8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 7, 2010

Commission File Number	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification Number
001-32206	GREAT PLAINS ENERGY INCORPORATED	43-1916803
	(A Missouri Corporation)
	1200 Main Street
	Kansas City, Missouri  64105
	(816) 556-2200
	NOT APPLICABLE
(Former name or former address, if changed since last report)
000-51873	KANSAS CITY POWER & LIGHT COMPANY	44-0308720
	(A Missouri Corporation)
	1200 Main Street
	Kansas City, Missouri  64105
	(816) 556-2200
	NOT APPLICABLE
	(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
	(17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

This combined Current Report on Form 8-K is being furnished by Great Plains Energy Incorporated (Great Plains Energy) and Kansas City Power & Light Company (KCP&L).  KCP&L is a wholly owned subsidiary of Great Plains Energy and represents a significant portion of its assets, liabilities, revenues, expenses and operations.  Thus, all information contained in this report relates to, and is furnished by, Great Plains Energy.  Information that is specifically identified in this report as relating solely to Great Plains Energy, such as its financial statements and all information relating to Great Plains Energy’s other operations, businesses and subsidiaries, including KCP&L Greater Missouri Operations Company (GMO) does not relate to, and is not furnished by, KCP&L.  KCP&L makes no representation as to that information.  Neither Great Plains Energy nor GMO has any obligation in respect of KCP&L’s debt securities and holders of such securities should not consider Great Plains Energy’s or GMO’s financial resources or results of operations in making a decision with respect to KCP&L’s debt securities.  Similarly, KCP&L has no obligation in respect of securities of Great Plains Energy or GMO.

Item 7.01 Regulation FD Disclosure

Representatives of Great Plains Energy will participate in meetings with investors during the period of June 7, 2010 through June 30, 2010.  A copy of the investor handout to be used in such meetings is attached as Exhibit 99.1 hereto.  The investor handout contains information regarding KCP&L.  Accordingly, information in the investor handout relating to KCP&L is also being furnished on behalf of KCP&L.

The information under Item 7.01 and in Exhibit 99.1 hereto is being furnished and shall not be deemed filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended.  The information under Item 7.01 and Exhibit 99.1 hereto shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless otherwise indicated in such registration statement or other document.

Item 9.01	Financial Statements and Exhibits
(d)  Exhibits
99.1	Investor handout (furnished and not deemed filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GREAT PLAINS ENERGY INCORPORATED

/s/ Lori A. Wright

Lori A. Wright

Vice President and Controller

KANSAS CITY POWER & LIGHT COMPANY

/s/ Lori A. Wright

Lori A. Wright

Vice President and Controller

Date: June 7, 2010.

Exhibit Index
Exhibit No.	Title
99.1	Investor handout (furnished and not deemed filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended).

EX-99.1

Exhibit 99.1

June 2010 Investor Presentation

Great Plains Energy
Investor Presentation
June 2010

2

Terry Bassham

Executive Vice President

Finance & Strategic Development

and Chief Financial Officer

Ellen Fairchild

Senior Director Investor Relations
and Assistant Secretary

816-556-2083

ellen.fairchild@kcpl.com

Mike Chesser

Chairman and

Chief Executive Officer

June 2010 Investor Presentation

Company Representatives

Statements made in this presentation 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, Great Plains Energy and KCP&L 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 and KCP&L; 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
the companies 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; impairments of long-lived assets or goodwill; 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, increased costs of retirement,
healthcare and other benefits; the timing and amount of resulting synergy savings from the GMO acquisition; 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 and annual report on Form 10-K filed with the Securities and Exchange
Commission.Each forward-looking statement speaks only as of the date of the particular statement.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.

June 2010 Investor Presentation

Forward Looking Statement

4

Service Territories: KCP&L and GMO

Business Highlights

•Solid Midwest electric utility - KCP&L brand

•Transformational events in 2008 to focus business model on fully
regulated utility operations

–Sale of Strategic Energy

–Acquisition of Aquila

•Company attributes post-acquisition

•~822,000 customers / 3,200+ employees

•~6,000 MW of primarily low-cost baseload generation

•5-year projected synergies of ~$740 million

•~$8.5bn in assets and $4.4bn in rate base at 2009YE

Total: ~ $2.0bn

Total: ~ $2.0bn

June 2010 Investor Presentation

Kansas

29%

Missouri

(KCP&L)

36%

Missouri

(GMO)

35%

Solid Vertically Integrated Midwest Utility

5

•Strong Midwest electric utilities focused on regulated operations in Missouri and Kansas

•Diversified customer base includes ~822,000 residential, commercial, and industrial customers

•~6,000 Megawatts of generation capacity

•Low-cost generation mix: 80% coal, 17% nuclear (Wolf Creek), 2% natural gas/oil and 1% wind in 2009

100% Regulated
Electric Utility
Operations Focus

•Growth and stability in earnings driven by sizable regulated investments as part of the Comprehensive Energy
Plan (“CEP”)

•Wind and environmental retrofit components of CEP in place; Iatan 2 baseload coal plant targeted
for completion later this year

•Anticipated growth beyond 2010 driven by additional environmental capex, transmission opportunities and
wind

Attractive Platform for
Long-Term Earnings
Growth

•Successful outcomes in 2006, 2007 and 2008 rate cases in Missouri and Kansas

•Combined annual rate increases from 2008 cases of $59mm in Kansas and $159mm in Missouri; new rates

effective August 1stin Kansas and September 1st in Missouri

•$55mm rate increase for KCP&L Kansas filed in 12/09; $190 million rate increase for KCP&L MO and GMO filed 6/10

Focused Regulatory
Approach

•Cash flow and earnings heavily driven by regulated operations and cost recovery mechanisms

•Ample liquidity currently available under $1.4bn credit facilities

•Sustainable dividend and pay-out, right-sized to fund growth and to preserve liquidity

•Recent shift in outlook from Negative to Stable at Moody’s and S&P

Stable and Improving
Financial Position

June 2010 Investor Presentation

Strong Platform for Long-Term Growth

6

Executing the Plan

June 2010 Investor Presentation

7

Project description	Comments
•100 MW plant in Spearville, KS •Began construction in 2005	ü Completed in Q3 2006 ü In rate base from 1/1/2007 ü No regulatory disallowance
•Selective Catalytic Reduction (SCR) unit at LaCygne 1	ü Completed in Q2 2007 ü In rate base from 1/1/2008 ü No regulatory disallowance
•Air Quality Control System at Iatan 1	üCompleted in Q2 2009 üIn rate base starting 3Q 2009 (KS 08/1 &MO 9/1) üNo regulatory disallowance in 2009 MO and KS cases; capped exposure in 2010 cases
•Construction of Iatan 2 super-critical coal plant (850 MW; 73% GXP ownership share)1	ü On track for completion Q4 2010 ü Expected in Kansas rates in Q4 2010 / 1Q 2011; Missouri rates in Q2 2011

Iatan 2

Iatan 1

Environmental

LaCygne

Environmental

Wind

Great Plains Energy has effectively executed all elements of its Comprehensive Energy Plan to date
and has received constructive regulatory treatment

Comprehensive Energy Plan

1 Includes post-combustion environmental technologies including an SCR system, wet flue gas desulphurization system and fabric filter to control
emissions

June 2010 Investor Presentation

Strong Track Record of Execution

8

June 2010 Investor Presentation

Rate Case Outcomes
Rate Jurisdiction	Amount Requested	Amount Approved	Effective Date	Rate Base	Return on Equity	Rate-making Equity Ratio
KCP&L - Missouri	$55.8	$50.6	1/1/2007	$1,270	11.25%	53.69%
KCP&L - Missouri	$45.4	$35.3	1/1/2008	$1,298	10.75%	57.62%
KCP&L - Missouri	$101.5	$95.0	9/1/2009	$1,4961	n/a4	46.63%
KCP&L - Kansas	$42.3	$29.0	1/1/2007	$1,0001	n/a2	n/a
KCP&L - Kansas	$47.1	$28.0	1/1/2008	$1,1001	n/a3	n/a
KCP&L - Kansas	$71.6	$59.0	8/1/2009	$1,2701	n/a4	50.75%
GMO - MPS	$94.5	$45.2	6/1/2007	$918	10.25%	48.17%
GMO - MPS	$66.0	$48.0	9/1/2009	$1,1881	n/a5	45.95%
GMO - L&P	$24.4	$13.6	6/1/2007	$186	10.25%	48.17%
GMO - L&P	$17.1	$15.0	9/1/2009	$2861	n/a5	45.95%

1Rate Base amounts are approximate amounts since the cases were black box settlements

2Iatan 2 AFUDC calculation was set at 8.5%

3Iatan 2 AFUDC calculation was set at 8.3%

4 Iatan 2 AFUDC calculation was set at 8.25%

5 Iatan 2 AFUDC calculation was set at 10.2%

Focused Regulatory Approach

9

June 2010 Investor Presentation

Steps to In-Service Date for Iatan 2

qFirst Fire on Coal

qSynchronization

qProvisional Acceptance

10

Iatan 2 Reforecast

•Currently anticipate a fourth quarter 2010 in-service date for Iatan 2

•New cost estimate range for GXP share is a $69 million (6%) increase to the low end and a
$50 million (4%) increase to the high end

Current

Estimated Cost of Iatan 2

1,680

$

2

1,720

$

2

1,222

$

1,251

$

Previous

Estimated Cost of Iatan 2

1,587

$

2

1,652

$

2

1,153

$

1,201

$

Increase / (Decrease)

93

$

68

$

69

$

50

$

2

Derived from KCP&L and Great Plains Energy disclosed amounts

Total Project (850 MW)

GPE Share (618 MW)

1

Excluding Allowance for Funds Used During Construction ("AFUDC") and common facilities that were identified at the time

of the start-up of the Iatan 1 environmental project that will be used by both Iatan 1 and Iatan2

June 2010 Investor Presentation

11

Rate Case Update

•KCP&L Kansas electric service case filed December 2009

–$55.2 million or an 11.5% annual increase request

–ROE: 11.25%

–Equity ratio: 46.17%

–Rate base: $1.795 billion

•KCP&L Kansas - Interveners’ Direct Testimony to be filed in early June

•Missouri - Filed KCP&L and GMO cases June 2010

June 2010 Investor Presentation

12

*

* Includes Kansas City Power and Lightand

KCP&L Greater Missouri Operations (GMO)

June 2010 Investor Presentation

2010 Rate Case Summary

13

June 2010 Investor Presentation

KCP&L KS and MO Rate Cases

14

June 2010 Investor Presentation

KCP&L GMO Rate Cases

15

Drivers of Change

Environmental

Rules

Natural Gas

Prices

Load Growth

Energy

Legislation

Financing

Emergent

Technologies

June 2010 Investor Presentation

16

Sustainable Resource Strategy
Change Creates Opportunity

June 2010 Investor Presentation

Transmission &
Distribution
Opportunities

Opportunities
Resulting from
SmartGrid
Technologies

Generation Fleet
Optimization
Opportunities

17

2010 - 2012 Capital Expenditures

June 2010 Investor Presentation

The majority of our expected environmental spend is related to our LaCygne units for a scrubber and baghouse
on Unit 1 (already has an SCR, installed in 2007), as well as an SCR, scrubber, baghouse, and low NOx burners
for Unit 2. 

We continue to monitor and evaluate the impact of potential environmental mandates on our other generating
facilities, but have not included any potential costs in our capital expenditures table at this time.

No capital for wind is included in the 2010 to 2012 period. Our current view over the next three years

is that any wind projects would be completed as purchase power agreements, or “PPAs”.

18

Positioned for Long-term Earnings Growth

•Complete Iatan 2

•Navigate rate case process with constructive outcomes

•Continue to deliver on GMO synergies and movement toward Tier 1 costs
across the organization

•Evaluate future opportunities through Sustainable Resource Strategy and
continue to advocate on behalf of our shareholders, customers, and
communities

June 2010 Investor Presentation

19

Appendix

1Q 2010

Financial Overview

June 2010 Investor Presentation

20

Electric utility’s net income increased $17.5 million primarily driven by

an increase in gross margin* due to new retail rates.

Other segment earnings decreased primarily as a result of a $16 million benefit

in the first quarter of 2009 from a 2003-04 tax audit settlement at GMO’s non-utility

operations.

Increased number of shares outstanding primarily from the May 2009 equity

offering resulted in $0.02 per share dilution.

*Gross margin is defined and reconciled to operating revenues at the end of the presentation

June 2010 Investor Presentation

21

Electric Utility First Quarter

(millions except

where indicated)

Key Earnings Drivers:

+ A $65.6 million, or 24 percent, increase in gross margin primarily due to new retail rates

– Increased operating expense of $13.8 million primarily due to a $10.3 million increase in

O&M expenses driven by planned plant outages; and

– Increased depreciation and amortization of $13.2 million

Earnings

Earnings Per Share

June 2010 Investor Presentation

22

Electric Utility Segment

Weather Normalized Retail MWh Sales and Customer Growth Rates

Retail MWh Sales by Customer Class - First Quarter 2010

43%

13%

44%

June 2010 Investor Presentation

23

Outlook

Stable

Stable

Corporate Credit Rating

-

BBB

Preferred Stock

Ba1

BB+

Senior Unsecured Debt

Baa3

BBB-

KCP&L

Outlook

Stable

Stable

Senior secured Debt

A3

BBB+

Senior Unsecured Debt

Baa2

BBB

Commercial Paper

P-2

A-2

GMO

Outlook

Stable

Stable

Moody’s March 12, 2010:

•Revised outlook on GXP, KCP&L and GMO to Stable from Negative

•Downgraded KCP&L’s senior unsecured rating to Baa2 from Baa1

•Affirmed all other ratings

S&P April 9, 2010:

• Revised outlook on GXP, KCP&L and GMO to Stable from Negative

• Raised short-term rating on KCP&L to A-2 from A-3

• Affirmed all long-term ratings

June 2010 Investor Presentation

24

*Includes current maturities

Long-term Debt Maturities

Capital Structure

Secured debt = $862.7 (23%), Unsecured debt = $2,950.4 (77%)

(1) GPE guarantees substantially all of GMO’s debt

(2) Weighted Average Rates - excludes premium/discounts and fair market value adjustments

(3) Includes current maturities of long-term debt

June 2010 Investor Presentation

25

Gross margin is a financial measure that is not calculated in accordance with generally accepted accounting principles (GAAP).Gross
margin, as used by Great Plains Energy, is defined as operating revenues less fuel, purchased power and transmission of electricity by
others.The Company’s expense for fuel, purchased power and transmission of electricity by others, offset by wholesale sales margin, is
subject to recoverythrough cost adjustment mechanisms, except for KCP&L’s Missouri retail operations.As a result, operating
revenues increase or decrease in relation to a significant portion of these expenses.Management believes that gross margin provides
a more meaningful basis for evaluating the Electric Utility segment’s operations across periods than operating revenues because gross
margin excludes the revenue effect of fluctuations in these expenses.Gross margin is used internally to measure performance against
budget and in reports for management and the Board of Directors.The Company’s definition of gross margin may differ from similar
terms used by other companies.A reconciliation to GAAP operating revenues is provided in the table above.

June 2010 Investor Presentation