of conservation and efficiency programs Regulatory Dec 2007 Obtain KCC predetermination for wind Early 2008 Establish and finalize KCC TDC to mirror FERC formula rate Spring 2008 Obtain siting authority for Wichita-Oklahoma 345 kV line Mid 2008 Update FERC formula rate with incentive returns Spring 2008 File retail rate case Spring 2008 Request KCC allow regulatory asset treatment of energy efficiency costs January 2009 Complete retail rate case Mid 2009 KCC orders in generic dockets on energy efficiency and cost recovery 2009 Obtain utility designation for Prairie Wind Transmission Not started         In progress         Completed

31 Our Plan / Progress Report (continued) Our Plan / Progress Report (continued) Status Timing Objective Capital Growth Plan Late 2007 Execute wind contracts Early 2008 Begin construction of Wichita-Salina 345 kV line Spring 2008 First scrubber at JEC on line June 2008 Emporia Energy Center phase I commercial operations of 310 MW Fall 2008 Second scrubber at JEC on line Late 2008 Bring 300 MW of wind on line Late 2008 Construct Wichita-Hutchinson portion of the Wichita-Salina 345 kV line Spring 2009 Third scrubber at JEC on line June 2009 Emporia Energy Center phase II commercial operations of 300 MW Finalize Lawrence Energy Center environmental project plan Finalize with KCPL La Cygne environmental plan Late 2008 Secure ROW Hutchinson-Salina portion of Wichita-Salina 345 kV line Late 2009 Construct Hutchinson-Salina portion of Wichita-Salina 345 kV line Est. 2009 Roll out AMI/MDM pilot Early 2010 Secure ROW for Wichita-Oklahoma 345 kV line Begin construction Wichita-Oklahoma 345 kV line Not started         In progress         Completed

32 Investment Highlights Investment Highlights Transparent and straight-forward strategy Pure-play, vertically integrated, regulated electric utility Proven, experienced management team Thoughtful and constructive regulatory mechanics Stable & predictable Aimed at reducing rate volatility and maintaining low-rate advantage Large, diverse, growth plan 100% regulated Friendly to the environment Strong financial profile Diverse revenue base Investment grade ratings Competitive total return prospects Transparent and straight-forward strategy Pure-play, vertically integrated, regulated electric utility Proven, experienced management team Thoughtful and constructive regulatory mechanics Stable & predictable Aimed at reducing rate volatility and maintaining low-rate advantage Large, diverse, growth plan 100% regulated Friendly to the environment Strong financial profile Diverse revenue base Investment grade ratings Competitive total return prospects

Major Capital Projects Major Capital Projects

34 Transmission Projects Transmission Projects Wichita – Salina 100 mile, 345 kV Construction started FERC-approved incentives Rose Hill – Oklahoma 50 mile, 345 kV Siting authority approved Wichita – Salina update Phase I from Wichita to Hutchinson planned to be in-service year-end 2008 Wichita – Salina update Phase I from Wichita to Hutchinson planned to be in-service year-end 2008 Dodge City Medicine Lodge Prairie Wind Transmission LLC 230 mile, 765 kV

35 Prairie Wind Transmission, LLC Prairie Wind Transmission, LLC Joint venture between Westar Energy and Electric Transmission America Venture to develop 230-mile, 765 kV transmission in Kansas 50% Westar / 50% ETA ETA is joint venture between AEP Transmission Holding Company and MEHC America Transco Proposed routing in western Kansas Line would extend from Wichita west to Dodge City and then south from Medicine Lodge to Kansas/Oklahoma border Contemplate 50/50 debt/equity financing with JV issuing its own debt Estimated in-service date end of 2013 Status KCC – filed application to request utility designation FERC – filed application for formula rate and incentives for project Joint venture between Westar Energy and Electric Transmission America Venture to develop 230-mile, 765 kV transmission in Kansas 50% Westar / 50% ETA ETA is joint venture between AEP Transmission Holding Company and MEHC America Transco Proposed routing in western Kansas Line would extend from Wichita west to Dodge City and then south from Medicine Lodge to Kansas/Oklahoma border Contemplate 50/50 debt/equity financing with JV issuing its own debt Estimated in-service date end of 2013 Status KCC – filed application to request utility designation FERC – filed application for formula rate and incentives for project

36 Coal Plant Emission Controls Coal Plant Emission Controls Eight to 10 year program to improve air emissions Investments to reduce SO 2 , NO x , particulates and mercury Currently rebuilding three scrubbers at JEC Project estimate    $415 million • First unit placed in service July 2008 On schedule for: • Second unit planned in service fall of 2008 • Third unit planned in service spring of 2009 Voluntary carbon accord Eight to 10 year program to improve air emissions Investments to reduce SO 2 , NO x , particulates and mercury Currently rebuilding three scrubbers at JEC Project estimate    $415 million • First unit placed in service July 2008 On schedule for: • Second unit planned in service fall of 2008 • Third unit planned in service spring of 2009 Voluntary carbon accord Capital Expenditures to Reduce Emissions 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 $1,600 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Particulates SO2 NOx Cap Ex

37 Fossil Capacity Additions Fossil Capacity Additions Peaking capacity Emporia Energy Center    310 MW (phase I) completed spring 2008 Emporia Energy Center    300 MW (phase II) before summer 2009 Potential for smaller additions approximately 2013 Potential for     350 MW intermediate capacity later next decade Peaking capacity Emporia Energy Center    310 MW (phase I) completed spring 2008 Emporia Energy Center    300 MW (phase II) before summer 2009 Potential for smaller additions approximately 2013 Potential for     350 MW intermediate capacity later next decade 0 1,000 2,000 3,000 4,000 5,000 6,000 2007 2008 2009 2010 13% 12% 14% Capacity Margin Total System Peak Responsibility Load and Capability Forecast 14%

38 Planned Capacity Additions Planned Capacity Additions 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Emporia Energy Center 610 MW peaking facility Project on budget at $318 million  Phase II on schedule for in-service before summer 2009 Emporia Energy Center 610 MW peaking facility Project on budget at $318 million  Phase II on schedule for in-service before summer 2009 Estimate potential need for: Additional peaking capacity about 2013 Intermediate capacity up to 350 MW possible by middle of next decade Estimate potential need for: Additional peaking capacity about 2013 Intermediate capacity up to 350 MW possible by middle of next decade Additions of almost 1,100 MW or 17% Gas Nuclear Coal

39 Investment in Renewable Energy Investment in Renewable Energy Developing 300 MW of wind generation KCC granted regulatory pre-approval late 2007 Half owned and half through PPAs Construction began early 2008 Estimated cost of owned projects     $285 million All turbines planned to be in service by year end 2008 Developing 300 MW of wind generation KCC granted regulatory pre-approval late 2007 Half owned and half through PPAs Construction began early 2008 Estimated cost of owned projects     $285 million All turbines planned to be in service by year end 2008

Kansas Energy Policy and Regulatory Mechanics Kansas Energy Policy and Regulatory Mechanics

41 Regulatory Approach Regulatory Approach A sound regulatory and energy policy platform Stable, more predictable Collaborative, constructive approach Timely Benefits for customers: Minimize rate volatility A sound regulatory and energy policy platform Stable, more predictable Collaborative, constructive approach Timely Benefits for customers: Minimize rate volatility Time Traditional GRC Riders coupled with GRC Ultimately, lower rates

42 Customer and Shareholder Benefits Customer and Shareholder Benefits Expect customers to benefit from: Continued access to low-cost, environmentally compliant generation Improved system reliability and operational flexibility Expect investors to benefit from: Earnings and dividend growth driven by increased investment Risks managed with timely cost recovery through rate adjustments More predictability of cash flow Expect customers to benefit from: Continued access to low-cost, environmentally compliant generation Improved system reliability and operational flexibility Expect investors to benefit from: Earnings and dividend growth driven by increased investment Risks managed with timely cost recovery through rate adjustments More predictability of cash flow

43 Kansas Energy Policy Kansas Energy Policy Legislature and governor understand importance of energy Evidence of this leadership includes: Support for predetermination of ratemaking principles Recognizing CWIP in rates Aggressively encouraging renewable resources Tax incentives Imposing clear statutory timelines for regulatory matters: 120 days for siting authority 180 days for predetermination 240 days for rate cases More recently, environmental concerns raised about new base load coal Legislature and governor understand importance of energy Evidence of this leadership includes: Support for predetermination of ratemaking principles Recognizing CWIP in rates Aggressively encouraging renewable resources Tax incentives Imposing clear statutory timelines for regulatory matters: 120 days for siting authority 180 days for predetermination 240 days for rate cases More recently, environmental concerns raised about new base load coal

44 Kansas Corporation Commission Kansas Corporation Commission Commission Three commissioners, by gubernatorial appointment Members serve staggered four-year terms Thomas Wright, (D) chairman, term through 3/15/2010 Joe Harkins, (D) term through 3/15/2011 Michael Moffet, (R) term through 3/15/2008 (though still serving) Staff Combination of appointments and civil servants Traditional cost-of-service framework Recent adoption of constructive mechanics Commission Three commissioners, by gubernatorial appointment Members serve staggered four-year terms Thomas Wright, (D) chairman, term through 3/15/2010 Joe Harkins, (D) term through 3/15/2011 Michael Moffet, (R) term through 3/15/2008 (though still serving) Staff Combination of appointments and civil servants Traditional cost-of-service framework Recent adoption of constructive mechanics

45 Methods of Cost Recovery for Westar Methods of Cost Recovery for Westar Revenue Requirement Method of Recovery Comment 1. Fuel, purchased power and environmental consumables Timely adjustment based on forecasted cost, with annual  true- up to actual costs Allows recovery of actual fuel and purchased power costs, protecting against fluctuations in price, plant performance and fuel delivery risk 2. Environmental capital Environmental Cost Recovery Rider adjusts annually Allows timely recovery in rates of capital costs for emisson controls and signals to customer cost of clean air 3. Transmission rate recovery FERC formula rate adjusts annually; KCC has approved  TDC tariff to allow a corresponding retail adjustment Allows timely recovery of transmission system operating and capital costs 4. General capital investments Traditional rate case, but improved through predetermination and CWIP statutes Typical rate case reflects current level of operating expenses and most recent plant investment 5. Property taxes Annual adjustment to reflect current property taxes Allows timely recovery of actual property tax costs in current rates 6. Extraordinary storm damages Traditionally deferred accounting treatment as rate base Eliminates current period charge for extraordinary storm expense, reducing earnings and rate volatility for these events

46 Provides timely price adjustment for fuel and purchased power costs Has been monthly Rate case settlement changes to quarterly Retail rates based on forecast of fuel and purchased power costs and retail sales Difference between forecast and actual is accrued/deferred Quarterly approach should yield small differences Annual settlement of accrued/deferred balance RECA also used to rebate “asset-based” wholesale margins as a credit to retail cost of service Beginning with new rates in February 2009, credits will match actual results Energy Marketing (i.e., non-asset) margins continue to be accounted for below the line Provides timely price adjustment for fuel and purchased power costs Has been monthly Rate case settlement changes to quarterly Retail rates based on forecast of fuel and purchased power costs and retail sales Difference between forecast and actual is accrued/deferred Quarterly approach should yield small differences Annual settlement of accrued/deferred balance RECA also used to rebate “asset-based” wholesale margins as a credit to retail cost of service Beginning with new rates in February 2009, credits will match actual results Energy Marketing (i.e., non-asset) margins continue to be accounted for below the line Retail Energy Cost Adjustment (RECA) Retail Energy Cost Adjustment (RECA)

47 ECRR adjusts retail rates annually to reflect capital costs for emission controls Investment at December 31 begins recovery in rates following June Eliminates need to file a rate case to capture rate base additions Return of and on capital that is already in service Return on capital not yet placed in service (i.e., CWIP) ECRR speeds recovery of investments in emission control equipment ECRR adjusts retail rates annually to reflect capital costs for emission controls Investment at December 31 begins recovery in rates following June Eliminates need to file a rate case to capture rate base additions Return of and on capital that is already in service Return on capital not yet placed in service (i.e., CWIP) ECRR speeds recovery of investments in emission control equipment Environmental Cost Recovery Rider Mechanics Environmental Cost Recovery Rider Mechanics

48 Regulatory lag limited to months, rather than longer lag typical with traditional rate case filings Equipment investment not yet in-service receives the pretax return on investment until the project is complete, at which time it will then also receive a return of the investment (1) Illustration reflects only the projects publicly announced and assumes annual investment in-service at year end (2) Illustration uses ˜ 11% pretax return and 5% depreciation recovery Regulatory lag limited to months, rather than longer lag typical with traditional rate case filings Equipment investment not yet in-service receives the pretax return on investment until the project is complete, at which time it will then also receive a return of the investment (1) Illustration reflects only the projects publicly announced and assumes annual investment in-service at year end (2) Illustration uses ˜ 11% pretax return and 5% depreciation recovery Clean Air Investment (1) 2005 2006 2007 2008 2009 Year 1 7.7 $       7.3 $       6.9 $       6.6 $        6.3 $        Year 2 36.7        34.9        33.1         31.5         Year 3 207.8       197.4       187.5       Year 4 198.4       188.5       Year 5 206.2       Year 6 Total Investment - net 7.7 $       44.0 $      249.6 $    435.5 $    620.0 $    Annual ECRR Revenues (16%) (2) 0.6 $       4.1 $       23.3 $      53.8 $      Cumulative ECRR Revenues 0.6 $       4.7 $       28.0 $      81.8 $      Illustrative ECRR Mechanics Illustrative ECRR Mechanics

49 FERC formula transmission rate Annual update of FERC transmission rate to reflect changes in the cost of service Tariff updated annually in October using projected test year • Forecasted capital expenditures • Forecasted O&M • Tariff is based on year end consolidated capital structure Allowed ROE 11.3% Updated FERC transmission changes effective January 1 Annual true-up calculation compares projected revenue requirement to actual revenue requirement, any difference incorporated into October update Recovery of approved rate incentives on Wichita to Salina transmission line Incentive ROE of 100 basis points above authorized FERC ROE, or 12.3% Accelerated depreciation of 15 years vs. 45 years Transmission Delivery Charge (TDC) Kansas statute permits matching adjustment to retail rates to reflect changes in transmission-related costs FERC formula transmission rate Annual update of FERC transmission rate to reflect changes in the cost of service Tariff updated annually in October using projected test year • Forecasted capital expenditures • Forecasted O&M • Tariff is based on year end consolidated capital structure Allowed ROE 11.3% Updated FERC transmission changes effective January 1 Annual true-up calculation compares projected revenue requirement to actual revenue requirement, any difference incorporated into October update Recovery of approved rate incentives on Wichita to Salina transmission line Incentive ROE of 100 basis points above authorized FERC ROE, or 12.3% Accelerated depreciation of 15 years vs. 45 years Transmission Delivery Charge (TDC) Kansas statute permits matching adjustment to retail rates to reflect changes in transmission-related costs Transmission Cost Recovery Transmission Cost Recovery

50 Predetermination Prior to construction of a generating facility, a utility may ask KCC to predetermine ratemaking principles that will apply to recovery of the investment over its expected useful life Received predetermination ruling on both Emporia Energy Center and wind additions Construction Work in Progress (CWIP) The KCC shall include CWIP in rates when recovery is requested as part of a rate case Per predetermination orders, 2008 rate case included CWIP for: $202M or approximately 72% of the wind investment $79M or 66% of Emporia Energy Center Phase II Predetermination Prior to construction of a generating facility, a utility may ask KCC to predetermine ratemaking principles that will apply to recovery of the investment over its expected useful life Received predetermination ruling on both Emporia Energy Center and wind additions Construction Work in Progress (CWIP) The KCC shall include CWIP in rates when recovery is requested as part of a rate case Per predetermination orders, 2008 rate case included CWIP for: $202M or approximately 72% of the wind investment $79M or 66% of Emporia Energy Center Phase II Statutes for Predetermination and CWIP Statutes for Predetermination and CWIP

Financial Overview/Profile Financial Overview/Profile

52 Target    50/50 capital structure Well positioned to finance planned investment Investment grade bond ratings $730 million revolver through 2012 Modest maturities to refinance Target    50/50 capital structure Well positioned to finance planned investment Investment grade bond ratings $730 million revolver through 2012 Modest maturities to refinance Shaded area represents period of high planned capital expenditures $0 $50 $100 $150 $200 $250 $300 Commitment to Credit Quality Commitment to Credit Quality September 30, 2008 (millions) Long-term $2,042 Preferred 21 Common 2,192 Total Capitalization $4,255 Debt Maturity Schedule Debt 48% Equity 52% Preferred <1% (1) Upgraded August 2008 Secured Unsecured Outlook Moody's Baa2 Baa3 Stable Fitch Ratings (1) BBB+ BBB- Stable Standard & Poor's BBB BBB- Stable

53 Financial Highlights Financial Highlights In October revised 2008 earnings guidance down to $1.35 - $1.45 Citing primarily cooler weather Excludes potential favorable tax settlement Fourth consecutive year of solid dividend growth Recent 7.4% increase Yield of    6% Dividend target payout 60% - 75% of earnings In October revised 2008 earnings guidance down to $1.35 - $1.45 Citing primarily cooler weather Excludes potential favorable tax settlement Fourth consecutive year of solid dividend growth Recent 7.4% increase Yield of    6% Dividend target payout 60% - 75% of earnings $0.92 $1.00 $1.08 $1.16 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 2005 2006 2007 2008 $0.92 $1.00 $1.08 $1.16 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 2005 2006 2007 2008 Indicated annual rate

54 Financing Philosophy and Plans Financing Philosophy and Plans Internal funds to finance dividends and replacement capital Fund growth plan, as necessary, with blend of debt and equity to maintain target capitalization Multiple equity channels available to increase flexibility and reduce risk and cost Dribble plan Secondary offer Negotiated transactions Block trades Planned appropriately with rate setting process Internal funds to finance dividends and replacement capital Fund growth plan, as necessary, with blend of debt and equity to maintain target capitalization Multiple equity channels available to increase flexibility and reduce risk and cost Dribble plan Secondary offer Negotiated transactions Block trades Planned appropriately with rate setting process

Background Background

56 Management and Organization Structure Management and Organization Structure Executive Management President & CEO, Bill Moore EVP & COO, Doug Sterbenz EVP & CFO, Mark Ruelle EVP, Public Affairs / Consumer Services, Jim Ludwig Officers average [20+] years utility experience, largely with Westar Independent Board of Directors Non-executive chairman All directors other than CEO are independent Executive Management President & CEO, Bill Moore EVP & COO, Doug Sterbenz EVP & CFO, Mark Ruelle EVP, Public Affairs / Consumer Services, Jim Ludwig Officers average [20+] years utility experience, largely with Westar Independent Board of Directors Non-executive chairman All directors other than CEO are independent Board of Directors        Bill Moore President and CEO Mark Ruelle Exec. VP, Chief Financial Officer Doug Sterbenz Exec. VP, Chief Operating Officer Jim Ludwig Exec. VP, Public Affairs and Consumer Services Mike Lennen VP, Regulatory Affairs Larry Irick VP, General Counsel and Corp. Secretary Greg Greenwood VP, Generation Construction Tony Somma Treasurer Lee Wages VP, Controller Bruce Akin VP, Operations Strategy and Support Kelly Harrison VP, Transmission Ops & Environmental Services Ken Johnson VP, Generation Caroline Williams VP, Distribution Power Delivery Peggy Loyd VP, Customer Care Jeff Beasley VP, Corporate Compliance and Internal Audit Audit Committee

57 Westar Energy Legal Structure Westar Energy Legal Structure Kansas Gas and Electric Company Consolidated capital structure is used for ratemaking. (Rate regulated utility) (Rate regulated utility) Westar Energy, Inc. Parent Subsidiary Combined company does business under the name “Westar Energy”.

58 Wholesale Sales Wholesale Sales Market-based sales (asset-based margins) Opportunistic sales using as available capacity 1/3 short - real-time to month 1/3 mid - month up to 6 mos. 1/3 long - 6 mos. up to a 1 year Margins reflected in retail rates through RECA Market-based sales (asset-based margins) Opportunistic sales using as available capacity 1/3 short - real-time to month 1/3 mid - month up to 6 mos. 1/3 long - 6 mos. up to a 1 year Margins reflected in retail rates through RECA Energy marketing (non-asset margins) 60% real-time to next day;    25% few days to a few months Energy transactions unrelated to our generating assets Market pricing Financial and physical trading sourced outside our control area 15% Energy management – managing load and resources for others Not reflected in rates Energy marketing (non-asset margins) 60% real-time to next day;    25% few days to a few months Energy transactions unrelated to our generating assets Market pricing Financial and physical trading sourced outside our control area 15% Energy management – managing load and resources for others Not reflected in rates Tariff-based sales Long-term agreements Cost-based tariffs Primarily to coops, municipals and participation agreements with other utilities Reflected as credit to retail rates Tariff-based sales Long-term agreements Cost-based tariffs Primarily to coops, municipals and participation agreements with other utilities Reflected as credit to retail rates

59 Coal Supply Coal Supply Westar-operated plant supply (80%) JEC supply under contract through 2020 (10+ MM tons/yr) 70% has no market openers 30% reopened on price every 5 years Repriced at     $10 million/year increase January 2008 All volumes have cost escalators Rail contract through 2013 LEC/TEC supply under contract until 2010 (3.5 MM tons/yr) 100% at fixed price or capped through 2010 Rail contract through 2008 Co-owned plant supply managed by GXP (20%) LAC supply (3 MM tons/yr) Volumes under contract              2008 2009 2010 94%    75%     35%

60 Westar Power Plants Westar Power Plants Westar's MW Operator Years Installed Pulverized coal Jeffrey Energy Center 2,016.0 Westar 1978, 1980, 1983 Lawrence Energy Center 532.0 Westar 1954, 1960, 1971 Tecumseh Energy Center 204.0 Westar 1957, 1962 LaCygne Station 709.0 KCPL 1973, 1977 Nuclear Wolf Creek 545.0 WCNOC (1) 1985 Gas steam turbine Gordon Evans Energy Center 526.0 Westar 1961, 1967 Hutchinson Energy Center 170.0 Westar 1965 Murray Gill Energy Center 287.0 Westar 1952, 1954, 1956, 1959 Neosho Energy Center 67.0 Westar 1954 Gas combustion turbine Abilene Energy Center 72.0 Westar 1973 Gordon Evans Energy Center 296.0 Westar 2000, 2001 Hutchinson Energy Center 233.0 Westar 1974, 1975 Spring Creek Energy Center 272.0 Westar 2001 Tecumseh Energy Center 38.0 Westar 1972 Emporia Energy Center 610.0 Westar Construction (2) Gas combined cycle State Line 204.0 EDE Co. 2001 Diesel Gordon Evans Energy Center 3.0 Westar 1969 Hutchinson Energy Center 3.0 Westar 1983 Wind Jeffrey Energy Center 1.4 Westar 1999 Central Plains 99.0 Westar Construction (3) Flat Ridge 50.0 Westar Construction (3) Capacity at 12/31/2007 6,178.4 Est. capacity at 7/31/2008 6,488.4 Future installed capability 6,937.4 (1) Wolf Creek Nuclear Operating Company is a company formed specifically to operate Wolf Creek for its owners.  WCNOC is governed by a board of directors consisting of the CEO of WCNOC and senior executives of the plant owners. (2) 300MW of phase II to go in service before summer 2009 (3) Under construction with planned in service by year end 2008 77.7% 101.5% 90.3% 100.0% 73.7% 89.3% 90.1% 87.0% -10% 10% 30% 50% 70% 90% 110% Coal Capacity Factor Wolf Creek Capacity Factor Coal Availability Factor Nuclear Availability Factor 77.7% 101.5% 90.3% 100.0% 73.7% 89.3% 90.1% 87.0% -10% 10% 30% 50% 70% 90% 110% Coal Capacity Factor Wolf Creek Capacity Factor Coal Availability Factor Nuclear Availability Factor Westar Energy 2007 Results NERC 5-Year Average Plant Performance

61 Wolf Creek Generating Station Wolf Creek Generating Station Commercial operation in September 1985 1166 MW Westinghouse PWR Co-owners Westar Energy – 47% (548 MW) Great Plains Energy – 47% KEPCo – 6% Operated by Wolf Creek Nuclear Operating Corporation Separate and dedicated operating company Owned and governed by plant’s co-owners Current operating license until 2025 September 2006 filed request for 20-year extension Progressing as planned Operates on 18-month fuel cycle Next scheduled refueling and maintenance outage Fall 2009 Commercial operation in September 1985 1166 MW Westinghouse PWR Co-owners Westar Energy – 47% (548 MW) Great Plains Energy – 47% KEPCo – 6% Operated by Wolf Creek Nuclear Operating Corporation Separate and dedicated operating company Owned and governed by plant’s co-owners Current operating license until 2025 September 2006 filed request for 20-year extension Progressing as planned Operates on 18-month fuel cycle Next scheduled refueling and maintenance outage Fall 2009