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):  May 23, 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 May 24-25, 2011.  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 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: May 23, 2011

Exhibit Index
Exhibit No.	Description
99.1	Investor presentation slides

EX-99.1

May 2011 Investor Presentation

Great Plains Energy

Investor Presentation

May 2011

Exhibit 99.1

2

May 2011 Investor Presentation

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.

Forward-Looking Statement

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May 2011 Investor Presentation

Company Overview

4

May 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

–~824,600 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 at 2010YE

–~$5.6bn in rate base

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

Solid Vertically-Integrated Midwest Utility

* In thousands

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May 2011 Investor Presentation

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

•Diversified customer base includes ~824,600 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 cases

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

–Missouri - In 2011, the MPSC authorized revenue increases totaling $94.2 million for KCP&L -MO and GMO
and brought Iatan 2 into rate base with minimal disallowance

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

Strong Platform

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May 2011 Investor Presentation

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 üIncluded in KCP&L KS, KCP&L MO and GMO rate base     with minimal disallowance
	•Construction of Iatan 2 super-critical coal plant (850 MW; 73% GXP ownership share)1	üIn-service on 8/26/2010; Included in KCP&L KS, KCP&L MO and GMO rate base with minimal (1%) disallowance
Great Plains Energy effectively executed all elements of its Comprehensive Energy Plan and 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

Strong Track Record of Execution

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May 2011 Investor Presentation

Rate Case Outcomes
Rate Jurisdiction	Initial Request	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 - Missouri	$92.1	$34.8	5/4/2011	$2,036	10.00%	46.30%
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	$55.2	$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 - MPS	$75.8	$30.1	6/4/2011	$1,336	10.00%	46.58%
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%
GMO - L&P	$22.1	$29.3	6/4/2011	$422	10.00%	46.58%

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%

(in $ millions)

Focused Regulatory Approach

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May 2011 Investor Presentation

Coal Unit	MW	SCR	Scrubber	Bag House	Other Particulate Control (f)	Mercury Controls	Cooling Tower
Iatan 1	621(a)
Iatan 2	618(a)
LaCygne 1	368(a)
LaCygne 2	341(a)
Hawthorn 5	563
Sibley 1 and 2	102
Sibley 3	364
Montrose 1, 2 and 3	510
Lake Road 4	99
Jeffrey Energy Center 1, 2 and 3	173(a)
If a scrubber is installed on both LaCygne 2 and Sibley 3, roughly 81 percent of the installed coal capacity would have scrubbers

(a) KCP&L’s share of jointly-owned facility

(b) LaCygne 1 currently has a scrubber installed; however, 2011-2013 capital expenditure plan includes the installation a new scrubber on the unit

(c) Existing scrubber removes particulate matter; a baghouse is expected to be installed

(d) Existing precipitator will be replaced by a baghouse

(e) Sibley 1 and 2 both have SNCRs installed

(f)Particulate control provided by existing baghouse for Iatan 1, Iatan 2 and Hawthorn 5

√Installed

Not installed

Coal Fleet Emissions Control Equipment

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May 2011 Investor Presentation

2010 Highlights and 1Q11

Regulatory / Operations

Update

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May 2011 Investor Presentation

üCompleted Iatan 2 consistent with 2005 scheduled commitment of
“summer 2010”

üAchieved top-tier customer satisfaction

üCompleted KCP&L’s Kansas rate case; filed cases for KCP&L and GMO in
Missouri

üImproved generation fleet performance

üCompleted 48 MW Spearville 2 wind facility

üObtained improved outlooks (from “Negative” to “Stable”) at Moody’s
and S&P

2010 Highlights

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May 2011 Investor Presentation

2010 Milestones - Iatan 2

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May 2011 Investor Presentation

•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

KCP&L Kansas Rate Case Results

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May 2011 Investor Presentation

•Annual Revenue Increase of $34.8 Million or 5.25% (vs. Updated Company
Request of $66.5 million) Effective May 4, 2011

•10.00% Authorized ROE (vs. Updated Company Request of 10.75%); Equity
Ratio of 46.3%

•Iatan 2 in Service and Added to Rate Base

-Total Project Disallowance of $21.1 Million ($6.2 million for KCP&L
Missouri Jurisdictional Share) or ~1 Percent of Total Project Cost

•Minimal Iatan 1 Environmental Project Disallowance

•KCP&L Missouri Jurisdictional Rate Base of $2.036 Billion

•Off-System Sales Margin Threshold Set at $45.9 Million Missouri
Jurisdictional Share

-Compares to Updated Company Request of $29.4 million

KCP&L Missouri Rate Case Results

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May 2011 Investor Presentation

•Authorized Annual Combined Revenue Increase of $59.4 Million (vs. Updated
Company Request of $89.1 Million) Effective June 4, 2011

•Same ROE and Equity Percentage as KCP&L Missouri

•Iatan 2 - Same Total Project Disallowance as in KCP&L Missouri’s Case; $3.8
Million for GMO’s Share

•Minimal Iatan 1 Environmental Project Disallowance

•MPS Rate Base of $1.336 Billion and L&P Rate Base of $422 Million

•Crossroads Energy Center

-Approximately $50 Million of Asset Cost Disallowed from Rate Base

-About $5 Million of Related Transmission Costs Excluded from Cost of
Service

GMO Rate Case Results

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May 2011 Investor Presentation

•LaCygne Predetermination Filing in Kansas

•Plant Performance

•Recent EPA Proposals

•Customer Consumption

1Q11 Operations Update

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May 2011 Investor Presentation

•Project includes the installation of:

–LaCygne 1 - Wet scrubber, baghouse, activated carbon injection

–LaCygne 2 - Selective Catalytic Reduction system (SCR), wet scrubber, baghouse, activated
carbon injection 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

•Predetermination case proceeding in parallel with KCC general investigation docket
concerning environmental retrofits

•Decision in predetermination filing expected in August 2011

Kansas Predetermination Filing Update

Coal Unit	MW	SCR	Scrubber	Bag House	Other Particulate Control	Mercury Controls	Cooling Tower
LaCygne 1	368(a)
LaCygne 2	341(a)

(a) KCP&L’s share of jointly-owned facility

(b) LaCygne 1 currently has a scrubber installed; however, 2011-13 capital expenditure plan includes the installation of a new scrubber on the unit

(c) Existing scrubber removes particulate matter; a baghouse is expected to be installed

(d) Existing precipitator will be replaced by a baghouse

üInstalled

(c)

(d)

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May 2011 Investor Presentation

Plant Performance

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May 2011 Investor Presentation

Recent EPA Ruling and Proposals

Industrial Boiler Maximum Achievable Control Technology (MACT) Rule

•EPA final rule issued in February 2011; effective date delayed pending appeal / reconsideration

•Applies to most of GMO’s Lake Road boilers and auxiliary boilers at other generating facilities

•Expected cost of compliance for this rule and the currently effective CAIR and BART is approximately $1 billion

Utility Boiler MACT Rule

•EPA proposed rule issued in March 2011; plans to issue final rule by November 2011

•Proposed rule will impact all KCP&L and GMO coal plants

•If final rule is as proposed:

•Potential retrofit of about 1,250 MW of baseload coal generation. Expected cost of compliance to be
within the approximate $1 billion estimate referenced above

•Potential retirement of older units totaling about 535 MW

•Final rule is expected to change from the current form

Section 316(B) Rule - Water Intake Structures

•EPA proposed rule issued in March 2011; plans to issue final rule by July 2012

•Proposed rule applicable to most KCP&L and GMO coal units

•If cooling towers are ultimately required, projected compliance costs would likely be significant; however, this
is not likely

•Current form of proposed rule by itself would not be expected to lead to retirements

•Final rule is likely to change from the current form

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May 2011 Investor Presentation

* Weighted average

13%

746

38.5

2,300

Industrial

45%

2,589

182.3

96,400

Commercial

42%

2,437

$201.5

725,500

Residential

% of MWh Sales

Sales (000s of MWhs)

Revenue (in millions)

Customers

Statistics by Customer Class First Quarter 2011

Retail MWh Sales and Customer Growth Rates
1Q 2011 Compared to 1Q 2010
		Weather-Normalized
	Total Change in MWh Sales	Customers	Use / Customers	Change MWh Sales
Residential	(4.0%)	(0.1%)	(5.7%)	(5.8%)
Commercial	(1.3%)	0.3%	(2.0%)	(1.7%)
Industrial	(0.0%)	(0.9%)	1.1%	0.1%
	(2.2%)	0.0%*	(3.1%)*	(3.2%)*

Customer Consumption

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May 2011 Investor Presentation

Financial Overview

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May 2011 Investor Presentation

•Electric Utility’s net income decreased $17.9 million including an $8.4 million decrease in gross
margin*

•Common stock outstanding for the quarter averaged 138.2 million shares, about 1 percent higher
than the same period in 2010

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

	Earnings (in Millions)		Earnings per Share
	2011	2010	2011	2010
Electric Utility	$7.0	$24.9	$0.05	$0.18
Other	(4.7)	(4.6)	(0.04)	(0.03)
Net income	2.3	20.3	0.01	0.15
Less: Net loss attributable to noncontrolling interest	0.1	-	-	-
Net income attributable to Great Plains Energy	2.4	20.3	0.01	0.15
Preferred dividends	(0.4)	(0.4)	-	-
Earnings available for common shareholders	$2.0	$19.9	$0.01	$0.15

Great Plains Energy Consolidated Earnings
and Earnings Per Share - Three Months Ended March 31
(Unaudited)

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May 2011 Investor Presentation

(in millions)

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

Electric Utility First Quarter Results

Decreased gross margin* of $8.4 million due to a
$5.7 million reduction in retail revenue from
reduced customer consumption and $4.6 million of
increased coal transportation costs not recovered
in KCP&L Missouri retail rates where there is no
fuel recovery mechanism;

Decreased income tax expense of $10.7 million
resulting from lower pre-tax income;

Decreased non-operating income and expenses
of $9.8 million primarily due to lower AFUDC
equity

Increased other operating expenses of $12.4
million primarily driven by $6.9million loss
attributed to Iatan 1 and 2 construction costs plus
other costs resulting from the Missouri rate case
orders and a $4.0 million increase in general taxes
principally related to property taxes at Iatan 2;

A $9.7 million expense for the voluntary
separation program; and

Decreased depreciation and amortization of $9.8
million primarily driven by a reduction of KCP&L’s
regulatory amortization in Kansas;

Key Earnings Drivers

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May 2011 Investor Presentation

Great Plains Energy Debt
($ in millions)	KCP&L		GMO (1)		GPE		Consolidated
	Amount	Rate (2)	Amount	Rate (2)	Amount	Rate (2)	Amount	Rate (2)
Short-term debt	$ 383.8	0.61%	$ 205.0	3.06%	$ 14.0	3.06%	$ 602.8	1.50%
Long-term debt (3)	1,780.1	6.13%	863.9	10.20%	637.0	7.57%	3,281.0	7.45%
Total	$2,163.9	5.15%	$1,068.9	8.78%	$ 651.0	7.47%	$3,883.8	6.51%

Secured debt = $861.5 (22%), Unsecured debt = $3,022.3 (78%)

(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

Debt Profile as of March 31, 2011

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May 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

*All ratios calculated using Standard and Poor’s methodology

** Last twelve months as of March 31, 2011

Credit Profile for Great Plains Energy

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May 2011 Investor Presentation

$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	-	-

Capital Expenditures Forecast

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May 2011 Investor Presentation

Rate Case Implications

•Full-year impact from new KS rates

•Missouri new rates 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

Considerations for 2011

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May 2011 Investor Presentation

Interest Expense

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

Weather-Normalized MWh Sales

•Expectation is flat 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 for most of 1Q

•Wolf Creek refueling and expanded maintenance outage began in late 1Q and
expected to end late May

Taxes

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

•Anticipate effective tax rate of approximately 34% based on normal conditions

Considerations for 2011 (continued)

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May 2011 Investor Presentation

Considerations for 2011 (continued)

Other

•Expenses Associated with Voluntary Separation Program

•$0.04 EPS impact in 1Q

•$0.02 EPS impact to be recognized In 2Q

•Missouri Rate Case-Related Expenses

•$0.03 EPS impact in 1Q

•Currently assessing impacts of GMO order

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May 2011 Investor Presentation

Looking Ahead / Conclusion

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May 2011 Investor Presentation

•Regional economy poised to improve; impact of
customer energy consumption still difficult to assess

•New rates in effect for 7 months for GMO and 8
months for KCP&L Missouri in 2011

•Internal project underway to identify regulatory and
operating strategies to reduce regulatory lag going
forward

•Decisive management actions implemented in 2011
to manage costs within levels reflected in rates,
enhance organizational effectiveness and contribute
to solid credit metrics

•Impact of new EPA rules

Looking Ahead

32

May 2011 Investor Presentation

Great Plains Energy

Investor Presentation

May 2011

33

May 2011 Investor Presentation

Appendix

Gross Margin Reconciliation

34

May 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.

(millions)	Three Months Ended March 31
	2011	2010
Operating revenues	$492.9	$506.9
Fuel	(104.9)	(101.8)
Purchase power	(54.9)	(65.5)
Transmission of electricity by others	(7.5)	(5.6)
Gross margin	$325.6	$334.0

Great Plains Energy Incorporated Reconciliation of
Gross Margin to Operating Revenues
(Unaudited)