Great Plains Energy 8K Regulation FD Disclosure | GXP 10 Apr 08

Great Plains Energy

Wall Street Access and
Berenson & Company
Midwest Utilities Seminar

April 10, 2008

William Downey, CEO

Kansas City Power & Light

Michael Cline, VP - Investor Relations and Treasurer

Great Plains Energy

Exhibit 99.1

FORWARD-LOOKING STATEMENTS

Statements made in this release that are not based on historical facts are forward-looking, may involve risks and
uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to,
statements regarding projected delivered volumes and margins, the outcome of regulatory proceedings, cost estimates of
the comprehensive energy plan and other matters affecting future operations. In connection with the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995, the registrants are providing a number of important factors that could
cause actual results to differ materially from the provided forward-looking information. These important factors include:
future economic conditions in the regional, national and international markets, including but not limited to regional and
national wholesale electricity markets; market perception of the energy industry, Great Plains Energy and KCP&L; changes in
business strategy, operations or development plans; effects of current or proposed state and federal legislative and
regulatory actions or developments, including, but not limited to, deregulation, re-regulation and restructuring of the electric
utility industry; decisions of regulators regarding rates KCP&L can charge for electricity; adverse changes in applicable laws,
regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not limited to,
air and water quality; financial market conditions and performance including, but not limited to, changes in interest rates and
in availability and cost of capital and the effects on pension plan assets and costs; credit ratings; inflation rates;
effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual
commitments; impact of terrorist acts; increased competition including, but not limited to, retail choice in the electric utility
industry and the entry of new competitors; ability to carry out marketing and sales plans; weather conditions including
weather-related damage; cost, availability, quality and deliverability of fuel; ability to achieve generation planning goals and
the occurrence and duration of unplanned generation outages; delays in the anticipated in-service dates and cost increases
of additional generating capacity; nuclear operations; ability to enter new markets successfully and capitalize on growth
opportunities in non-regulated businesses and the effects of competition; workforce risks including compensation and
benefits costs; performance of projects undertaken by non-regulated businesses and the success of efforts to invest in and
develop new opportunities; the ability to successfully complete merger, acquisition or divestiture plans (including the
acquisition of Aquila, Inc., and Aquila’s sale of assets to Black Hills Corporation); risks that the transaction for Strategic
Energy, L.L.C. may not close and other risks and uncertainties. Other risk factors are detailed from time to time in Great
Plains Energy’s most recent quarterly report on Form 10-Q or annual report on Form 10-K filed with the Securities and
Exchange Commission. This list of factors is not all-inclusive because it is not possible to predict all factors.

Forward Looking Statement

¾ $2.1 billion market capitalization

¾ $4.8 billion in total assets as of 12/31/07

¾ $3.3 billion in revenues as of 12/31/07

¾ $133.4 million of core earnings or $1.57/share in 2007*

Regulated electric utility:

• $146.4 million in core earnings or
$1.72/share in 2007

• 506,000 customers in KS and MO

• Total generation capacity: 4,048 MWs

Comprehensive Energy Plan

GXP is expanding its regulated platform with
the proposed Aquila transaction

Competitive retail electricity provider:

• $7.6 million in core earnings or
$0.09/share in 2007

• Serving approximately 109,000
accounts & 25,700 customers

GXP announced sale of business

*Also includes $(20.6) million of other earnings that includes the company’s investments in

affordable housing and unallocated corporate charges.

Note: All numbers as of year-end 2007

Great Plains Energy Overview

GXP - - A Compelling Investment Thesis

• Realizable growth in regulated business:

¾ Focused strategy with anticipated sale of Strategic Energy in Q2 2008

¾ Aquila transaction complements KCP&L and adds scale and scope

¾ Rate base growth at KCP&L driven by Comprehensive Energy Plan

• Low-cost generating platform; high reliability and customer satisfaction
levels in our distribution business

• Attractive investment profile:

¾ Solid dividend with future growth potential - current dividend yield
approximately 6.6%

¾ Solid investment grade rating

¾ Executing our growth plan

üNovember 2007, GXP announced intent to evaluate strategic
alternatives for Strategic Energy

üApril 2008, announced definitive agreement for sale of the
business to Direct Energy, a subsidiary of Centrica, plc

¾ Price - $300 million in cash including working capital (approximately
$120 million at 12/31/07); to be adjusted for working capital and
severance adjustments at close

• Expect to complete sale in late Q2 2008

• Cash will be used to offset some of Great Plains Energy’s 2008
anticipated financing needs

Strategic Energy Update

Impact on Great Plains Energy

Expected Cash Proceeds

Additional Benefits

• In addition to the cash proceeds from
the transaction, there are also several
additional benefits to Great Plains
Energy from the sale of Strategic
Energy:

¾ Reduction in overall Company
credit support due to fewer letters
of credit and guarantees
outstanding

¾ Reduced volatility in the GAAP
income statement due to the
elimination of Strategic Energy’s
mark-to-market accounting

¾ A reduction in imputed debt from
the rating agencies

¾ Great Plains Energy’s management
team’s sole focus will be the core
utility business

• The purchase price of $300 million is
subject to various closing adjustments
including working capital (as defined in
the agreement) and severance
adjustments

After Tax Cash Proceeds to Great Plains

$269.2

$287.8

	Amount ($mm)
Purchase Price from Direct Energy*	$300.0
Approx. Tax Basis in Strategic**	$225.0
Difference	$ 75.0
Taxes Due at 38%	$ 29.0
Approximate after tax cash proceeds to Great Plains Energy	$271.0*

* Subject to adjustments for working capital and severance

** As of 12/31/07

Aquila Acquisition
Update

FORGING A STRONGER

REGIONAL UTILITY

ü Strong support for transaction from
shareholders of both companies

ü FERC approval received

ü Nebraska, Iowa, & Colorado approval of Black
Hills transaction

ü Kansas approval for Black Hills and Great
Plains Energy transactions

• Missouri hearings to begin April 21

• Transaction currently anticipated to close in
Q2 2008

Aquila Transaction Update

• Allowed recovery of $10 million of transition costs as five-year
amortization starting with rates effective for Iatan 2 case
(anticipated in Fall 2010)

• Due to regulatory lag, no material synergy give-back until rates
set in the Iatan 2 rate case

• No tracking of synergies

• No litigation of merger costs or synergies

Kansas Agreement

Previous “ask”	Current “ask”
•Immediate approval for retention of 50% of utility operational synergies ($260 million net of transition costs) over 5 years	•Recovery of utility operational synergies through traditional ratemaking process •Regulatory lag expected to provide opportunity for the retention of approximately 50% of the synergies
•Recovery of 50% of transition costs ($45 million) over 5 years	•Recovery of 100% of updated transition cost ($58.9 million) over five years
•Recovery of 100% of the transaction costs ($95 million) over 5 years	•Recovery of 100% of the revised transaction costs ($64.9 million) over 5 years •Company no longer requesting recovery of CIC and Rabbi Trust for Senior Aquila officers
•Recovery requested of actual interest costs in Aquila customer rates	•No recovery of Aquila actual interest costs in excess of equivalent investment grade costs
•Authorization to use additional amortizations in Aquila rate cases to meet credit metrics, consistent with KCP&L’s treatment	•Will include as a component in a future regulatory plan for Aquila

Amounts shown are total amounts before allocations between Missouri and Kansas jurisdictions.

Great Plains Energy expects to realize $675 million of total savings
and synergies over five years

Interest Savings

Corporate Retained
& Merchant Savings

$302

$305

$68

$120

$131

$54

$27

$275

Significant Synergies Expected

Missouri Hearings,
Approval and Close

Shareholders
receive benefits
of synergies

File rate case

Shareholders
receive benefits
of new synergies

Rates effective

Path to Synergy Sharing

• KCP&L is weathering turbulent markets effectively:

¾ Converted entire auction rate debt portfolio to fixed rate

¾ Issued $350 million of new 10-year bonds at 6.375%

• Proceeds from sale of Strategic Energy to partially offset 2008
financing needs

Strong Liquidity and Capital Markets
Access

William Downey, CEO

Kansas City Power & Light

• Headquartered in Kansas City,
Missouri

• Engage in the generation,
transmission, distribution and sale of
electricity

• $4.3 billion in assets at year-end 2007

• Serve approximately 506,000
customers located in western Missouri
and eastern Kansas

• Total generation capacity: 4,048 MWs

• Regulated by commissions in two
states:

KCP&L Service Territory

Coal

Gas

Nuclear

Oil

KCP&L

Missouri:

¾ Public Service Commission of the State of Missouri (MPSC)

¾ KCP&L’s MO jurisdictional revenues averaged 57% over the last 3 years

Kansas:

¾ The State Corporation Commission of the State of Kansas (KCC)

¾ KCP&L’s KS jurisdictional revenues averaged 43% over the

last 3 years

KCP&L Overview

EEI Edison Award - - Kansas City Power & Light was recognized for distinguished leadership,
innovation and contribution to the advancement of the electric industry for its Comprehensive
Energy Plan collaboration. (June 2007)

EEI Outstanding Customer Service Award voted Kansas City Power & Light the winner of
this award for medium-sized utility. (May 2007)

J.D. Power and Associates recognizes Tier 1 performance. In the Midwest, KCP&L
ranks No. 1 on Communications; No. 2 on Power Quality and Reliability, and Billing and
Payment; and No. 3 in Overall Satisfaction. (February 2007)

2007 ReliabilityOne™ National Reliability Excellence Award presented by PA Consulting
Group to Kansas City Power & Light as the most reliable electric utility nationwide. (October
2007)

EEI Emergency Assistance Award for outstanding efforts to assist fellow utilities in power
restoration during 2007. (January 2008)

2007 Mid-America Regional Council’s Regional Leadership Award presented to Kansas
City Power & Light for its outstanding environmental initiatives in metropolitan Kansas City.
(June 2007)

David Garcia Award for Environmental Excellence presented by Bridging the Gap for the
groundbreaking Collaborative Agreement with Sierra Club and Concerned Citizens of
Platte County. (October 2007)

Recognized Excellence in 2007

Other

Residential:

• 446,100 customers

• Revenues: $433.8 million

• 5,597 MWh sales

Commercial:

• 57,600 customers

• Revenues: $492.1 million

• 7,737 MWh sales

Industrial:

• 2,300 industrial customers,

• Revenues: $106.8 million

• 2,161 MWh sales

Customer Mix Based on 2007 Revenues

Note: All numbers as of year-end 2007

KCP&L - A Steady Retail Customer Base

Source: “EEI Typical Bill Rankings Report and Typical Bill/Avg Rates Report for 12 month ended June
2007” Note: all rate actions after June 30, 2007 are not reflected in this chart including KCP&L’s new
annual rate increases in MO and KS that were implemented January 1, 2008

KCP&L Prices Compare Favorably on
National & Regional Basis

Wind 1%

Natural Gas & Oil - 3%

Nuclear - - 24%

Coal - - 72%

$1.23

$0.45

$7.30

Fuel costs in cents per

Net KWh generated

Fuel Mix

Fuel Costs

Strong, low cost coal and nuclear generation provides KCP&L stable,

competitive generation fleet in a volatile market

Note: All numbers as of year-end 2007

Low-Cost Diverse Generating Fleet

Q4 2006 - Q4 2007

2005 - - 2007

KCP&L Wholesale Power Performance

Impact of unplanned

outages in Q1 &Q2

10%

20%

30%

40%

50%

60%

70%

80%

90%

Q1 05

Q2 05

Q3 05

Q4 05

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Equivalent Availability Factor

Capacity Factor

Base Load Coal Fleet

Equivalent Availability / Capacity

Spearville Wind Energy Facility

ü 100MW completed on schedule and on budget

LaCygne

ü Phase 1: Unit 1 SCR - Completed on schedule, under budget, and
performing per specification

• Phase 2: Unit 1 - bag house and scrubber environmental upgrades:

¾ Project Definition Report completed in Q3 2007

¾ Revised cost estimates higher than initial estimates

Iatan Unit 1

• AQCS Environmental Project to be completed late 2008 - early 2009

Iatan Unit 2 Construction

• Cost / schedule re-assessment underway; results available in Q2

Comprehensive Energy Plan Progress

• Develop long range resource plan and file Integrated Resource Plan in
Missouri in August 2008

• Continue to engage community and regulators to develop energy
efficiency and demand response as resource alternatives:

¾ Potential energy efficiency projects designed to reduce annual

electricity demand 100MW by 2010; additional 200MW by 2012

• Continue development of environmental and renewable generation
alternatives

• Potential to pursue an additional 400MW wind generation:

¾ 100MW by 2010 and additional 300MW by 2012

• Expected future Phase 3 environmental upgrades at LaCygne Unit 2 for
BART

Developing Collaborative Resource
Strategy

		Annual Revenue Increase
Rate Case	Order Date	Traditional	Additional Amortization	Total	Rate Base	Return on Equity	Rate- making Equity Ratio	Rate of Return
MO	12/6/07	$24.6	$10.7	$35.3	$1,298	10.75%	58%	8.68%
KS	11/20/07	$17.0	$11.0	$28.0	n/a	n/a	n/a	n/a

$ in millions

•Primary driver of 2007 rate cases was La Cygne Unit 1 SCR

•2007 Kansas rate case:

¾ Negotiated settlement

¾ Energy cost adjustment implemented

¾ Energy efficiency rider implemented

•Missouri and Kansas rate cases expected to be filed in summer 2008;

primary driver will be Iatan Unit 1 AQCS

Regulatory Update

2009 and beyond: Extend the platform

• Include Iatan 1 AQCS in rates effective in 2009

• Complete Iatan 2 and incorporate into rates in 2010

• Fully integrate Aquila and demonstrate ability to deliver on
synergies

• Pursue Collaborative Resource Strategy initiatives

A Path to Growth

Great Plains Energy

Wall Street Access and
Berenson & Company
Midwest Utilities Seminar

April 10, 2008

Core earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes the effects of certain unusual items and mark-to-market gains and losses on energy
contracts. Great Plains Energy believes core earnings provides to investors a meaningful indicator of its results that is comparable among periods because it excludes the effects of items that
may not be indicative of Great Plains Energy’s prospective earnings potential. Core earnings is used internally to measure performance against budget and in reports for management and the
Board of Directors and are a component, subject to adjustment, of employee and executive incentive compensation plans. Investors should note that this non-GAAP measure involves
judgments by management, including whether an item is classified as an unusual item, and Great Plains Energy’s definition of core earnings may differ from similar terms used by other
companies. The impact of these items could be material to operating results presented in accordance with GAAP. Great Plains Energy is unable to reconcile core earnings guidance to GAAP
earnings per share because it does not predict the future impact of unusual items and mark-to-market gains or losses on energy contracts.

Great Plains Energy (GXP) Inactive 8-KRegulation FD Disclosure