Exhibit 99
Media Contact: Tom Robinson
816-556-2902
Investor Contact: Todd Allen
816-556-2083
FOR IMMEDIATE RELEASE
GREAT PLAINS ENERGY ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
KANSAS CITY, MO, August 3, 2005 –Great Plains Energy Incorporated (NYSE:GXP) today announced second quarter 2005 earnings available for common shareholders of $21.5 million or $0.29 per share, compared to second quarter 2004 earnings of $41.2 million or $0.59 per share. Ongoing earnings, which exclude the impact of KLT Gas discontinued operations, were $25.1 million or $0.34 per share, compared to $41.0 million or $0.59 per share in the second quarter of 2004.
Year to date June 30, 2005, earnings were $41.3 million or $0.55 per share, compared to $68.1 million or $0.98 per share for the same period last year. Ongoing earnings for the first six months were $44.9 million or $0.60 per share, compared to $70.1 million or $1.01 per share for same period last year.
The decrease in second quarter earnings compared to the same period in 2004 was primarily driven by continued lower retail margins and transitional transmission charges recorded by Strategic Energy, and the timing of reductions of affordable housing investments. Reduced wholesale sales related to the extended refueling outage at Wolf Creek also contributed to lower second quarter earnings when compared to 2004. In addition, year to date earnings were impacted by higher operating expenses at Kansas City Power & Light (KCP&L) and plant outages that reduced wholesale revenue. These items more than offset favorable weather and higher wholesale prices experienced by KCP&L.
“We have confidence in our full-year guidance of $2.05 to $2.20 per share,” said Chairman Michael Chesser. “The challenges we faced in the first part of the year, including lower wholesale sales at KCP&L and a transitional transmission charge at Strategic Energy, should be offset by positive developments in the second half, including tax impacts, the timing of reductions in affordable housing investments, the regulatory treatment of pension expenses, and more favorable weather than we experienced a year ago.
“In addition, we are buoyed by the unanimous approval of our Comprehensive Energy Plan in Missouri and anticipate a similar result soon in Kansas. This will allow us to build the generation we need to support our region’s strong economic growth. And, it sets the stage for continued strong performance for our shareholders and customers well into the future.”
Kansas City Power & Light
KCP&L, an integrated, regulated electric utility, earned $29.1 million in the second quarter 2005, compared to $32.6 million in the same period last year. Second quarter 2005 revenues were $272.1 million, down slightly from the same quarter last year.
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Retail revenues increased $11.2 million to $231.9 million compared to the same quarter last year driven by 20% warmer than normal weather. This increased retail usage and, to a greater extent, a scheduled refueling outage at Wolf Creek, reduced the volume available for wholesale, resulting in decreased wholesale revenues of $12.7 million compared to the same quarter last year. During the second quarter, KCP&L completed the refueling outage at Wolf Creek in 40 days, roughly one week longer than originally scheduled.
In addition to the slightly lower revenues, earnings were also impacted by higher operating expenses. Despite lower generation, fuel costs were slightly higher due to increases in the cost of coal and coal transportation, as well as an unfavorable fuel mix when compared to the prior year period. Also, other operating expenses were $4.4 million higher due to numerous factors.
Year to date June 30, 2005, KCP&L’s earnings were $39.9 million, compared to $54.2 million in the same period last year driven by a $15.0 million increase in operating and maintenance expenses, and the effect of longer than anticipated scheduled and unplanned outages on wholesale sales, which more than offset favorable weather, higher wholesale prices and lower interest and income tax expenses.
Strategic Energy
Strategic Energy, a competitive electricity supplier, earned $3.7 million in the second quarter of 2005, compared to $9.3 million in the same period last year. Second quarter revenues increased 6% from the same period last year to $359.6 million, while retail MWhs delivered during the quarter grew slightly to 5.2 million. Results for this quarter were impacted by a $3.0 million favorable net change in fair values related to energy contracts that do not qualify for hedge accounting and from hedge ineffectiveness and a $7.2 million RTO transition charge called Seams Elimination Cost Adjustment (SECA). The SECA charge is being disputed by several market participants. Unless revised, however, SECA is expected to continue at approximately $1 million per month in additional expense through March 2006.
Year to date June 30, 2005, Strategic Energy earned $16.5 million, compared to $18.6 million in the same period last year. Retail gross margin per MWh declined to $5.45 compared to $6.35 in 2004. Earnings for the year to date period were impacted by the previously mentioned SECA charge and an $8.3 million favorable net change in fair values related to energy contracts. At June 30, Strategic Energy had 8.9 million MWhs in backlog for 2005. When combined with the 9.8 million MWhs delivered year to date, Strategic Energy expects 2005 deliveries to be well within the previously stated range of 17.5-21 million MWhs.
Earnings Guidance
Great Plains Energy’s ongoing earnings guidance for 2005 is reaffirmed at $2.05 to $2.20 per share (see Attachment G). KCP&L’s segment contribution to Great Plains Energy’s ongoing earnings is revised to $1.96 to $2.03 per share or $0.10 above previous segment guidance. KCP&L is expected to recognize approximately $0.14 per share in effects of tax planning in the third quarter, partially offset by $0.04 per share in higher expenses.
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Strategic Energy’s contribution to Great Plains Energy’s 2005 ongoing earnings per share is expected to be between $0.26 and $0.31, or $0.10 per share below previous guidance due to the inclusion on the SECA charges.
Non-GAAP Financial Measure
Great Plains Energy provides in its earnings releases descriptions of “ongoing earnings” in addition to earnings calculated in accordance with GAAP. Great Plains Energy also provides its earnings guidance in terms of ongoing earnings. Ongoing earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes the effect of certain unusual items. Ongoing earnings for historical periods are reconciled to GAAP earnings in Attachments B and C.
Great Plains Energy believes ongoing earnings provides to investors a useful indicator of its results that are comparable among periods because it excludes the effects of unusual items, which may occur on an irregular basis. Investors should note that this non-GAAP measure involves judgments by management including whether an item is classified as an unusual item. Ongoing earnings is used internally to measure performance against budget, in reports for management and the board of directors, and in determining incentive compensation.
Great Plains Energy Incorporated (NYSE:GXP) headquartered in Kansas City, MO, is the holding company for Kansas City Power & Light Company, a leading regulated provider of electricity in the Midwest, and Strategic Energy LLC, a competitive electricity supplier. The Company’s web site is www.greatplainsenergy.com.
CERTAIN FORWARD-LOOKING INFORMATION — 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. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company is 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 and the Company; 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 and constraints placed on the Company’s actions by the Public Utility Holding Company Act of 1935; adverse changes in applicable laws, regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not limited to, air 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 the Company’s pension plan assets and costs; ability to maintain current 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 of forced generation outages; delays in the anticipated in-service dates of additional generating capacity; nuclear operations; ability to enter new markets successfully and capitalize on growth opportunities in non-regulated businesses; performance of projects undertaken by the Company’s non-regulated businesses and the success of efforts to invest in and develop new opportunities; and other risks and uncertainties. This list of factors is not all-inclusive because it is not possible to predict all factors.
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Attachment A
GREAT PLAINS ENERGY
Consolidated Statements of Income
(Unaudited)
|
| Three Months Ended
June 30 | Year to Date
June 30 |
|---|
| 2005 | 2004 | 2005 | 2004 |
|---|
|
| Operating Revenues | (thousands) |
| Electric revenues - KCP&L | | | $ | 272,083 | | $ | 274,625 | | $ | 505,298 | | $ | 521,160 | |
| Electric revenues - Strategic Energy | | | | 359,172 | | | 338,029 | | | 670,488 | | | 632,140 | |
| Other revenues | | | | 466 | | | 846 | | | 1,049 | | | 1,678 | |
|
|
| Total | | | | 631,721 | | | 613,500 | | | 1,176,835 | | | 1,154,978 | |
|
| Operating Expenses | | |
| Fuel | | | | 44,803 | | | 42,256 | | | 86,293 | | | 82,856 | |
| Purchased power - KCP&L | | | | 16,797 | | | 17,353 | | | 28,287 | | | 29,820 | |
| Purchased power - Strategic Energy | | | | 338,836 | | | 307,404 | | | 616,702 | | | 571,758 | |
| Other | | | | 84,375 | | | 77,906 | | | 164,270 | | | 157,640 | |
| Maintenance | | | | 20,552 | | | 23,559 | | | 49,910 | | | 44,030 | |
| Depreciation and amortization | | | | 38,241 | | | 37,565 | | | 76,103 | | | 74,085 | |
| General taxes | | | | 26,566 | | | 25,303 | | | 52,422 | | | 50,024 | |
| Gain on property | | | | (994 | ) | | (123 | ) | | (1,513 | ) | | (158 | ) |
|
|
| Total | | | | 569,176 | | | 531,223 | | | 1,072,474 | | | 1,010,055 | |
|
| Operating income | | | | 62,545 | | | 82,277 | | | 104,361 | | | 144,923 | |
| Non-operating income | | | | 9,847 | | | 1,557 | | | 11,771 | | | 2,969 | |
| Non-operating expenses | | | | (9,657 | ) | | (3,577 | ) | | (10,972 | ) | | (6,479 | ) |
| Interest charges | | | | (18,386 | ) | | (18,966 | ) | | (35,873 | ) | | (37,305 | ) |
|
| Income from continuing operations before income taxes, | | |
| minority interest in subsidiaries and loss from equity | | |
| investments | | | | 44,349 | | | 61,291 | | | 69,287 | | | 104,108 | |
| Income taxes | | | | (9,805 | ) | | (19,949 | ) | | (15,096 | ) | | (32,112 | ) |
| Minority interest in subsidiaries | | | | (8,693 | ) | | 410 | | | (7,805 | ) | | (435 | ) |
| Loss from equity investments, net of income taxes | | | | (344 | ) | | (306 | ) | | (689 | ) | | (613 | ) |
|
| Income from continuing operations | | | | 25,507 | | | 41,446 | | | 45,697 | | | 70,948 | |
| Discontinued operations, net of income taxes | | | | (3,606 | ) | | 159 | | | (3,606 | ) | | (2,019 | ) |
|
| Net income | | | | 21,901 | | | 41,605 | | | 42,091 | | | 68,929 | |
| Preferred stock dividend requirements | | | | 412 | | | 412 | | | 823 | | | 823 | |
|
| Earnings available for common shareholders | | | $ | 21,489 | | $ | 41,193 | | $ | 41,268 | | $ | 68,106 | |
|
Average number of common shares outstanding | | | | 74,592 | | | 70,193 | | | 74,515 | | | 69,725 | |
Basic and diluted earnings (loss) per common share | | |
| Continuing operations | | | $ | 0.34 | | $ | 0.59 | | $ | 0.60 | | $ | 1.01 | |
| Discontinued operations | | | | (0.05 | ) | | - | | | (0.05 | ) | | (0.03 | ) |
|
| Basic and diluted earnings per common share | | | $ | 0.29 | | $ | 0.59 | | $ | 0.55 | | $ | 0.98 | |
|
| Cash dividends per common share | | | $ | 0.415 | | $ | 0.415 | | $ | 0.83 | | $ | 0.83 | |
|
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Attachment B
GREAT PLAINS ENERGY
Consolidated Earnings and Earnings Per Share
Three Months Ended June 30
(Unaudited)
|
|
| Earnings | | Earnings per Great
Plains Energy Share |
|---|
|
| |
|
|---|
| 2005 | 2004 | | 2005 | 2004 |
|---|
|
| (millions) | |
|---|
| KCP&L | | | $ | 29.1 | | $ | 32.6 | | | $ | 0.39 | | $ | 0.47 | |
| Strategic Energy | | | | 3.7 | | | 9.3 | | | | 0.05 | | | 0.13 | |
| KLT Investments | | | | (2.5 | ) | | 3.2 | | | | (0.03 | ) | | 0.04 | |
| Other | | | | (4.8 | ) | | (3.7 | ) | | | (0.06 | ) | | (0.05 | ) |
|
|
| Income from continuing operations | | | | 25.5 | | | 41.4 | | | | 0.35 | | | 0.59 | |
| KLT Gas discontinued operations, | | |
| net of income taxes | | | | (3.6 | ) | | 0.2 | | | | (0.05 | ) | | - | |
| Preferred dividends | | | | (0.4 | ) | | (0.4 | ) | | | (0.01 | ) | | - | |
|
| Earnings available for common shareholders | | | $ | 21.5 | | $ | 41.2 | | | $ | 0.29 | | $ | 0.59 | |
|
Reconciliation of GAAP to Non-GAAP | | |
| Earnings available for common shareholders | | | $ | 21.5 | | $ | 41.2 | | | $ | 0.29 | | $ | 0.59 | |
| Reconciling items | | |
| KLT Gas -- Discontinued operations | | | | 3.6 | | | (0.2 | ) | | | 0.05 | | | - | |
|
| Ongoing earnings | | | $ | 25.1 | | $ | 41.0 | | | $ | 0.34 | | $ | 0.59 | |
|
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Attachment C
GREAT PLAINS ENERGY
Consolidated Earnings and Earnings Per Share
Year to Date June 30
(Unaudited)
|
|
| Earnings | | Earnings per Great
Plains Energy Share |
|---|
|
| |
|
|---|
| 2005 | 2004 | | 2005 | 2004 |
|---|
|
| (millions) | |
|---|
| KCP&L | | | $ | 39 | .9 | $ | 54 | .2 | | $ | 0 | .54 | $ | 0 | .78 |
| Strategic Energy | | | | 16 | .5 | | 18 | .6 | | | 0 | .22 | | 0 | .27 |
| KLT Investments | | | | 0 | .5 | | 6 | .4 | | | 0 | .01 | | 0 | .09 |
| Other | | | | (11 | .2) | | (8 | .3) | | | (0 | .16) | | (0 | .12) |
|
|
| Income from continuing operations | | | | 45 | .7 | | 70 | .9 | | | 0 | .61 | | 1 | .02 |
| KLT Gas discontinued operations, | | |
| net of income taxes | | | | (3 | .6) | | (2 | .0) | | | (0 | .05) | | (0 | .03) |
| Preferred dividends | | | | (0 | .8) | | (0 | .8) | | | (0 | .01) | | (0 | .01) |
|
| Earnings available for common shareholders | | | $ | 41 | .3 | $ | 68 | .1 | | $ | 0 | .55 | $ | 0 | .98 |
|
Reconciliation of GAAP to Non-GAAP | | |
| Earnings available for common shareholders | | | $ | 41 | .3 | $ | 68 | .1 | | $ | 0 | .55 | $ | 0 | .98 |
| Reconciling items | | |
| KLT Gas -- Discontinued operations | | | | 3 | .6 | | 2 | .0 | | | 0 | .05 | | 0 | .03 |
|
| Ongoing earnings | | | $ | 44 | .9 | $ | 70 | .1 | | $ | 0 | .60 | $ | 1 | .01 |
|
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Attachment D
GREAT PLAINS ENERGY
Summary Income Statement by Segment
Three Months Ended June 30, 2005
(Unaudited)
|
|
| Consolidated
GPE | KCP&L | Strategic
Energy | Other |
|---|
|
| (millions) |
|---|
| Operating revenues | | | $ | 631.7 | | $ | 272.1 | | $ | 359.6 | | $ | - | |
| Fuel | | | | (44.8 | ) | | (44.8 | ) | | - | | | - | |
| Purchased power | | | | (355.6 | ) | | (16.8 | ) | | (338.8 | ) | | - | |
| Other operating expense | | | | (131.5 | ) | | (114.7 | ) | | (12.6 | ) | | (4.2 | ) |
| Depreciation and amortization | | | | (38.2 | ) | | (36.7 | ) | | (1.5 | ) | | - | |
| Gain on property | | | | 1.0 | | | - | | | - | | | 1.0 | |
|
| Operating income | | | | 62.6 | | | 59.1 | | | 6.7 | | | (3.2 | ) |
| Non-operating income (expenses) | | | | 0.2 | | | 8.7 | | | 0.7 | | | (9.2 | ) |
| Interest charges | | | | (18.4 | ) | | (15.5 | ) | | (0.7 | ) | | (2.2 | ) |
| Income taxes | | | | (9.8 | ) | | (14.5 | ) | | (3.0 | ) | | 7.7 | |
| Minority interest in subsidiaries | | | | (8.7 | ) | | (8.7 | ) | | - | | | - | |
| Loss from equity investments | | | | (0.4 | ) | | - | | | - | | | (0.4 | ) |
| Discontinued operations | | | | (3.6 | ) | | - | | | - | | | (3.6 | ) |
|
|
| Net income (loss) | | | $ | 21.9 | | $ | 29.1 | | $ | 3.7 | | $ | (10.9 | ) |
|
| Earnings (loss) per GPE common share | | | $ | 0.29 | | $ | 0.39 | | $ | 0.05 | | $ | (0.15 | ) |
|
GREAT PLAINS ENERGY
Summary Income Statement by Segment
Year to Date June 30, 2005
(Unaudited)
|
|
| Consolidated
GPE | KCP&L | Strategic
Energy | Other |
|---|
|
| (millions) |
|---|
| Operating revenues | | | $ | 1,176.8 | | $ | 505.3 | | $ | 671.4 | | $ | 0.1 | |
| Fuel | | | | (86.3 | ) | | (86.3 | ) | | - | | | - | |
| Purchased power | | | | (645.0 | ) | | (28.3 | ) | | (616.7 | ) | | - | |
| Other operating expense | | | | (266.5 | ) | | (232.9 | ) | | (23.3 | ) | | (10.3 | ) |
| Depreciation and amortization | | | | (76.1 | ) | | (73.0 | ) | | (3.0 | ) | | (0.1 | ) |
| Gain on property | | | | 1.5 | | | - | | | - | | | 1.5 | |
|
| Operating income | | | | 104.4 | | | 84.8 | | | 28.4 | | | (8.8 | ) |
| Non-operating income (expenses) | | | | 0.8 | | | 9.0 | | | 1.1 | | | (9.3 | ) |
| Interest charges | | | | (35.9 | ) | | (30.1 | ) | | (1.5 | ) | | (4.3 | ) |
| Income taxes | | | | (15.1 | ) | | (16.0 | ) | | (11.5 | ) | | 12.4 | |
| Minority interest in subsidiaries | | | | (7.8 | ) | | (7.8 | ) | | - | | | - | |
| Loss from equity investments | | | | (0.7 | ) | | - | | | - | | | (0.7 | ) |
| Discontinued operations | | | | (3.6 | ) | | - | | | - | | | (3.6 | ) |
|
|
| Net income (loss) | | | $ | 42.1 | | $ | 39.9 | | $ | 16.5 | | $ | (14.3 | ) |
|
| Earnings (loss) per GPE common share | | | $ | 0.55 | | $ | 0.54 | | $ | 0.22 | | $ | (0.21 | ) |
|
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Attachment E
GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)
|
| June 30
2005 | December 31
2004 |
|---|
|
| ASSETS | (thousands) |
|---|
| Current Assets |
|---|
| Cash and cash equivalents | | | $ | 76,543 | | $ | 127,129 | |
| Restricted cash | | | | - | | | 7,700 | |
| Receivables, net | | | | 343,847 | | | 247,184 | |
| Fuel inventories, at average cost | | | | 23,365 | | | 21,121 | |
| Materials and supplies, at average cost | | | | 55,532 | | | 54,432 | |
| Deferred income taxes | | | | - | | | 13,065 | |
| Assets of discontinued operations | | | | 2,677 | | | 749 | |
| Derivative instruments | | | | 24,056 | | | 6,372 | |
| Other | | | | 23,124 | | | 14,485 | |
|
|
| Total | | | | 549,144 | | | 492,237 | |
|
| Nonutility Property and Investments | | |
| Affordable housing limited partnerships | | | | 30,388 | | | 41,317 | |
| Nuclear decommissioning trust fund | | | | 88,024 | | | 84,148 | |
| Other | | | | 32,936 | | | 32,739 | |
|
|
| Total | | | | 151,348 | | | 158,204 | |
|
| Utility Plant, at Original Cost | | |
| Electric | | | | 4,890,589 | | | 4,841,355 | |
| Less-accumulated depreciation | | | | 2,253,964 | | | 2,196,835 | |
|
|
| Net utility plant in service | | | | 2,636,625 | | | 2,644,520 | |
| Construction work in progress | | | | 59,244 | | | 53,821 | |
| Nuclear fuel, net of amortization of $107,284 and $127,631 | | | | 31,873 | | | 36,109 | |
|
|
| Total | | | | 2,727,742 | | | 2,734,450 | |
|
| Deferred Charges and Other Assets | | |
| Regulatory assets | | | | 141,231 | | | 144,345 | |
| Prepaid pension costs | | | | 103,936 | | | 119,811 | |
| Goodwill | | | | 87,624 | | | 86,767 | |
| Other | | | | 69,920 | | | 63,087 | |
|
|
| Total | | | | 402,711 | | | 414,010 | |
|
| Total | | | $ | 3,830,945 | | $ | 3,798,901 | |
|
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Attachment E continued
GREAT PLAINS ENERGY
Consolidated Balance Sheets
(Unaudited)
|
| June 30
2005 | December 31
2004 |
|---|
|
| LIABILITIES AND CAPITALIZATION | (thousands) |
|---|
| Current Liabilities |
|---|
| Notes payable | | | $ | 16,000 | | $ | 20,000 | |
| Commercial paper | | | | 173,775 | | | - | |
| Current maturities of long-term debt | | | | 251,607 | | | 253,230 | |
| EIRR bonds classified as current | | | | 85,922 | | | 85,922 | |
| Accounts payable | | | | 230,585 | | | 199,952 | |
| Accrued taxes | | | | 57,026 | | | 46,993 | |
| Accrued interest | | | | 11,317 | | | 11,598 | |
| Accrued payroll and vacations | | | | 25,654 | | | 32,462 | |
| Accrued refueling outage costs | | | | 2,240 | | | 13,180 | |
| Supplier collateral | | | | - | | | 7,700 | |
| Liabilities of discontinued operations | | | | 6,390 | | | 2,129 | |
| Other | | | | 26,411 | | | 24,931 | |
|
|
| Total | | | | 886,927 | | | 698,097 | |
|
| Deferred Credits and Other Liabilities | | |
| Deferred income taxes | | | | 628,310 | | | 632,160 | |
| Deferred investment tax credits | | | | 31,643 | | | 33,587 | |
| Asset retirement obligations | | | | 115,347 | | | 113,674 | |
| Pension liability | | | | 96,873 | | | 95,805 | |
| Other | | | | 88,084 | | | 88,524 | |
|
|
| Total | | | | 960,257 | | | 963,750 | |
|
| Capitalization | | |
| Common shareholders' equity | | |
| Common stock-150,000,000 shares authorized without par value | | |
| 74,671,646 and 74,394,423 shares issued, stated value | | | | 773,823 | | | 765,482 | |
| Unearned compensation | | | | (2,890 | ) | | (1,393 | ) |
| Capital stock premium and expense | | | | (31,407 | ) | | (32,112 | ) |
| Retained earnings | | | | 430,905 | | | 451,491 | |
| Treasury stock-32,084 and 28,488 shares, at cost | | | | (965 | ) | | (856 | ) |
| Accumulated other comprehensive loss | | | | (33,708 | ) | | (41,018 | ) |
|
|
| Total | | | | 1,135,758 | | | 1,141,594 | |
| Cumulative preferred stock $100 par value | | |
| 3.80% - 100,000 shares issued | | | | 10,000 | | | 10,000 | |
| 4.50% - 100,000 shares issued | | | | 10,000 | | | 10,000 | |
| 4.20% - 70,000 shares issued | | | | 7,000 | | | 7,000 | |
| 4.35% - 120,000 shares issued | | | | 12,000 | | | 12,000 | |
|
|
| Total | | | | 39,000 | | | 39,000 | |
| Long-term debt | | | | 809,003 | | | 956,460 | |
|
|
| Total | | | | 1,983,761 | | | 2,137,054 | |
|
| Commitments and Contingencies | | |
|
| Total | | | $ | 3,830,945 | | $ | 3,798,901 | |
|
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Attachment F
GREAT PLAINS ENERGY
Statistical Summary
|
|
| Three Months Ended
June 30 | Year to Date
June 30 |
|---|
| 2005 | 2004 | 2005 | 2004 |
|---|
|
| KCP&L | |
| Retail revenues (millions) | | | $ | 231.9 | | $ | 220.7 | | $ | 421.4 | | $ | 409.9 | |
| Wholesale revenues (millions) | | | $ | 37.3 | | $ | 50.0 | | $ | 76.4 | | $ | 103.6 | |
| Average wholesale price per MWh | | | $ | 38.37 | | $ | 31.87 | | $ | 36.49 | | $ | 32.20 | |
| Wholesale sales (MWh) | | | | 1,038 | | | 1,627 | | | 2,248 | | | 3,344 | |
| Cooling degree days | | | | 448 | | | 374 | | | 448 | | | 374 | |
| Equivalent availability - coal plants | | | | 82 | % | | 79 | % | | 80 | % | | 81 | % |
| Capacity factor - coal plants | | | | 78 | % | | 75 | % | | 76 | % | | 78 | % |
Strategic Energy | | |
| MWhs delivered | | | | 5,136 | | | 5,066 | | | 9,761 | | | 9,464 | |
| MWhs delivered plus current year backlog | | | | N/A | | | N/A | | | 18,679 | | | 19,323 | |
| Average contract duration - overall (months) | | | | 14 | | | 7 | | | 14 | | | 9 | |
| Average contract duration - new business (months) | | | | 14 | | | 12 | | | 15 | | | 16 | |
| Average retail gross margins - overall | | | $ | 3.85 | | $ | 5.95 | | $ | 5.45 | | $ | 6.35 | |
| Retention rate | | | | 69 | % | | 85 | % | | 71 | % | | 80 | % |
| Retention rate including month to month customers | | | | 83 | % | | 88 | % | | 81 | % | | 87 | % |
|
MORE
Page 11
Attachment G
GREAT PLAINS ENERGY
2005 Ongoing Earnings Guidance
|
|---|
|
| Previous Range | | Revised Range |
|---|
|
| |
|
|---|
| Kansas City Power & Light | | | $ | 1 | .86 | | - | | $ | 1 | .93 | | $ | 1 | .96 | | - | | $ | 2 | .03 |
Strategic Energy(1) | | | | 0 | .36 | | - | | | 0 | .41 | | | 0 | .26 | | - | | | 0 | .31 |
KLT Investments | | | | 0 | .07 | | - | | | 0 | .08 | | | 0 | .07 | | - | | | 0 | .08 |
Other(2) | | | | (0 | .24) | | - | | | (0 | .22) | | | (0 | .24) | | - | | | (0 | .22) |
|
| Consolidated Ongoing EPS(3) | | | $ | 2 | .05 | | - | | $ | 2 | .20 | | $ | 2 | .05 | | - | | $ | 2 | .20 |
|
1Represents Great Plains Energy’s indirect ownership interest in Strategic Energy of just under 100%.
2Other includes Home Service Solutions, Holding Company cost and other miscellaneous items.
3Great Plains Energy is unable to reconcile its 2005 ongoing earnings guidance to GAAP earnings per share because we do not predict the future impact of unusual items. The impact of unusual items could be material to our operating results computed in accordance with GAAP.
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