Evergy Kansas Central 8-K Westar Energy Announces 3RD Quarter 2012 Results

Exhibit 99.2

Westar Energy, Inc.

Third Quarter 2012 Earnings

Released November 8, 2012

Contents	Page
Consolidated Statements of Income	1
Consolidated Balance Sheets	3
Consolidated Statements of Cash Flows	4
Earnings Variances	5
Supplemental Data	7
Capitalization & Long-Term Debt Table	9
GAAP to Non-GAAP Reconciliation	10
2013 Earnings Drivers	11

Bruce Burns

Director Investor Relations

785-575-8227

bruce.burns@WestarEnergy.com

NOTE:

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q for the period ended September 30, 2012 should be read in conjunction with this financial information. The enclosed statements have been prepared for the purpose of providing information concerning the Company and not in connection with any sale, offer for sale, or solicitation to buy any securities.

Westar Energy, Inc.

Consolidated Statements of Income

(Unaudited)

	Three Months Ended September 30,
	2012			2011			Change			% Change
	(In Thousands, Except Per Share Amounts)
REVENUES:
Residential	$	250,757		$	246,756		$	4,001		1.6
Commercial	194,032			188,070			5,962			3.2
Industrial	96,656			98,060			(1,404		)	(1.4	)
Other retail	6,407			(3,304		)	9,711			293.9
Total Retail Revenues	547,852			529,582			18,270			3.4
Wholesale	88,784			101,086			(12,302		)	(12.2	)
Transmission	49,137			39,075			10,062			25.8
Other	9,985			8,409			1,576			18.7
Total Revenues	695,758			678,152			17,606			2.6
OPERATING EXPENSES:
Fuel and purchased power	177,506			199,540			(22,034		)	(11.0	)
Operating and maintenance	149,001			137,823			11,178			8.1
Depreciation and amortization	65,061			72,202			(7,141		)	(9.9	)
Selling, general and administrative	54,300			27,499			26,801			97.5
Total Operating Expenses	445,868			437,064			8,804			2.0
INCOME FROM OPERATIONS	249,890			241,088			8,802			3.7
OTHER INCOME (EXPENSE):
Investment earnings	2,729			2,914			(185		)	(6.3	)
Other income	6,115			3,404			2,711			79.6
Other expense	(6,278		)	(5,470		)	(808		)	(14.8	)
Total Other Income	2,566			848			1,718			202.6
Interest expense	45,017			43,844			1,173			2.7
INCOME BEFORE INCOME TAXES	207,439			198,092			9,347			4.7
Income tax expense	66,372			61,700			4,672			7.6
NET INCOME	141,067			136,392			4,675			3.4
Less: Net income attributable to noncontrolling interests	1,786			1,442			344			23.9
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.	139,281			134,950			4,331			3.2
Preferred dividends	—			242			(242		)	(100.0	)
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$	139,281		$	134,708		$	4,573		3.4
Earnings per common share, basic	$	1.10		$	1.15		$	(0.05	)	(4.3	)
Average equivalent common shares outstanding	126,783			116,807			9,976			8.5
DIVIDENDS DECLARED PER COMMON SHARE	$	0.33		$	0.32		$	0.01		3.1
Effective income tax rate	32.00		%	31.15		%

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 1

Westar Energy, Inc.

Consolidated Statements of Income

(Unaudited)

	Nine Months Ended September 30,
	2012			2011			Change			% Change
	(In Thousands, Except Per Share Amounts)
REVENUES:
Residential	$	566,069		$	556,784		$	9,285		1.7
Commercial	493,814			470,452			23,362			5.0
Industrial	278,036			268,501			9,535			3.6
Other retail	1,125			(8,759		)	9,884			112.8
Total Retail Revenues	1,339,044			1,286,978			52,066			4.0
Wholesale	228,966			257,195			(28,229		)	(11.0	)
Transmission	144,480			115,411			29,069			25.2
Other	25,208			25,179			29			0.1
Total Revenues	1,737,698			1,684,763			52,935			3.1
OPERATING EXPENSES:
Fuel and purchased power	452,840			486,697			(33,857		)	(7.0	)
Operating and maintenance	461,515			412,429			49,086			11.9
Depreciation and amortization	204,640			213,551			(8,911		)	(4.2	)
Selling, general and administrative	164,346			132,233			32,113			24.3
Total Operating Expenses	1,283,341			1,244,910			38,431			3.1
INCOME FROM OPERATIONS	454,357			439,853			14,504			3.3
OTHER INCOME (EXPENSE):
Investment earnings	6,456			6,255			201			3.2
Other income	27,242			8,210			19,032			231.8
Other expense	(14,246		)	(13,951		)	(295		)	(2.1	)
Total Other Income	19,452			514			18,938			nm
Interest expense	131,886			130,681			1,205			0.9
INCOME BEFORE INCOME TAXES	341,923			309,686			32,237			10.4
Income tax expense	107,156			94,812			12,344			13.0
NET INCOME	234,767			214,874			19,893			9.3
Less: Net income attributable to noncontrolling interests	5,228			4,212			1,016			24.1
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.	229,539			210,662			18,877			9.0
Preferred dividends	1,616			727			889			122.3
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$	227,923		$	209,935		$	17,988		8.6
Earnings per common share, basic	$	1.79		$	1.82		$	(0.03	)	(1.6	)
Average equivalent common shares outstanding	126,639			115,209			11,430			9.9
DIVIDENDS DECLARED PER COMMON SHARE	$	0.99		$	0.96		$	0.03		3.1
Effective income tax rate	31.34		%	30.62		%

nm - not meaningful

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 2

Westar Energy, Inc.

Consolidated Balance Sheets

(Dollars in Thousands, Except Par Values)

(Unaudited)

	September 30, 2012		December 31, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	4,379	$	3,539
Restricted cash	836		—
Accounts receivable, net of allowance for doubtful accounts of $3,517 and $7,384, respectively	267,218		226,428
Fuel inventory and supplies	249,285		229,118
Energy marketing contracts	3,346		8,180
Taxes receivable	—		5,334
Deferred tax assets	—		394
Prepaid expenses	13,775		13,078
Regulatory assets	116,547		123,818
Other	22,806		23,696
Total Current Assets	678,192		633,585
PROPERTY, PLANT AND EQUIPMENT, NET	6,856,350		6,411,922
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET	324,855		333,494
OTHER ASSETS:
Regulatory assets	889,063		922,272
Nuclear decommissioning trust	148,460		130,270
Other	239,590		251,308
Total Other Assets	1,277,113		1,303,850
TOTAL ASSETS	$	9,136,510	$	8,682,851
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt of variable interest entities	$	26,660	$	28,114
Short-term debt	214,756		286,300
Accounts payable	169,306		187,428
Accrued taxes	87,579		52,451
Energy marketing contracts	534		6,353
Accrued interest	71,290		77,437
Regulatory liabilities	40,898		40,857
Other	129,848		148,347
Total Current Liabilities	740,871		827,287
LONG-TERM LIABILITIES:
Long-term debt, net	2,819,118		2,491,109
Long-term debt of variable interest entities, net	242,521		249,283
Deferred income taxes	1,213,816		1,110,463
Unamortized investment tax credits	160,637		164,175
Regulatory liabilities	293,652		230,530
Accrued employee benefits	542,657		592,617
Asset retirement obligations	148,523		142,508
Other	75,950		74,138
Total Long-Term Liabilities	5,496,874		5,054,823
COMMITMENTS AND CONTINGENCIES (See Notes 8 and 9)
EQUITY:
Westar Energy, Inc. Shareholders’ Equity:
Cumulative preferred stock, par value $100 per share; authorized 600,000 shares; issued and outstanding zero shares and 214,363 shares, respective to each date	—		21,436
Common stock, par value $5 per share; authorized 275,000,000 shares; issued and outstanding 126,369,073 shares and 125,698,396 shares, respective to each date	631,845		628,492
Paid-in capital	1,651,802		1,639,503
Retained earnings	603,048		501,216
Total Westar Energy, Inc. Shareholders’ Equity	2,886,695		2,790,647
Noncontrolling Interests	12,070		10,094
Total Equity	2,898,765		2,800,741
TOTAL LIABILITIES AND EQUITY	$	9,136,510	$	8,682,851

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 3

Westar Energy, Inc.

Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

	Nine Months Ended September 30,
	2012			2011
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net income	$	234,767		$	214,874
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	204,640			213,551
Amortization of nuclear fuel	16,658			13,411
Amortization of deferred regulatory gain from sale leaseback	(4,121		)	(4,121		)
Amortization of corporate-owned life insurance	17,062			19,137
Non-cash compensation	5,482			6,834
Net changes in energy marketing assets and liabilities	(133		)	956
Net deferred income taxes and credits	106,730			100,130
Stock-based compensation excess tax benefits	(1,628		)	(1,186		)
Allowance for equity funds used during construction	(9,096		)	(4,448		)
Gain on sale of non-utility investment	—			(7,246		)
Gain on settlement of contractual obligations with former officers	—			(22,039		)
Changes in working capital items:
Accounts receivable	(40,740		)	(27,269		)
Fuel inventory and supplies	(19,634		)	(1,837		)
Prepaid expenses and other	9,571			(36,459		)
Accounts payable	(7,201		)	(14,077		)
Accrued taxes	40,825			38,291
Other current liabilities	(83,160		)	(105,657		)
Changes in other assets	(1,061		)	(15,291		)
Changes in other liabilities	(15,005		)	(29,777		)
Cash Flows from Operating Activities	453,956			337,777
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Additions to property, plant and equipment	(598,426		)	(512,675		)
Purchase of securities within trusts	(18,684		)	(41,118		)
Sale of securities within trusts	19,808			39,789
Proceeds from trust	1,527			—
Investment in corporate-owned life insurance	(18,404		)	(19,214		)
Proceeds from investment in corporate-owned life insurance	16,501			869
Proceeds from federal grant	4,470			7,367
Investment in affiliated company	(6,550		)	(1,479		)
Investment in non-utility investments	(433		)	7,246
Other investing activities	(1,124		)	470
Cash Flows used in Investing Activities	(601,315		)	(518,745		)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Short-term debt, net	(71,544		)	159,770
Proceeds from long-term debt	541,374			—
Retirements of long-term debt	(220,563		)	(371		)
Retirements of long-term debt of variable interest entities	(7,765		)	(29,019		)
Repayment of capital leases	(1,984		)	(1,645		)
Borrowings against cash surrender value of corporate-owned life insurance	64,479			65,853
Repayment of borrowings against cash surrender value of corporate-owned life insurance	(18,369		)	(3,108		)
Stock-based compensation excess tax benefits	1,628			1,186
Preferred stock redemption	(22,567		)	—
Issuance of common stock	5,348			96,508
Distributions to shareholders of noncontrolling interests	(3,252		)	(1,916		)
Cash dividends paid	(118,586		)	(102,625		)
Cash Flows from Financing Activities	148,199			184,633
NET INCREASE IN CASH AND CASH EQUIVALENTS	840			3,665
CASH AND CASH EQUIVALENTS:
Beginning of period	3,539			928
End of period	$	4,379		$	4,593

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 4

Westar Energy, Inc.

3rd Quarter 2012 vs. 2011

Earnings Variances
				Change
		($ per share)		(Dollars in Thousands)				($ per share)
2011 earnings attributable to common stock				$	134,708			$	1.15
		Favorable/(Unfavorable)
	Retail			18,270			A
	Wholesale			(12,302		)	B
	Transmission			10,062
	Other revenues			1,576
	Fuel and purchased power			22,034			C
	SPP network transmission costs			(8,629		)
	Gross Margin			31,011
	Operating and maintenance w/o SPP NITS			(2,549		)	D
	Depreciation and amortization			7,141			E
	Selling, general and administrative			(26,801		)	F
	Other income (expense)			1,718			G
	Interest expense			(1,173		)
	Income tax expense			(4,672		)
	Net income attributable to noncontrolling interests			(344		)
	Preferred dividends			242
	Change in shares outstanding	(0.09	)
2012 earnings attributable to common stock				$	139,281			$	1.10
	Major factors influencing the period to period change in EPS -- Favorable/(Unfavorable)
A	Due to increased average retail prices; MWh sales decreased 3% (see page 7 for changes by customer class)
B	Due primarily to 11% decrease in average prices (see page 7 for changes by customer class)
C	Due to decreased cost of natural gas consumed and reduced MWhs purchased and generated
D	Due principally to increased property tax expense (this is largely offset in revenues through property tax surcharge) -- ($4.0M); decreased amortization of Wolf Creek refuel and maintenance outage cost -- $2.1M
E	Due to reduced depreciation rates to reflect changes in the estimated useful lives of some of our assets
F	Due primarily to reversing accruals as a result of legal settlements in 2011 ($22.0M); higher pension and other employee benefit costs -- ($3.5M); higher transition costs as a result of sustainable cost reduction activities -- ($2.7M)
G	Due primarily to increased equity AFUDC related to construction activity -- $1.3M; additional sales of oil inventory -- $0.8M

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 5

Westar Energy, Inc.

YTD September 2012 vs. 2011

Earnings Variances
				Change
		($ per share)		(Dollars in Thousands)				($ per share)
2011 earnings attributable to common stock				$	209,935			$	1.82
		Favorable/(Unfavorable)
	Retail			52,066			A
	Wholesale			(28,229		)	B
	Transmission			29,069
	Other revenues			29
	Fuel and purchased power			33,857			C
	SPP network transmission costs			(25,519		)
	Gross Margin			61,273
	Operating and maintenance w/o SPP NITS			(23,567		)	D
	Depreciation and amortization			8,911			E
	Selling, general and administrative			(32,113		)	F
	Other income (expense)			18,938			G
	Interest expense			(1,205		)
	Income tax expense			(12,344		)
	Net income attributable to noncontrolling interests			(1,016		)
	Preferred dividends			(889		)
	Change in shares outstanding	(0.18	)
2012 earnings attributable to common stock				$	227,923			$	1.79
	Major factors influencing the period to period change in EPS -- Favorable/(Unfavorable)
A	Due to increased average retail prices (see page 8 for changes by customer class)
B	Due primarily to decreased demand; MWh sales decreased 7% (see page 8 for changes by customer class)
C	Due principally to decreased MWhs generated
D	Due principally to higher costs at Wolf Creek -- ($7.9M); increased property tax expense (this is largely offset in revenues through property tax surcharge) -- ($9.3M); increased tree trimming expense -- ($2.7M)
E	Due to reduced depreciation rates to reflect changes in the estimated useful lives of some of our assets
F	Due primarily to reversing accruals as a result of legal settlements in 2011 ($22.0M); higher pension and other employee benefit costs -- ($15.4M); higher transition costs as a result of sustainable cost reduction activities -- ($4.5M); lower legal costs related to arbitration claim in 2011 -- $8.7M
G	Due primarily to COLI proceeds -- $12.7M; increased equity AFUDC related to construction activity -- $4.6M; additional sales of oil inventory -- $1.2M

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 6

Westar Energy, Inc.

Revenue, Sales and Energy Supply

Supplemental Data	Three Months Ended September 30,
	2012		2011			Change			% Change
Revenues	(Dollars In Thousands)
Residential	$	250,757	$	246,756		$	4,001		1.6
Commercial	194,032		188,070			5,962			3.2
Industrial	96,656		98,060			(1,404		)	(1.4	)
Other retail	3,125		3,094			31			1.0
Provision for rate refunds	3,282		(6,398		)	9,680			151.3
Total Retail Revenues	547,852		529,582			18,270			3.4
Tariff-based wholesale	77,332		80,295			(2,963		)	(3.7	)
Market-based wholesale	11,452		20,791			(9,339		)	(44.9	)
Transmission	49,137		39,075			10,062			25.8
Other	9,985		8,409			1,576			18.7
Total Revenues	$	695,758	$	678,152		$	17,606		2.6
Electricity Sales	(Thousands of MWh)
Residential	2,270		2,372			(102		)	(4.3	)
Commercial	2,215		2,232			(17		)	(0.8	)
Industrial	1,437		1,528			(91		)	(6.0	)
Other retail	20		21			(1		)	(4.8	)
Total Retail	5,942		6,153			(211		)	(3.4	)
Tariff-based wholesale	1,699		1,733			(34		)	(2.0	)
Market-based wholesale	395		389			6			1.5
Total wholesale	2,094		2,122			(28		)	(1.3	)
Total Electricity Sales	8,036		8,275			(239		)	(2.9	)
	(Dollars per MWh)
Total retail	$	92.20	$	86.07		$	6.13		7.1
Tariff-based wholesale	$	45.52	$	46.33		$	(0.81	)	(1.7	)
Market-based wholesale	$	28.99	$	53.45		$	(24.46	)	(45.8	)
Fuel and Purchased Power	(Dollars In Thousands)
Fuel used for generation	$	160,774	$	183,056		$	(22,282	)	(12.2	)
Purchased power	16,436		24,836			(8,400		)	(33.8	)
Subtotal	177,210		207,892			(30,682		)	(14.8	)
RECA recovery and other	296		(8,352		)	8,648			103.5
Total fuel and purchased power expense	$	177,506	$	199,540		$	(22,034	)	(11.0	)
Electricity Supply	(Thousands of MWh)
Generated - Gas	1,043		1,281			(238		)	(18.6	)
Coal	5,671		5,603			68			1.2
Nuclear	1,211		1,179			32			nm
Wind	90		80			10			12.5
Subtotal electricity generated	8,015		8,143			(128		)	(1.6	)
Purchased	530		683			(153		)	(22.4	)
Total Electricity Supply	8,545		8,826			(281		)	(3.2	)
	(Dollars per MWh)
Average cost of fuel used for generation	$	20.06	$	22.48		$	(2.42	)	(10.8	)
Average cost of purchased power	$	31.01	$	36.36		$	(5.35	)	(14.7	)
Average cost of fuel and purchased power	$	20.74	$	23.55		$	(2.81	)	(11.9	)
Degree Days			2011/
	2012		20 yr Avg			Change			% Change
Cooling
Actual compared to last year	1,307		1,431			(124		)	(8.7	)
Actual compared to 20 year average	1,307		1,124			183			16.3
Heating
Actual compared to last year	32		53			(21		)	(39.6	)
Actual compared to 20 year average	32		44			(12		)	(27.3	)
nm - not meaningful

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 7

Westar Energy, Inc.

Revenue, Sales and Energy Supply

Supplemental Data	Nine Months Ended September 30,
	2012			2011			Change			% Change
Revenues	(Dollars In Thousands)
Residential	$	566,069		$	556,784		$	9,285		1.7
Commercial	493,814			470,452			23,362			5.0
Industrial	278,036			268,501			9,535			3.6
Other retail	9,249			9,205			44			0.5
Provision for rate refunds	(8,124		)	(17,964		)	9,840			54.8
Total Retail Revenues	1,339,044			1,286,978			52,066			4.0
Tariff-based wholesale	198,657			205,142			(6,485		)	(3.2	)
Market-based wholesale	30,309			52,053			(21,744		)	(41.8	)
Transmission	144,480			115,411			29,069			25.2
Other	25,208			25,179			29			0.1
Total Revenues	$	1,737,698		$	1,684,763		$	52,935		3.1
Electricity Sales	(Thousands of MWh)
Residential	5,314			5,579			(265		)	(4.7	)
Commercial	5,841			5,825			16			0.3
Industrial	4,216			4,304			(88		)	(2.0	)
Other retail	63			66			(3		)	(4.5	)
Total Retail	15,434			15,774			(340		)	(2.2	)
Tariff-based wholesale	4,289			4,491			(202		)	(4.5	)
Market-based wholesale	1,102			1,317			(215		)	(16.3	)
Total wholesale	5,391			5,808			(417		)	(7.2	)
Total Electricity Sales	20,825			21,582			(757		)	(3.5	)
	(Dollars per MWh)
Total retail	$	86.76		$	81.59		$	5.17		6.3
Tariff-based wholesale	$	46.32		$	45.68		$	0.64		1.4
Market-based wholesale	$	27.50		$	39.52		$	(12.02	)	(30.4	)
Fuel and Purchased Power	(Dollars In Thousands)
Fuel used for generation	$	374,153		$	437,357		$	(63,204	)	(14.5	)
Purchased power	77,560			73,285			4,275			5.8
Subtotal	451,713			510,642			(58,929		)	(11.5	)
RECA recovery and other	1,127			(23,945		)	25,072			104.7
Total fuel and purchased power expense	$	452,840		$	486,697		$	(33,857	)	(7.0	)
Electricity Supply	(Thousands of MWh)
Generated - Gas	2,183			2,223			(40		)	(1.8	)
Coal	13,848			15,986			(2,138		)	(13.4	)
Nuclear	2,641			2,192			449			20.5
Wind	338			326			12			3.7
Subtotal electricity generated	19,010			20,727			(1,717		)	(8.3	)
Purchased	3,070			2,116			954			45.1
Total Electricity Supply	22,080			22,843			(763		)	(3.3	)
	(Dollars per MWh)
Average cost of fuel used for generation	$	19.68		$	21.10		$	(1.42	)	(6.7	)
Average cost of purchased power	$	25.26		$	34.63		$	(9.37	)	(27.1	)
Average cost of fuel and purchased power	$	20.46		$	22.35		$	(1.89	)	(8.5	)
Degree Days				2011/
	2012			20 yr Avg			Change			% Change
Cooling
Actual compared to last year	2,097			2,067			30			1.5
Actual compared to 20 year average	2,097			1,585			512			32.3
Heating
Actual compared to last year	2,038			3,109			(1,071		)	(34.4	)
Actual compared to 20 year average	2,038			2,869			(831		)	(29.0	)

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 8

Westar Energy, Inc.

Capitalization
		September 30, 2012					December 31, 2011
		(Dollars in Thousands)
Current maturities of long-term debt of VIEs		$	26,660				$	28,114
Long-term debt, net		2,819,118					2,491,109
Long-term debt of variable interest entities, net		242,521					249,283
Total debt		3,088,299			51.6	%	2,768,506			49.7	%
Preferred		—			—	%	21,436			0.4	%
Common equity		2,886,695			48.2	%	2,769,211			49.7	%
Noncontrolling interests		12,070			0.2	%	10,094			0.2	%
Total capitalization		$	5,987,064		100.0	%	$	5,569,247		100.0	%
GAAP Book value per share		$	22.84				$	22.03
Period end shares outstanding (in thousands)		126,369					125,698
Outstanding Long-Term Debt
	CUSIP	September 30, 2012					December 31, 2011
Westar Energy:		(Dollars in Thousands)
First Mortgage Bond series:
6.00% Series due July 2014	95709TAA8	$	250,000				$	250,000
5.15% Series due January 2017	95709TAB6	125,000					125,000
5.95% Series due January 2035	95709TAC4	125,000					125,000
5.10% Series due July 2020	95709TAD2	250,000					250,000
5.875% Series due July 2036	95709TAE0	150,000					150,000
6.10% Series due May 2047	95709T704	—					150,000
8.625% Series due December 2018	95709TAG5	300,000					300,000
4.125% Series due December 2042	95709TAH3	550,000					—
		1,750,000					1,350,000
Pollution control bond series:
Variable series due April 2032 (Wamego)	933623BN9	30,500					30,500
Variable series due April 2032 (St Marys)	792609AF6	45,000					45,000
5.0% Series due February 2033 (Wamego)	933623BQ2	—					57,245
		75,500					132,745
Total Westar Energy		1,825,500					1,482,745
KGE
First mortgage bond series:
6.53% Series due December 2037	485260BJ1	175,000					175,000
6.15% Series due May 2023	485260B@1	50,000					50,000
6.64%Series due May 2038	485260B#9	100,000					100,000
6.70%Series due June 2019	U24448AB5	300,000					300,000
		625,000					625,000
Pollution control bond series:
5.3% Series due June 2031	121825BW2	108,600					108,600
5.3% Series due June 2031	933623BR0	18,900					18,900
4.85% Series due June 2031	121825CB7	50,000					50,000
5.10% Series due March 2023	502828AH9	—					13,318
Variable rate series due April 2027 (LaCygne)	502828AJ5	21,940					21,940
Variable rate series due April 2032 (St Marys)	792609AE9	14,500					14,500
Variable rate series due April 2032 (Wamego)	933623BM1	10,000					10,000
5.6% Series due June 2031	121825CD3	50,000					50,000
6.0% Series due June 2031	121825CE1	50,000					50,000
5.0% Series due June 2031	121825CF8	50,000					50,000
		373,940					387,258
Total KGE		998,940					1,012,258
Total long-term debt		2,824,440					2,495,003
Unamortized debt discount		(5,322		)			(3,894		)
Long-term debt due within one year		—					—
Total long-term debt, net		$	2,819,118				$	2,491,109

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 9

Westar Energy, Inc.

GAAP to Non-GAAP Reconciliation

Fuel and purchased power costs fluctuate with electricity sales and unit costs. As permitted by regulators, prices are adjusted to reflect changes in the costs of fuel and purchased power. Fuel and purchased power costs for wholesale customers are recovered at prevailing market prices or based on a predetermined formula with a price adjustment approved by FERC. As a result, changes in fuel and purchased power costs are offset in revenues with minimal impact on net income. For this reason, Westar management believes that gross margin is useful for understanding and analyzing changes in operating performance from one period to the next. Gross margin is calculated as total revenues, including transmission revenues, less the sum of fuel and purchased power costs and amounts billed by the SPP for network transmission costs (SPP NITS). Accordingly, gross margin reflects transmission revenues and costs on a net basis. However, transmission costs are recorded as operating and maintenance expense on Westar's consolidated statements of income.

The calculations of gross margin and operating and maintenance expense w/o SPP NITS for the three and nine months endedSeptember 30, 2012 and 2011 are shown in the table below. The table also includes a reconciliation of gross margin to income from operations for both periods. Income from operations is the GAAP financial measure most directly comparable to gross margin. Operating and maintenance expense is the GAAP financial measure most directly comparable to operating and maintenance expense w/o SPP NITS.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2012		2011			Change			2012		2011			Change
	(Dollars in Thousands)
Revenues
Residential	$	250,757	$	246,756		$	4,001		$	566,069	$	556,784		$	9,285
Commercial	194,032		188,070			5,962			493,814		470,452			23,362
Industrial	96,656		98,060			(1,404		)	278,036		268,501			9,535
Other retail	6,407		(3,304		)	9,711			1,125		(8,759		)	9,884
Total Retail Revenues	547,852		529,582			18,270			1,339,044		1,286,978			52,066
Wholesale	88,784		101,086			(12,302		)	228,966		257,195			(28,229		)
Transmission	49,137		39,075			10,062			144,480		115,411			29,069
Other	9,985		8,409			1,576			25,208		25,179			29
Total Revenues	695,758		678,152			17,606			1,737,698		1,684,763			52,935
Less: Fuel and purchased power expense	177,506		199,540			(22,034		)	452,840		486,697			(33,857		)
SPP network transmission costs	42,516		33,887			8,629			124,142		98,623			25,519
Gross Margin	$	475,736	$	444,725		$	31,011		$	1,160,716	$	1,099,443		$	61,273
Gross margin	$	475,736	$	444,725		$	31,011		$	1,160,716	$	1,099,443		$	61,273
Add: SPP network transmission costs	42,516		33,887			8,629			124,142		98,623			25,519
Less: Operating and maintenance expense	149,001		137,823			11,178			461,515		412,429			49,086
Depreciation and amortization expense	65,061		72,202			(7,141		)	204,640		213,551			(8,911		)
Selling, general and administrative expense	54,300		27,499			26,801			164,346		132,233			32,113
Income from operations	$	249,890	$	241,088		$	8,802		$	454,357	$	439,853		$	14,504
Operating and maintenance expense	$	149,001	$	137,823		$	11,178		$	461,515	$	412,429		$	49,086
Less: SPP network transmission costs	42,516		33,887			8,629			124,142		98,623			25,519
Operating and maintenance expense w/o SPP NITS	$	106,485	$	103,936		$	2,549		$	337,373	$	313,806		$	23,567

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 10

2013 Earnings Drivers

Plan to provide 2013 guidance with release of 2012 results in February

Drivers and preliminary assumptions for 2013:

• No change in business strategy or direction

• No change in regulatory principles or methods

• Normal weather

• Modest price adjustments via annual mechanisms

• Retail MWh sales increase <1%

• Combines O&M/SG&A trend about 5%

◦ Combined expense increase <1% excluding tracker and full year effect of rate case items, i.e. pension and tree trimming

• Fund CapEx program primarily with debt

◦ Issue small amount of equity to settle forward sales already priced

• File abbreviated rate case for La Cygne by mid April

◦ Expect order late 2013

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2012 should be read in conjunction with this financial information.

Page 11