Evergy Metro 8-K Regulation FD Disclosure

 

Exhibit 99.1

Great Plains Energy

Investor Presentation

June 2012

June 2012 Investor Presentation

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 capital projects and other matters affecting future operations. In
connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Great Plains Energy and
KCP&L 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 economic recovery; prices and availability of electricity in regional and
national wholesale 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 the companies 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; impairments of long-lived assets or goodwill; 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, including but not limited to cyber terrorism; 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; the inherent uncertainties in estimating the effects of weather, economic conditions and other
factors on customer consumption and financial results; ability to achieve generation goals and the occurrence and duration
of planned and unplanned generation outages; delays in the anticipated in-service dates and cost increases of additional
generation, transmission, distribution or other projects; the inherent risks associated with the ownership and operation of a
nuclear facility including, but not limited to, environmental, health, safety, regulatory and financial risks; workforce risks,
including, but not limited to, increased costs of retirement, health care and other benefits; 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 quarterly reports on Form 10-Q and annual report on Form 10-K filed with the
Securities and Exchange Commission.Each forward-looking statement speaks only as of the date of the particular
statement.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 Statement

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June 2012 Investor Presentation

Overview

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June 2012 Investor Presentation

•Solid Midwest fully regulated electric utility operating under the
KCP&L brand

•Company attributes

–Regulated operations in Kansas and Missouri

–~826,000 customers / 3,100 employees

–~6,600 MW of primarily low-cost coal baseload generation

–~3,600 circuit miles of transmission lines; ~ 22,200 circuit
miles of distribution lines

–~$9.1bn in assets at 2011YE

–~$5.6bn in rate base at 2011YE

Service Territories: KCP&L and GMO

Business Highlights

2011 Retail MWh Sold by Customer Type

2011 Retail MWh Sales by Jurisdiction

2011 MWh Generated by Fuel Type

Total: ~23,404 MWhs*

Total: ~23,404 MWhs*

Total: ~25,952 MWhs*

Solid Vertically-Integrated Midwest Utility

* In thousands

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June 2012 Investor Presentation

GXP’s Transformation: 2005 - 2011

2005 - 2,382

2011 - 3,053

INCREASE = 28%

2005 - 500,000

2011 -823,000

INCREASE = 65%

2005 - 14,400
2011 - 25,800

INCREASE = 79%

2005 - 2,788 MW

2011 - 4,349 MW

INCREASE = 56%

2005 - $2.12 Billion

2011 - $5.59 Billion

INCREASE = 164%

Customers

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June 2012 Investor Presentation

Focused on Delivering Value to Shareholders

Earnings Growth

Expected Through Reduced Regulatory Lag, Disciplined Cost
Management and Long-Term Rate Base Growth

Competitive Dividend

Goal to Maintain Competitive Dividend While Strengthening Key Credit
Metrics; Objective to Grow Dividend In Line With Payout Ratio Targets

Objective:Improved Total Shareholder Returns

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June 2012 Investor Presentation

•Strong emphasis on improving credit metrics

–Objective is visibility to sustainable FFO / Adjusted Debt* of 16%+

•Dividend is reviewed quarterly in context of this objective as well as a
belief that a sustainable and increasing dividend is a key driver of TSR
and therefore a desirable goal

•Target payout ratio remains 50-70%

Commitment to Solid Dividend

Competitive Dividend

Goal to Maintain Competitive Dividend While Strengthening Key Credit
Metrics; Objective to Grow Dividend In Line With Payout Ratio Targets

•Company’s objective is to create shareholder value through

–Increased earnings from reduced lag, disciplined cost management and
long-term asset growth

–A competitive dividend that complements this growth platform

*FFO / Adjusted Debt is a non-GAAP measure that is defined in the Appendix

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June 2012 Investor Presentation

•Proven track record of constructive regulatory treatment

•Credibility with regulators in terms of planning and execution of large, complex projects

•Competitive retail rates on a regional and national level supportive of potential future
investment

Diligent Regulatory
Approach

•Target significant reduction in regulatory lag

•Seek to deliver earnings growth and increasing and sustainable cash dividends as a

    key component of TSR

•Improvement in / stability of key credit metrics is a priority

Focused on
Shareholder Value
Creation

Excellent Relationships
with Key Stakeholders

•Customers - focused on top tier customer satisfaction

•Suppliers - strategic supplier alliances focused on long-term supply chain value

•Employees - strong relations between management and labor (3 IBEW locals)

•Communities - leadership, volunteerism and high engagement in the areas we serve

•Environmental - additional ~$1 billion of “High Likelihood” capital projects planned to
comply with existing / proposed environmental rules

•Transmission - formed Transource Energy, LLC joint venture to pursue competitive
transmission projects

•Renewables -driven by Collaboration Agreement and MO/KS RPS

•Other Growth Opportunities - selective future initiatives that will leverage our core
strengths

Attractive Platform for
Long-Term Growth

GXP - Platform for Shareholder Value

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June 2012 Investor Presentation

Operations and Regulatory Strategy

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June 2012 Investor Presentation

Environmental

•Estimated cost of compliance with current
/ proposed legislation = approximately $1
billion:

–La Cygne

•Unit 1 (368 MW*) - scrubber
and baghouse - 2015

•Unit 2 (343 MW*) - full Air
Quality Control System
(“AQCS”) - 2015

–Montrose 3 (176 MW) - full AQCS -
2020 (approximately)

–Sibley 3 (364 MW) - scrubber and
baghouse - 2017 (approximately)

•Other retrofits less likely and therefore

     not included in estimated cost of

     compliance:

–Montrose 1 (170 MW)

–Montrose 2 (164 MW**)

–Sibley 1 and 2 (total capacity 99
MW)

–Lake Road 4 and 6 (93 MW**)

Upon completion of La Cygne during the second quarter 2015, we expect
that 72 percent of our coal fleet will have emission-reducing scrubbers
installed.

Net book value of“Less
Likely” projects total
approximately $100 million

*KCP&L’s share of jointly-owned facility

** In connection with KCP&L’s and GMO’s Integrated Resource Plan (IRP) filings with the Missouri Public Service Commission in April 2012, these projects
may move from less likely to more likely but it is not expected to materially impact the overall $1 billion current estimate of capital expenditures.

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June 2012 Investor Presentation

Renewable Energy and Energy Efficiency

•Company-owned assets and commitments
in place that will increase renewable
portfolio to approximately 600 MW of wind
and hydroelectric power

•Future renewable requirements driven by
the Renewable Portfolio Standards (“RPS”)
in Missouri and Kansas

•Flexibility regarding acquisition of future
renewable resources:

–Through Purchased Power Agreements
(“PPAs”) and purchases of Renewable
Energy Credits (“RECs”); or

–Adding to rate base if supported by
credit profile and available equity and
debt financing

•Energy efficiency expected to be a key
component of future resource portfolio:

–Aggressive pursuit planned with
appropriate regulatory recovery

The 99 turbines at our Spearville, Kan., Wind Energy Facility produce
enough environmentally friendly, emission-free electricity to supply

nearly 49,000 homes annually.

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June 2012 Investor Presentation

Transmission

•Formed Transource Energy, LLC, a
joint venture with American Electric
Power, to pursue competitive
transmission projects

•GXP will seek regulatory approval to
novate two significant projects to
Transource:

–Iatan-Nashua 345kV line -
Projected $54M total cost and
2015 in-service date

–Sibley-Maryville-Nebraska City
345kV line - Projected $380M
total cost and 2017 in-service
date

Iatan-Nashua 345kV, 30 miles, $54M

Expected in-service:2015

Sibley-Maryville-Nebraska City 345kV, 170 miles,
projected cost ~$380M

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June 2012 Investor Presentation

Plant Operations

•No additional baseload
generation expected for
several years

•Targeting modest
improvements in existing fleet
performance in the coming
years

•No changes currently planned
regarding nuclear’s role in the
portfolio

Iatan 2,850-megawatt coal-fired power plant recognized as
power plant of the year by Power Magazine

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June 2012 Investor Presentation

Regulatory

•Our rates continue to compare well regionally and nationally

•During the Comprehensive Energy Plan, the Company received
fair and constructive rate treatment in both Kansas and
Missouri, allowing for recovery of substantially all of our capital
additions

•Aggressively pursuing strategies to improve our operating cost
structure and the best combination of rate cases and
riders/trackers to reduce regulatory lag while minimizing the
impact on customers

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June 2012 Investor Presentation

Regulatory, Transmission

and La Cygne Update

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June 2012 Investor Presentation

Kansas Rate Case Summary

Jurisdiction	Case Number	Date Filed	Requested Increase (in Millions)	Requested Increase (Percent)	Rate Base (in Millions)	Requested ROE	Rate- making Equity Ratio	Anticipated Effective Date of New Rates
KCP&L - KS	12-KCPE-764-RTS	4/20/2012	$63.6	12.9%	$1,820.81	10.40%	51.8%	1/1/2013

Total
Increase
$63.6 M

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1 Projected rate base is approximately $40 million or 2% higher than at the conclusion of the last rate case

June 2012 Investor Presentation

•Based on test year ending December 31, 2011

−Known and measurable changes projected through June 30, 2012

•Rate base increase includes

−La Cygne environmental CWIP - $66 million

−48 MW Spearville 2 Wind Facility - $51 million

−Additional infrastructure investments

−Additions to rate base largely offset by increase in accumulated
deferred income tax primarily as a result of bonus depreciation

•Requested authorization to file abbreviated rate case for additional

La Cygne environmental CWIP following the conclusion of this rate case

•Requested change to jurisdictional-allocation method of capital
investment in facilities

•Requested change to depreciation rates to more accurately assign costs
to the customers who benefit from the use of those assets

2012 Kansas Rate Case

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June 2012 Investor Presentation

Missouri Rate Case Summary

Jurisdiction	Case Number	Date Filed	Requested Increase (in Millions)	Requested Increase (Percent)	Rate Base (in Millions)	Requested ROE	Rate- making Equity Ratio	Anticipated Effective Date of New Rates
KCP&L - MO	ER-2012-0174	2/27/2012	$105.7	15.1%	$2,129.9	10.40%	52.5%	Late January 2013
GMO - MPS	ER-2012-0175	2/27/2012	$58.3	10.9%	$1,411.9	10.40%	52.5%	Late January 2013
GMO - L&P	ER-2012-0175	2/27/2012	$25.2	14.6%	$479.5	10.40%	52.5%	Late January 2013
Total			$189.2		$4,021.31

1 Projected combined rate base is approximately $226 million or 6% higher than at the conclusion of the last rate cases for these jurisdictions

*Reflects revised wholesale margin cap request of $22.7 M

Total
Increase
$105.7 M

Total
Increase
$83.5 M

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June 2012 Investor Presentation

2012 KCP&L-MO Rate Case

•Based on test year ending September 30, 2011

−August 31, 2012 true-up date

•Revised wholesale margin cap requested

−Wholesale margin threshold of $22.7 million Missouri jurisdictional
share (40th percentile) compared to current cap of $45.9 million
(40th percentile)

•Additional infrastructure capital investment

•New trackers requested

−Property taxes

−Transmission

−Renewable energy standard (RES)

−Fuel interim energy charge (IEC) including wholesale margin offset

•Wholesale margin sharing mechanism proposed

•Other operating costs increases

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June 2012 Investor Presentation

•Based on test year ending September 30, 2011

–August 31, 2012 true-up date

GMO-MPS

•Demand side management (DSM) / Energy Efficiency (EE) investment
recovery based on Missouri Energy Efficiency Investment Act (MEEIA)
filing

•Additional infrastructure capital investment

•Fuel cost increases since previous rate case due to rebasing fuel
adjustment clause (FAC)

•New trackers requested

-Property taxes, transmission and RES

GMO-L&P

•DSM / EE investment recovery based on MEEIA filing

•Additional infrastructure capital investment

•Fuel cost increases since previous rate case due to rebasing FAC

•New trackers requested

-Property taxes, transmission and RES

2012 GMO Rate Case

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June 2012 Investor Presentation

•Great Plains Energy (GXP) and American Electric Power (AEP) have formed a joint
venture, Transource Energy, LLC (Transource), to pursue competitive transmission
projects

–GXP owns 13.5% through a newly-formed subsidiary (GPE Transmission Holding Company, LLC)

–AEP owns 86.5% through its subsidiary (AEP Transmission Holding Company, LLC)

•GXP’s regulated subsidiaries, KCP&L and GMO, will seek regulatory approval to novate
two Southwest Power Pool (SPP) regional transmission projects they have committed
to build that are in the initial stages of development

–Sibley-Nebraska City an SPP Priority Project - 345kV, GMO’s share is approximately 170 miles

 (175 miles total project), estimated total costs of approximately $380 million, expected in service:

 2017

–Iatan-Nashua an SPP Balanced Portfolio Project - 345kV, approximately 30 miles, estimated total
costs of approximately $54 million, expected in-service: 2015

–KCP&L and GMO to fund 100% of the costs of the two SPP projects until they are novated and will
be reimbursed by Transource

•Estimated timeframe to obtain Missouri Public Service Commission (MPSC) and Federal
Energy Regulatory Commission (FERC) approvals to novate the projects is
approximately 18 months

Transource Overview

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June 2012 Investor Presentation

GPE Transmission Holding
Company, LLC

AEP Transmission Holding
Company, LLC

86.5%

13.5%

Transource Ownership Structure

Great Plains Energy Incorporated

American Electric Power
Company, Inc.

100%

100%

Transmission Projects

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June 2012 Investor Presentation

Transource Overview

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June 2012 Investor Presentation

•Exclusive vehicle for GXP and AEP to pursue future competitive transmission projects
throughout the continental United States that fall within the scope of FERC Order 1000
(regional and inter-regional transmission projects subject to regional cost allocation)

–Initial focus on three regional transmission organizations (RTO) - SPP, Midwest Independent
Transmission System Operator (MISO) and PJM Interconnection (PJM).Pursuit of new
transmission in other regions as markets mature

–The venture excludes transmission projects in the Electric Reliability Council of Texas (ERCOT)

  and AEP’s existing transmission project joint ventures

•AEP will operate Transource and provide the majority of staff and services for the
venture through its service company

–GXP will leverage AEP project execution strengths on the current SPP projects in completing the
Sibley-Nebraska City and Iatan-Nashua projects

•No earnings impact expected through 2015

–Consistent with GXP stand alone build of two current SPP projects

•Transource funding requirements will be consistent with ownership structure

•Long-term growth opportunity through creation of national transmission platform

−Provides opportunity for sustainable, long-term growth in competitive transmission market

−Ability to co-invest in transmission with AEP on a national scale

−First-class partner with largest US transmission system, strong balance sheet and demonstrated
commitment to transmission growth

−Project execution expertise creates greatest value for customers

−Provides geographic investment diversity

•Diversifies earnings

−Transmission investments help diversify long-term investments

−Enhances returns on future capital investments by way of FERC’s regulatory construct for
transmission

•Improves ability to earn authorized ROE

•Enhances financial flexibility

−Reduces medium-term capital expenditure requirements and external financing needs

−Smoothes capital requirements with near-term environmental investments and longer term
transmission opportunities

−Reduces regulatory lag due to FERC cost recovery mechanisms

GXP Benefits from Transource Joint Venture

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June 2012 Investor Presentation

SPP $4.2

*Projected capital expenditure excludes Allowance for Funds Used During Construction (AFUDC)

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June 2012 Investor Presentation

GXP Projected Capital Expenditures*

La Cygne Environmental Upgrade

Construction Update

Key Steps to Completion
•Site Prep; Major Equipment Purchase	Q3 2011 - Q3 2012
•New Chimney Shell Erected	Q3 2012
•Installation of Low Nox Burners for La Cygne 2	Q2 2013
•Major Construction	Q4 2012 - Q2 2014
•Startup Testing	Q3 2014
•Tie-in Outage Unit 2	Q4 2014
•Tie-in Outage Unit 1	Q1 2015
•In-service	Q2 2015

LaCygne Generation Station

•La Cygne Coal Unit 1 368 MW* - Wet scrubber, baghouse, activated carbon injection

•La Cygne Coal Unit 2 343 MW* - Selective catalytic reduction system, wet scrubber,
baghouse, activated carbon injection, over-fired air, low Nox burners

•Project cost estimate, excluding AFUDC and property tax, $615 million*.Kansas
jurisdictional share is $281 million

•2011 predetermination order issued in Kansas deeming project as requested and cost
estimate to be reasonable

•Project is on schedule and on budget

* KCP&L’s 50% share

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June 2012 Investor Presentation

2011 Review and First Quarter

2012 Operations and Financial Update

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June 2012 Investor Presentation

2011 Review

Financial	•Full-year earnings per share of $1.25 •Increased quarterly dividend to $0.2125
Operational	•Presented the ReliabilityOne award for the Plains Region for fifth consecutive year •Rated Tier 1 in J.D. Power and Associates 2011 Electric Utility Residential Satisfaction Study for third consecutive year •Introduced initiatives to streamline business and improve field communications
Strategic	•Contracted PPAs increasing renewable energy portfolio to approximately 600 MWs •Right-sized the Company with Organizational Realignment and Voluntary Separation Program
Regulatory	•Completed the Comprehensive Energy Plan -Completed the Missouri rate cases - annual increase of $100 million -Iatan 2 in rate base •Kansas Corporation Commission approved predetermination for La Cygne environmental upgrades

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June 2012 Investor Presentation

Plant Performance

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June 2012 Investor Presentation

Retail MWh Sales

1 As of March 31

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June 2012 Investor Presentation

1

2012 First Quarter EPS Reconciliation Versus 2011

	2011 EPS	2012 EPS	Change in EPS
1Q	$0.01	($0.07)	($0.08)

Contributors to Change in 2012 EPS Compared to 2011

	Weather	Wolf Creek	Interest Expense	New Retail Rates	2011 Special Factors	Total
1Q 2012	$(0.11)	$(0.07)	$(0.10)	$0.13	$0.07	$(0.08)

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June 2012 Investor Presentation

	Earnings (in Millions)		Earnings per Share
	2012	2011	2012	2011
Electric Utility	$4.5	$7.0	$0.03	$0.05
Other	(13.8)	(4.7)	(0.10)	(0.04)
Net income (loss)	(9.3)	2.3	(0.07)	0.01
Less: Net loss attributable to noncontrolling interest	0.2	0.1	-	-
Net income (loss) attributable to Great Plains Energy	(9.1)	2.4	(0.07)	0.01
Preferred dividends	(0.4)	(0.4)	-	-
Earnings (loss) available for common shareholders	$(9.5)	$2.0	$(0.07)	$0.01

Great Plains Energy Consolidated Earnings
and Earnings Per Share - Three Months Ended March 31

(Unaudited)

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June 2012 Investor Presentation

March 31, 2012 Debt Profile and Liquidity

Great Plains Energy Debt
($ in Millions)	KCP&L		GMO (1)		GPE		Consolidated
	Amount	Rate(2)	Amount	Rate(2)	Amount	Rate(2)	Amount	Rate(2)
Short-term debt	$ 366.0	0.67%	$110.8	0.92%	$ 30.0	2.00%	$ 506.8	0.80%
Long-term debt (3)	1,902.3	6.02%	633.0	10.97%	993.4	4.65%	3,528.7	6.51%
Total	$2,268.3	5.16%	$743.8	9.45%	$1,023.4	4.57%	$4,035.5	6.44%
Secured debt = $750 (19%), Unsecured debt = $3,285 (81%) (1) GPE guarantees substantially all of GMO’s debt (2) Weighted Average Rates - excludes premium / discounts and fair market value adjustments (3) Includes current maturities of long-term debt

(4) Includes long-term debt maturities through December 31, 2021

(5) 2013 reflects mode maturity for $167.6 million of KCP&L tax-exempt

bonds subject to remarketing prior to final maturity date

(6) Includes KCP&L $110M accounts receivable securitization facility

Long-Term Debt Maturities(4)(5)

Liquidity

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June 2012 Investor Presentation

Credit Profile for Great Plains Energy

Current Credit Ratings
	Moody’s	Standard & Poor’s
Great Plains Energy Outlook Corporate Credit Rating Preferred Stock Senior Unsecured Debt	Stable - Ba2 Baa3	Stable BBB BB+ BBB-
KCP&L Outlook Senior Secured Debt Senior Unsecured Debt Commercial Paper	Stable A3 Baa2 P-2	Stable BBB+ BBB A-2
GMO Outlook Senior Unsecured Debt Commercial Paper	Stable Baa3 P-3	Stable BBB A-2

*All ratios calculated using Standard and Poor’s methodology.Ratios are non-GAAP measures that are defined and reconciled to GAAP in Appendix

** Last twelve months (LTM) as of March 31, 2012

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June 2012 Investor Presentation

*Based on Third Quarter 2011 Earnings Presentation

**2012 includes conversion to 17.1 million shares of GXP common stock in June

2012 Considerations
(a) Wholesale Margin	•Lower natural gas prices and related off-system sales impact due to KCP&L-MO wholesale margin cap •Majority of 2011 lag allocated to Special Factors for flooding and Wolf Creek extended outage
b) Other Lag and Variability	•Lower projected weather-normalized load growth from 1% to 0.5% •2011 includes $0.12 EPS due to weather, 2012 assumes normal weather
(c) Regulatory Earned	•Regulatory earned ROE improving by 0 to 110 basis points over 2011

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June 2012 Investor Presentation

2012 Earnings Guidance $1.20 - $1.40***

***Slide is from 2011 Fourth Quarter Earnings Webcast Presentation

•Affirming 2012 guidance of $1.20 - $1.40

−Assumes normal weather for the remainder of the year

−Assumes full-year weather-normalized demand growth
of 50 basis points

•Affirming 2013 target of 50 basis points of lag in
regulated operations

−Outcomes of 2012 rate cases and timing of effective
dates of new rates will be key drivers

2012 EPS Guidance Range and 2013 Target

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June 2012 Investor Presentation

Appendix

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June 2012 Investor Presentation

Gross margin is a financial measure that is not calculated in accordance with generally accepted accounting
principles (GAAP).Gross margin, as used by Great Plains Energy, is defined as operating revenues less

fuel, purchased power and transmission of electricity by others.The Company’s expense for fuel,

purchased power and transmission of electricity by others, offset by wholesale sales margin, is subject to

recovery through cost adjustment mechanisms, except for KCP&L’s Missouri retail operations.As a result,

operating revenues increase or decrease in relation to a significant portion of these expenses.

Management believes that gross margin provides a more meaningful basis for evaluating the Electric Utility

segment’s operations across periods than operating revenues because gross margin excludes the revenue

effect of fluctuations in these expenses.Gross margin is used internally to measure performance against

budget and in reports for management and the Board of Directors.The Company’s definition of gross

margin may differ from similar terms used by other companies.A reconciliation to GAAP operating

revenues is provided in the table above.

Great Plains Energy Reconciliation of
Gross Margin to Operating Revenues
(Unaudited)

	Three Months Ended March 31 (millions)
	2012	2011
Operating revenues	$479.7	$492.9
Fuel	(119.3)	(104.9)
Purchased power	(24.7)	(54.9)
Transmission of electricity by others	(7.3)	(7.5)
Gross margin	$328.4	$325.6

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June 2012 Investor Presentation

Credit Metric Reconciliation to GAAP

Funds from operations (FFO) to adjusted debt is a
financial measure that is not calculated in
accordance with generally accepted accounting
principles (GAAP). FFO to adjusted debt, as used

by Great Plains Energy, is defined in accordance

with Standard & Poor’s methodology used for

calculating FFO to debt. The numerator of the ratio

is defined as net cash from operating activities

(GAAP) plus non-GAAP adjustments related to

operating leases, hybrid securities, post-retirement

benefit obligations, capitalized interest, power

purchase agreements, asset retirement obligations,

changes in working capital and decommissioning

fund contributions. The denominator of the ratio is

defined as the sum of debt balances (GAAP) plus

non-GAAP adjustments related to some of the same

items adjusted for in the numerator and other

adjustments related to securitized receivables and

accrued interest. Management believes that FFO to

adjusted debt provides a meaningful way to better

understand the Company’s credit profile. FFO to

adjusted debt is used internally to help evaluate the

possibility of a change in the Company’s credit rating.

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June 2012 Investor Presentation

Credit Metric Reconciliation to GAAP

Funds from operations (FFO) interest coverage
ratio is a financial measure that is not calculated

in accordance with generally accepted accounting
principles (GAAP). FFO interest coverage, as
used by Great Plains Energy, is defined in
accordance with Standard & Poor’s methodology
used for calculating FFO interest coverage. The
numerator of the ratio is defined as net cash from
operating activities (GAAP) plus non-GAAP
adjustments related to operating leases, hybrid
securities, post-retirement benefit obligations,
capitalized interest, power purchase agreements,
asset retirement obligations, changes in working
capital and decommissioning fund contributions
plus adjusted interest expense (non-GAAP). The
denominator of the ratio, adjusted interest
expense, is defined as interest charges (GAAP)
plus non-GAAP adjustments related to some of
the same items adjusted for in the numerator and
other adjustments needed to match Standard &
Poor’s calculation. Management believes that

FFO interest coverage provides a meaningful way

to better understand the Company’s credit profile.
FFO interest coverage is used internally to help
evaluate the possibility of a change in the
Company’s credit rating.

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June 2012 Investor Presentation

Credit Metric Reconciliation to GAAP

Adjusted debt to total adjusted capitalization is
a financial measure that is not calculated in
accordance with generally accepted accounting
principles (GAAP). Adjusted debt to total
adjusted capitalization, as used by Great Plains
Energy, is defined in accordance with Standard
& Poor’s methodology used for calculating the
ratio of debt to debt and equity. The numerator
of the ratio, adjusted debt, is defined as the

sum of debt balances (GAAP) plus non-GAAP
adjustments related to securitized receivables,
operating leases, hybrid securities, post-
retirement benefit obligations, accrued interest,
power purchase agreements and asset
retirement obligations. The denominator of the
ratio, total adjusted capitalization, is defined as
the sum of equity balances (GAAP) plus non-
GAAP adjustments related to hybrid securities
plus the non-GAAP adjusted debt as defined for
the numerator. Management believes that
adjusted debt to total adjusted capitalization
provides a meaningful way to better understand
the Company’s credit profile. Adjusted debt to
total adjusted capitalization is used internally to
help evaluate the possibility of a change in the
Company’s credit rating.

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June 2012 Investor Presentation