Evergy Kansas Central 8-K Citi Power and Utility Conference

Citi Power and Utility Conference

Boston, MA

June 2, 2011

Citi Utility Conference June 2, 2011

Exhibit 99.1

2

Forward Looking Disclosures

Forward-looking

statements:

Certain

matters

discussed

in

this

presentation

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

we

believe

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,

2010

(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;

and

(2)

those

discussed

in

the

company’s

Quarterly

Report

on

Form

10-

Q

filed

May

5,

2011

(a)

in

ITEM

7.

Management’s

Discussion

and

Analysis

of

Financial

Condition

and

Results

of

Operations

and

(b)

in

Part

I,

Financial

Information,

ITEM

1.

Financial

Statements:

Notes

8

and

9;

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.

Citi Utility Conference June 2, 2011

3

•

Mark Ruelle selected to succeed Bill Moore as CEO

•

New KCC Commissioner elected as chairman

•

Wolf Creek update -

performance indicators and outage

•

Predetermination request for additional 370MW of renewables

approved

•

Q1 2011 EPS of $0.27 flat compared with 2010

Recent Events

Citi Utility Conference June 2, 2011

4

•

Kansas Corporation Commission

–

Three-member board appointed by governor

–

Serve staggered four year terms

•

Newest commissioner

–

Mark Sievers (R)

•

Appointed by governor to serve 4-year term, expiring March 2015

–

Elected chairman

•

Attorney and economist

•

Executive experience in telecommunications industry

•

Current KCC commissioners

–

Thomas Wright (D)

•

Term expires March 2014

–

Ward Loyd (R)

•

Term expires March 2012

Kansas Regulators

Citi Utility Conference June 2, 2011

5

•

NRC performance indicators all “green”

–

NRC returned station to desired “Column 1”

oversight

•

NRC examinations of all U.S. plants after Japanese event reaffirmed

capability

to

maintain

reactor

safety

following

large

explosions

or

fires

–

NRC concluded Wolf Creek disaster plans adequately address expected

emergencies, including tornado threat

•

NRC safety review is an ongoing improvement cycle based on lessons learned

•

Turbine upgraded during spring refuel and maintenance outage

–

Upgrade follows early 20-year license extension received in 2009

–

Required longer planned outage than typical

•

Also provided opportunity for more detailed equipment inspections

–

Scope of work increased length of outage beyond plan

–

Outage extended further to address generator grounding issue

»

Expect extension of 4 to 6 weeks

Wolf Creek Update

Citi Utility Conference June 2, 2011

6

•

Statute

requires

<

200

MW

additional

renewables

by

2011

–

Potential to satisfy requirement with RECs until projects placed

in-service in late 2012

•

KCC

approved

request

for

<

370

MW

through

PPAs

–

Tentative agreements for 2 projects

•

Post Rock Wind Farm -

201 MW

•

Ironwood Wind Farm –

168 MW

–

Expect both projects to be in-service by end 2012

–

Recover through the fuel adjustment clause

•

20 year agreements priced < $35/MWh

•

Unanimous settlement and agreement among WR, Staff and

CURB

Predetermination Request for Additional Renewables

Approved

Citi Utility Conference June 2, 2011

7

2011 Plans

Citi Utility Conference June 2, 2011

8

Significant Planned Regulatory Agenda

•

Predetermination request for 370MW of renewables approved

•

Updated TDC tariff approved

•

KCC docket reviewing retrofit economics for coal plants

•

Predetermination of La Cygne environmental project (intervenor)

•

Request siting authority for Prairie Wind Transmission line

•

Update ECRR tariff

•

Update energy efficiency rider

•

Plan to file general rate case late spring or early summer

Citi Utility Conference June 2, 2011

Complete

In process

9

2011 Earnings Guidance of $1.65 to $1.80

•

Planned price adjustments via tracking adjustments

•

Expect

weather

adjusted

retail

sales

to

grow

<1 %

•

O&M

increase

<2 %

•

SG&A

flat

to

decrease

<1%

•

Depreciation

increase

<$15

million

•

AFUDC

equity

decrease

<$2

million

•

COLI

proceeds

of

<$0.10

per

share

•

Interest

charges

increase

<$5

million

•

Effective tax rate of 29% -

31%

•

Funding 2011 construction program

–

Issue 12.7 million shares already priced under forward sale agreements

–

Draw on revolving credit facilities and/or issuance of debt

Citi Utility Conference June 2, 2011

10

Annualized Rate & Revenue Changes

Actual and Estimated

2010

2011

2012

(Estimated)

Base rates

$17

million

Feb

(Abbreviated rate case)

TBD

Transmission rates

$16

million

Jan 1

$17

million

Jan 1

<$ 17

million

Jan 1

ECRR

$14

million

June 1

$10

million

June 1

<$ 29

million

June 1

Energy Efficiency

$6 million

November

<$11

million

November

(Estimated)

<$13

million

November

Citi Utility Conference June 2, 2011

Complete

In process

11

Major Construction Projects Underway

•

Environmental (Air Quality)

–

Lawrence Energy Center

•

Fabric filters, rebuild scrubbers, precipitator, low NOx system

–

Jeffrey Energy Center

•

SCR on 1 unit

–

La Cygne Energy Center

•

Scrubbers, fabric filters, common chimney, SCR and low NOx system

•

Transmission

–

Wichita to Oklahoma 345 kV

–

Planning

and

design

Prairie

Wind

line

(<100

mile

double

circuit

345

kV)

•

SmartStar Lawrence

–

$40 million project reduced by 50% DOE match

•

Advanced outage management

•

Automated metering infrastructure

Citi Utility Conference June 2, 2011

12

Capital Expenditure Forecast 2011 -

2013

Actual

Forecast

Forecast

Forecast

Forecast

2010

2011

2012

2013

2011 - 2013

Method of Cost Recovery

Generation  replacements and other

83.4

$      

130.4

$   

146.4

$   

150.6

$   

427.4

$   

General Rate Case (GRC)

Westar environmental

107.7

181.1

200.1

154.3

535.5

ECRR

La Cygne environmental

3.9

63.0

171.0

195.1

429.1

ECRR

Nuclear Fuel

35.3

25.1

30.1

41.7

96.9

Fuel adjustment clause

Transmission

197.3

192.7

161.3

164.1

518.1

FERC formula rate/TDC

Distribution

  New customers, replacements & other

78.7

95.9

102.2

106.4

304.5

GRC

Smart grid (a)

10.3

13.6

13.6

GRC

Other

23.5

19.8

15.0

11.0

45.8

GRC

Total

540.1

$    

721.6

$   

826.1

$   

823.2

$   

2,370.9

$

(a) net of DOE matching grant

In 2011, 2012 and 2013, Westar plans to incur additional expenditures related to the Prairie Wind Transmission joint venture (not inlcuded in above forecast amounts).

Prairie Wind Transmission joint venture

2.7

$        

22.5

$      

13.8

$      

39.0

$     

Citi Utility Conference June 2, 2011

13

Capital Expenditure Forecast 2011 -

2013

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2010

2011

2012

2013

$540

$722

$826

$823

Environmental

Other

Transmission

62%

65%

61%

Citi Utility Conference June 2, 2011

57%

14

Cash Flow Guidance

Citi Utility Conference June 2, 2011

2011E

(Millions)

Net income

205

$     

Depreciation and amortization

285

Cash from operations

490

Less: Cash dividends

145

Internally generated cash

345

Less: CapEx

722

Net cash flow required

(377)

$    

Assumptions and notes:

Net Income –

midpoint of 2011 EPS guidance times average shares outstanding

Average shares assumes issuance of shares priced under forward sale agreements

Cash dividends -

$1.28 indicated annual dividend with 6.5% of common dividend being reinvested

15

Projected

Rate

Base

2010

–

2015

(in

billions)

2010

2011

2012

2013

2014

2015

Base

Environmental

Transmission

$6.7

$6.3

$5.9

$5.4

$5.0

$4.5

$3.5

$3.5

$3.5

$3.6

$3.7

$3.8

Citi Utility Conference June 2, 2011

$0.6

$0.8

$1.0

$1.1

$1.2

$1.4

$0.4

$0.6

$0.9

$1.2

$1.4

$1.5

16

Transmission

Citi Utility Conference June 2, 2011

17

Major Transmission Investments Underway

•

Rose Hill –

Oklahoma

Under  construction

•

Target completion mid 2012

•

Investment

<$100

million

•

Prairie Wind Transmission

•

50/50 JV with ETA

•

Siting request Feb 2011

•

Begin construction mid 2012

•

Approximately 110 miles

•

Estimated completion 2014

•

Project

cost

<$225

million

Citi Utility Conference June 2, 2011

18

Prairie Wind Transmission Regulation

•

Received FERC incentives

–

Recovery of pre-commercial development costs

–

CWIP recovery in rate base

–

Allowed ROE of 12.8%

•

KCC

–

Siting request filed Feb 28, 2011

–

Decision expected by June 28, 2011

•

Southwest Power Pool

–

Regional cost allocation approved by FERC

–

“Notice

to

Construct”

accepted

–

JV became a member of the SPP

–

Awaiting SPP adoption of formula rate

Citi Utility Conference June 2, 2011

19

Potential for High Voltage Transmission Growth

A.

JEC to Iatan

Energy Center

B.

JEC to Concordia

C.

Concordia to

Salina

D.

Salina to Hays

E.

JEC to Swissvale

F.

Hutchinson to

Spearville

G.

Wichita to Rose

Hill

H.

Wolf Creek to

Emporia

F

G

A

B

C

E

D

H

Citi Utility Conference June 2, 2011

20

Profile

Citi Utility Conference June 2, 2011

21

Strategic Approach

•

Embrace uncertainty and acknowledge inability to predict the

future

•

Place a high value on flexibility

–

Operational

–

Financial

–

Regulatory

•

Leverage actions and strategies around intrinsic advantages

•

Seek collaborative and constructive approaches to regulation

•

Value proposition

–

Protect against downside while growing investor returns

Citi Utility Conference June 2, 2011

Pure-play, vertically

integrated, rate-regulated

•

<7,000

MW

of

generation

•

6,200 miles transmission

•

687,000 customers

22

Regulatory Approach

•

A sound regulatory and energy policy platform

–

KCC and FERC

•

Ultimately results in lower rates for customers

Time

Traditional GRC

Riders coupled with GRC

Ultimately,

lower rates

Citi Utility Conference June 2, 2011

23

Favorable Supply Portfolio

$53.42

$17.69

$6.53

Uranium

Coal

Gas

Ave. Fuel Cost

$18.41/MWh

Fuel Mix

Coal

49%

Gas

39%

Wind

4%

Uranium

8%

MW Capacity

5.0¢

6.0¢

7.0¢

8.0¢

9.0¢

10.0¢

Westar Energy

Kansas City Power

and Light (KS)

Empire District

Electric (KS)

National

Average

7.8¢

8.6¢

9.3¢

Low Rates

Source: Edison Electric Institute 01/01/2011

Coal

74%

Gas

7%

Wind

3%

Uranium

16%

Cost of Fuel

Citi Utility Conference June 2, 2011

24

Diverse Energy Sales (MWh)

Chemical & oil

Food

processing

Aerospace

Consumer

manufacturing

Other

Commercial

38%

Residential

35%

Industrial

27%

39%

17%

16%

16%

12%

12%

18%

8%

7%

3%

4%

48%

Other

General

merchandise

Grocery/

Convenience

Real estate

Health care

Government

Education

Citi Utility Conference June 2, 2011

25

Strong Service Territory

•

Overall economic conditions

significantly better than nation

–

No real estate crash

–

State unemployment remains

2+ pts favorable to nation

•

Industrial sales showing signs

of recovery

–

Sales continue to be up 6%

over rolling 12 month period

ending March 2011

•

Pentagon awards refueling

tanker contract to Boeing

–

Benefits Wichita and Kansas

economy

Citi Utility Conference June 2, 2011

26

Capitalization and Liquidity

•

Target

<50/50

capital

structure

•

Solid investment grade credit

•

Total credit facility capacity $1 billion

•

No bonds mature before 2014

March 31, 2011

(a)

(millions)

Long-term, net

$2,491

Preferred

21

Common

2,409

Total Capitalization

$4,921

Debt

51%

Equity

49%

Preferred

<1%

(a) Capitalization excludes short-term debt and

adjustments for VIEs

Citi Utility Conference June 2, 2011

27

$0.92

$1.00

$1.08

$1.16

$1.20

$1.24

$1.28

$0.75

$0.85

$0.95

$1.05

$1.15

$1.25

$1.35

2005

2006

2007

2008

2009

2010

2011

Dividend

•

Quarterly dividend increased 3% effective April 1

•

Long-standing dividend payout target of 60%-75% of earnings

–

2011 guidance implies payout at upper end of range

Indicated

annual rate

Citi Utility Conference June 2, 2011

28

Westar’s Value Proposition

•

Solid, transparent business strategy

•

Strong, experienced utility management team

•

Thoughtful, disciplined approach to operations, capital planning

and financing

•

Constructive regulatory and policy environment

–

Results in lower prices for customers

–

Provides investors clarity

•

Focus on containing risks and maintaining returns

•

Diverse customer base and stable service territory

Citi Utility Conference June 2, 2011

29

Rates and Regulation

Citi Utility Conference June 2, 2011

30

Regulatory Approach

•

A sound regulatory and energy policy platform

–

KCC and FERC

•

Ultimately results in lower rates for customers

Time

Traditional GRC

Riders coupled with GRC

Ultimately,

lower rates

Citi Utility Conference June 2, 2011

31

Methods of Cost Recovery

Revenue Requirement

Method of Recovery

Comment

1.

Fuel, purchased power and

environmental consumables

Quarterly adjustment based on

forecasted cost, with annual true-up

Adjusts prices for actual costs,

protecting both customers and

investors from mispricing

2.

Environmental capital

Environmental Cost Recovery Rider

adjusts annually

Allows annual price adjustment to

reflect capital costs for investments

in emission controls

3.

Transmission rate recovery

FERC formula rate adjusts annually;

companion retail tariff to reflect

current revenue requirement

Timely recovery of transmission

system operating and capital costs

4.

General capital investments

Traditional rate case, but with

predetermination and CWIP

Typical rate case reflects current

level of operating expenses and

most recent plant investment

5.

Property taxes

Annual adjustment to reflect current

property taxes

Allows timely recovery of actual

property tax costs in current rates

6.

Extraordinary storm damages

Traditionally deferred accounting

treatment as rate base

Smoothes period expenses for

extraordinary storm restoration costs

7.

Pension expenses

Deferred as a regulatory asset for

subsequent recovery

Smoothes period expenses in

excess of amount in base rates

8.

Energy efficiency programs

Deferred as a regulatory asset for

subsequent recovery

Smoothes period expenses for

energy efficiency programs

Citi Utility Conference June 2, 2011

32

Retail Energy Cost Adjustment (RECA)

•

Provides timely price adjustments for fuel and purchased power

costs

•

Retail rates based on forecast of fuel and purchased power costs

and retail sales

–

Set quarterly

–

Difference between forecast and actual is deferred

•

Quarterly approach produces more stable prices

•

Annual settlement of deferred balance

•

RECA also used to rebate wholesale margins as a credit to retail

cost of service

–

Energy Marketing (i.e., non-asset) margins continue to be excluded

from rate setting

Citi Utility Conference June 2, 2011

33

Environmental Cost Recovery Rider Mechanics

•

ECRR adjusts retail rates annually to reflect capital investments in 

emission controls

–

Investments as of December 31 recovered in rates subsequent June

–

Eliminates need to file a rate case to capture rate base additions

•

Return of

and on

capital that is in service December 31

•

Return on

capital not yet placed in service December 31 (i.e., CWIP)

•

ECRR reduces regulatory lag

–

Regulatory lag limited to months, rather than longer lag typically

associated with traditional rate case filings

Citi Utility Conference June 2, 2011

34

Illustrative ECRR Mechanics

(1)

Illustration reflects only the projects publicly announced and assumes one-half of annual investment in service at year end

(2)

Illustration uses <12% pretax return and 4% depreciation recovery

(3)

Annual ECRR Tariff is effective June 1; assume Jan-May at prior year revenue requirement and Jun-Dec at new revenue requirement

Citi Utility Conference June 2, 2011

35

Transmission Cost Recovery

•

FERC formula transmission rate

–

Changes in cost of service reflected in annual update of FERC tariff

•

Update posted each October using projected test year

–

Capital expenditures

–

O&M

–

Tariff based on year-end consolidated capital structure

•

FERC transmission changes effective January 1

•

Allowed ROE 11.3%

•

Annual true-up compares projected revenue requirement to actual, with

difference incorporated into next update

–

Incentives on recently completed central Kansas line

•

12.3% ROE

•

Accelerated book depreciation of 15 vs. 45 years

•

Transmission Delivery Charge (TDC)

–

Retail rates adjusted to match changes to FERC tariff

Citi Utility Conference June 2, 2011

36

Transmission Formula Rate Mechanics

•

Fixed formula with changing inputs

–

Updated annually using Form 1 data

–

Established protocols for updates

•

Uses projected test year

–

Rate base (based on 13 month average)

–

O&M, depreciation and taxes

–

Cost of debt

•

Annual true-up

incorporated in subsequent year’s formula inputs

Establish

Proj. 2011

Rev.  Req.

Establish

Proj. 2012

Rev. Req.

Start of 2012

Rate Year

Start of 2011

Rate Year

FERC

Form 1

Released

True-up between ’10

Proj. Rev. Req. and

Actual Rev. Req.

Transmission Formula Rate Time Line

Citi Utility Conference June 2, 2011

37

Statutes for Predetermination and CWIP

•

Predetermination

–

Utilities can obtain order establishing ratemaking principles that will

apply over the life of the asset

•

Construction Work in Progress (CWIP)

–

Utilities can include CWIP in rate cases

Citi Utility Conference June 2, 2011

38

Pension Tracker

•

Defer as regulatory asset shortfall between funding of GAAP

pension/OPEB expense and pension/OPEB currently authorized

in rates

•

Maintain minimum funding level equal to GAAP pension/OPEB

expense

•

Recover deferred expenses through multi-year amortization as

part of next rate case

Citi Utility Conference June 2, 2011

39

Energy Efficiency Initiatives

•

SmartStar Lawrence smart grid project

–

Installing <48,000 “smart”

meters

–

Advanced outage management system

–

Total project cost of <$40 million

•

Reduced by 50% DOE match

–

Expect to implement over 2 -

3 years

•

Deferred accounting for the cost of energy efficiency initiatives,

such as

–

Smart thermostats

–

Customer educational programs

–

Demand response programs

Citi Utility Conference June 2, 2011

40

Kansas’

Renewable Requirements

•

Renewable Portfolio Standard established

–

Installed capability standard in lieu of energy standard

•

10%

of

peak

load

by

2011,

15%

by

2016

and

20%

after

2020

–

If generated in Kansas, treated at 110% of requirement

–

Relief from standard possible if costs would increase prices >1%

•

Potential to offset with RECs for initial period

•

Limited net metering

–

Limited to 1% of peak demand

–

Customer’s net metered sales can’t produce net negative sales

•

Environmental predictability

–

Legislation precludes state air emission levels from being more

stringent than federal standards

Citi Utility Conference June 2, 2011

41

Capital Structure for Ratemaking (Per Recent Orders)

Capitalization

Ratio

Cost of

Capital

Weighted Cost

of Capital

Pre-tax Weighted

Cost of Capital

Long-term debt

48.66%

6.55%

3.19%

3.19%

Preferred

0.51

4.55

.02

.04

Common

50.83

10.40

5.29

8.77

100.00%

8.50%

12.00%

Capitalization

Ratio

Cost of

Capital

Weighted Cost

of Capital

Pre-tax Weighted

Cost of Capital

Long-term debt

52.38%

6.13%

3.21%

3.21%

Preferred

0.45

4.52

.02

.03

Common

47.17

11.30

5.33

8.82

100.00%

8.56%

12.06%

KCC

FERC Transmission

(1) Incentive ROE of 12.3% for applicable rate base

(1)

Citi Utility Conference June 2, 2011

42

General Rate Case Process

Citi Utility Conference June 2, 2011

Prepare case using

historical test year

w/pro forma updates

Company files its

request

Interventions

Discovery

Technical hearings

Briefs

Decision

(240 days after filing)

Staff / Interveners

file response to

company request

Rebuttal testimony

Public hearings 

(typically at multiple

locations

in

service

area)

Settlement / Pre-hearing

conference

Rates implemented

(generally within

30

days)

43

Background

Citi Utility Conference June 2, 2011

44

Westar Energy Legal Structure

Kansas Gas and

Electric Company

Consolidated capital

structure is used for

ratemaking

(Rate regulated utility)

(Rate regulated utility)

Westar Energy, Inc.

Parent

Subsidiary

Combined company

does business under

the name “Westar

Energy”

Citi Utility Conference June 2, 2011

45

Westar’s Generating Resources

Citi Utility Conference June 2, 2011

Indicates proposed facility

46

Westar’s Plants

Westar's

MW

Operator

Years Installed

Pulverized coal

Jeffrey Energy Center

1,992

Westar

1978, 1980, 1983

Lawrence Energy Center

531

Westar

1954, 1960, 1971

Tecumseh Energy Center

205

Westar

1957, 1962

LaCygne Station

709

KCPL

1973, 1977

Nuclear

Wolf Creek

544

WCNOC (1)

1985

Gas steam turbine

Gordon Evans Energy Center

539

Westar

1961, 1967

Hutchinson Energy Center

167

Westar

1965

Murray Gill Energy Center

293

Westar

1952, 1954, 1956, 1959

Gas combustion turbine

Abilene Energy Center

68

Westar

1973

Gordon Evans Energy Center

294

Westar

2000, 2001

Hutchinson Energy Center

230

Westar

1974, 1975

Spring Creek Energy Center

279

Westar

2001

Tecumseh Energy Center

37

Westar

1972

Emporia Energy Center

663

Westar

2008, 2009

Gas combined cycle

State Line

201

EDE Co.

2001

Wind

Meridian Way

96

Horizon (2)

2008

Central Plains

99

Westar

2009

Flat Ridge

100

Westar (3)

2009

Available generation

At Dec. 31, 2010

7,047

(1)

Wolf Creek Nuclear Operating Company is a company formed specifically to operate Wolf Creek

for its owners.  WCNOC is governed by a board of directors consisting of the CEO of WCNOC

and senior executives of the plant owners.

(2)

100% of generation purchased under Power Purchase Agreement (PPA)

(3)

50% owned and 50% of generation purchased under PPA from BP Alternative Energy

Westar Energy

2010 Results

NERC

5-Year Average

Plant Performance

94.0%

83.0%

92.6%

89.3%

87.0%

90.1%

71.3%

73.7%

0%

20%

40%

60%

80%

100%

Coal Capacity

Factor

Wolf Creek

Capacity Factor

Coal Availability

Factor

Wolf Creek

Availability

Factor

Citi Utility Conference June 2, 2011

47

Low-Cost Coal Fleet

•

Very low fuel cost

–

PRB coal

–

Excellent rail arrangements

–

Proximity to mines

•

Low embedded capital cost

•

No high-heat rate obsolete

plants

LAC 2 subject to lease agreement

Citi Utility Conference June 2, 2011

48

Westar Energy Coal Fleet

Unit

Capacity

(MW)

WR Share

(MW)

Age

Heat Rate

(Btu/kWh)

Net Book

Value

(Millions)

$/KW

Jeffrey 2

725

667

30

11,256

154

$        

231

$        

Jeffrey 1

722

665

32

11,204

166

$        

250

$        

Jeffrey 3

716

659

27

11,265

255

$        

387

$        

Lawrence 5

371

371

39

10,713

71

$          

190

$        

La Cygne 1

736

368

37

10,497

114

$        

309

$        

La Cygne 2

(a)

682

341

33

10,500

14

$          

41

$          

Tecumseh 8

129

129

48

11,189

17

$          

134

$        

Lawrence 4

108

108

50

11,605

47

$          

438

$        

Tecumseh 7

73

73

53

11,749

26

$          

359

$        

Lawrence 3

50

50

56

11,707

26

$          

509

$        

3,431

(a)  Subject to lease agreement

Citi Utility Conference June 2, 2011

49

Westar Coal Fleet Emission Control Equipment

Unit

Scrubber

Precipitator

Fabric Filter

Low NOx

SCR

Jeffrey 1

Yes

Yes

No plans

Yes

Planned

Jeffrey 2

Yes

Yes

No plans

Planned

No plans

Jeffrey 3

Yes

Yes

No plans

Yes

No plans

La Cygne 1

Yes

NA

Planned

Yes

Yes

La Cygne 2

Planned

Yes

Planned

Planned

Planned

Lawrence 3

No plans

Yes

No plans

Planned

No plans

Lawrence 4

Yes

NA

Planned

Planned

No plans

Lawrence 5

Yes

NA

Planned

Planned

No plans

Tecumseh 7

No plans

Yes

No plans

Planned

No plans

Tecumseh 8

No plans

Yes

No plans

Planned

No plans

NA - Not Applicable

No present projects underway for CO2

Citi Utility Conference June 2, 2011

50

Dramatic Improvement in Air Quality

0

40

80

120

2005

2006

2007

2008

2009

2010

20

40

60

2005

2006

2007

2008

2009

2010

Sulfur Dioxide

82%

(000 tons)

Nitrogen Oxide

48%

(000 tons)

Citi Utility Conference June 2, 2011

51

Westar-operated plant fuel supply (80%)

•

JEC supply under contract through 2020 (10+ million tons/year)

–

70% has no market openers

–

30% reopened on price every 5 years

•

Next re-pricing will occur in 2013

–

All volumes have cost escalators

–

Rail contract through 2013

•

LEC/TEC supply under contract until 2012 (3.5 million tons/year)

–

100% at fixed price or capped through 2012

–

Rail contract through 2013

Co-owned plant fuel supply managed by GXP (20%)

•

LAC supply (3 million tons/year)

Coal Supply

Citi Utility Conference June 2, 2011