8-K

UNITED STATES

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):  March 3, 2011

Commission File Number	Exact Name of Registrant as Specified in its Charter, State of Incorporation, Address of Principal Executive Offices and Telephone Number	I.R.S. Employer Identification No.
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 on March 4, 2011.  A copy of the investor handout to be used in such meetings is attached as Exhibit 99.1 hereto. Additionally, the investor handout may be subsequently used in meetings with investors in March 2011. 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 this Item 7.01 and in Exhibit 99.1 hereto is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section.  The information under this Item 7.01 and Exhibit 99.1 hereto shall not be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless otherwise expressly indicated in such registration statement or other document.

Item 9.01	Financial Statements and Exhibits
(d) Exhibits
Exhibit No.	Description
99.1	Investor presentation slides

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

GREAT PLAINS ENERGY INCORPORATED

/s/ Ellen E. Fairchild

Ellen E. Fairchild

Vice President, Corporate Secretary, and Chief

Compliance Officer

KANSAS CITY POWER & LIGHT COMPANY

/s/ Ellen E. Fairchild

Ellen E. Fairchild

Vice President, Corporate Secretary, and Chief

Compliance Officer

Date: March 3, 2011

Exhibit Index
Exhibit No.	Description
99.1	Investor presentation slides

EX-99.1

March 2011 Investor Presentation

Great Plains Energy

Investor Presentation

March 2011

Exhibit 99.1

Michael Cline

Vice President - Investor Relations and Treasurer

816-556-2622

michael.cline@kcpl.com

Jim Shay

Senior Vice President

Finance & Strategic Development and CFO

816-556-2215

jim.shay@kcpl.com

2

March 2011 Investor Presentation

Company Representatives

Forward-Looking Statement

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 capital projects
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; 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; the inherent uncertainties in estimating
the effects of weather, economic conditions and other factors on customer consumption and financial results; ability to achieve generation goals and the
occurrence and duration of planned and unplanned generation outages; delays in the anticipated in-service dates and cost increases of additional generation,
transmission, distribution or other projects; the inherent risks associated with the ownership and operation of a nuclear facility including, but not limited to,
environmental, health, safety, regulatory and financial risks; workforce risks, including, but not limited to, increased costs of retirement, health care and other
benefits; 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 quarterly reports 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.

3

March 2011 Investor Presentation

•Solid Midwest electric utility operating under the KCP&L brand

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

–Sale of Strategic Energy

–Acquisition of Aquila (now KCP&L Greater Missouri Operations, or
“GMO”)

•Company attributes

–~823,200 customers / 3,200 employees

–~6,600 MW of primarily low-cost coal baseload generation

–5-year projected synergies post-GMO acquisition of~$760M

–~$8.8bn in assets and $5.7bn* in rate base at 2010YE

*Includes MO portion of Iatan 2 subject to MPSC decision in rate cases

Service Territories: KCP&L and GMO

Business Highlights

2010 Retail MWh Sold by Customer Type

2010 Retail MWh Sales by Jurisdiction

2010 MWh Generated by Fuel Type

Total: ~23,806 MWhs

Total: ~23,806 MWhs

Total: ~26,679 MWhs

4

March 2011 Investor Presentation

Solid Vertically-Integrated Midwest Utility

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

•Diversified customer base includes ~823,200 residential, commercial, and industrial customers

•~6,600 Megawatts of generation capacity

•Low-cost generation mix: 80% coal, 17% nuclear (Wolf Creek), 2% natural gas/oil and 1% wind in 2010

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, environmental retrofits and Iatan 2 baseload coal plant all in-service

•Organic growth potential through environmental, transmission, renewable energy and on-going reliability-related investment

Attractive Platform for
Long-Term Earnings
Growth

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

•Recent and current cases

–Kansas - In 2010, the KCC authorized a revenue requirement increase of $22 million and broughtIatan 2 into rate base
with minimal disallowance

–Missouri - $144 million rate increase request pending for KCP&L -MO and GMO; decisions expected 2Q11

Diligent Regulatory
Approach

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

•Ample liquidity currently available under $1.25bn credit facilities

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

•Stable Outlook at Moody’s and S&P

Improved Financial
Position

5

March 2011 Investor Presentation

Strong Platform

Comprehensive Energy Plan
	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 8/1 &MO 9/1) üNo regulatory disallowance in 2009 MO and KS cases; minimal disallowance in 2010 KS case and capped exposure in 2010 MO cases
	•Construction of Iatan 2 super-critical coal plant (850 MW; 73% GXP ownership share)1	üIn-service on 8/26/2010; confirmed by KCC in October; MPSC view to be communicated through pending rate cases üIncluded in KS rate base with minimal disallowance Q4 2010;MO rate base treatment to be determined Q2 2011
Great Plains Energy has effectively executed all elements of its Comprehensive Energy Plan to date and has received constructive regulatory treatment

Iatan 2

Iatan 1

Environmental

LaCygne

Environmental

Wind

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

6

March 2011 Investor Presentation

Strong Track Record of Execution

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%
KCP&L - Kansas	$55.1	$22.0	12/1/2010	$1,781	10.00%	49.66%
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%

7

March 2011 Investor Presentation

Focused Regulatory Approach

(a) Share of jointly-owned facility

(b) LaCygne 1 currently has a scrubber installed; however, our 2011 capital expenditure plan includes the installation a new scrubber on the unit

(c) Sibley 1 and 2 both have SNCRs installed; however, both units would require an SCR for compliance with NOx reduction under the NAAQS

March 2011 Investor Presentation

Coal Fleet Emissions Control Equipment

Coal Unit	MW	SCR /SNCR	Scrubber	Bag House	Precipitator	Mercury Controls	Cooling Tower
Iatan 1	621(a)	ü‘	ü‘	ü‘		ü‘
Iatan 2	618(a)	ü‘	ü‘	ü‘		ü‘	ü‘
LaCygne 1	368(a)	ü‘	ü(b)
LaCygne 2	341(a)				ü‘
Hawthorn 5	563	ü‘	ü‘	ü‘
Sibley 1 and 2	102	ü(c)			ü‘
Sibley 3	364	ü‘			ü‘
Montrose 1, 2 and 3	510				ü‘
Lake Road 4	99				ü‘
Jeffrey Energy Center 1, 2 and 3	173(a)		ü‘		ü‘		ü‘
If a scrubber is installed on LaCygne 2, roughly 71 percent of the installed coal capacity would have scrubbers

8

Strategic and Operational Overview

9

March 2011 Investor Presentation

10

March 2011 Investor Presentation

The Power of Progress

Expanded Wind Generation Assets

Tier 1 Customer Satisfaction

Improved Credit Profile

11

Strong Plant Performance

Outlook

Negative

Stable

Moody’s - March 2010

S&P - April 2010

March 2011 Investor Presentation

The Power of Progress

•Economy poised to improve; impact on customer consumption
still difficult to assess

•New EPA rules

•“Mandatory” vs. “Discretionary” investment opportunities

12

March 2011 Investor Presentation

Looking Ahead

•Annual Revenue Increase of $22.0 million (vs. Updated Company Request of $50.9 Million)

•10.00% Authorized ROE (vs. Updated Company Request of 10.75%); Equity Ratio of 49.66%

•Iatan 2 in Service and Added to Rate Base

–Total project disallowance of $20.4 million of budgeted costs, or about 1% ($5.1
million KCP&L Kansas jurisdictional share)

•Minimal Iatan 1 Environmental Project Disallowance

•Kansas Jurisdictional Rate Base of $1.781 Billion

•Requested Environmental Rider Denied

•New Rates Effective 12/1/10

13

March 2011 Investor Presentation

KCP&L Kansas Rate Case Results

1 KCP&L’s initial request was subsequently adjusted to $55.8 million, mainly due to lower fuel and purchased power costs and increased deferred income
taxes from bonus depreciation

2 GMO - MPS’s initial request was subsequently adjusted to $65.2 million

3 GMO - L&P’s initial request was subsequently adjusted to $23.2 million

4The requested ROE was adjusted by KCP&L and GMO to 10.75%

(in $ millions) Jurisdiction	Requested Increase	Requested ROE4	Rate Base	Rates Effective	Decision
KCP&L - MO	$92.11	11.00%	2,122.8	5/4/2011	Spring 2011
GMO - MPS	$75.82	11.00%	1,468.7	6/4/2011	Spring 2011
GMO - L&P	$22.13	11.00%	422.0	6/4/2011	Spring 2011
Total	$190.0	-	4,013.5	-	-

14

March 2011 Investor Presentation

Missouri Rate Cases Status

•LaCygne Predetermination Filing in Kansas

•Plant Performance

•Renewable Energy Update

•Customer Consumption - 4Q and Full-year 2010

15

March 2011 Investor Presentation

Operations Update

16

•Project includes the installation of:

–LaCygne 1 - Wet scrubber and baghouse

–LaCygne 2 -Selective Catalytic Reduction system (SCR), wet scrubber, baghouse and low
NOx burners

•Predetermination filing is for total project cost of $1.23 billion; KCP&L’s total share is $615 million
and Kansas jurisdictional share is $281 million

•Filing includes request for a LaCygne project-specific rider

•Decision expected in August 2011

•New KCC general investigation docket regarding KCP&L and Westar environmental retrofits will
run concurrently with KCP&L’s LaCygne predetermination filing

March 2011 Investor Presentation

Kansas Predetermination Filing - LaCygne
Environmental Retrofit Project

17

March 2011 Investor Presentation

Plant Performance

18

•48 MW of new wind generation operational in 4Q10 at Spearville 2 site

•Addition of Spearville 2 along with purchase of 52 MW of RECs ensures compliance with
Kansas RES effective later in 2011

•Will pursue additional wind generation required under Collaboration Agreement by end of
2012, subject to regulatory approval

–RFPs issued for 100MW; evaluating responses

–Considering options for the remainder

March 2011 Investor Presentation

Renewable Energy

Weather-Normalized

Weather-Normalized

0.1%*

(0.1%)*

0.2%*

5.6%

(1.7%)*

(1.8%)*

0.2%*

(1.4%)

3.0%

4.3%

(1.3%)

4.6%

1.7%

2.9%

(1.2%)

2.4%

Industrial

(0.7%)

(1.0%)

0.3%

2.9%

(0.1%)

(0.7%)

0.6%

0.5%

Commercial

0.1%

(0.1%)

0.2%

9.4%

(4.8%)

(4.9%)

0.1%

(4.9%)

Residential

Change MWh
Sales

Use /

Customer

Customers

Total Change in
MWh Sales

Change MWh
Sales

Use /

Customer

Customers

Total Change in
MWh Sales

Full-Year 2010 Compared to Full-Year 2009

4Q 2010 Compared to 4Q 2009

Retail MWh Sales and Customer Growth Rates

19

* Weighted average

Statistics by Customer Class Full-Year 2010
	Customers	Revenue (in millions)	Sales (000s of MWhs)	% of MWh Sales
Residential	724,200	$915.8	9,459	40%
Commercial	96,300	838.0	10,950	46%
Industrial	2,300	193.5	3,286	14%

March 2011 Investor Presentation

Customer Consumption

Financial Overview

20

March 2011 Investor Presentation

•Electric Utility’s net income increased $77.5 million primarily driven by a $234.7 million increase in gross margin* due to a full year of
new retail rates effective in 3Q09 and favorable impacts from weather

•A $17.4 million decrease in Other category results, attributable primarily to a $16 million tax benefit in 2009

•Increased number of shares outstanding primarily from the May 2009 equity offering resulted in dilution of $0.09 per share

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

21

Great Plains Energy Consolidated Earnings and Earnings Per Share
Year Ended December 31

(Unaudited)

$1.14

$1.53

$148.5

$210.1

Earnings available for common shareholders

(0.02)

(0.02)

(1.6)

(1.6)

Preferred dividends

1.16

1.55

150.1

211.7

Net income attributable to Great Plains Energy

-

-

(0.3)

(0.2)

Less: Net income attributable to noncontrolling interest

1.16

1.55

150.4

211.9

Net income

(0.01)

-

(1.5)

-

Strategic Energy discontinued operations

1.17

1.55

151.9

211.9

Income from continuing operations

(0.05)

(0.17)

(5.9)

(23.4)

Other

$1.22

$1.72

$157.8

$235.3

Electric Utility

2009

2010

2009

2010

Earnings per Share

Earnings (in Millions)

March 2011 Investor Presentation

•Decline in 2010 quarter vs. 2009 period includes two key items:

–Electric Utility - $8 million / $0.06 per share from the impact of disallowed costs on Iatan 1 and Iatan 2

–Other - $7 million / $0.05 per share from write-down of affordable housing investments

22

Great Plains Energy Consolidated Earnings and Earnings Per Share Three Months Ended December 31 (Unaudited)
	Earnings (Loss) (in Millions)		Earnings (Loss) per Share
	2010	2009	2010	2009
Electric Utility	$2.5	$23.7	$0.02	$0.17
Other	(7.3)	(8.8)	(0.06)	(0.06)
Income (loss) from continuing operations	(4.8)	14.9	(0.04)	0.11
Strategic Energy discontinued operations	-	0.8	-	0.01
Net income (loss)	(4.8)	15.7	(0.04)	0.12
Less: Net income attributable to noncontrolling interest	(0.1)	(0.1)	-	-
Net income (loss) attributable to Great Plains Energy	(4.9)	15.6	(0.04)	0.12
Preferred dividends	(0.4)	(0.4)	-	(0.01)
Earnings (loss) available for common shareholders	$(5.3)	$15.2	$(0.04)	$0.11

March 2011 Investor Presentation

23

(in millions)

*Gross margin is defined and reconciled to GAAP operating revenues in the
Appendix

March 2011 Investor Presentation

Increased gross margin* of $234.7 million due to
approximately $150 million from the full-year
impact of new retail rates which took effect in
2009, and about $105 million due to favorable
weather;

Key Earnings Drivers

Increased other operating expense of $61.4
million primarily driven by $18 million increase in
plant operating and maintenance expenses,
recognition of a $16.8 million loss attributed to
Iatan 1 environmental and Iatan 2 construction
costs, $15 million in general taxes and
approximately $5 million due to other accounting
effects of the KCC November rate order;

Increased depreciation and amortization of $29.4
million including additional regulatory amortization
from 2009 rate cases, a full year of depreciation on
Iatan 1 and the commencement of depreciation on
Iatan 2 for the KS jurisdiction;

Decreased non-operating income and expense of
$14.6 million principally due to lower AFUDC
equity; and

Increased income tax expense of $59.7 million
resulting from higher pretax income

Electric Utility Full-Year Results

24

(in millions)

*Gross margin is defined and reconciled to GAAP operating revenues in the
Appendix

March 2011 Investor Presentation

Key Earnings Drivers

Decreased income tax expense of
approximately $10 million resulting from
lower pre-tax income;

Decreased gross margin* of $5 million
primarily due to a 1.7 percent decline in
weather-normalized demand;

Increased other operating expenses of $20.7
million primarily driven by $13 million loss
attributed to Iatan 1 and 2 construction costs and
approximately $5 million due to other accounting
effects of the KCC November order; and

Decreased non-operating income and expenses
of $6.5 million principally dueto lower AFUDC
equity

Electric Utility Fourth Quarter Results

Debt Profile as of December 31, 2010 ($ in millions)
	KCP&L		GMO (1)		GPE		Consolidated
	Amount	Rate (2)	Amount	Rate (2)	Amount	Rate (2)	Amount	Rate (2)
Short-term debt	$ 358.5	0.64%	$ 0.0	N/A	$ 9.5	3.06%	$ 368.0	0.70%
Long-term debt (3)	1,780.0	6.13%	1,011.4	9.88%	637.0	7.57%	3,428.4	7.47%
Total	$ 2,138.5	5.21%	$ 1,011.4	9.88%	$ 646.5	7.50%	$ 3,796.4	6.80%

Secured debt = $862.7 (23%), Unsecured debt = $2,933.7 (77%)

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

(2) Weighted Average Rates - excludes premium / discounts and fair market value adjustments; includes full Equity Units coupon (12%) for GPE

(3) Includes current maturities of long-term debt

Long-term Debt Maturities

25

March 2011 Investor Presentation

Moody's

Standard & Poor's

Great Plains Energy

Outlook

Stable

Stable

Corporate Credit Rating

-

BBB

Preferred Stock

Ba2

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

Senior Unsecured Debt

Baa3

BBB

Current Credit Ratings

26

*All ratios calculated using Standard and Poor’s methodology

March 2011 Investor Presentation

Credit Profile for Great Plains Energy

27

$614

$503

$699

Generating Facilities (excl. Iatan 2)	172.2	174.6	171.8
Transmission & Distribution	171.0	178.9	232.2
General Facilities	29.2	63.2	44.6
Nuclear Fuel	14.8	26.2	31.5
Environmental	63.0	171.0	219.1
Iatan No. 2	53.1	-	-

March 2011 Investor Presentation

Capital Expenditures Forecast

•Full-year impact from new KS rates

•True-up date in MO rate cases at end of 2010; new rates expected to be effective early May 2011
(KCP&L) / early June 2011 (GMO)

•Regulatory lag January - April from new rail contract for KCP&L in Missouri (no FAC)

•Iatan 2 depreciation effective with new rates will be lower due to lower depreciable plant from
additional amortization granted during the CEP to maintain credit metrics

Construction Accounting - Missouri

•Missouri jurisdictional share of Iatan 2 carried as a regulatory asset until effective date of new rates in
MO

–Carrying cost reduces interest expense

–Iatan-related O&M and property taxes deferred as regulatory asset until effective date of new rates

–Depreciation expense deferred as regulatory asset until effective date of new rates

–Iatan 2 system energy value recorded to regulatory asset as an offset to costs listed above

Interest Expense

•Interest expense impacted by carrying cost offset, new long-term debt issued in 2010 and new debt
anticipated in 2011

28

March 2011 Investor Presentation

Considerations for 2011

Weather-Normalized MWh Sales

•Expectation is for growth of 0.7 percent compared to 2010 weather-normalized level

O&M

•Projected to be consistent with levels requested in rate cases

Generation Fleet

•Projected EAF for combined fleet - 83%

•LaCygne outage expected to conclude mid-March

•Wolf Creek refueling and expanded maintenance outage beginning in late 1Q

Taxes

•No cash taxes in 2011 as a result of bonus depreciation / NOL utilization

•Effective tax rate of approximately 34% based on normal conditions

29

March 2011 Investor Presentation

Considerations for 2011 (continued)

30

March 2011 Investor Presentation

Great Plains Energy

Investor Presentation

March 2011

Appendix

Gross Margin Reconciliation

31

March 2011 Investor Presentation

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 recovery through 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.

32

Great Plains Energy Incorporated Reconciliation of Gross Margin to Operating Revenues (Unaudited)
(millions)	Three Months Ended December 31		Year Ended December 31
	2010	2009	2010	2009
Operating revenues	$467.8	$477.6	$2,255.5	$1,965.0
Fuel	(97.5)	(103.0)	(430.7)	(405.5)
Purchase power	(42.4)	(42.8)	(213.8)	(183.7)
Transmission of electricity by others	(6.5)	(5.7)	(27.4)	(26.9)
Gross margin	$321.4	$326.1	$1,583.6	$1,348.9

March 2011 Investor Presentation