ex99.htm

Great Plains Energy
Midwest Investor Meetings

April 8 - 9, 2009

William H. Downey

President and

Chief Operating Officer

Terry D. Bassham

Executive Vice President

Finance & Strategic Development

and Chief Financial Officer

Carl D. Churchman

Vice President Construction

Ellen Fairchild

Director Investor Relations

Company Representatives

FORWARD-LOOKING STATEMENTS

Statements made in this report that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when
made. Forward-looking statements include, but are not limited to, the outcome of regulatory proceedings, cost estimates of the Comprehensive Energy Plan and other
matters affecting future operations. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the registrants are providing a
number of important factors that could cause actual results to differ materially from the provided forward looking information. These important factors include: future
economic conditions in regional, national and international markets and their effects on sales, prices and costs, including, but not limited to, possible further
deterioration in economic conditions and the timing and extent of any economic recovery; prices and availability of electricity in regional and national wholesale
markets; market perception of the energy industry, Great Plains Energy, KCP&L and KCPL Greater Missouri Operations Company (“GMO”); changes in business
strategy, operations or development plans; effects of current or proposed state and federal legislative and regulatory actions or developments, including, but not limited
to, deregulation, re-regulation and restructuring of the electric utility industry; decisions of regulators regarding rates KCP&L and GMO can charge for electricity;
adverse changes in applicable laws, regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not limited to, air and
water quality; financial market conditions and performance including, but not limited to, changes in interest rates and credit spreads and in availability and cost of capital
and the effects on nuclear decommissioning trust and pension plan assets and costs; credit ratings; inflation rates; effectiveness of risk management policies and
procedures and the ability of counterparties to satisfy their contractual commitments; impact of terrorist acts; increased competition including, but not limited to, retail
choice in the electric utility industry and the entry of new competitors; ability to carry out marketing and sales plans; weather conditions including, but not limited to,
weather-related damage and their effects on sales, prices and costs; cost, availability, quality and deliverability of fuel; ability to achieve generation planning goals and
the occurrence and duration of planned and unplanned generation outages; delays in the anticipated in-service dates and cost increases of additional generating capacity
and environmental projects; nuclear operations; workforce risks, including, but not limited to, retirement compensation and benefits costs; the ability to successfully
integrate KCP&L and GMO operations and the timing and amount of resulting synergy savings; and other risks and uncertainties. This list of factors is not all-inclusive
because it is not possible to predict all factors. Other risk factors are detailed from time to time in Great Plains Energy’s and KCP&L’s most recent quarterly report on
Form 10-Q or annual report on Form 10-K filed with the Securities and Exchange Commission. Any forward looking statement speaks only as of the date on which such
statement is made. Great Plains Energy and KCP&L undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.

Forward Looking Statement

Overview / Recent Developments

Regulated vertically integrated electric utility operations:

• $7.9 billion in assets*

• $1.7 billion in revenues*

• $1.4 billion market cap - NYSE:GXP

• Approx. 820,000 customers in KS and MO

• Low retail utility rates

• Total generation capacity of over 6,000 MWs

Solid Midwest electric utility - KCP&L Brand

Capable, experienced management team

Investment grade credit rating

Building a platform for long-term earnings growth:

Additions to rate base

Synergies from Aquila transaction

MO & KS regulatory process

Annualized dividend of $0.83/share

* Based on year-end 2008 financial statements filed in 10K dated February 27, 2009

Great Plains Energy Business Overview

Renewed focus on our utility roots:

Sale of Strategic Energy

Acquisition of Aquila

Significant Progress on our Comprehensive Energy Plan

2008 - A Transformational Year……

Growing economic and financial market uncertainty and deterioration have imposed
increasing constraints on availability of internal capital and cost of external capital

Internal

– Customer demand growth significantly lower than historical levels

– Cost increases / regulatory lag

External

– Volatile capital markets

– Significant increase in cost of capital

……And a Challenging Year

Long-term Flexibility and Positioning

Proactive, Responsive, and Prudent Measures

• Lowered 2009 guidance from $1.30 - $1.60 to $1.10 - $1.40

• Eliminated or deferred additional 2009-10 capital expenditures

• Suspended external hiring for all but essential skills

• Tightly managing O&M expense

• Reduced common stock dividend by 50% effective in 1Q09

$ Billions

$3.7

$6.5

$5.9

$5.7

$4.2

• Year-end rate base projections 2009 - 2012

• Environmental at Iatan 1 and Sibley, as well as

Crossroads expected in rate base 3Q09

• Iatan 2 expected in rate base 3Q 2010 (KCP&L-KS and GMO)

and 4Q 2010 (KCP&L-MO)

Reinvesting in the Business and
Growing Rate Base

• Integration of KCP&L GMO (“GMO”,

formerly Aquila) and attainment of synergy targets

• Rate base growth through KCP&L’s Comprehensive

Energy Plan and plant investments by GMO and KCP&L

• Rate case filings to include investments in rate base

and to share synergies with customers

Key Focus Areas

GMO Integration and
Synergy Target Attainment

Combined Company

• 820,000 customers across 47 counties in
MO and KS covering 17,934 sq. miles

• 3,259 employees - including 920 new
hires

• 30 office/service center locations

• 9 generation plant sites and 10 peaking
facilities

• Over 3,000 miles transmission, 24,000
miles distribution lines, and 320
substations

KCP&L Property

GMO Property

Diverse Generation Fleet

2009 Estimated Fuel Mix

Coal 76%

Nuclear 17%

Plant Performance

KCP&L Equivalent Availability Coal

70%

74%

89%

86%

72%

80%

92%

70%

KCP&L Capacity Factor Coal

65%

70%

86%

82%

68%

76%

88%

66%

KCP&L Equivalent Availability Nuclear

100%

79%

50%

100%

KCP&L Capacity Factor Nuclear

100%

79%

50%

100%

GMO Equivalent Availability Coal

94%

48%

GMO Capacity Factor Coal

76%

41%

Generation Fleet Performance

2008 Electric Revenues

2008 Electric MWh Sales

Residential - 37%

Residential - 29%

Commercial - 38%

Wholesale - 22%

Wholesale - 14%

Industrial - 9%

Other - 2%

Industrial - 11%

Customer Mix

Source: Edison Electric Institute (EEI) - “Typical Bills and Average Rates Report Summer 2008”

KCP&L Prices Compare Favorably
on National & Regional Basis

Integration Successes

Infrastructure

• Combined several key systems (accounting, HR) as well as telecom and

network platforms into a single version for each

Operations

• Two Aquila unions consolidated into the three existing KCP&L unions

• Training initiated to align work rules, safety rules, and construction specs

• Integrated T&D

• Work management system up and running

• Supply team actively procuring fuel and purchased power

• Expanded generating fleet is meeting its operational requirements

Customer Service

• Call Center operations integrated

• Customer satisfaction and customer service remain good

Rate Base Growth

Comprehensive Energy Plan

Projected Capital Expenditures
2009-2011

Iatan 1

Iatan 2

Construction Update

• Completed Sibley 3 SCR

• Iatan 1 AQCS expected in-service mid-April

• Iatan 2

- Planned completion summer 2010

- Planned cost re-assessment to be completed

in mid 2009

• LaCygne

- Significant expenditures extended beyond 2010

• Wind

- Entered into an agreement to acquire 32 wind turbines

- KCP&L option to construct 35-turbine project by May 2010

Regulatory / Legislative

Company Filing

Commission Staff Position

Summary of Rate Cases

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEPT

Filed Rate Case

09/05/08

Outage
Started
10/18/08

Outage
Completed Late
Mar.

KS & MO Rate
Case True-up

04/30/09

New Tariffs Effective

MO - 9/5/09

Projected
Provisional
Acceptance
April

Iatan 1

Sibley 3

Outage
Started
10/28/08

Outage
Completed
12/31/08

KCPL KS

Hearings

6/22 - 7/2

Hearings

KCPL MO 4/20 - 5/1

GMO Steam 5/4 - 5/7

GMO 5/11 - 5/15

KCPL KS

Order 8/14

New Tariffs Expected
8/20

Proposed Findings of Fact and
Conclusions of Law

6/9 KCPL

6/11 GMO

• Change in true-up date from 3/31/09 to 4/30/09 (to accommodate delay in in-service date of Iatan 1
AQCS)

Timeline for Current Rate Cases

• Passage of Proposition C (mandatory RPS)

• New Governor

• PSC

• New Chairman

• Two Commissioner appointments

expected in April 2009

• Legislation to create mandatory RPS and enable
net metering offered by Governor

• KCC: Issued an order on Docket 441, “Cost
Recovery and Incentives for Energy Efficiency
Programs”

Missouri

Kansas

Legislative and Regulatory

Conclusion

$ Billions

$3.7

$6.5

$5.9

$5.7

$4.2

• Year-end rate base projections 2009 - 2012

• Environmental at Iatan 1 and Sibley environmental, as well as Crossroads expected in

rate base 3Q09

• Iatan 2 expected in rate base 3Q 2010 (KCP&L-KS and GMO)

and 4Q 2010 (KCP&L-MO)

Solid Rate Base Growth

Appendix
(financial graphics from year-end
2008 earnings call)

2009 Earnings Per Share
Guidance Bridge

• Additional 2009-10 capex reduction of $170 million

from November 2008 estimates

Projected Capital Expenditures
2009-2011

Financing Requirements - Sources
Uses of Cash 2009 - 2011

Great Plains Energy 2009

Guidance Range $1.10 - $1.40

Revenue:

Normal weather

Retail (weather-normalized)

2009 - Retail MWh sales volume decline of (0.7%) compared to 2008

(previous estimate 0.5% growth)

2010-11 - Retail MWh sales volume growth averages 1.4% annually

(previous estimate ~1% annually, but off a higher assumed ’09 base)

New wholesale margin threshold for KCP&L-MO of $92.5 million (subject to true-

up effective with new rates in August 2009

Key Assumptions

Key Assumptions Continued

• Finance

Dividend reduced to $0.83/share

$200 million of total equity issuance in 2009 - 2010; $200 million in 2011

(previous: $200 million of equity in 2009; total $400 additional 2010-2011)

$400 million of new long-term KCP&L debt in 2009;

Issuing $950 million over 2010/2011 ($487 maturing; rest new debt)

(previous: $850 - $950 million of new debt over 2009-11)

No refinancing of GMO debt prior to maturity

Amortization of GMO debt write-up reduces pre-tax interest expense by

approximately $32 million per year in 2009-11

Regulatory

Approval of the rate request in Kansas and Missouri with new rates in effect late summer 2009

New rates in “Iatan 2 case” in effect summer 2010 in KS, and fall 2010 in MO

Assumed ROE of 11% (previous 10.75%)

Plant Performance

Equivalent Availability Factor (EAF) and Capacity Factor (CF) for fossil fleet for

2009 of ~80% and 77%, respectively; in 2010-11, EAF in 80%-85% range and CF relatively constant

Wolf Creek plant performance at historical levels

Resource and portfolio mix of ~ 86% generation and 14% purchased energy

Fuel Expense

67% covered by FAC

Approximately all of 2009, 60% of 2010, and 40% of 2011’s

coal requirements are under contract

(Previous: approximately 85% of 2009, 45% of 2010, and 15% of 2011)

Key Assumptions Continued

Capital Expenditures

Additional reduction of $140 million of 2009-11 capex

Previous cost and schedule disclosures for Iatan 2

No wind in capex projections until 2011

Reduced spending on LaCygne environmental in 2009 - 10

No additional environmental mandates

Tax

The marginal tax rate before credits relatively constant at 38.9%

Tax credits and the non-tax affect of AFUDC equity reduces average effective tax

rate to approximately 30.8%

NOLs - No earnings benefit, but $100 million of NOLs available

annually in 2009 - 2012 to reduce cash taxes

Key Assumptions Continued

• Iatan 2 AFUDC equity rates for KCP&L KS and KCP&L MO are

8.30% and 8.25%, respectively, until new rates effective in 2009

CWIP Projections 2009 - 2011

AFUDC Projections 2009 - 2011

CWIP and AFUDC Projections

Earnings Per Share By Segment

Core Earnings

Key Earnings Drivers:

+7% increase in retail revenue due to new rates

+Increase in KCP&L’s equity component of AFUDC of $6.3 million

- GMO loss of $0.7 million or $(0.01) per share

- 5% lower total KCP&L revenue driven by a $30.7 million decline in wholesale as

a result of lower prices and a 32% decrease in MWh sales (due primarily to Iatan

outage)

- Higher KCP&L O&M costs and higher depreciation and amortization expense

- Dilution of $0.05 caused by shares issued in connection with GMO transaction

$34.7

$15.7

4Q ‘07

4Q ‘08

(millions except
where indicated)

$16.4

KCP&L

GMO

$(0.7)

4Q ‘08

Utility Total

Core Earnings Per Share

$0.40

$0.13

4Q ‘07

4Q ‘08

KCP&L

GMO

$0.14

$(.01)

4Q ‘08

Utility Total

Electric Utility Fourth Quarter Results

Core Earnings

Core Earnings Per Share

$146.4

$162.8

$1.72

$1.61

(millions except
where indicated)

YTD ‘07

YTD ‘08

YTD ‘07

YTD ‘08

Earnings Drivers:

+ GMO contribution of $17.9 million or $0.17 per share in 2008

+ Increase in KCP&L’s equity component of AFUDC of $20.0 million

+ Increased retail revenue of $61.8 million, primarily from new retail rates

at KCP&L effective 1/08

- Mild summer weather with a 27 percent decrease in cooling degree days

- Increased purchased power of $18.0 million due to increased average prices and an

increase in MWh’s purchased resulting from plant outages

- Higher interest expense, higher O&M, and higher fuel

- Dilution of $0.30 per share caused by shares issued in connection with GMO transaction

Includes KCP&L for full-year and GMO results for the period 7/14/08 - 12/31/08

KCP&L

GMO

YTD ‘08

Utility Total

KCP&L

YTD ‘08

Utility Total

$0.17

$1.44

$17.9

$144.9

GMO

Electric Utility Year-to-Date Results

Core Earnings

Core Earnings Per Share

$(0.05)

$(0.08)

Key Earnings Drivers:

The YTD greater core loss is primarily attributable to a $5.4 million loss

from GMO’s non-utility activities

$(6.4)

$(7.2)

(millions except
where indicated)

4Q ‘07

4Q ‘08

4Q ‘07

4Q ‘08

Core Earnings

$(20.5)

$(24.3)

YTD ‘07

YTD ‘08

$(0.24)

Includes KCP&L for the full-year and GMO results for the period 7/14/08 - 12/31/08

Core Earnings Per Share

GXP “Other” Results

Liquidity

Core earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes the effects of discontinued operations, certain unusual items and mark-to-market gains and losses on certain contracts.
Great Plains Energy believes core earnings provides to investors a meaningful indicator of its results that is comparable among periods because it excludes the effects of items that may not be indicative of Great Plains
Energy’s prospective earnings potential. Core earnings is used internally to measure performance against budget and in reports for management and the Board of Directors and are a component, subject to adjustment, of
employee and executive compensation plans. Investors should note that this non-GAAP measure involves judgments by management, including whether an item is classified as an unusual item, and Great Plains Energy’s
definition of core earnings may differ from similar terms used by other companies. The impact of these items could be material to operating results presented in accordance with GAAP. Great Plains Energy is unable to
reconcile core earnings guidance to GAAP earnings per share because it does not predict the future impact of unusual items and mark-to-market gains or losses on energy contracts.

Core earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes the effects of discontinued operations, certain unusual items and mark-to-market gains and losses on certain contracts. Great Plains
Energy believes core earnings provides to investors a meaningful indicator of its results that is comparable among periods because it excludes the effects of items that may not be indicative of Great Plains Energy’s prospective earnings
potential. Core earnings is used internally to measure performance against budget and in reports for management and the Board of Directors and are a component, subject to adjustment, of employee and executive compensation plans.
Investors should note that this non-GAAP measure involves judgments by management, including whether an item is classified as an unusual item, and Great Plains Energy’s definition of core earnings may differ from similar terms
used by other companies. The impact of these items could be material to operating results presented in accordance with GAAP. Great Plains Energy is unable to reconcile core earnings guidance to GAAP earnings per share because it
does not predict the future impact of unusual items and mark-to-market gains or losses on energy contracts.