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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) March 2, 2006

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 Disclosure

Item 7.01 - Regulation FD Disclosure

We will be attending the Citigroup Power, Gas and Utilities Conference on March 2 and 3, 2006 in Miami, Florida. A copy of the presentation to be used at the conference is attached to this report and incorporated herein by this reference. The presentation is also available on our web site, http://www.WestarEnergy.com.

The information in this report is being furnished, not filed. Accordingly, the information in this report 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

Item 9.01. 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 combination of factors including, but not limited to, those factors described under the heading “Risk Factors” contained in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2005 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 thereunto duly authorized.

EXHIBIT INDEX

Citigroup Power, Gas and Utilities Conference Miami, FL March 2-3, 2006 Citigroup Power, Gas and Utilities Conference Miami, FL March 2-3, 2006 Exhibit 99.1

2 Forward-Looking Statements Disclosure Forward-Looking Statements Disclosure 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 on Form 10-Q for the period ended September 30, 2005 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 on Form 10-Q for the period ended September 30, 2005 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 Management Team Present Management Team Present Jim Haines President and Chief Executive Officer Mark Ruelle Executive Vice President & Chief Financial Officer Greg Greenwood Treasurer Bruce Burns Director Investor Relations Jim Haines President and Chief Executive Officer Mark Ruelle Executive Vice President & Chief Financial Officer Greg Greenwood Treasurer Bruce Burns Director Investor Relations

4 Successful Transformation Complete Successful Transformation Complete After strategic missteps in the late 1990s, Westar brought in new management in December 2002 Westar launched sweeping “back-to-basics” strategy Returned Westar to being exclusively a regulated, vertically integrated electric utility Executed strategy according to plan and ahead of schedule Reduced debt by more than half, significantly improving credit quality Dramatic increase in share value taking share price from $8.50 to more than $20.00 Began restoring common dividend 21% increase in 2005 and 9% increase in 2006 Simplified business strategy, divesting substantially all non-utility operations Regained regulatory and public trust and increasing customer satisfaction After strategic missteps in the late 1990s, Westar brought in new management in December 2002 Westar launched sweeping “back-to-basics” strategy Returned Westar to being exclusively a regulated, vertically integrated electric utility Executed strategy according to plan and ahead of schedule Reduced debt by more than half, significantly improving credit quality Dramatic increase in share value taking share price from $8.50 to more than $20.00 Began restoring common dividend 21% increase in 2005 and 9% increase in 2006 Simplified business strategy, divesting substantially all non-utility operations Regained regulatory and public trust and increasing customer satisfaction

5 Vertically Integrated Kansas Utility Vertically Integrated Kansas Utility Key Operational Facts: ~ 659,000 customers Nearly 6,000 MW of generation – expected 2006 reserve margin 16% 11,000 sq mile service territory 33,000 miles of T & D 2,100 employees Kansas retail market remains fully regulated Key Operational Facts: ~ 659,000 customers Nearly 6,000 MW of generation – expected 2006 reserve margin 16% 11,000 sq mile service territory 33,000 miles of T & D 2,100 employees Kansas retail market remains fully regulated Topeka Kansas (a) Assumes purchase of Spring Creek in 2006 (a)

6 Approach to Delivering Shareholder Value Approach to Delivering Shareholder Value Offer competitive total returns through Growth Dividend yield Focus on reducing risk Business Regulatory Financial Operational Offer investors an attractive risk/return prospect Offer competitive total returns through Growth Dividend yield Focus on reducing risk Business Regulatory Financial Operational Offer investors an attractive risk/return prospect

Favorable Risk Profile Favorable Risk Profile

8 Stable Regulation Stable Regulation All retail customers are in a single state that continues under traditional regulation Kansas has no plans to deregulate or restructure the utility industry All generation assets are in regulated rate base Wholesale marketing Utility generation provides physical backstop Trading operations are conducted within utility operations All retail customers are in a single state that continues under traditional regulation Kansas has no plans to deregulate or restructure the utility industry All generation assets are in regulated rate base Wholesale marketing Utility generation provides physical backstop Trading operations are conducted within utility operations

9 Adequate, Low-Cost Generation Adequate, Low-Cost Generation Advantageous fuel mix 80% coal (low-sulfur PRB) 15% nuclear < 5% oil and gas Most gas capacity can also burn #6 oil providing arbitrage opportunities Strong operating performance 2000-2005 base load coal EFOR of 5.6% Nuclear performance at Wolf Creek All NRC indicators are “green” 10 year average capacity factor of 91% Expected 2006 generating capacity margin of 16% No immediate need for new base load generation Allows Westar a “wait and see” option with respect to next round of base load investment Advantageous fuel mix 80% coal (low-sulfur PRB) 15% nuclear < 5% oil and gas Most gas capacity can also burn #6 oil providing arbitrage opportunities Strong operating performance 2000-2005 base load coal EFOR of 5.6% Nuclear performance at Wolf Creek All NRC indicators are “green” 10 year average capacity factor of 91% Expected 2006 generating capacity margin of 16% No immediate need for new base load generation Allows Westar a “wait and see” option with respect to next round of base load investment (a) Assumes purchase of Spring Creek in 2006 (a)

10 Constructive Regulatory Mechanics Constructive Regulatory Mechanics Retail energy cost adjustment clause (RECA) Environmental cost recovery rider (ECRR) Transmission delivery charge (TDC) Property tax adjustment rider (PTS) Retail energy cost adjustment clause (RECA) Environmental cost recovery rider (ECRR) Transmission delivery charge (TDC) Property tax adjustment rider (PTS)

11 Retail Energy Cost Adjustment (RECA) Retail Energy Cost Adjustment (RECA) Approved December 2005 Effective February 2006 Provides protection against volatile fuel and purchased power costs Commodity markets Fluctuations in plant performance Coal delivery risk Retail rates based on month-ahead forecast Difference between month-ahead forecast and actual is accrued/deferred Monthly approach should yield only small differences Annual settlement of accrued/deferred balance Fuel clause also used to rebate “asset-based” wholesale margins as a credit to retail cost of service Approved December 2005 Effective February 2006 Provides protection against volatile fuel and purchased power costs Commodity markets Fluctuations in plant performance Coal delivery risk Retail rates based on month-ahead forecast Difference between month-ahead forecast and actual is accrued/deferred Monthly approach should yield only small differences Annual settlement of accrued/deferred balance Fuel clause also used to rebate “asset-based” wholesale margins as a credit to retail cost of service

12 Environmental Cost Recovery Rider (ECRR) Environmental Cost Recovery Rider (ECRR) Approved December 2005 Effective June 2006 based on 2005 capital expenditures Provides automatic adjustment to retail rates to reflect capital costs for emission controls 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 Operation of ECRR will significantly reduce regulatory lag for investments in pollution control equipment Approved December 2005 Effective June 2006 based on 2005 capital expenditures Provides automatic adjustment to retail rates to reflect capital costs for emission controls 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 Operation of ECRR will significantly reduce regulatory lag for investments in pollution control equipment

13 Transmission Cost Recovery (TDC) Transmission Cost Recovery (TDC) FERC formula transmission rate Allows annual adjustment to FERC transmission rate to reflect changes in the cost of service Case filed May 2005 Rates effective December 2005, subject to refund In settlement discussions Kansas statute permits automatic flow-through of FERC transmission rates into retail cost of service without having to file a retail rate case KCC approved the Transmission Delivery Charge December 2005 First adjustment will occur in July and be adjusted each July thereafter FERC formula transmission rate Allows annual adjustment to FERC transmission rate to reflect changes in the cost of service Case filed May 2005 Rates effective December 2005, subject to refund In settlement discussions Kansas statute permits automatic flow-through of FERC transmission rates into retail cost of service without having to file a retail rate case KCC approved the Transmission Delivery Charge December 2005 First adjustment will occur in July and be adjusted each July thereafter

14 Other Helpful Regulatory Mechanics Other Helpful Regulatory Mechanics Kansas statute permits annual recovery of increased property taxes without having to file a retail rate case Changes are deferred and recovered in subsequent year Operating costs of Westar’s FERC-jurisdictional co-owned Stateline Plant are recovered through FERC formula rate Westar has state regulatory approval to defer any over or under recovery between retail rate cases Kansas statute permits annual recovery of increased property taxes without having to file a retail rate case Changes are deferred and recovered in subsequent year Operating costs of Westar’s FERC-jurisdictional co-owned Stateline Plant are recovered through FERC formula rate Westar has state regulatory approval to defer any over or under recovery between retail rate cases

15 Source: EEI July 1, 2005 Low Retail Utility Rates Low Retail Utility Rates 0.0¢ 1.0¢ 2.0¢ 3.0¢ 4.0¢ 5.0¢ 6.0¢ 7.0¢ 8.0¢ 9.0¢ Westar Energy North Westar Energy South Empire District Electric (KS) Aquila (formerly West Plains, KS) Kansas City Power and Light (KS) National Average 5.8¢ 5.8¢ 6.8¢ 8.6¢ 7.0¢ Yellow bar indicates recent and proposed rate increases Lowest rates in Kansas Below the national average of 7.8¢ Lowest rates in Kansas Below the national average of 7.8¢

16 Stable, Diverse Economy Stable, Diverse Economy Retail revenue spread across diverse customer base No dominant industry No single customer makes up more than 2% of revenue Large customers spread among commercial, industrial, military and educational load Kansas has a history of being insulated from both booms and busts Diverse wholesale revenues FERC-regulated, tariff-based sales to other utilities under long-term contracts Market-based (asset-based) sales made out of available energy Energy marketing (non-asset) and energy management service Retail revenue spread across diverse customer base No dominant industry No single customer makes up more than 2% of revenue Large customers spread among commercial, industrial, military and educational load Kansas has a history of being insulated from both booms and busts Diverse wholesale revenues FERC-regulated, tariff-based sales to other utilities under long-term contracts Market-based (asset-based) sales made out of available energy Energy marketing (non-asset) and energy management service

Avenues For Growth Avenues For Growth

18 Opportunities for Growth Opportunities for Growth Native retail load growth Environmental investment Transmission investment Investments in new generation Growth in energy marketing Tax asset utilization Rate relief Native retail load growth Environmental investment Transmission investment Investments in new generation Growth in energy marketing Tax asset utilization Rate relief

19 Native Retail Load Growth Native Retail Load Growth Predictable residential customer growth of about 1% per year Consistent trend for more than 10 years Typically translates into ~2.0-2.5% retail MWh and margin growth Presently enjoying above-trend industrial and large commercial growth Refineries Recovery in aerospace Westar has benefited from military’s BRAC process With fuel clause, margins are now largely insulated from changes in fuel costs Expect more direct weather correlation Predictable residential customer growth of about 1% per year Consistent trend for more than 10 years Typically translates into ~2.0-2.5% retail MWh and margin growth Presently enjoying above-trend industrial and large commercial growth Refineries Recovery in aerospace Westar has benefited from military’s BRAC process With fuel clause, margins are now largely insulated from changes in fuel costs Expect more direct weather correlation

20 Environmental Investment Environmental Investment Westar expects to add significant rate base related to pollution controls Estimated to be as much as $620 million over 8-year planning horizon Driven by Clean Air Act Illustrative projects: Scrubbers and SCRs at LaCygne Scrubbers and low-nox burners at JEC Bag houses and mercury removal equipment Operation of Environmental Cost Recovery Rider eliminates cost and delay of traditional rate case to earn a return on these capital investments Westar expects to add significant rate base related to pollution controls Estimated to be as much as $620 million over 8-year planning horizon Driven by Clean Air Act Illustrative projects: Scrubbers and SCRs at LaCygne Scrubbers and low-nox burners at JEC Bag houses and mercury removal equipment Operation of Environmental Cost Recovery Rider eliminates cost and delay of traditional rate case to earn a return on these capital investments

21 Illustrative ECRR Mechanics Illustrative ECRR Mechanics Regulatory lag limited to 5 – 17 months Investment made on equipment not in-service at year end is not allowed depreciation recovery until the following year Regulatory lag limited to 5 – 17 months Investment made on equipment not in-service at year end is not allowed depreciation recovery until the following year Clean Air Investment (1) Year 1 Year 2 Year 3 Year 4 Year 5 Year 1 Investment 6.0 $       5.8 $       5.6 $       5.5 $       5.3 $       Year 2 Investment 23.0        22.3        21.6        21.0        Year 3 Investment 36.0        34.9        33.9        Year 4 Investment 36.0        34.9        Year 5 Investment 36.0        Total Environmental Investment - net 6.0 $       28.8 $     64.0 $     98.0 $     131.1 $    ECRR Revenues (14%) (2) 0.8 $       4.0 $       9.0 $       13.7 $     18.4 $     Cumulative ECRR Revenues 0.8 $       4.9 $       13.8 $     27.6 $     45.9 $     Note 1 – Represent 11% return and 3% depreciation recovery Note 2 - Illustration reflects only the projects publicly announced

22 Transmission Growth Transmission Growth Member of the Southwest Power Pool (SPP) Now an approved FERC RTO SPP coordinates regional planning and prioritizes transmission capital projects Westar expects sizable transmission opportunities in its control area The combination of a FERC formula rate, coupled with a state- approved, adjustable, Transmission Delivery Charge, allows Westar to benefit from making transmission investments, without having to suffer long regulatory lag Also provides protection from incoming “cost allocations” from SPP Member of the Southwest Power Pool (SPP) Now an approved FERC RTO SPP coordinates regional planning and prioritizes transmission capital projects Westar expects sizable transmission opportunities in its control area The combination of a FERC formula rate, coupled with a state- approved, adjustable, Transmission Delivery Charge, allows Westar to benefit from making transmission investments, without having to suffer long regulatory lag Also provides protection from incoming “cost allocations” from SPP

23 Investment in New Generation Investment in New Generation Near-term needs are limited to peaking capacity Acquisition of Spring Creek, subject to FERC and other conditions Favorable acquisition cost of $177/kW Existing capacity contract should serve to defray carrying cost until investment can be reflected in next rate case Additional investment in peaking generation to begin in 2007 No new base load needs until mid next decade Expenditures likely to begin ~2010 Modest opportunity to uprate Wolf Creek ~18 MW, planned for 2008 Presently a full rate case is required to adjust retail rates for generation capital additions (other than pollution control investments) Near-term needs are limited to peaking capacity Acquisition of Spring Creek, subject to FERC and other conditions Favorable acquisition cost of $177/kW Existing capacity contract should serve to defray carrying cost until investment can be reflected in next rate case Additional investment in peaking generation to begin in 2007 No new base load needs until mid next decade Expenditures likely to begin ~2010 Modest opportunity to uprate Wolf Creek ~18 MW, planned for 2008 Presently a full rate case is required to adjust retail rates for generation capital additions (other than pollution control investments)

24 Growth in Energy Marketing Growth in Energy Marketing Westar has a proven track record in energy marketing (non- asset) business In addition to matching buyers and sellers, Westar provides energy marketing services for others (typically small utilities & cities) Margins remain “below the line” for ratemaking purposes Demonstrated an ability to produce value with low risk Expected $0.02 to $0.04 per share contribution over near-term planning horizon Westar has a proven track record in energy marketing (non- asset) business In addition to matching buyers and sellers, Westar provides energy marketing services for others (typically small utilities & cities) Margins remain “below the line” for ratemaking purposes Demonstrated an ability to produce value with low risk Expected $0.02 to $0.04 per share contribution over near-term planning horizon

25 Other Opportunities for Value Other Opportunities for Value Previous divestitures of non-utility investments have produced sizeable capital losses Business plans may present opportunity to realize some of this value Up to $0.10 per share in 2006 Opportunity expires 2009 Present plans show need for rate increase as early as 2007/2008 Previous divestitures of non-utility investments have produced sizeable capital losses Business plans may present opportunity to realize some of this value Up to $0.10 per share in 2006 Opportunity expires 2009 Present plans show need for rate increase as early as 2007/2008

Financial Profile Financial Profile

27 Preliminary 2005 Results Preliminary 2005 Results Westar expects to announce 2005 results at “upper end” of $1.50-$1.60 ongoing earnings guidance Notwithstanding much higher fuel cost, the need to conserve coal, and no fuel clause in 2005, management demonstrated an ability to meet guidance in other ways Refinancing Energy marketing Lease renegotiation Westar expects to announce 2005 results at “upper end” of $1.50-$1.60 ongoing earnings guidance Notwithstanding much higher fuel cost, the need to conserve coal, and no fuel clause in 2005, management demonstrated an ability to meet guidance in other ways Refinancing Energy marketing Lease renegotiation

28 Guidance & Growth Expectations Guidance & Growth Expectations Announced guidance for 2006 of $1.55-$1.65 per share Plan to report only GAAP EPS With restructuring complete, plan to discontinue using non-GAAP “ongoing earnings” measure Announced guidance for 2007 of $1.65-$1.75 per share Reflects ~ 6% growth over 2006 guidance Guidance is subject to the risks and qualifiers outlined by management in Appendix 1 Announced guidance for 2006 of $1.55-$1.65 per share Plan to report only GAAP EPS With restructuring complete, plan to discontinue using non-GAAP “ongoing earnings” measure Announced guidance for 2007 of $1.65-$1.75 per share Reflects ~ 6% growth over 2006 guidance Guidance is subject to the risks and qualifiers outlined by management in Appendix 1

29 Longer-Term Growth Expectations Longer-Term Growth Expectations Driven by: Intrinsic retail growth ~2.0-2.5% MWh and margin growth Energy marketing (non-asset) activities Rate base additions On average, Westar estimates ~ 3–3.5% annual rate base additions in the 2007-2010 horizon Other Deliver competitive total shareholder returns Increase EPS by 3.5-5.0% Competitive yield based on 60-75% dividend payout Driven by: Intrinsic retail growth ~2.0-2.5% MWh and margin growth Energy marketing (non-asset) activities Rate base additions On average, Westar estimates ~ 3–3.5% annual rate base additions in the 2007-2010 horizon Other Deliver competitive total shareholder returns Increase EPS by 3.5-5.0% Competitive yield based on 60-75% dividend payout

30 Dividend History Dividend History As part of restructuring plan, Westar reduced dividend from $1.20 to $0.76 per share in 2003 In 2004 announced plans to begin restoring dividend November 2004 announced 21% increase to $0.92 per share Announced long-term payout target of 60%-75% of earnings February 2006 announced 8.7% further increase to indicated annual rate of $1.00 per share Dividend reflects 61%-65% of announced 2006 guidance As part of restructuring plan, Westar reduced dividend from $1.20 to $0.76 per share in 2003 In 2004 announced plans to begin restoring dividend November 2004 announced 21% increase to $0.92 per share Announced long-term payout target of 60%-75% of earnings February 2006 announced 8.7% further increase to indicated annual rate of $1.00 per share Dividend reflects 61%-65% of announced 2006 guidance

31 Dividend Guidance Dividend Guidance Continue to believe that 60%-75% long-term payout target is appropriate Balance investors’ need for current yield with opportunities for rate base growth Continue to believe that the rate of dividend growth may exceed rate of earnings growth to allow Westar to reach and maintain its long-term target payout ratio Continue to believe that 60%-75% long-term payout target is appropriate Balance investors’ need for current yield with opportunities for rate base growth Continue to believe that the rate of dividend growth may exceed rate of earnings growth to allow Westar to reach and maintain its long-term target payout ratio

Financial Strength Financial Strength

33 Current Capitalization Current Capitalization Debt  53% Preferred       1% Common         46% September 30, 2005 (millions) Debt $1,663 Preferred 21 Common 1,465 Total Capitalization $3,149 Long-term capitalization target ~ 50%/50% ratio

34 Aggressive Liability Management Aggressive Liability Management $1.7 billion of long-term debt at year end 2005 Floating rate debt of ~13%, mostly in tax-exempts Refinanced $1.3 billion of debt since June 2004 Reduced the weighted average cost of debt from 7.3% to about 5.5% Active management of maturity profile Current weighted average term of 17 years vs. 11 years at yearend 2003 $1.7 billion of long-term debt at year end 2005 Floating rate debt of ~13%, mostly in tax-exempts Refinanced $1.3 billion of debt since June 2004 Reduced the weighted average cost of debt from 7.3% to about 5.5% Active management of maturity profile Current weighted average term of 17 years vs. 11 years at yearend 2003 $0 $50 $100 $150 $200 $250 $300

35 Credit Strength Belies Current Ratings Credit Strength Belies Current Ratings Westar’s unsecured debt still rated below investment grade (BB-/Ba1/BB+) Notwithstanding, Westar debt trades at investment grade levels 2005 credit stats support investment grade trading levels EBITDA/Interest Debt/Capital 3.1x 53.6% Leaves Westar well positioned to finance upcoming rate base growth Clean air investments New generation investments Transmission investment Westar’s unsecured debt still rated below investment grade (BB-/Ba1/BB+) Notwithstanding, Westar debt trades at investment grade levels 2005 credit stats support investment grade trading levels EBITDA/Interest Debt/Capital 3.1x 53.6% Leaves Westar well positioned to finance upcoming rate base growth Clean air investments New generation investments Transmission investment

Summary & Conclusions Summary & Conclusions

37 Investment Highlights Investment Highlights Diverse customer mix / below average utility rates Reliable, low-cost generating assets Stable environment Attractive dividend policy Good growth opportunities Diverse customer mix / below average utility rates Reliable, low-cost generating assets Stable environment Attractive dividend policy Good growth opportunities Pure utility / traditional regulation Pure utility / traditional regulation

38 Proven, Capable Management Team Proven, Capable Management Team Demonstrated ability to complete successful strategic transformation Demonstrated ability to deal with adversity Thoughtful, responsible plan for customers’ and investors’ future demands Demonstrated ability to meet commitments Demonstrated ability to complete successful strategic transformation Demonstrated ability to deal with adversity Thoughtful, responsible plan for customers’ and investors’ future demands Demonstrated ability to meet commitments

Westar Energy Investor Contact Westar Energy Investor Contact Bruce Burns Director Investor Relations 785-575-8227 bruce_burns@wr.com Bruce Burns Director Investor Relations 785-575-8227 bruce_burns@wr.com

Appendices Appendices

41 Appendices-Contents Appendices-Contents Appendix 1 February 23 press release (Dividend declaration and earnings guidance) Appendix 2 Rate case recap Appendix 3 Generation operations Appendix 1 February 23 press release (Dividend declaration and earnings guidance) Appendix 2 Rate case recap Appendix 3 Generation operations

Appendix 1 Appendix 1 February 23, Press Release & Related Material February 23, Press Release & Related Material

		Media contact:
		Karla Olsen,
		senior manager, media relations
		Phone: 888.613.0003
		FAX: 316.261.6769
		karla_olsen@wr.com
		Investor contact:
		Bruce Burns,
		director, investor relations
		Phone: 785.575.8227
		bruce_burns@wr.com

WESTAR ENERGY INCREASES DIVIDEND,

PROVIDES EARNINGS GUIDANCE

Annual indicated dividend is now $1.00 per share.

TOPEKA, Kan., Feb. 23, 2006 — The Westar Energy, Inc. (NYSE:WR) Board of Directors on Feb. 22 declared a quarterly dividend of 25 cents per share on the company’s common stock payable to shareholders on April 3, 2006. The new indicated annual dividend rate is $1.00 per share, or 8.7 percent higher than the company’s previous indicated annual dividend rate.

“Over the past three years, we have made remarkable progress in strengthening our company financially and have returned to operating as a basic electric utility,” said James Haines, president and chief executive officer. “We continue to reflect this progress in our dividend while still investing in the utility business to maintain reliable service for our customers. While we are pleased to announce this increase, we remain aware of the fact that even with this increase our dividend will be well below levels of the past.”

The company affirmed that its long-term target dividend payout ratio is approximately 60 percent to 75 percent of earnings. With this dividend increase, it expects to be at the low end of this range for 2006.

The board also declared regular quarterly dividends on the company’s 4.25 percent, 4.5 percent and 5 percent series preferred stocks payable April 1, 2006.

The dividends are payable to shareholders of record as of March 9, 2006.

Page 1 of 2

Westar Energy increases dividend; announces ongoing earnings guidance

Earnings Guidance

Westar Energy also announced that it expects 2006 earnings per share of $1.55 to $1.65 and 2007 earnings per share of $1.65 to $1.75.

The attachment to this release outlines the key drivers and adjustments used in arriving at the guidance.

Conference Call

Westar Energy’s plans a conference call with the investment community to discuss 2006 earnings guidance at 4:30 p.m. Eastern Time on Feb. 23, 2006. Haines will host the call. Investors, media and the public may listen to the conference call by dialing 866-362-4820, code 33998035. Listeners may access a live webcast of the conference call via the company’s Web site, www.WestarEnergy.com. A replay of the conference call will be available from about 6:30 p.m. Eastern Feb. 23 through March 3 at 888-286-8010, Replay ID No. 25529739. The replay also will be available on the Westar Energy web site. Members of the news media may direct follow-up questions to Karla Olsen.

Westar Energy, Inc. (NYSE: WR) is the largest electric utility in Kansas, providing electric service to about 659,000 customers in the state. Westar Energy has nearly 6,000 megawatts of electric generation capacity and operates and coordinates approximately 33,000 miles of electric distribution and transmission lines.

For more information about Westar Energy, visit us on the Internet at http://www.WestarEnergy.com.

Forward-looking statements: Certain matters discussed in this news release 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 “believe,” “anticipate,” “target,” “expect,” “pro forma,” “estimate,” “intend,” “guidance” or words of similar meaning. Forward-looking statements describe future plans, objectives, expectations or goals. Although Westar Energy believes that its expectations 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 on Form 10-Q for the period ended Sept. 30, 2005 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 the company does 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.

Page 2 of 2

Attachment 1

Westar Energy, Inc.

2006 Earnings Guidance

The effects of the listed earnings drivers and adjustments are not necessarily independent of one another, and the combination of effects can cause individual impacts smaller or larger than the ranges indicated.

Appendix 2 Appendix 2 Rate Case Recap Rate Case Recap

44 Kansas Retail Rate Case Kansas Retail Rate Case Requested $84 million rate increase – May 2005 KCC ordered net $3 million rate increase – December 2005 $38 million base rate increase $35 million credit to retail customer through fuel clause related to wholesale margins from rate-based generation KCC order included constructive measures Retail energy cost adjustment (RECA) Environmental cost recovery rider (ECRR) Transmission delivery charge (TDC) Property tax adjustment rider (PTS) Requested $84 million rate increase – May 2005 KCC ordered net $3 million rate increase – December 2005 $38 million base rate increase $35 million credit to retail customer through fuel clause related to wholesale margins from rate-based generation KCC order included constructive measures Retail energy cost adjustment (RECA) Environmental cost recovery rider (ECRR) Transmission delivery charge (TDC) Property tax adjustment rider (PTS)

45 Key Calculations in Retail Case Key Calculations in Retail Case KCC jurisdictional rate base of $2.2 billion Excludes $320 million FERC jurisdictional rate base Allowed rate of return – summarized KCC jurisdictional rate base of $2.2 billion Excludes $320 million FERC jurisdictional rate base Allowed rate of return – summarized % of Capital Component Cost WACC Common equity 44.59% x 10.00% = 4.46% Post 1970 ITC 2.31% x 7.89% = 0.18% Preferred Stock 0.69% x 4.55% = 0.03% Long Term Debt 52.41% x 6.14% = 3.22%    Weighted cost of capital 7.89%

46 Treatment of Market-Based Wholesale Margins Treatment of Market-Based Wholesale Margins KCC requires that Westar credit to customers an amount equal to the prior three year average of such margins Rejected Westar’s request for incentive-based sharing Required margin sharing for 2006 is about $35 million Had rates been in effect for a full year, the required credit would have been $41 million Three year average, and corresponding required credit, will be adjusted annually If Westar falls short of the average margin, it will serve to reduce earnings If margins exceed the three year average, Westar will produce current income, even though the higher margins will “raise the bar” for the ensuing three-year period Energy Marketing (i.e., non-asset) margins continue to be accounted for below the line KCC requires that Westar credit to customers an amount equal to the prior three year average of such margins Rejected Westar’s request for incentive-based sharing Required margin sharing for 2006 is about $35 million Had rates been in effect for a full year, the required credit would have been $41 million Three year average, and corresponding required credit, will be adjusted annually If Westar falls short of the average margin, it will serve to reduce earnings If margins exceed the three year average, Westar will produce current income, even though the higher margins will “raise the bar” for the ensuing three-year period Energy Marketing (i.e., non-asset) margins continue to be accounted for below the line

Appendix 3 Appendix 3 Operations Operations

48 Competitive Low-Cost Generation Portfolio Competitive Low-Cost Generation Portfolio Energy Generated Fuel Cost by Source $/MWh 2005 Coal 79% Gas/Oil 7% Uranium 14% Avg. Fuel Cost: $15.36

49 Load and Capability Forecast Load and Capability Forecast 0 1,000 2,000 3,000 4,000 5,000 6,000 2006 2007 2008 2009 16% 14% 14% 12% Capacity Margin System Peak Responsibility Assumes purchase of Spring Creek in 2006

50 Coal Supply Coal Supply Westar-operated plant supply (80%) 75% under contract through 2020 (10+ MM tons/yr) 70% has no market openers 30% reopened on price every 5 years Next reopening in 2008 All volumes have cost escalators 25% under contract until 2007 – 2009 (3.5 MM tons/yr) 100% at fixed price or capped through 2007 70% at fixed price or capped through 2009 Co-owned plant supply managed by GXP (20%) Fixed price volumes under contract ’05 ‘06 ’07 ’08 100%  100% 82% 25%

51 Generating Plant Performance Generating Plant Performance 99% 86% 75% 76% 6% 8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Coal Nuclear Intermediate & Peaking 2004 2005 Capacity Factors 2005 nuclear performance reflects a refuel outage