Evergy Kansas Central 8-K Results of Operations and Financial Condition

Exhibit 99.2

Westar Energy, Inc.

Third Quarter 2014 Earnings

Released November 5, 2014

Contents	Page
Condensed Consolidated Statements of Income	1
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Cash Flows	4
Earnings Variances	5
Supplemental Data	7
Capitalization & Long-Term Debt Table	9
GAAP to Non-GAAP Reconciliation	10
Supplemental Information
2014 Earnings Guidance November Update	11
2015 Earnings Drivers	12

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, 2014 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.

Condensed Consolidated Statements of Income

(Unaudited)

	Three Months Ended September 30,
	2014			2013			Change			% Change
	(Dollars in Thousands, Except Per Share Amounts)
REVENUES:
Residential	$	261,106		$	237,984		$	23,122		9.7
Commercial	223,588			199,921			23,667			11.8
Industrial	113,039			98,410			14,629			14.9
Other retail	(6,032		)	3,849			(9,881		)	(256.7	)
Total Retail Revenues	591,701			540,164			51,537			9.5
Wholesale	97,680			94,496			3,184			3.4
Transmission	67,145			52,410			14,735			28.1
Other	7,514			7,904			(390		)	(4.9	)
Total Revenues	764,040			694,974			69,066			9.9
OPERATING EXPENSES:
Fuel and purchased power	200,755			178,562			22,193			12.4
SPP network transmission costs	55,720			45,315			10,405			23.0
Operating and maintenance	84,213			93,377			(9,164		)	(9.8	)
Depreciation and amortization	72,279			68,861			3,418			5.0
Selling, general and administrative	60,977			54,245			6,732			12.4
Taxes other than income tax	34,677			30,408			4,269			14.0
Total Operating Expenses	508,621			470,768			37,853			8.0
INCOME FROM OPERATIONS	255,419			224,206			31,213			13.9
OTHER INCOME (EXPENSE):
Investment earnings	1,655			2,863			(1,208		)	(42.2	)
Other income	14,991			12,321			2,670			21.7
Other expense	(6,242		)	(6,195		)	(47		)	(0.8	)
Total Other Income	10,404			8,989			1,415			15.7
Interest expense	44,531			45,708			(1,177		)	(2.6	)
INCOME BEFORE INCOME TAXES	221,292			187,487			33,805			18.0
Income tax expense	71,532			52,392			19,140			36.5
NET INCOME	149,760			135,095			14,665			10.9
Less: Net income attributable to noncontrolling interests	2,378			1,970			408			20.7
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.	$	147,382		$	133,125		$	14,257		10.7
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO WESTAR ENERGY, INC. (See 10-Q Note 2):
Basic earnings per common share	$	1.13		$	1.04		$	0.09		8.7
Diluted earnings per common share	$	1.10		$	1.04		$	0.06		5.8
AVERAGE EQUIVALENT COMMON SHARES OUTSTANDING (in thousands):
Basic	130,196			127,445			2,751			2.2
Diluted	133,029			128,111			4,918			3.8
DIVIDENDS DECLARED PER COMMON SHARE	$	0.35		$	0.34		$	0.01		2.9
Effective income tax rate	32.32		%	27.94		%

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

for the period ended September 30, 2014 should be read in conjunction with this financial information.

Page 1

Westar Energy, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

	Nine Months Ended September 30,
	2014			2013			Change			% Change
	(Dollars in Thousands, Except Per Share Amounts)
REVENUES:
Residential	$	629,064		$	568,662		$	60,402		10.6
Commercial	562,882			513,049			49,833			9.7
Industrial	314,518			282,155			32,363			11.5
Other retail	(17,587		)	2,905			(20,492		)	(705.4	)
Total Retail Revenues	1,488,877			1,366,771			122,106			8.9
Wholesale	290,727			262,749			27,978			10.6
Transmission	192,311			156,725			35,586			22.7
Other	33,349			24,531			8,818			35.9
Total Revenues	2,005,264			1,810,776			194,488			10.7
OPERATING EXPENSES:
Fuel and purchased power	539,373			483,014			56,359			11.7
SPP network transmission costs	163,211			133,711			29,500			22.1
Operating and maintenance	277,841			265,532			12,309			4.6
Depreciation and amortization	213,270			203,305			9,965			4.9
Selling, general and administrative	179,633			157,668			21,965			13.9
Taxes other than income tax	104,248			91,889			12,359			13.4
Total Operating Expenses	1,477,576			1,335,119			142,457			10.7
INCOME FROM OPERATIONS	527,688			475,657			52,031			10.9
OTHER INCOME (EXPENSE):
Investment earnings	7,208			8,612			(1,404		)	(16.3	)
Other income	26,566			29,748			(3,182		)	(10.7	)
Other expense	(14,192		)	(13,911		)	(281		)	(2.0	)
Total Other Income	19,582			24,449			(4,867		)	(19.9	)
Interest expense	138,075			135,790			2,285			1.7
INCOME BEFORE INCOME TAXES	409,195			364,316			44,879			12.3
Income tax expense	132,643			106,514			26,129			24.5
NET INCOME	276,552			257,802			18,750			7.3
Less: Net income attributable to noncontrolling interests	6,742			6,344			398			6.3
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.	$	269,810		$	251,458		$	18,352		7.3
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO WESTAR ENERGY, INC. (See 10-Q Note 2):
Basic earnings per common share	$	2.08		$	1.97		$	0.11		5.6
Diluted earnings per common share	$	2.04		$	1.96		$	0.08		4.1
AVERAGE EQUIVALENT COMMON SHARES OUTSTANDING (in thousands):
Basic	129,526			127,318			2,208			1.7
Diluted	132,200			127,851			4,349			3.4
DIVIDENDS DECLARED PER COMMON SHARE	$	1.05		$	1.02		$	0.03		2.9
Effective income tax rate	32.42		%	29.24		%

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

for the period ended September 30, 2014 should be read in conjunction with this financial information.

Page 2

Westar Energy, Inc.

Condensed Consolidated Balance Sheets

(Dollars in Thousands, Except Par Values)

(Unaudited)

	September 30, 2014		December 31, 2013
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	5,835	$	4,487
Accounts receivable, net of allowance for doubtful accounts of $3,561 and $4,596, respectively	300,120		250,036
Fuel inventory and supplies	244,179		239,511
Deferred tax assets	35,009		37,954
Prepaid expenses	16,342		15,821
Regulatory assets	122,406		135,408
Other	25,447		23,608
Total Current Assets	749,338		706,825
PROPERTY, PLANT AND EQUIPMENT, NET	8,025,042		7,551,916
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET	288,567		296,626
OTHER ASSETS:
Regulatory assets	585,816		620,006
Nuclear decommissioning trust	184,656		175,625
Other	240,245		246,140
Total Other Assets	1,010,717		1,041,771
TOTAL ASSETS	$	10,073,664	$	9,597,138
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	—	$	250,000
Current maturities of long-term debt of variable interest entities	28,091		27,479
Short-term debt	202,400		134,600
Accounts payable	194,663		233,351
Accrued dividends	45,445		43,604
Accrued taxes	109,245		69,769
Accrued interest	65,574		80,457
Regulatory liabilities	64,104		35,982
Other	91,517		80,184
Total Current Liabilities	801,039		955,426
LONG-TERM LIABILITIES:
Long-term debt, net	3,215,356		2,968,958
Long-term debt of variable interest entities, net	166,639		194,802
Deferred income taxes	1,489,334		1,363,148
Unamortized investment tax credits	189,920		192,265
Regulatory liabilities	299,456		293,574
Accrued employee benefits	325,126		331,558
Asset retirement obligations	230,925		160,682
Other	78,492		68,194
Total Long-Term Liabilities	5,995,248		5,573,181
COMMITMENTS AND CONTINGENCIES (See 10-Q Notes 10 and 12)
EQUITY:
Westar Energy, Inc. Shareholders’ Equity:
Common stock, par value $5 per share; authorized 275,000,000 shares; issued and outstanding 130,657,941 shares and 128,254,229 shares, respective to each date	653,290		641,271
Paid-in capital	1,753,460		1,696,727
Retained earnings	858,128		724,776
Total Westar Energy, Inc. Shareholders’ Equity	3,264,878		3,062,774
Noncontrolling Interests	12,499		5,757
Total Equity	3,277,377		3,068,531
TOTAL LIABILITIES AND EQUITY	$	10,073,664	$	9,597,138

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

for the period ended September 30, 2014 should be read in conjunction with this financial information.

Page 3

Westar Energy, Inc.

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

	Nine Months Ended September 30,
	2014			2013
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net income	$	276,552		$	257,802
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	213,270			203,305
Amortization of nuclear fuel	18,218			15,270
Amortization of deferred regulatory gain from sale leaseback	(4,121		)	(4,121		)
Amortization of corporate-owned life insurance	15,510			10,442
Non-cash compensation	6,034			6,148
Net deferred income taxes and credits	134,714			107,709
Stock-based compensation excess tax benefits	(790		)	(502		)
Allowance for equity funds used during construction	(13,345		)	(9,473		)
Changes in working capital items:
Accounts receivable	(50,084		)	(42,400		)
Fuel inventory and supplies	(5,703		)	13,842
Prepaid expenses and other	8,693			2,992
Accounts payable	(4,397		)	2,088
Accrued taxes	41,323			44,573
Other current liabilities	(19,732		)	(53,042		)
Changes in other assets	6,019			(22,682		)
Changes in other liabilities	28,051			21,159
Cash Flows from Operating Activities	650,212			553,110
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Additions to property, plant and equipment	(648,933		)	(557,988		)
Purchase of securities - trusts	(6,582		)	(61,495		)
Sale of securities - trusts	8,221			76,906
Investment in corporate-owned life insurance	(16,250		)	(17,724		)
Proceeds from investment in corporate-owned life insurance	23,989			147,591
Proceeds from federal grant	—			876
Investment in affiliated company	—			(2,694		)
Other investing activities	(2,203		)	(2,886		)
Cash Flows used in Investing Activities	(641,758		)	(417,414		)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Short-term debt, net	67,206			(287,741		)
Proceeds from long-term debt	417,943			492,572
Retirements of long-term debt	(427,500		)	(100,000		)
Retirements of long-term debt of variable interest entities	(27,321		)	(25,498		)
Repayment of capital leases	(2,397		)	(2,262		)
Borrowings against cash surrender value of corporate-owned life insurance	57,764			57,948
Repayment of borrowings against cash surrender value of corporate-owned life insurance	(22,737		)	(145,418		)
Stock-based compensation excess tax benefits	790			502
Issuance of common stock	58,560			4,526
Distributions to shareholders of noncontrolling interests	—			(1,657		)
Cash dividends paid	(127,364		)	(121,875		)
Other financing activities	(2,050		)	(2,699		)
Cash Flows used in Financing Activities	(7,106		)	(131,602		)
NET CHANGE IN CASH AND CASH EQUIVALENTS	1,348			4,094
CASH AND CASH EQUIVALENTS:
Beginning of period	4,487			5,829
End of period	$	5,835		$	9,923

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

for the period ended September 30, 2014 should be read in conjunction with this financial information.

Page 4

Westar Energy, Inc.

3rd Quarter 2014 vs. 2013

Earnings Variances
				Change
		($ per share)		(Dollars in Thousands)				($ per share)
2013 basic earnings attributable to common stock				$	133,125			$	1.04
		Favorable/(Unfavorable)
	Retail			51,537			A
	Wholesale			3,184
	Transmission			14,735
	Other revenues			(390		)
	Fuel and purchased power			(22,193		)	B
	SPP network transmission costs			(10,405		)
	Gross Margin			36,468
	Operating and maintenance			9,164			C
	Depreciation and amortization			(3,418		)	D
	Selling, general and administrative			(6,732		)	E
	Taxes other than income tax			(4,269		)	F
	Other income (expense)			1,415			G
	Interest expense			1,177
	Income tax expense			(19,140		)	H
	Net income attributable to noncontrolling interests			(408		)
	Change in shares outstanding	(0.02	)
2014 basic earnings attributable to common stock				$	147,382			$	1.13
	Major factors influencing the period to period change in EPS -- Favorable/(Unfavorable)
A	Due primarily to increased average retail prices (see page 7 for changes by customer class)
B	Due primarily to an increase in quantity of purchased power
C	Due primarily to: lower routine maintenance costs at coal-fired plants -- $4.9M; lower maintenance costs at Wolf Creek -- $2.7M; lower expense for previously deferred storm costs -- $2.1M
D	Due principally to property additions
E	Due principally to higher benefit costs -- ($5.4M); higher fees related to implementing new software systems -- ($1.4M)
F	Due primarily to higher property tax expense that is largely offset by increased prices -- ($3.9M)
G	Due primarily to COLI benefits this year -- $2.8M
H	Due primarily to higher income before income taxes

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

for the period ended September 30, 2014 should be read in conjunction with this financial information.

Page 5

Westar Energy, Inc.

YTD September 2014 vs. 2013

Earnings Variances
				Change
		($ per share)		(Dollars in Thousands)				($ per share)
2013 basic earnings attributable to common stock				$	251,458			$	1.97
		Favorable/(Unfavorable)
	Retail			122,106			A
	Wholesale			27,978			B
	Transmission			35,586
	Other revenues			8,818			C
	Fuel and purchased power			(56,359		)	D
	SPP network transmission costs			(29,500		)
	Gross Margin			108,629
	Operating and maintenance			(12,309		)	E
	Depreciation and amortization			(9,965		)	F
	Selling, general and administrative			(21,965		)	G
	Taxes other than income tax			(12,359		)	H
	Other income (expense)			(4,867		)	I
	Interest expense			(2,285		)
	Income tax expense			(26,129		)	J
	Net income attributable to noncontrolling interests			(398		)
	Change in shares outstanding	(0.04	)
2014 basic earnings attributable to common stock				$	269,810			$	2.08
	Major factors influencing the period to period change in EPS -- Favorable/(Unfavorable)
A	Due primarily to increased average retail prices (see page 7 for changes by customer class)
B	Due to an 8% increase in MWh sales (see page 7 for changes by customer class)
C	Due primarily to an increase in energy marketing margins from favorable market conditions primarily in Q1
D	Due primarily to an increase in quantity of purchased power
E	Due primarily to: higher costs at Wolf Creek for a planned outage -- ($8.7M); higher costs to enhance reliability in our distribution system -- ($6.0M); higher costs for planned outages at coal fired plants -- ($2.7M); partially offset by lower expense for previously deferred storm costs -- $6.4M
F	Due principally to property additions and implementing new software systems
G	Due principally to: higher benefit costs including the effect of restructuring insurance contracts in 2013 -- ($13.2M); integration costs associated with implementing new software systems -- ($3.7M); higher allowance for uncollectible accounts -- ($2.1M)
H	Due primarily to higher property tax expense that is largely offset by increased prices -- ($10.7M)
I	Due primarily to less COLI benefits this year -- ($7.0M); higher equity AFUDC -- $3.9 M
J	Due primarily to higher income before income taxes

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

for the period ended September 30, 2014 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,
	2014			2013			Change			% Change
Revenues	(Dollars In Thousands)
Residential	$	261,106		$	237,984		$	23,122		9.7
Commercial	223,588			199,921			23,667			11.8
Industrial	113,039			98,410			14,629			14.9
Other retail	3,532			3,153			379			12.0
Provision for rate refunds	(9,564		)	696			(10,260		)	(a)
Total Retail Revenues	591,701			540,164			51,537			9.5
Tariff-based wholesale	72,544			76,111			(3,567		)	(4.7	)
Market-based wholesale	25,136			18,385			6,751			36.7
Transmission	67,145			52,410			14,735			28.1
Other	7,514			7,904			(390		)	(4.9	)
Total Revenues	$	764,040		$	694,974		$	69,066		9.9
Electricity Sales	(Thousands of MWh)
Residential	2,104			2,073			31			1.5
Commercial	2,190			2,163			27			1.2
Industrial	1,467			1,396			71			5.1
Other retail	20			22			(2		)	(9.1	)
Total Retail	5,781			5,654			127			2.2
Tariff-based wholesale	1,430			1,611			(181		)	(11.2	)
Market-based wholesale	1,037			755			282			37.4
Total wholesale	2,467			2,366			101			4.3
Total Electricity Sales	8,248			8,020			228			2.8
	(Dollars per MWh)
Total retail	$	102.35		$	95.54		$	6.81		7.1
Tariff-based wholesale	$	50.73		$	47.24		$	3.49		7.4
Market-based wholesale	$	24.24		$	24.35		$	(0.11	)	(0.5	)
Fuel and Purchased Power	(Dollars In Thousands)
Fuel used for generation	$	143,932		$	155,250		$	(11,318	)	(7.3	)
Purchased power	47,370			27,426			19,944			72.7
Subtotal	191,302			182,676			8,626			4.7
RECA recovery and other	9,453			(4,114		)	13,567			329.8
Total fuel and purchased power expense	$	200,755		$	178,562		$	22,193		12.4
Electricity Supply	(Thousands of MWh)
Generated - Gas	457			626			(169		)	(27.0	)
Coal	5,529			5,976			(447		)	(7.5	)
Nuclear	1,243			968			275			28.4
Wind	86			97			(11		)	(11.3	)
Subtotal electricity generated	7,315			7,667			(352		)	(4.6	)
Purchased	1,242			820			422			51.5
Total Electricity Supply	8,557			8,487			70			0.8
	(Dollars per MWh)
Average cost of fuel used for generation	$	19.68		$	20.25		$	(0.57	)	(2.8	)
Average cost of purchased power	$	38.14		$	33.45		$	4.69		14.0
Average cost of fuel and purchased power	$	22.36		$	21.52		$	0.84		3.9
Degree Days				2013/
	2014			20 yr Avg			Change			% Change
Cooling
Actual compared to last year	1,084			1,102			(18		)	(1.6	)
Actual compared to 20 year average	1,084			1,124			(40		)	(3.6	)
Heating
Actual compared to last year	36			13			23			176.9
Actual compared to 20 year average	36			44			(8		)	(18.2	)

(a) Change greater than 1,000%

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

for the period ended September 30, 2014 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,
	2014			2013			Change			% Change
Revenues	(Dollars In Thousands)
Residential	$	629,064		$	568,662		$	60,402		10.6
Commercial	562,882			513,049			49,833			9.7
Industrial	314,518			282,155			32,363			11.5
Other retail	10,516			9,520			996			10.5
Provision for rate refunds	(28,103		)	(6,615		)	(21.488		)	(324.8	)
Total Retail Revenues	1,488,877			1,366,771			122,106			8.9
Tariff-based wholesale	204,414			210,350			(5,936		)	(2.8	)
Market-based wholesale	86,313			52,399			33,914			64.7
Transmission	192,311			156,725			35,586			22.7
Other	33,349			24,531			8,818			35.9
Total Revenues	$	2,005,264		$	1,810,776		$	194,488		10.7
Electricity Sales	(Thousands of MWh)
Residential	5,229			5,075			154			3.0
Commercial	5,792			5,722			70			1.2
Industrial	4,252			4,020			232			5.8
Other retail	64			64			—			—
Total Retail	15,337			14,881			456			3.1
Tariff-based wholesale	3,993			4,419			(426		)	(9.6	)
Market-based wholesale	2,953			2,041			912			44.7
Total wholesale	6,946			6,460			486			7.5
Total Electricity Sales	22,283			21,341			942			4.4
	(Dollars per MWh)
Total retail	$	97.08		$	91.85		$	5.23		5.7
Tariff-based wholesale	$	51.19		$	47.60		$	3.59		7.5
Market-based wholesale	$	29.23		$	25.67		$	3.56		13.9
Fuel and Purchased Power	(Dollars In Thousands)
Fuel used for generation	$	398,395		$	413,062		$	(14,667	)	(3.6	)
Purchased power	145,893			86,959			58,934			67.8
Subtotal	544,288			500,021			44,267			8.9
RECA recovery and other	(4,915		)	(17,007		)	12,092			71.1
Total fuel and purchased power expense	$	539,373		$	483,014		$	56,359		11.7
Electricity Supply	(Thousands of MWh)
Generated - Gas	1,082			1,490			(408		)	(27.4	)
Coal	15,169			15,910			(741		)	(4.7	)
Nuclear	2,769			2,259			510			22.6
Wind	315			311			4			1.3
Subtotal electricity generated	19,335			19,970			(635		)	(3.2	)
Purchased	3,788			2,588			1,200			46.4
Total Electricity Supply	23,123			22,558			565			2.5
	(Dollars per MWh)
Average cost of fuel used for generation	$	20.60		$	20.68		$	(0.08	)	(0.4	)
Average cost of purchased power	$	38.51		$	33.60		$	4.91		14.6
Average cost of fuel and purchased power	$	23.54		$	22.17		$	1.37		6.2
Degree Days				2013/
	2014			20 yr Avg			Change			% Change
Cooling
Actual compared to last year	1,637			1,598			39			2.4
Actual compared to 20 year average	1,637			1,583			54			3.4
Heating
Actual compared to last year	3,231			3,104			127			4.1
Actual compared to 20 year average	3,231			2,859			372			13.0

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

for the period ended September 30, 2014 should be read in conjunction with this financial information.

Page 8

Westar Energy, Inc.

Capitalization
		September 30, 2014					December 31, 2013
		(Dollars in Thousands)
Current maturities of long-term debt		$	—				$	250,000
Current maturities of long-term debt of VIEs		28,091					27,479
Long-term debt, net		3,215,356					2,968,958
Long-term debt of variable interest entities, net		166,639					194,802
Total long-term debt		3,410,086			51.0	%	3,441,239			52.9	%
Common equity		3,264,878			48.8	%	3,062,774			47.0	%
Noncontrolling interests		12,499			0.2	%	5,757			0.1	%
Total capitalization		$	6,687,463		100.0	%	$	6,509,770		100.0	%
GAAP Book value per share		$	24.99				$	23.88
Period end shares outstanding (in thousands)		130,658					128,254
Outstanding Long-Term Debt
	CUSIP	September 30, 2014					December 31, 2013
Westar Energy:		(Dollars in Thousands)
First Mortgage Bond series:
6.00% Series due July 2014	95709TAA8	$	—				$	250,000
5.15% Series due January 2017	95709TAB6	125,000					125,000
8.625% Series due December 2018	95709TAG5	300,000					300,000
5.10% Series due July 2020	95709TAD2	250,000					250,000
5.95% Series due January 2035	95709TAC4	125,000					125,000
5.875% Series due July 2036	95709TAE0	150,000					150,000
4.125% Series due March 2042	95709TAH3	550,000					550,000
4.10% Series due April 2043	95709TAJ9	430,000					250,000
4.625% Series due September 2043	95709TAK6	250,000					250,000
		2,180,000					2,250,000
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
		75,500					75,500
Total Westar Energy		2,255,500					2,325,500
KGE
First mortgage bond series:
6.70%Series due June 2019	485260BL6	300,000					300,000
6.15% Series due May 2023	485260B@1	50,000					50,000
6.53% Series due December 2037	485260BJ1	175,000					175,000
6.64%Series due May 2038	485260B#9	100,000					100,000
4.3% Series due July 2044	485260BM4	250,000					—
		875,000					625,000
Pollution control bond series:
Variable rate series due April 2027 (LaCygne)	502828AJ5	21,940					21,940
5.3% Series due June 2031	121825BW2	—					108,600
5.3% Series due June 2031	933623BR0	—					18,900
4.85% Series due June 2031	121825CB7	50,000					50,000
5.0% Series due June 2031	121825CF8	—					50,000
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
		96,440					273,940
Total KGE		971,440					898,940
Total long-term debt		3,226,940					3,224,440
Unamortized debt discount		(11,584		)			(5,482		)
Long-term debt due within one year		—					(250,000		)
Total long-term debt, net		$	3,215,356				$	2,968,958

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

for the period ended September 30, 2014 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.

The calculations of gross margin for the three and nine months ended September 30, 2014 and 2013 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.

	Three Months Ended September 30,							Nine Months Ended September 30,
	2014		2013		Change			2014		2013		Change
	(Dollars in Thousands)
Revenues	$	764,040	$	694,974	$	69,066		$	2,005,264	$	1,810,776	$	194,488
Less: Fuel and purchased power expense	200,755		178,562		22,193			539,373		483,014		56,359
SPP network transmission costs	55,720		45,315		10,405			163,211		133,711		29,500
Gross Margin	$	507,565	$	471,097	$	36,468		$	1,302,680	$	1,194,051	$	108,629
Gross margin	$	507,565	$	471,097	$	36,468		$	1,302,680	$	1,194,051	$	108,629
Less: Operating and maintenance expense	84,213		93,377		(9,164		)	277,841		265,532		12,309
Depreciation and amortization expense	72,279		68,861		3,418			213,270		203,305		9,965
Selling, general and administrative expense	60,977		54,245		6,732			179,633		157,668		21,965
Taxes other than income tax	34,677		30,408		4,269			104,248		91,889		12,359
Income from operations	$	255,419	$	224,206	$	31,213		$	527,688	$	475,657	$	52,031

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

for the period ended September 30, 2014 should be read in conjunction with this financial information.

Page 10

2014 Earnings Guidance

November Update

Nov. 5, 2014

2014 EPS guidance range$2.35 - $2.45

Updated key drivers and planning assumptions:

• Retail MWh sales up ≈150 bp

• Normal weather and energy marketing activity remainder of the year

• Implemented planned price adjustments

◦ ≈$31 million 2012 abbreviated rate case, effective December 2013

◦ ≈$44 million transmission formula rate and companion TDC, net of SPP network costs

◦ ≈$11 million environmental cost recovery rider, effective June 2014

• ≈6% increase in combined O&M and SG&A expenses

◦ ≈10% increase top line operating expense excluding fuel and depreciation

• ≈5% increase in depreciation expense

• COLI proceeds ≈$14 million

• Higher equity AFUDC ≈$4 million

• Interest expense unchanged

• Effective tax rate 32-34%

• Financing:

◦ Equity

▪ Settle in 4^th quarter 1.2 million forward shares out of 3 million total shares settled in 2014

▪ Year end average annual outstanding count ≈130 million

◦ Completed debt transactions

▪ Refinanced $177.5 million of pollution control bonds in May

▪ Refinanced $250 million first mortgage bonds due July

Forward-looking statements: Certain matters discussed in this document are “forward-looking statements.” The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Forward-looking statements may include words like “driver,” “assumption,” “believe,” “anticipate,” “target,” “expect,” “pro forma,” “estimate,” “intend,” “guidance” or words of similar meaning. Forward-looking statements describe future plans, objectives, expectations or goals. Although Westar Energy believes that its expectations are based on reasonable assumptions, all forward-looking statements involve risk and uncertainty. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as (1) those discussed in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2013 (a) under the heading, “Forward-Looking Statements,” (b) in ITEM 1. Business, (c) in ITEM 1A. Risk Factors, (d) in ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (e) in ITEM 8. Financial Statements and Supplementary Data: Notes 13 and 15; (2) those discussed in the company's Quarterly Report on Form 10-Q filed Nov. 5, 2014, (a) under the heading, "Forward-Looking Statements," (b) in ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and (c) in Part I, Financial Information, ITEM 1. Financial Statements: Notes 10 and 11; and (3) other factors discussed in the company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date such statement was made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made.

Nov. 5, 2014

2015 Earnings Drivers

2015 Drivers:

• Retail MWh sales increase ≈150 bp

• Normal rider price adjustments:

◦ $19 million transmission formula rate and companion TDC

◦ $17 million environmental cost recovery rider

• ≈1% decrease in combined O&M and SG&A expenses

◦ ≈3% increase top line operating expenses excluding fuel and depreciation

• COLI proceeds ≈$15 million

• Equity AFUDC decrease ≈$9 million

• Depreciation increase ≈$24 million

◦ ≈$5 million of increase represents La Cygne retrofit depreciation that begins in November following completion of the GRC

• Effective tax rate 33-36%

• Financing:

◦ Settle 9 million of forward shares already priced (≈$250 million)

◦ Year end average annual shares outstanding 138 million

• Interest expense unchanged

◦ La Cygne carrying charge credited to interest expense

• File a GRC March 2 with a decision by late October

Forward-looking statements: Certain matters discussed in this document are “forward-looking statements.” The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Forward-looking statements may include words like “driver,” “assumption,” “believe,” “anticipate,” “target,” “expect,” “pro forma,” “estimate,” “intend,” “guidance” or words of similar meaning. Forward-looking statements describe future plans, objectives, expectations or goals. Although Westar Energy believes that its expectations are based on reasonable assumptions, all forward-looking statements involve risk and uncertainty. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as (1) those discussed in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2013 (a) under the heading, “Forward-Looking Statements,” (b) in ITEM 1. Business, (c) in ITEM 1A. Risk Factors, (d) in ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (e) in ITEM 8. Financial Statements and Supplementary Data: Notes 13 and 15; (2) those discussed in the company's Quarterly Report on Form 10-Q filed Nov. 5, 2014, (a) under the heading, "Forward-Looking Statements," (b) in ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and (c) in Part I, Financial Information, ITEM 1. Financial Statements: Notes 10 and 11; and (3) other factors discussed in the company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date such statement was made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made.

Nov. 5, 2014