Great Plains Energy
Merrill Lynch
Power and Gas Conference
September 23-24, 2008
Exhibit 99.1
Terry Bassham, CFO
Executive Vice President
Finance & Strategic Development
Executive Vice President
Finance & Strategic Development
1
Statements made in this presentation that are not based on historical facts are forward-looking, may involve
risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include,
but are not limited to, the outcome of regulatory proceedings, cost estimates of the Comprehensive Energy Plan
and other matters affecting future operations. In connection with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, the registrants are providing a number of important factors that could
cause actual results to differ materially from the provided forward-looking information. These important factors
include: future economic conditions in 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, Kansas City Power & Light Company (KCP&L) and Aquila, which is doing business as KCP&L Greater
Missouri Operations Company (KCP&L GMO); changes in business strategy, operations or development plans;
effects of current or proposed state and federal legislative and regulatory actions or developments, including, but
not limited to, deregulation, re-regulation and restructuring of the electric utility industry; decisions of regulators
regarding rates KCP&L and KCP&L GMO can charge for electricity; adverse changes in applicable laws,
regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not
limited to, air and water quality; financial market conditions and performance including, but not limited to,
changes in interest rates and credit spreads and in availability and cost of capital and the effects on 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 planned and unplanned generation outages; delays in the anticipated in-service dates
and cost increases of additional generating capacity and environmental projects; nuclear operations; workforce
risks, including retirement compensation and benefits costs; the ability to successfully integrate KCP&L and
KCP&L GMO operations and the timing and amount of resulting synergy savings; and other risks and
uncertainties. Other risk factors are detailed from time to time in Great Plains Energy’s and KCP&L’s most recent
quarterly reports on Form 10-Q or Annual Reports 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.
risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include,
but are not limited to, the outcome of regulatory proceedings, cost estimates of the Comprehensive Energy Plan
and other matters affecting future operations. In connection with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, the registrants are providing a number of important factors that could
cause actual results to differ materially from the provided forward-looking information. These important factors
include: future economic conditions in 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, Kansas City Power & Light Company (KCP&L) and Aquila, which is doing business as KCP&L Greater
Missouri Operations Company (KCP&L GMO); changes in business strategy, operations or development plans;
effects of current or proposed state and federal legislative and regulatory actions or developments, including, but
not limited to, deregulation, re-regulation and restructuring of the electric utility industry; decisions of regulators
regarding rates KCP&L and KCP&L GMO can charge for electricity; adverse changes in applicable laws,
regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not
limited to, air and water quality; financial market conditions and performance including, but not limited to,
changes in interest rates and credit spreads and in availability and cost of capital and the effects on 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 planned and unplanned generation outages; delays in the anticipated in-service dates
and cost increases of additional generating capacity and environmental projects; nuclear operations; workforce
risks, including retirement compensation and benefits costs; the ability to successfully integrate KCP&L and
KCP&L GMO operations and the timing and amount of resulting synergy savings; and other risks and
uncertainties. Other risk factors are detailed from time to time in Great Plains Energy’s and KCP&L’s most recent
quarterly reports on Form 10-Q or Annual Reports 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
2
Regulated vertically integrated electric utility
operations:
operations:
• $7.7 billion in assets*
• $1.9 billion in revenues*
• $2.7 billion market cap - NYSE:GXP
• Approx. 800,000 customers in KS and MO
• Low retail utility rates
• Total generation capacity of over 5,700 MWs
Solid Midwest electric utility - KCP&L Brand
Capable, experienced management team
Investment grade credit rating
Building a platform for long-term earnings
growth:
growth:
Additions to rate base
Synergies from Aquila transaction
Annualized dividend of $1.66/share
* Based on unaudited proforma financial statements filed in 8K dated August 13, 2008
Great Plains Energy Business Overview
3
• Rate base growth through KCP&L’s Comprehensive
Energy Plan and plant investments by KCP&L GMO
(Aquila)
Energy Plan and plant investments by KCP&L GMO
(Aquila)
• Aquila integration and synergy target attainment
• Rate case filings to include investments in rate
base and to share synergies with customers
base and to share synergies with customers
Three Key Initiatives
4
Mike Chesser - CEO
37 years experience
Terry Bassham - CFO
22 years experience
Bill Downey - COO
37 years experience
John Marshall - EVP
Utility Operations
32 years experience
•Accounting
•Finance and IR
•Risk Management
•Strategic Planning
•Internal Audit
•Construction
•Regulatory
•Public Affairs
•Business Planning
•Utility Operations
•Supply - Generation
•Delivery - T&D
•Corporate Services
Leadership Team members have an average of
23 years of industry experience
Direct Reports’ Average
Years of Industry Experience
17 years
23 years
20 years
Current Key
Responsibilities
Experienced Management Team
Aligned to Succeed
Aligned to Succeed
Comprehensive Energy Plan
& KCP&L GMO Plant Investments
6
Spearville Wind Energy Facility
ü 100MW completed on schedule and under budget
LaCygne
ü Phase 1: Unit 1 SCR - Completed on schedule, under budget, and
performing per specification
performing per specification
• Phase 2: Unit 1 - bag house and scrubber environmental upgrades:
>Project Definition Report completed in Q3 2007
>Evaluating upgrade of Unit 2 at the same time
Iatan Unit 1
• Expected to be in-service early 2009
Iatan Unit 2 Construction
• Expected to be in-service summer 2010
Comprehensive Energy Plan
7
Total Iatan 2 Cost per KW
Combined Company
Integration of the Aquila Transaction &
Synergy Attainment
9
Integration Coordination
Scope of the effort
• 805,100 customers across
47 counties in MO and KS
covering 17,934 sq. miles
47 counties in MO and KS
covering 17,934 sq. miles
• 3,170 employees - - including
920 new hires
920 new hires
• 30 office/service center
locations
locations
• 9 generation plant sites and
10 peaking facilities
10 peaking facilities
• 3,309 miles transmission,
24,466 miles distribution,
and 322 substations
24,466 miles distribution,
and 322 substations
• Gas and electric assets
purchased by Black Hills that
support more than 800,000
customers in 4 other states
purchased by Black Hills that
support more than 800,000
customers in 4 other states
11
Early Integration Successes
Infrastructure
• Combined several key systems (billing, accounting, HR) as well as telecom and
network platforms into a single KCP&L version for each
network platforms into a single KCP&L version for each
Operations
• Two Aquila unions consolidated into the three existing KCP&L unions
• Training initiated to align work rules, safety rules, and construction specs
• Integrated T&D
• Work management system up and running
• Supply team actively procuring fuel and purchased power
• Expanded generating fleet is meeting its operational requirements
Customer Service
• Call Center operations integrated
• Accomplished two complete billing cycles
11
Great Plains expects to realize $675 million of total savings and
synergies over five years
synergies over five years
Interest Savings
Corporate Retained
& Merchant Savings
& Merchant Savings
$302
$305
$68
$120
$131
$54
$27
$275
Significant Synergies Expected
12
Missouri Hearings, Approval
and Close
and Close
Shareholders
receive benefits of
synergies
receive benefits of
synergies
File Rate Case
File Rate Case
Shareholders
receive benefits of
new synergies
receive benefits of
new synergies
Rates Effective
Rates Effective
Path to Synergy Sharing
Recent Rate Case Filings
for Recovery of Investments
& Sharing of Synergies
14
Business Week July 24, 2008
Missouri and Kansas Rates Below
National Average
National Average
15
• Requested ROE reasonable based on extensive cost of capital analysis
• Capital structure based on Great Plains Energy consolidated capital structure
>Excludes short-term debt
>Per the Aquila transaction approval, Kansas filing excludes Aquila cap structure
impact and synergies
Summary of Rate Cases
16
Requested Capital Structure - Missouri
Requested Capital Structure - Kansas
Note *1: Cost of debt varies by case as follows:
KCPL MO- 6.32%, GMO MPS- 6.851%, GMO L&P (electric and steam)- 7.634%
Requested Capital Structure
17
$1.0
$4.3
$1.5
KCP&L GMO
$2.8
KCP&L
$2.4
$1.1
$2.3
Rate Cases Filed
8/5/2008
KCP&L Historical Rate Base
Aquila (KCP&L GMO)
Historical Rate Base
Rates Effective
1/1/2007
Rates Effective
1/1/2008
Rates Effective
5/31/2007
Rates Effective
3/1/2006
Projected Combined Rate Base
March 31, 2009
(in billions)
• Iatan 2 CWIP at 6/30/08 is approximately $500 million
Rate Base Growth
18
Applications filed
with MPSC
with MPSC
Sept. 5, 2008
Staff conducts audit
of entire operations
of entire operations
Now - - March 2009
Update of revenue
requirement model
based on Oct. 31,
2008. Submitted
approx. Jan. 1, 2009
requirement model
based on Oct. 31,
2008. Submitted
approx. Jan. 1, 2009
Staff and interveners
file
file
March 2009
Rebuttal testimony
March 2009
Pre-hearing
conference
conference
April 2009
True-up of revenue
requirement model
based on April 30,
2009 & submitted
early June 2009
requirement model
based on April 30,
2009 & submitted
early June 2009
Hearings
May 2009
Briefs
June 2009
Decision
July 2009
Rates implemented
August 5, 2009
Projected Missouri Regulatory Timeline
19
2009 and beyond: Extend the platform
• Complete and include Iatan 1 AQCS and Sibley environmental work in
rates effective in 2009
rates effective in 2009
• Include Crossroads plant in rates effective 2009
• Integrate Aquila and deliver synergies
• Evaluate 400 MW of additional wind
• Complete and include Iatan 2 in rates effective 2010
• Additional environmental spending at LaCygne 1 and potentially LaCygne 2
and Montrose
and Montrose
• Continue with sound strategic planning to effectively meet future
generation requirements and as an industry leader in energy efficiency
generation requirements and as an industry leader in energy efficiency
• Increase earnings driven by investments, synergies, and enhanced by
opportunities for organic service territory growth
opportunities for organic service territory growth
• Expected dividend growth, with a traditional target payout ratio, to follow
A Path to Growth