Evergy Kansas Central 8-K Westar Energy Announces 2006 Results

Exhibit 99.1

	Media contact:
	Karla Olsen,
	manager, corporate
	communications
	Phone: 888.613.0003
	FAX: 316.261.6769
	karla.olsen@WestarEnergy.com
	Investor contact:
	Bruce Burns,
	director, investor relations
	Phone: 785.575.8227
	bruce.burns@WestarEnergy.com

WESTAR ENERGY ANNOUNCES 2006 RESULTS

TOPEKA, Kan., Mar. 1, 2007 — Westar Energy, Inc. (NYSE:WR) today announced 2006 earnings of $164.3 million, or $1.88 per share, compared with earnings in 2005 of $134.6 million, or $1.55 per share. The company reported fourth quarter 2006 earnings of $12.8 million, or $0.15 per share, compared with earnings of $7.4 million, or $0.08 per share, for the fourth quarter 2005.

Year-End Results

Westar Energy reported revenues of $1.61 billion for 2006 compared with $1.58 billion in 2005. Retail revenues in 2006 increased by $53.1 million compared with 2005. The increase was due primarily to higher industrial sales and increased recovery in rates of fuel and purchased power costs. Wholesale and other revenues decreased $30.7 million compared with 2005. The decrease was due primarily to coal conservation measures early in the year and the impact of lower wholesale prices.

Operating expenses for 2006 increased $16.4 million compared with 2005, reflecting higher operating and maintenance expense and higher depreciation expense that were partially offset by lower fuel and purchased power expense resulting from lower wholesale sales in 2006.

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Operating and maintenance expense increased $26.0 million due primarily to the amortization of previously deferred storm restoration costs, higher property taxes, increased Southwest Power Pool network transmission costs, increased generating station maintenance expense and increased tree trimming expense. These increases were partially offset by lower lease expense for La Cygne unit 2. Depreciation expense increased $29.7 million due primarily to higher depreciation rates in 2006 and because 2005 depreciation expense was reduced by $20.1 million as a result of establishing a regulatory asset for previously recorded depreciation expense.

Other income for 2006 increased by $9.8 million due primarily to higher income from corporate-owned life insurance. The company reduced and refinanced a large portion of its debt in 2005, resulting in $10.4 million lower interest expense in 2006 compared with 2005.

Fourth Quarter Results

Westar Energy reported revenues of $343.2 million for the fourth quarter 2006 compared with $394.1 million in 2005. Retail revenues decreased by $28.4 million, reflecting provisions for rate refunds. Included in the refund obligations are: (1) the difference between estimated fuel and purchased power costs billed to retail customers and the company’s actual fuel and purchased power costs; (2) the difference between amounts for property taxes billed to customers and actual property tax expense; and (3) refunds due to legal rulings related to the KCC’s December 2005 rate order. Energy marketing decreased $20.0 million primarily because market conditions were less favorable in 2006.

Operating expenses for the fourth quarter of 2006 decreased $67.3 million compared with 2005, reflecting lower fuel and purchased power expense. Fuel expense was lower in 2006 primarily because the sale of emission allowances reduced fuel expense by $11.8 million and

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because fuel expense in 2005 was reduced by $70.9 million of non-cash mark-to-market gains on fuel supply contracts for the company’s generating stations. Depreciation expense increased $9.2 million primarily because the December 2005 rate order allowed the company to increase its depreciation rates. Selling, general and administrative expense increased $10.5 million due primarily to increased pension and benefit expenses and higher legal fees compared with the same period in 2005.

Earnings Guidance

The company announced updated earnings guidance for 2007 of $1.63 to $1.78 per share. The company posted to its web site a summary of the principal earnings drivers and adjustments used in arriving at 2007 earnings guidance. The summary can be located under Investor Presentations within the Investors section of the company web site at www.WestarEnergy.com.

Conference Call and Additional Company Information

Westar Energy management will host a conference call with the investment community Friday, March 2 at 9 a.m. ET (8 a. m. CT). Investors, media and the public may listen to the conference call by dialing 866-271-0675, participant code 89659687. A web cast of the live conference call will be available atwww.WestarEnergy.com.

Members of media are invited to listen to the conference call and then contact Karla Olsen with any follow-up questions.

This earnings announcement, a package of detailed year-end 2006 financial information, 2007 earnings guidance, the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2006 and other filings the company has made with the Securities and Exchange Commission are available on the company’s website at www.WestarEnergy.com.

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Westar Energy, Inc. (NYSE: WR) is the largest electric utility in Kansas, providing electric service to about 670,000 customers in the state. Westar Energy has about 6,000 megawatts of electric generation capacity and operates and coordinates approximately 34,000 miles of electric distribution and transmission lines.

For more information about Westar Energy, visit us on the Internet athttp://www.WestarEnergy.com.

Forward-looking statements: Certain matters discussed in this news release 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 “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. Therefore, actual results could vary materially from what we expect. Please review our Annual Report on Form 10-K for the year ended Dec. 31, 2006 for important risk factors that could cause results to differ materially from those in any such forward-looking statements. 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 except as required by applicable laws or regulations.

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Attachment 1

WESTAR ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2006		2005			Change			2006		2005		Change
Sales	$	343,152	$	394,078		$	(50,926	)	$	1,605,743	$	1,583,278	$	22,465
Fuel and purchased power		93,157		184,792			(91,635	)		483,959		528,229		(44,270	)
Operating and maintenance		119,690		114,975			4,715			463,785		437,741		26,044
Depreciation and amortization		31,988		22,838			9,150			180,228		150,520		29,708
Selling, general and administrative		51,826		41,337			10,489			171,001		166,060		4,941
Total Operating Expenses		296,661		363,942			(67,281	)		1,298,973		1,282,550		16,423
Income from Operations		46,491		30,136			16,355			306,770		300,728		6,042
Other income		1,108		(349	)		1,457			13,501		3,733		9,768
Interest expense		24,447		24,591			(144	)		98,650		109,080		(10,430	)
Income tax expense		10,079		(1,705	)		11,784			56,312		60,513		(4,201	)
Income from continuing operations		13,073		6,901			6,172			165,309		134,868		30,441
Results from continuing operations, net of tax		—		742			(742	)		—		742		(742	)
Net Income		13,073		7,643			5,430			165,309		135,610		29,699
Preferred dividends		242		242			—			970		970		—
Earnings Available for Common Stock	$	12,831	$	7,401		$	5,430		$	164,339	$	134,640	$	29,699
Basic Earnings Per Share	$	0.15	$	0.08		$	0.07		$	1.88	$	1.55	$	0.33
Average equivalent common shares outstanding		87,714		87,069						87,510		86,855