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

P_VOELTEKJ\GXP Roadshow Draft (May 8th) v2.ppt

Exhibit 99.1

Great Plains Energy

Investor Meetings

May 19 - 20, 2009

1

FORWARD-LOOKING STATEMENTS

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 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, KCP&L and 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, but not limited to, 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, but not limited to, 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.

This list of factors is not all-inclusive because it is not possible to predict all factors. Other risk factors are detailed from time to time in Great Plains
Energy’s and KCP&L’s most recent quarterly report on Form 10-Q or annual report on Form 10-K filed with the Securities and Exchange
Commission.Any forward-looking statement speaks only as of the date on which such statement is made.Great Plains Energy and KCP&L
undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.

Forward Looking Statements

2

•Strong Midwest electric utility holding company focused on regulated operations in Missouri and Kansas

•Diversified customer base includes 820,000 residential, commercial, and industrial customers

•~6,000 Megawatts of generation capacity

•Low-cost generation mix - projected 76% coal, 17% nuclear (Wolf Creek) in 2009

100% Regulated
Electric Utility
Operations Focus

•Significant projected rate base growth from $3.6bn in 2008 to $6.8bn in 2012 - 15% CAGR

•Growth and stability in earnings driven by sizable regulated investments as part of the Comprehensive Energy Plan
(“CEP”)

•Wind and environmental retrofit components of CEP in place; Iatan 2 baseload coal plant targeted for
completion in summer 2010

•Anticipated growth beyond 2010 driven by additional environmental capex and wind

Attractive Platform

for Long-Term

Earnings Growth

•Successful outcomes in 2006 and 2007 rate cases in Missouri and Kansas

•Recent successful settlements in Missouri highlight rate recovery prospects

•Combined annual rate increases of $159mm and $72mm pending Commission approval in Missouri and Kansas,
respectively; new rates expected by September 2009

Focused Regulatory
Approach

•Cash flow and earnings heavily driven by regulated operations and rate recovery mechanisms

•Ample liquidity of ~$890mm1 currently available under $1.5bn revolving credit facilities

•Sustainable dividend and pay-out, right-sized to fund growth and to preserve liquidity

•Committed to maintaining current investment grade credit ratings

Stable and Improving
Financial Position

1 $1,400mm pro forma for net offering proceeds

Key Investment Highlights

3

Pro Forma 2008 Revenue by Customer Segment

Pro Forma 2008 Revenue by Utility Jurisdiction

Service Territories: KCP&L and GMO

Business Highlights

•Solid Midwest electric utility - KCP&L brand

•Transformational events in 2008 to focus business model on

     fully regulated utility operations

–Sale of Strategic Energy

–Acquisition of Aquila

•Company attributes post-acquisition

•800,000+ customers / 3,200+ employees

•~6,000 MW of primarily low-cost baseload generation

•5-year projected synergies of $670 million

•~$7.9bn in assets and $3.6bn in rate base at 2008YE

Total: $1.7bn

Total: $1.7bn

Regulated Electric Utility Operations

4

Reinvesting in the business and growing rate base ($bn)

CapEx breakdown (2009E-2011E) ($mm)

Path to future growth

•Rate base expected to grow at a 15% CAGR from 2008 to 2012

•Comprehensive Energy Plan (base load generation and environmental projects)

–100 MW wind completed in Q3 2006 - in rate base 1/1/07

–Selective Catalytic Reduction (SCR) at LaCygne 1 coal plant completed in 2007 - in rate base 1/1/08

–Air Quality Control System (AQCS) installed at Iatan 1 coal plant in 2009 - to be included in rate base 3Q09

–Iatan 2 coal plant scheduled for completion summer 2010 - expected to be included in rate base 4Q10

•Non-CEP rate base additions

–GMO - Crossroads peaker, Jeffrey and Sibley 3 environmental

–KCP&L - environmental at LaCygne 1 / LaCygne 2 / Montrose, additional wind (all beyond 2011)

•Diligent focus on managing regulatory relationships and process

Note: As of 10-K, 12/31/2008

Attractive Platform for Long-Term Growth

CAGR = 15% 

5

			Pending rate cases
Company	Last Allowed ROE	Effective Date of Last Allowed ROE	ROE requested1	Requested revenue increase	Stipulated / settled revenue increase	Tariff implementation	RPS2	Fuel Clause?
	10.25%	6/1/07	11.55%	$66mm	$48mm	9/1/09 (Settled 5/09)	ü	Yes (95%)
	10.25%	6/1/07	11.55%	17mm	$15mm	9/1/09 (Settled 5/09)	ü	Yes (95%)
	—3	N/A	11.55%	1mm	1mm	7/1/09 (Settled 5/09)	ü	Yes(85%)
	10.75%	1/1/08	11.55%	102mm	95mm	9/1/09 (Settled 4/09)	ü	No
	—3	N/A	11.40%	72mm	—	8/20/09	x	Yes (100%)

GMO-MPS

GMO-L&P

GMO-Steam

KCP&L-KS

KCP&L-MO

Near-term regulatory timeline (2009)

1 ROE of 10.75% originally requested in all cases; requests increased in rebuttal testimony based on financial market developments

2 Missouri mandatory Renewable Portfolio Standard of 15% by 2021; Kansas has voluntary standard (however, mandatory RPS included in pending legislation)

3 “Black Box” settlement - ROE not disclosed

KCP&L KS hearings

06/22

-

07/02

KCP&L KS Order 08/14

New tariffs expected 08/20

Apr

May

Jun

Jul

Aug

Sep

GMO

-

Steam tariff effective

07/01

New tariffs effective for KCP&L

-

MO and GMO

-

Electric 09/01

Hearings

KCP&L MO-04/20 (settled)

GMO-Steam-05/04-05/07 (settled)

GMO-5/11-5/15 (settled)

Focused Regulatory Approach

6

Missouri Regulatory Update

Rate Cases:

KCP&L

• Non-unanimous Stipulation and Agreement filed on April 24

- $95 million rate increase (incl. $10 million addl. amortization) effective 9/1/09

- Set maximum MO jurisdictional prudence exposure of Iatan 1 AQCS and

common costs in next rate case at $30 million

- Deferral of costs associated with AQCS and common assets that

are in service, but not yet included in rate base

- Establishes wholesale margin threshold of $30 million (total KCP&L; implied MO

jurisdictional portion of ~$17 million)

GMO - -MPS and SJLP

•Settlement agreements reached; Stipulation and Agreement to be filed in May

- Rate increases of $48 million for MPS / $15 million for L&P effective 9/1/09

- Same treatment as KCP&L of prudency of GMO’s portion of Iatan 1 AQCS and

common costs; maximum exposure in next GMO MO rate case set at $15 million

- Same treatment as KCP&L regarding deferral of GMO’s costs associated with

Iatan 1 AQCS and common assets in-service but not in rate base

- Continuation of GMO’s electric Fuel Adjustment Clauses

GMO - -Steam

•Unanimous Stipulation and Agreement filed May 11

- Rate increase of approximately $1 million effective 7/1/09

7

KS Regulatory Update

Kansas Rate Case:

KCP&L - - KS

• On March 13 the Commission granted joint motion to amend

procedural schedule:

- Staff/Intervener cost audit testimony to be filed by May 29

- Hearings June 22 - July 2

- Commission order expected August 14

8

	Project description	Comments
	•100 MW plant in Spearville, KS •Began construction in 2005	ü Completed in Q3 2006 ü In rate base from 1/1/2007 ü No regulatory disallowance
	•Selective Catalytic Reduction (SCR) unit at LaCygne 1 plant	ü Completed in Q2 2007 ü In rate base from 1/1/2008 ü No regulatory disallowance
	•Air Quality Control System at Iatan 1 coal plant	üCompleted in Q2 2009 üExpected in rate base from Q3 2009 üNo regulatory disallowance in 2009 MO case; minimal exposure in 2010 MO case
•	•Construction of Iatan 2 super-critical coal plant (850 MW; 73% GXP share of ownership)1	ü On track for completion in Q3 2010 ü Expected in rate base Q4 2010

Iatan 2

Iatan 1

Environmental

LaCygne

Environmental

Wind

Great Plains Energy has effectively executed all elements of its Comprehensive Energy Plan to date

and received positive, just, and reasonable regulatory treatment

Comprehensive Energy Plan

1 Includes post-combustion environmental technologies including an SCR system, wet flue gas desulphurization system and fabric filter to control emissions

Strong Track Record of Execution

P_VOELTEKJ\GXP Roadshow Draft (May 8th) v2.ppt

Financial Update

10

•Reported Q1 earnings of $0.18 per share on May 11, 2009

•Reaffirmed previous 2009E EPS guidance of $1.10 to $1.40, pro forma for the offering

•Pending rate cases on track for expected Q3 2009 tariff implementation

Q1 Overview & 2009
Outlook

•Growing economic and financial market uncertainty has necessitated proactivemanagement response

•Cut dividend by 50% to $0.83 per share effective Q1 2009 (~$100mm p.a.)

•Disciplined O&M expense management

•Reduced/deferred planned capital expenditures

Proactive Response

to Challenging
Environment

Rationale for Offering

•Dual-tranche structure allows GXP to optimize execution and capitalize on broad investor interest

•Mandatory convertible helps mitigate dilution and is expected to garner full equity credit at S&P

•Capitalize on opportunistic access in uncertain market environment

Structure and Timing

•Accelerate equity funding needs to strengthen balance sheet and to enhance liquidity

•Maintain investment grade ratings

•Fund capital expenditures to support rate base growth

Overview of Recent Transaction Rationale

11

	2009	2010	2011
Base utility construction expenditures
Generating facilities	$104.3	$129.5	$247.0
Distribution and transmission facilities	161.7	219.3	301.1
General facilities	52.6	47.1	68.8
Total base utility construction expenditures	318.6	395.9	616.9
CEP construction expenditures
latan No. 2 (KCP&L)	276.8	113.4	-
Environmental (KCP&L)	43.1	-	-
Customer programs & asset management (KCP&L)	11.1	5.1	-
Total CEP construction expenditures	331.0	118.5	-
Nuclear fuel	20.6	28.7	22.9
latan No. 2 (GMO)	90.7	37.3	-
Other environmental	31.4	41.4	216.3
Customer programs & asset management (GMO)	6.3	3.7	4.3
Total utility construction expenditures	$798.6	$625.5	$860.4

Note: As of 10-K, 12/31/2008

Projected Capital Expenditures

12

Strong liquidity position ($ mm)

Near-term debt and credit facility maturities ($mm)

Solid liquidity position and manageable near-term debt maturities

Note: As of 10-Q, 3/31/2009

1 Pro forma for net offering proceeds

$1,4001

Includes
$12.4 mm
KCP&L L/T
debt

LiquidityOverview

13

Capital Structure at 3/31/09

Great Plains Energy Debt- ($mm as of 3/31/09)

Credit Ratings

(1) GPE guarantees substantially all of GMO’s debt

(2) Weighted average rate

(3) Includes current maturities of long-term debt

Note: Does not reflect effects of May 2009 offerings

Credit Ratings and Capital Structure

14

•Electric Utility segment earnings lower by $9.6 million due to weaker retail and wholesale sales, partially offset by lower
purchased power expense and increased AFUDC at KCP&L.GMO reported a loss of $1.0 million or ($0.01) per share

•Other segment earnings increased primarily as a result of GMO non-utility operations’ contribution of $17.2 million,

     including $16.0 million / $0.13 per share benefit from 2003-04 tax audit settlement in March 2009

•Increased number of shares outstanding primarily from the GMO transaction resulted in $0.07 per share dilution

    (versus Q1 2008)

Q1 2009 Results

15

Reaffirm EPS Guidance Range of $1.10 - $1.40

The following factors are incorporated into the range:

•Expected impact of offerings

•Recent rate case settlements

•Positive EPS impact of Q1 2009 GMO tax settlement

•Potential additional O&M and capital expenditure savings

•Lower short-term interest rates

•Previously announced delay in effective dates of new rates in M0 / KS

•Impact of lower natural gas prices on wholesale sales

•Electric demand trends essentially on-track with full-year expectations

2009 Guidance