Great Plains Energy (GXP) 8-K Regulation FD Disclosure

Great Plains Energy

Year-end and Fourth Quarter 2008
Earnings PresentationFebruary 11, 2009

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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, 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 regional, national and international markets and their effects on sales, prices and costs,
including but not limited to possible further deterioration in economic conditions and the timing and extent of any economic recovery;
prices and availability of electricity in regional and national wholesale markets; market perception of the energy industry, Great Plains
Energy, Kansas City Power & Light (KCP&L) and KCP&L Greater Missouri Operations Company (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 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 nuclear decommissioning trust and 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 and their
effects on sales, prices and costs; 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 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

Great Plains Energy

Year-end and Fourth Quarter 2008
Earnings PresentationFebruary 11, 2009

Mike Chesser,

Chairman and CEO

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Renewed focus on our utility roots:

Sale of Strategic Energy

Acquisition of Aquila

Significant Progress on our Comprehensive Energy Plan

2008 - A Transformational Year……

4

Growing economic and financial market uncertainty and
deterioration have imposed increasing constraints on availability of
internal capital and cost of external capital

Internal

–Customer demand growth significantly lower than historical levels

–Cost increases / regulatory lag

External

–Volatile capital markets

–Significant increase in cost of capital

……And a Challenging Year

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Implications for 2009 Guidance,

Operations, and Dividend

Proactive, Responsive, and Prudent Measures

•Lowering 2009 guidance from $1.30 - $1.60 to $1.10 - $1.40

•Eliminating or deferring additional 2009-10 capital expenditures

•Suspended external hiring for all but essential skills

•Tightly managing O&M expense

•Reducing common stock dividend by 50% effective in 1Q09

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Source:Capital IQ

*Represents payout ratio based on midpoint of 2009 GPE management guidance of $1.45 per share issued in November 2008

*

*

• Source of valuable internal capital - reduces capital

markets risk

Dividend Reduction Rationale

•Difficult economic and financial market conditions / uncertainty
regarding timing and degree of recovery warrant additional financial
flexibility

•Outlier compared to industry in terms of yield and payout

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Result of today’s proactive, responsive, prudent actions:

Increases financial flexibility to better weather current market conditions

Improves expected EPS and credit metrics

Provides a balance between financing plans and dividend payout that

should optimize access to equity and debt markets over time

Offers a dividend payout and yield that is competitive in the utility

space

Long-term Flexibility and Positioning

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2009 and beyond: Extend the platform

•Re-deployment of capital from dividend reduction to strengthen utility platform

•Integrate GMO and deliver synergies

•Complete and include Iatan 1 AQCS and GMO environmental projects in

       rates effective in 2009

•Complete Iatan 2

•Entered into an agreement to acquire 32 wind turbines

•KCP&L option to construct 35-turbine project by May 2010

•Additional environmental spending at LaCygne 1, LaCygne 2 and Montrose

•Continue with sound strategic planning to effectively meet future

      generation requirements and be an industry leader in energy efficiency

Our Path to Growth remains intact

Path to Growth

Financial Overview

Terry Bassham, CFO

Executive Vice President

Finance & Strategic Development

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2009 Earnings Per Share
Guidance Bridge

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•Additional 2009-10 capex reduction of $170 million

from November 2008 estimates

Projected Capital Expenditures

2009-2011

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Financing Requirements - Sources
Uses of Cash 2009 - 2011

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Great Plains Energy 2009

Guidance Range $1.10 -$1.40

Revenue:

Normal weather

Retail (weather-normalized)

2009- Retail MWh sales volume decline of (0.7%) compared to 2008

(previous estimate 0.5% growth)

2010-11 - Retail MWh sales volume growth averages 1.4% annually

(previous estimate ~1% annually, but off a higher assumed ’09 base)

New wholesale margin threshold for KCP&L-MO of $92.5 million (subject to true-

up effective with new rates in August 2009

Key Assumptions

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Key Assumptions Continued

•Finance

Dividend reduced to $0.83/share

$200 million of total equity issuance in 2009 - 2010; $200 million in 2011

(previous: $200 million of equity in 2009; total $400 additional 2010-2011)

$400 million of new long-term KCP&L debt in 2009;

Issuing $950 million over 2010/2011 ($487 maturing; rest new debt)

(previous:$850 - $950 million of new debt over 2009-11)

No refinancing of GMO debt prior to maturity

Amortization of GMO debt write-up reduces pre-tax interest expense by

       approximately $32 million per year in 2009-11

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Regulatory

Approval of the rate request in Kansas and Missouri with new rates in effect late summer
2009

New rates in “Iatan 2 case” in effect summer 2010 in KS, and fall 2010 in MOAssumed ROE of 11%(previous 10.75%)

Plant Performance

Equivalent Availability Factor (EAF) and Capacity Factor (CF) for fossil fleet for 2009 of
~80% and 77%, respectively; in 2010-11, EAF in 80%-85% range and CF relatively
constant

Wolf Creek plant performance at historical levels

Resource and portfolio mix of ~ 86% generation and 14% purchased energy

Fuel Expense

67% covered by FAC

Approximately all of 2009, 60% of 2010, and 40% of 2011’s

coal requirements are under contract

(Previous: approximately 85% of 2009, 45% of 2010, and 15% of 2011)

Key Assumptions Continued

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Capital Expenditures

Additional reduction of $140 million of 2009-11 capex

Previous cost and schedule disclosures for Iatan 2

No wind in capex projections until 2011

Reduced spending on LaCygne environmental in 2009 - 10

No additional environmental mandates

Tax

The marginal tax rate before credits relatively constant at 38.9%

Tax credits and the non-tax affect of AFUDC equity reduces average effective tax

rate to approximately 30.8%

NOLs - No earnings benefit, but $100 million of NOLs available

annually in 2009 - 2012 to reduce cash taxes

Key Assumptions Continued

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• Iatan 2 AFUDC equity rates for KCP&L KS and KCP&L MO are

8.30% and 8.25%, respectively, until new rates effective in 2009

CWIP Projections 2009 - 2011

AFUDC Projections 2009 - 2011

CWIP and AFUDC Projections

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Earnings Per Share By Segment

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Core Earnings

Key Earnings Drivers:

+7% increase in retail revenue due to new rates

+Increase in KCP&L’s equity component of AFUDC of $6.3 million

- GMO loss of $0.7 million or $(0.01) per share

- 5% lower total KCP&L revenue driven by a $30.7 million decline in wholesale as

a result of lower prices and a 32% decrease in MWh sales (due primarily to Iatan

outage)

- Higher KCP&L O&M costs and higher depreciation and amortization expense

- Dilution of $0.05 caused by shares issued in connection with GMO transaction

$34.7

$15.7

4Q ‘07

4Q ‘08

(millions except
where
indicated)

$16.4

KCP&L

KCP&L

GMO

$(0.7)

4Q ‘08Utility
Total

Core Earnings Per Share

$0.40

$0.13

4Q ‘07

4Q ‘08

KCP&L

KCP&L

GMO

$0.14

$(.01)

4Q ‘08Utility
Total

Electric Utility Fourth Quarter Results

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Core Earnings

Core Earnings Per Share

$146.4

$162.8

$1.72

$1.61

(millions except
where
indicated)

YTD ‘07

YTD ‘08

YTD ‘07

YTD ‘08

Earnings Drivers:

+ GMO contribution of $17.9 million or $0.17 per share in 2008

+ Increase in KCP&L’s equity component of AFUDC of $20.0 million

+ Increased retail revenue of $61.8 million, primarily from new retail rates

at KCP&L effective 1/08

- Mild summer weather with a 27 percent decrease in cooling degree days

-Increased purchased power of $18.0 million due to increased average prices and an

increase in MWh’s purchased resulting from plant outages

-Higher interest expense, higher O&M, and higher fuel

-Dilution of $0.30 per share caused by shares issued in connection with

   GMO transaction

Includes KCP&L for full-year and GMO results for the period 7/14/08 - 12/31/08

KCP&L

GMO

YTD ‘08 Utility
Total

KCP&L

KCP&L

KCP&L

YTD ‘08 Utility
Total

$0.17

$1.44

$17.9

$144.9

GMO

Electric Utility Year-to-Date Results

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Core Earnings

Core Earnings Per Share

$(0.05)

$(0.08)

Key Earnings Drivers:

The YTD greater core loss is primarily attributable to a $5.4 million loss

from GMO’s non-utility activities

$(6.4)

$(7.2)

(millions except
where
indicated)

4Q ‘07

4Q ‘08

4Q ‘07

4Q ‘08

Core Earnings

$(20.5)

$(24.3)

YTD ‘07

YTD ‘08

$(0.24)

$(0.24)

Includes KCP&L for the full-year and GMO results for the period 7/14/08 - 12/31/08

GXP “Other” Results

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Liquidity

William H. Downey,
President and COO

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•On track to meet our overall synergy target of $643 million

•Customer satisfaction and reliability remain strong

- December provided first successful opportunity for combined company

storm restoration efforts

•Leading indicators show continued impact from economic downturn in our

service territory

Operations Highlights

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Impact of unplanned

coal outages in Q1 & Q2
2007

Impact of unplanned

coal outages in Q1 2008

Impact of extended

nuclear refueling outage

Impact of Iatan I

and Sibley environmental

upgrade tie-ins

Plant Performance

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Iatan1

Iatan2

Construction Update

• 1-2 month delay in completing Iatan 1 AQCS

• Completion of Sibley 3 SCR

• Iatan 2

- Planned completion summer 2010

- Planned cost re-assessment to be completed

in early 2009

• LaCygne

- Significant expenditures extended beyond 2010

• Wind

- Entered into an agreement to acquire 32 wind turbines

- KCP&L option to construct 35-turbine project by May 2010

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•Passage of Proposition C

   (mandatory RPS)

•New Governor

•PSC

• New Chairman

• Two Commissioner

         appointments expected in April 2009

•Legislation to create mandatory RPS

   and enable net metering offered by

   Governor

•KCC: Issued an order on Docket

   441, “Cost Recovery and Incentives

   for Energy Efficiency Programs”

Missouri

Kansas

Legislative and Regulatory

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• Key assets requested to be included in rate base:

— Iatan 1 AQCS

— Sibley SCR

— Crossroads peaking unit and related transmission

— GMO interest in environmental upgrades at Jeffrey Energy

           Center

Summary of Rate Cases

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$ Billions

$3.7

$6.5

$5.9

$5.7

$4.2

• Year-end rate base projections

• Iatan 1, Sibley environmental and Crossroads in rate base 3Q09

• Iatan 2 in rate base 3Q 2010 (KCP&L-KS and GMO) and

4Q 2010 (KCP&L-MO)

Solid Rate Base Growth

Great Plains Energy

Year-end and Fourth Quarter 2008
Earnings PresentationFebruary 11, 2009

Appendix

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Core earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes the effects of discontinued operations, certain unusual items and mark-to-market gains and losses on certain
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 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 toGAAP earnings per share because it does not predict the future impact of unusual items and mark-to-market gains or losses on energy
contracts.

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Core earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes the effects of discontinued operations, certain unusual items and mark-to-market gains and losses on certain
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 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 toGAAP earnings per share because it does not predict the future impact of unusual items and mark-to-market gains or losses on energy
contracts.