Exact name of registrant as specified in charter,
|
||||
Commission
|
state of incorporation, address of principal
|
I.R.S. Employer
|
||
File Number
|
executive offices and telephone number
|
Identification Number
|
||
001-32206
|
GREAT PLAINS ENERGY INCORPORATED
|
43-1916803
|
||
(A Missouri Corporation)
|
||||
1200 Main Street
|
||||
Kansas City, Missouri 64105
|
||||
(816) 556-2200
|
||||
000-51873
|
KANSAS CITY POWER & LIGHT COMPANY
|
44-0308720
|
||
(A Missouri Corporation)
|
||||
1200 Main Street
|
||||
Kansas City, Missouri 64105
|
||||
(816) 556-2200
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
|
||||||||||||||||||||||||||
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
|
||||||||||||||||||||||||||
subject to such filing requirements for the past 90 days.
|
||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Yes
|
X
|
No
|
_
|
Kansas City Power & Light Company
|
Yes
|
X
|
No
|
_
|
|||||||||||||||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
|
||||||||||||||||||||||||||
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12
|
||||||||||||||||||||||||||
months (or for such shorter period that the registrant was required to submit and post such files).
|
||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Yes
|
X
|
No
|
_
|
Kansas City Power & Light Company
|
Yes
|
X
|
No
|
_
|
|||||||||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
|
||||||||||||||||||||||||||
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
|
||||||||||||||||||||||||||
Exchange Act.
|
||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Large accelerated filer
|
X
|
Accelerated filer
|
_
|
||||||||||||||||||||||
Non-accelerated filer
|
_
|
Smaller reporting company
|
_
|
|||||||||||||||||||||||
Kansas City Power & Light Company
|
Large accelerated filer
|
_
|
Accelerated filer
|
_
|
||||||||||||||||||||||
Non-accelerated filer
|
X
|
Smaller reporting company
|
_
|
|||||||||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Yes
|
_
|
No
|
X
|
Kansas City Power & Light Company
|
Yes
|
_
|
No
|
X
|
|||||||||||||||||
On July 29, 2011, Great Plains Energy Incorporated had 136,007,431 shares of common stock outstanding. On July 29, 2011,
|
||||||||||||||||||||||||||
Kansas City Power & Light Company had one share of common stock outstanding and held by Great Plains Energy Incorporated.
|
||||||||||||||||||||||||||
Kansas City Power & Light Company meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is
therefore filing this Form 10-Q with the reduced disclosure format.
|
Abbreviation or Acronym
|
Definition
|
|
AFUDC
|
Allowance for Funds Used During Construction
|
|
ARO
|
Asset Retirement Obligation
|
|
BART
|
Best available retrofit technology
|
|
Board
|
Great Plains Energy Board of Directors
|
|
CAIR
|
Clean Air Interstate Rule
|
|
CAMR
|
Clean Air Mercury Rule
|
|
Clean Air Act
|
Clean Air Act Amendments of 1990
|
|
CO2
|
Carbon dioxide
|
|
Collaboration Agreement
|
Agreement among KCP&L, the Sierra Club and the Concerned
Citizens of Platte County
|
|
Company
|
Great Plains Energy Incorporated and its subsidiaries
|
|
Companies
|
Great Plains Energy Incorporated and its consolidated subsidiaries and
KCP&L and its consolidated subsidiaries
|
|
CSAPR
|
Cross-State Air Pollution Rule
|
|
DOE
|
Department of Energy
|
|
ECA
|
Energy Cost Adjustment
|
|
EIRR
|
Environmental Improvement Revenue Refunding
|
|
EPA
|
Environmental Protection Agency
|
|
EPS
|
Earnings per common share
|
|
ERISA
|
Employee Retirement Income Security Act of 1974, as amended
|
|
FAC
|
Fuel Adjustment Clause
|
|
FASB
|
Financial Accounting Standards Board
|
|
FERC
|
The Federal Energy Regulatory Commission
|
|
FGIC
|
Financial Guaranty Insurance Company
|
|
FSS
|
Forward Starting Swaps
|
|
GAAP
|
Generally Accepted Accounting Principles
|
|
GMO
|
KCP&L Greater Missouri Operations Company, a wholly owned subsidiary of
Great Plains Energy as of July 14, 2008
|
|
Great Plains Energy
|
Great Plains Energy Incorporated and its subsidiaries
|
|
ISO
|
Independent System Operator
|
|
KCC
|
The State Corporation Commission of the State of Kansas
|
|
KCP&L
|
Kansas City Power & Light Company, a wholly owned subsidiary
of Great Plains Energy
|
|
KDHE
|
Kansas Department of Health and Environment
|
|
KLT Inc.
|
KLT Inc., a wholly owned subsidiary of Great Plains Energy
|
|
KW
|
Kilowatt
|
|
kWh
|
Kilowatt hour
|
|
L&P
|
St. Joseph Light & Power, a division of GMO
|
|
MACT
|
Maximum achievable control technology
|
|
MD&A
|
Management’s Discussion and Analysis of Financial Condition and
|
|
Results of Operations
|
||
MDNR
|
Missouri Department of Natural Resources
|
|
MGP
|
Manufactured gas plant
|
|
MPS Merchant
|
MPS Merchant Services, Inc., a wholly owned subsidiary of GMO
|
|
MPSC
|
Public Service Commission of the State of Missouri
|
|
MW
|
Megawatt
|
|
MWh
|
Megawatt hour
|
|
NERC
|
North American Electric Reliability Corporation
|
|
NEIL
|
Nuclear Electric Insurance Limited
|
Abbreviation or Acronym
|
Definition
|
|
NOx
|
Nitrogen oxide
|
|
NPNS
|
Normal purchases and normal sales
|
|
NRC
|
Nuclear Regulatory Commission
|
|
OCI
|
Other Comprehensive Income
|
|
PCB
|
Polychlorinated biphenyls
|
|
PRB
|
Powder River Basin
|
|
QCA
|
Quarterly Cost Adjustment
|
|
Receivables Company
|
Kansas City Power & Light Receivables Company, a wholly owned
subsidiary of KCP&L
|
|
RTO
|
Regional Transmission Organization
|
|
SCR
|
Selective catalytic reduction
|
|
SEC
|
Securities and Exchange Commission
|
|
SERP
|
Supplemental Executive Retirement Plan
|
|
Services
|
Great Plains Energy Services Incorporated, a wholly owned subsidiary of
Great Plains Energy
|
|
SO2
|
Sulfur dioxide
|
|
SPP
|
Southwest Power Pool, Inc.
|
|
Syncora
|
Syncora Guarantee Inc.
|
|
WCNOC
|
Wolf Creek Nuclear Operating Corporation
|
|
Westar
|
Westar Energy, Inc., a Kansas utility company
|
|
Wolf Creek
|
Wolf Creek Generating Station
|
|
PART 1 - FINANCIAL INFORMATION
|
||
ITEM 1. FINANCIAL STATEMENTS
|
||
Great Plains Energy Incorporated
|
||
Unaudited Consolidated Balance Sheets
|
||
Unaudited Consolidated Statements of Income
|
||
Unaudited Consolidated Statements of Cash Flows
|
||
Unaudited Consolidated Statements of Common Shareholders’ Equity and Noncontrolling Interest
|
||
Unaudited Consolidated Statements of Comprehensive Income
|
||
Kansas City Power & Light Company
|
||
Unaudited Consolidated Balance Sheets
|
||
Unaudited Consolidated Statements of Income
|
||
Unaudited Consolidated Statements of Cash Flows
|
||
Unaudited Consolidated Statements of Common Shareholder’s Equity
|
||
Unaudited Consolidated Statements of Comprehensive Income
|
||
Combined Notes to Unaudited Consolidated Financial Statements for Great Plains Energy Incorporated and
|
||
Kansas City Power & Light Company
|
||
Note 1:
|
Summary of Significant Accounting Policies
|
|
Note 2:
|
Supplemental Cash Flow Information
|
|
Note 3:
|
Receivables
|
|
Note 4:
|
Nuclear Plant
|
|
Note 5:
|
Regulatory Matters
|
|
Note 6:
|
Pension Plans, Other Employee Benefits and Voluntary Separation Program
|
|
Note 7:
|
Equity Compensation
|
|
Note 8:
|
Short-Term Borrowings and Short-Term Bank Lines of Credit
|
|
Note 9:
|
Long-Term Debt
|
|
Note 10:
|
Commitments and Contingencies
|
|
Note 11:
|
Legal Proceedings
|
|
Note 12:
|
Related Party Transactions and Relationships
|
|
Note 13:
|
Derivative Instruments
|
|
Note 14:
|
Fair Value Measurements
|
|
Note 15:
|
Taxes
|
|
Note 16:
|
Segments and Related Information
|
GREAT PLAINS ENERGY INCORPORATED | ||||||
Consolidated Balance Sheets
|
||||||
(Unaudited)
|
||||||
June 30
|
December 31
|
|||||
2011
|
2010
|
|||||
ASSETS
|
(millions, except share amounts)
|
|||||
Current Assets
|
||||||
Cash and cash equivalents
|
$ | 7.8 | $ | 10.8 | ||
Funds on deposit
|
2.2 | 5.2 | ||||
Receivables, net
|
251.1 | 241.7 | ||||
Accounts receivable pledged as collateral
|
95.0 | 95.0 | ||||
Fuel inventories, at average cost
|
81.9 | 85.1 | ||||
Materials and supplies, at average cost
|
135.9 | 132.8 | ||||
Deferred refueling outage costs
|
40.6 | 9.6 | ||||
Refundable income taxes
|
2.4 | 2.1 | ||||
Deferred income taxes
|
3.2 | 14.3 | ||||
Derivative instruments
|
1.4 | 1.1 | ||||
Prepaid expenses and other assets
|
22.5 | 13.9 | ||||
Total
|
644.0 | 611.6 | ||||
Utility Plant, at Original Cost
|
||||||
Electric
|
10,759.2 | 10,536.9 | ||||
Less-accumulated depreciation
|
4,127.9 | 4,031.3 | ||||
Net utility plant in service
|
6,631.3 | 6,505.6 | ||||
Construction work in progress
|
218.7 | 307.5 | ||||
Nuclear fuel, net of amortization of $117.2 and $131.1
|
74.4 | 79.2 | ||||
Total
|
6,924.4 | 6,892.3 | ||||
Investments and Other Assets
|
||||||
Nuclear decommissioning trust fund
|
138.2 | 129.2 | ||||
Regulatory assets
|
949.7 | 924.0 | ||||
Goodwill
|
169.0 | 169.0 | ||||
Derivative instruments
|
8.6 | 7.8 | ||||
Other
|
88.3 | 84.3 | ||||
Total
|
1,353.8 | 1,314.3 | ||||
Total
|
$ | 8,922.2 | $ | 8,818.2 | ||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED | ||||||
Consolidated Balance Sheets
|
||||||
(Unaudited)
|
||||||
June 30
|
December 31
|
|||||
2011
|
2010
|
|||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
|||||
Current Liabilities
|
||||||
Notes payable
|
$ | 92.0 | $ | 9.5 | ||
Collateralized note payable
|
95.0 | 95.0 | ||||
Commercial paper
|
476.7 | 263.5 | ||||
Current maturities of long-term debt
|
451.3 | 485.7 | ||||
Accounts payable
|
195.6 | 276.3 | ||||
Accrued taxes
|
60.2 | 26.6 | ||||
Accrued interest
|
70.9 | 75.4 | ||||
Accrued compensation and benefits
|
38.4 | 46.8 | ||||
Pension and post-retirement liability
|
4.1 | 4.1 | ||||
Derivative instruments
|
- | 20.8 | ||||
Other
|
40.8 | 35.6 | ||||
Total
|
1,525.0 | 1,339.3 | ||||
Deferred Credits and Other Liabilities
|
||||||
Deferred income taxes
|
545.8 | 518.3 | ||||
Deferred tax credits
|
132.6 | 133.4 | ||||
Asset retirement obligations
|
148.7 | 143.3 | ||||
Pension and post-retirement liability
|
419.5 | 427.5 | ||||
Regulatory liabilities
|
267.7 | 258.2 | ||||
Other
|
102.3 | 129.4 | ||||
Total
|
1,616.6 | 1,610.1 | ||||
Capitalization
|
||||||
Great Plains Energy common shareholders' equity
|
||||||
Common stock-250,000,000 shares authorized without par value
|
||||||
136,269,299 and 136,113,954 shares issued, stated value
|
2,326.8 | 2,324.4 | ||||
Retained earnings
|
614.3 | 626.5 | ||||
Treasury stock-267,993 and 400,889 shares, at cost
|
(6.3 | ) | (8.9 | ) | ||
Accumulated other comprehensive loss
|
(55.1 | ) | (56.1 | ) | ||
Total
|
2,879.7 | 2,885.9 | ||||
Noncontrolling interest
|
1.1 | 1.2 | ||||
Cumulative preferred stock $100 par value
|
||||||
3.80% - 100,000 shares issued
|
10.0 | 10.0 | ||||
4.50% - 100,000 shares issued
|
10.0 | 10.0 | ||||
4.20% - 70,000 shares issued
|
7.0 | 7.0 | ||||
4.35% - 120,000 shares issued
|
12.0 | 12.0 | ||||
Total
|
39.0 | 39.0 | ||||
Long-term debt (Note 9)
|
2,860.8 | 2,942.7 | ||||
Total
|
5,780.6 | 5,868.8 | ||||
Commitments and Contingencies (Note 10)
|
||||||
Total
|
$ | 8,922.2 | $ | 8,818.2 | ||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED | ||||||||||||
Consolidated Statements of Income
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Operating Revenues
|
(millions, except per share amounts)
|
|||||||||||
Electric revenues
|
$ | 565.1 | $ | 552.0 | $ | 1,058.0 | $ | 1,058.9 | ||||
Operating Expenses
|
||||||||||||
Fuel
|
114.4 | 104.1 | 219.3 | 205.9 | ||||||||
Purchased power
|
55.4 | 37.9 | 110.3 | 103.4 | ||||||||
Transmission of electricity by others
|
7.0 | 7.2 | 14.5 | 12.8 | ||||||||
Utility operating and maintenance expenses
|
161.1 | 148.4 | 318.6 | 299.6 | ||||||||
Voluntary separation program
|
3.0 | - | 12.7 | - | ||||||||
Depreciation and amortization
|
67.6 | 81.0 | 140.0 | 163.2 | ||||||||
General taxes
|
40.3 | 37.5 | 82.3 | 75.6 | ||||||||
Other
|
0.7 | 1.0 | 3.5 | 1.5 | ||||||||
Total
|
449.5 | 417.1 | 901.2 | 862.0 | ||||||||
Operating income
|
115.6 | 134.9 | 156.8 | 196.9 | ||||||||
Non-operating income
|
0.8 | 11.2 | 4.4 | 27.3 | ||||||||
Non-operating expenses
|
(2.8 | ) | (2.1 | ) | (5.0 | ) | (3.7 | ) | ||||
Interest charges
|
(50.3 | ) | (46.7 | ) | (95.2 | ) | (93.2 | ) | ||||
Income before income tax (expense) benefit and loss
|
||||||||||||
from equity investments
|
63.3 | 97.3 | 61.0 | 127.3 | ||||||||
Income tax (expense) benefit
|
(19.8 | ) | (32.0 | ) | (15.2 | ) | (41.7 | ) | ||||
Loss from equity invetsments, net of income taxes
|
(0.1 | ) | (0.9 | ) | (0.1 | ) | (0.9 | ) | ||||
Net income
|
43.4 | 64.4 | 45.7 | 84.7 | ||||||||
Less: Net (income) loss attributable to noncontrolling interest
|
- | (0.1 | ) | 0.1 | (0.1 | ) | ||||||
Net income attributable to Great Plains Energy
|
43.4 | 64.3 | 45.8 | 84.6 | ||||||||
Preferred stock dividend requirements
|
0.4 | 0.4 | 0.8 | 0.8 | ||||||||
Earnings available for common shareholders
|
$ | 43.0 | $ | 63.9 | $ | 45.0 | $ | 83.8 | ||||
Average number of basic common shares outstanding
|
135.6 | 135.1 | 135.5 | 135.0 | ||||||||
Average number of diluted common shares outstanding
|
138.9 | 136.6 | 138.6 | 136.6 | ||||||||
Basic earnings per common share
|
$ | 0.32 | $ | 0.47 | $ | 0.33 | $ | 0.62 | ||||
Diluted earnings per common share
|
$ | 0.31 | $ | 0.47 | $ | 0.32 | $ | 0.61 | ||||
Cash dividends per common share
|
$ | 0.2075 | $ | 0.2075 | $ | 0.415 | $ | 0.415 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||
Consolidated Statements of Cash Flows
|
||||||
(Unaudited)
|
||||||
Year to Date June 30
|
2011
|
2010
|
||||
Cash Flows from Operating Activities
|
(millions)
|
|||||
Net income
|
$ | 45.7 | $ | 84.7 | ||
Adjustments to reconcile income to net cash from operating activities:
|
||||||
Depreciation and amortization
|
140.0 | 163.2 | ||||
Amortization of:
|
||||||
Nuclear fuel
|
5.9 | 12.8 | ||||
Other
|
1.3 | (4.1 | ) | |||
Deferred income taxes, net
|
36.3 | 38.9 | ||||
Investment tax credit amortization
|
(0.8 | ) | (1.1 | ) | ||
Loss from equity investments, net of income taxes
|
0.1 | 0.9 | ||||
Other operating activities (Note 2)
|
(157.4 | ) | (174.3 | ) | ||
Net cash from operating activities
|
71.1 | 121.0 | ||||
Cash Flows from Investing Activities
|
||||||
Utility capital expenditures
|
(193.2 | ) | (335.0 | ) | ||
Allowance for borrowed funds used during construction
|
(2.1 | ) | (19.4 | ) | ||
Purchases of nuclear decommissioning trust investments
|
(11.2 | ) | (75.3 | ) | ||
Proceeds from nuclear decommissioning trust investments
|
9.4 | 73.5 | ||||
Other investing activities
|
(13.6 | ) | (5.9 | ) | ||
Net cash from investing activities
|
(210.7 | ) | (362.1 | ) | ||
Cash Flows from Financing Activities
|
||||||
Issuance of common stock
|
3.0 | 3.2 | ||||
Issuance of long-term debt
|
349.7 | - | ||||
Issuance fees
|
(2.5 | ) | (0.1 | ) | ||
Repayment of long-term debt
|
(448.3 | ) | (1.1 | ) | ||
Net change in short-term borrowings
|
295.7 | 149.4 | ||||
Net change in collateralized short-term borrowings
|
- | 95.0 | ||||
Dividends paid
|
(57.2 | ) | (57.0 | ) | ||
Other financing activities
|
(3.8 | ) | (4.7 | ) | ||
Net cash from financing activities
|
136.6 | 184.7 | ||||
Net Change in Cash and Cash Equivalents
|
(3.0 | ) | (56.4 | ) | ||
Cash and Cash Equivalents at Beginning of Year
|
10.8 | 65.9 | ||||
Cash and Cash Equivalents at End of Period
|
$ | 7.8 | $ | 9.5 | ||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||
Consolidated Statements of Common Shareholders' Equity and Noncontrolling Interest
|
||||||||||||
(Unaudited)
|
||||||||||||
Year to Date June 30
|
2011
|
2010
|
||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||
Common Stock
|
(millions, except share amounts)
|
|||||||||||
Beginning balance
|
136,113,954 | $ | 2,324.4 | 135,636,538 | $ | 2,313.7 | ||||||
Issuance of common stock
|
155,345 | 3.1 | 189,275 | 3.5 | ||||||||
Issuance of restricted common stock
|
- | - | 103,211 | 1.8 | ||||||||
Equity compensation expense, net of forfeitures
|
0.1 | 0.6 | ||||||||||
Unearned Compensation
|
||||||||||||
Issuance of restricted common stock
|
(2.9 | ) | (1.8 | ) | ||||||||
Forfeiture of restricted common stock
|
0.8 | 0.6 | ||||||||||
Compensation expense recognized
|
1.2 | 1.7 | ||||||||||
Other
|
0.1 | - | ||||||||||
Ending balance
|
136,269,299 | 2,326.8 | 135,929,024 | 2,320.1 | ||||||||
Retained Earnings
|
||||||||||||
Beginning balance
|
626.5 | 529.2 | ||||||||||
Net income attributable to Great Plains Energy
|
45.8 | 84.6 | ||||||||||
Loss on reissuance of treasury stock
|
(0.5 | ) | - | |||||||||
Dividends:
|
||||||||||||
Common stock
|
(56.4 | ) | (56.2 | ) | ||||||||
Preferred stock - at required rates
|
(0.8 | ) | (0.8 | ) | ||||||||
Performance shares
|
(0.3 | ) | (0.2 | ) | ||||||||
Ending balance
|
614.3 | 556.6 | ||||||||||
Treasury Stock
|
||||||||||||
Beginning balance
|
(400,889 | ) | (8.9 | ) | (213,423 | ) | (5.5 | ) | ||||
Treasury shares acquired
|
(88,400 | ) | (2.2 | ) | (157,308 | ) | (2.8 | ) | ||||
Treasury shares reissued
|
221,296 | 4.8 | 917 | - | ||||||||
Ending balance
|
(267,993 | ) | (6.3 | ) | (369,814 | ) | (8.3 | ) | ||||
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||
Beginning balance
|
(56.1 | ) | (44.9 | ) | ||||||||
Derivative hedging activity, net of tax
|
0.9 | (10.7 | ) | |||||||||
Change in unrecognized pension expense, net of tax
|
0.1 | 0.1 | ||||||||||
Ending balance
|
(55.1 | ) | (55.5 | ) | ||||||||
Total Great Plains Energy Common Shareholders' Equity
|
$ | 2,879.7 | $ | 2,812.9 | ||||||||
Noncontrolling Interest
|
||||||||||||
Beginning balance
|
$ | 1.2 | $ | 1.2 | ||||||||
Net income (loss) attributable to noncontrolling interest
|
(0.1 | ) | 0.1 | |||||||||
Distribution
|
- | (0.1 | ) | |||||||||
Ending balance
|
$ | 1.1 | $ | 1.2 | ||||||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Net income
|
$ | 43.4 | $ | 64.4 | $ | 45.7 | $ | 84.7 | ||||
Other comprehensive income (loss)
|
||||||||||||
Loss on derivative hedging instruments
|
(5.9 | ) | (14.3 | ) | (5.4 | ) | (22.1 | ) | ||||
Income tax benefit
|
2.2 | 5.5 | 2.1 | 8.6 | ||||||||
Net loss on derivative hedging instruments
|
(3.7 | ) | (8.8 | ) | (3.3 | ) | (13.5 | ) | ||||
Reclassification to expenses, net of tax
|
2.5 | 1.4 | 4.2 | 2.8 | ||||||||
Derivative hedging activity, net of tax
|
(1.2 | ) | (7.4 | ) | 0.9 | (10.7 | ) | |||||
Defined benefit pension plans
|
||||||||||||
Amortization of net gains included in net periodic benefit costs
|
0.2 | 0.2 | 0.2 | 0.2 | ||||||||
Income tax expense
|
(0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||
Net change in unrecognized pension expense
|
0.1 | 0.1 | 0.1 | 0.1 | ||||||||
Comprehensive income
|
42.3 | 57.1 | 46.7 | 74.1 | ||||||||
Less: comprehensive (income) loss attributable to noncontrolling interest
|
- | (0.1 | ) | 0.1 | (0.1 | ) | ||||||
Comprehensive income attributable to Great Plains Energy
|
$ | 42.3 | $ | 57.0 | $ | 46.8 | $ | 74.0 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||
Consolidated Balance Sheets
|
||||||
(Unaudited)
|
||||||
June 30
|
December 31
|
|||||
2011
|
2010
|
|||||
ASSETS
|
(millions, except share amounts)
|
|||||
Current Assets
|
||||||
Cash and cash equivalents
|
$ | 2.5 | $ | 3.6 | ||
Funds on deposit
|
0.3 | 0.4 | ||||
Receivables, net
|
162.4 | 169.4 | ||||
Accounts receivable pledged as collateral
|
95.0 | 95.0 | ||||
Fuel inventories, at average cost
|
49.0 | 44.9 | ||||
Materials and supplies, at average cost
|
97.7 | 94.4 | ||||
Deferred refueling outage costs
|
40.6 | 9.6 | ||||
Refundable income taxes
|
- | 9.0 | ||||
Deferred income taxes
|
- | 5.6 | ||||
Prepaid expenses and other assets
|
19.4 | 10.0 | ||||
Total
|
466.9 | 441.9 | ||||
Utility Plant, at Original Cost
|
||||||
Electric
|
7,710.3 | 7,540.9 | ||||
Less-accumulated depreciation
|
3,169.1 | 3,104.4 | ||||
Net utility plant in service
|
4,541.2 | 4,436.5 | ||||
Construction work in progress
|
145.1 | 227.6 | ||||
Nuclear fuel, net of amortization of $117.2 and $131.1
|
74.4 | 79.2 | ||||
Total
|
4,760.7 | 4,743.3 | ||||
Investments and Other Assets
|
||||||
Nuclear decommissioning trust fund
|
138.2 | 129.2 | ||||
Regulatory assets
|
683.6 | 679.6 | ||||
Other
|
36.8 | 32.3 | ||||
Total
|
858.6 | 841.1 | ||||
Total
|
$ | 6,086.2 | $ | 6,026.3 | ||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements
|
||||||
are an integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY | ||||||
Consolidated Balance Sheets
|
||||||
(Unaudited)
|
||||||
June 30
|
December 31
|
|||||
2011
|
2010
|
|||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
|||||
Current Liabilities
|
||||||
Collateralized note payable
|
$ | 95.0 | $ | 95.0 | ||
Commercial paper
|
476.7 | 263.5 | ||||
Current maturities of long-term debt
|
162.7 | 150.3 | ||||
Accounts payable
|
143.0 | 201.7 | ||||
Accrued taxes
|
42.7 | 21.3 | ||||
Accrued interest
|
23.2 | 26.2 | ||||
Accrued compensation and benefits
|
38.4 | 46.8 | ||||
Pension and post-retirement liability
|
2.6 | 2.6 | ||||
Deferred income taxes
|
5.3 | - | ||||
Other
|
15.9 | 7.8 | ||||
Total
|
1,005.5 | 815.2 | ||||
Deferred Credits and Other Liabilities
|
||||||
Deferred income taxes
|
709.2 | 692.0 | ||||
Deferred tax credits
|
128.9 | 129.4 | ||||
Asset retirement obligations
|
133.9 | 129.7 | ||||
Pension and post-retirement liability
|
399.5 | 407.3 | ||||
Regulatory liabilities
|
147.2 | 141.3 | ||||
Other
|
62.3 | 76.7 | ||||
Total
|
1,581.0 | 1,576.4 | ||||
Capitalization
|
||||||
Common shareholder's equity
|
||||||
Common stock-1,000 shares authorized without par value
|
||||||
1 share issued, stated value
|
1,563.1 | 1,563.1 | ||||
Retained earnings
|
465.7 | 478.3 | ||||
Accumulated other comprehensive loss
|
(33.8 | ) | (36.4 | ) | ||
Total
|
1,995.0 | 2,005.0 | ||||
Long-term debt (Note 9)
|
1,504.7 | 1,629.7 | ||||
Total
|
3,499.7 | 3,634.7 | ||||
Commitments and Contingencies (Note 10)
|
||||||
Total
|
$ | 6,086.2 | $ | 6,026.3 | ||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements
|
||||||
are an integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||
Consolidated Statements of Income
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Operating Revenues
|
(millions)
|
|||||||||||
Electric revenues
|
$ | 383.4 | $ | 372.6 | $ | 714.2 | $ | 708.2 | ||||
Operating Expenses
|
||||||||||||
Fuel
|
81.5 | 67.9 | 149.7 | 129.4 | ||||||||
Purchased power
|
20.4 | 10.9 | 41.8 | 38.2 | ||||||||
Transmission of electricity by others
|
4.2 | 4.0 | 8.5 | 6.9 | ||||||||
Operating and maintenance expenses
|
115.6 | 111.9 | 230.5 | 220.6 | ||||||||
Voluntary separation program
|
2.4 | - | 9.2 | - | ||||||||
Depreciation and amortization
|
48.2 | 62.3 | 101.6 | 125.8 | ||||||||
General taxes
|
33.4 | 30.9 | 67.3 | 62.1 | ||||||||
Other
|
(0.1 | ) | - | 1.3 | - | |||||||
Total
|
305.6 | 287.9 | 609.9 | 583.0 | ||||||||
Operating income
|
77.8 | 84.7 | 104.3 | 125.2 | ||||||||
Non-operating income
|
0.5 | 8.4 | 1.0 | 17.2 | ||||||||
Non-operating expenses
|
(1.4 | ) | (1.4 | ) | (2.4 | ) | (2.2 | ) | ||||
Interest charges
|
(27.3 | ) | (22.0 | ) | (50.4 | ) | (43.7 | ) | ||||
Income before income tax (expense) benefit
|
49.6 | 69.7 | 52.5 | 96.5 | ||||||||
Income tax (expense) benefit
|
(16.2 | ) | (21.5 | ) | (15.1 | ) | (29.1 | ) | ||||
Net income
|
$ | 33.4 | $ | 48.2 | $ | 37.4 | $ | 67.4 | ||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an integral
|
||||||||||||
part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||
Consolidated Statements of Cash Flows
|
||||||
(Unaudited)
|
||||||
Year to Date June 30
|
2011
|
2010
|
||||
Cash Flows from Operating Activities
|
(millions)
|
|||||
Net income
|
$ | 37.4 | $ | 67.4 | ||
Adjustments to reconcile income to net cash from operating activities:
|
||||||
Depreciation and amortization
|
101.6 | 125.8 | ||||
Amortization of:
|
||||||
Nuclear fuel
|
5.9 | 12.8 | ||||
Other
|
14.1 | 11.0 | ||||
Deferred income taxes, net
|
24.4 | (12.2 | ) | |||
Investment tax credit amortization
|
(0.5 | ) | (0.7 | ) | ||
Other operating activities (Note 2)
|
(95.1 | ) | (126.8 | ) | ||
Net cash from operating activities
|
87.8 | 77.3 | ||||
Cash Flows from Investing Activities
|
||||||
Utility capital expenditures
|
(143.0 | ) | (247.5 | ) | ||
Allowance for borrowed funds used during construction
|
(1.2 | ) | (15.5 | ) | ||
Purchases of nuclear decommissioning trust investments
|
(11.2 | ) | (75.3 | ) | ||
Proceeds from nuclear decommissioning trust investments
|
9.4 | 73.5 | ||||
Net money pool lending
|
12.1 | 6.0 | ||||
Other investing activities
|
(7.8 | ) | (4.0 | ) | ||
Net cash from investing activities
|
(141.7 | ) | (262.8 | ) | ||
Cash Flows from Financing Activities
|
||||||
Repayment of long-term debt
|
(112.8 | ) | - | |||
Net change in short-term borrowings
|
213.2 | 110.4 | ||||
Net change in collateralized short-term borrowings
|
- | 95.0 | ||||
Net money pool borrowings
|
2.5 | 11.8 | ||||
Dividends paid to Great Plains Energy
|
(50.0 | ) | (45.0 | ) | ||
Other
|
(0.1 | ) | (0.1 | ) | ||
Net cash from financing activities
|
52.8 | 172.1 | ||||
Net Change in Cash and Cash Equivalents
|
(1.1 | ) | (13.4 | ) | ||
Cash and Cash Equivalents at Beginning of Year
|
3.6 | 17.4 | ||||
Cash and Cash Equivalents at End of Period
|
$ | 2.5 | $ | 4.0 | ||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial
|
||||||
Statements are an integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||
Consolidated Statements of Common Shareholder's Equity
|
||||||||||||
(Unaudited)
|
||||||||||||
Year to Date June 30
|
2011
|
2010
|
||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||
(millions, except share amounts)
|
||||||||||||
Common Stock
|
1 | $ | 1,563.1 | 1 | $ | 1,563.1 | ||||||
Retained Earnings
|
||||||||||||
Beginning balance
|
478.3 | 410.1 | ||||||||||
Net income
|
37.4 | 67.4 | ||||||||||
Dividends:
|
||||||||||||
Common stock held by Great Plains Energy
|
(50.0 | ) | (45.0 | ) | ||||||||
Ending balance
|
465.7 | 432.5 | ||||||||||
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||
Beginning balance
|
(36.4 | ) | (41.5 | ) | ||||||||
Derivative hedging activity, net of tax
|
2.6 | 2.3 | ||||||||||
Ending balance
|
(33.8 | ) | (39.2 | ) | ||||||||
Total Common Shareholder's Equity
|
$ | 1,995.0 | $ | 1,956.4 | ||||||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an
|
||||||||||||
integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Net income
|
$ | 33.4 | $ | 48.2 | $ | 37.4 | $ | 67.4 | ||||
Other comprehensive income (loss)
|
||||||||||||
Loss on derivative hedging instruments
|
(0.1 | ) | (0.2 | ) | (0.1 | ) | (0.6 | ) | ||||
Income tax benefit
|
- | - | - | 0.2 | ||||||||
Net loss on derivative hedging instruments
|
(0.1 | ) | (0.2 | ) | (0.1 | ) | (0.4 | ) | ||||
Reclassification to expenses, net of tax
|
1.4 | 1.4 | 2.7 | 2.7 | ||||||||
Derivative hedging activity, net of tax
|
1.3 | 1.2 | 2.6 | 2.3 | ||||||||
Comprehensive income
|
$ | 34.7 | $ | 49.4 | $ | 40.0 | $ | 69.7 | ||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an
|
||||||||||||
integral part of these statements.
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
·
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (Receivables Company).
|
·
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that primarily provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO wholly owns MPS Merchant Services, Inc. (MPS Merchant), which has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
Three Months Ended
|
Year to Date
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Income
|
(millions, except per share amounts)
|
|||||||||||
Net income
|
$ | 43.4 | $ | 64.4 | $ | 45.7 | $ | 84.7 | ||||
Less: net income (loss) attributable to noncontrolling interest
|
- | 0.1 | (0.1 | ) | 0.1 | |||||||
Less: preferred stock dividend requirements
|
0.4 | 0.4 | 0.8 | 0.8 | ||||||||
Earnings available for common shareholders
|
$ | 43.0 | $ | 63.9 | $ | 45.0 | $ | 83.8 | ||||
Common Shares Outstanding
|
||||||||||||
Average number of common shares outstanding
|
135.6 | 135.1 | 135.5 | 135.0 | ||||||||
Add: effect of dilutive securities
|
3.3 | 1.5 | 3.1 | 1.6 | ||||||||
Diluted average number of common shares outstanding
|
138.9 | 136.6 | 138.6 | 136.6 | ||||||||
Basic EPS
|
$ | 0.32 | $ | 0.47 | $ | 0.33 | $ | 0.62 | ||||
Diluted EPS
|
$ | 0.31 | $ | 0.47 | $ | 0.32 | $ | 0.61 | ||||
2.
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
Great Plains Energy Other Operating Activities
|
||||||
Year to Date June 30
|
2011
|
2010
|
||||
Cash flows affected by changes in:
|
(millions)
|
|||||
Receivables
|
$ | (14.1 | ) | $ | (33.0 | ) |
Accounts receivable pledged as collateral
|
- | (95.0 | ) | |||
Fuel inventories
|
3.2 | (2.9 | ) | |||
Materials and supplies
|
(3.1 | ) | (7.8 | ) | ||
Accounts payable
|
(67.2 | ) | (49.0 | ) | ||
Accrued taxes
|
33.6 | 29.4 | ||||
Accrued interest
|
(4.5 | ) | (0.9 | ) | ||
Deferred refueling outage costs
|
(31.0 | ) | 5.6 | |||
Fuel adjustment clauses
|
(11.0 | ) | 1.6 | |||
Pension and post-retirement benefit obligations
|
7.2 | 7.8 | ||||
Allowance for equity funds used during construction
|
(0.3 | ) | (20.2 | ) | ||
Interest rate hedge settlements
|
(26.1 | ) | - | |||
Iatan Nos. 1 and 2 impact of disallowed construction costs
|
2.3 | - | ||||
Uncertain tax positions | (19.6 | ) | 6.3 | |||
Other
|
(26.8 | ) | (16.2 | ) | ||
Total other operating activities
|
$ | (157.4 | ) | $ | (174.3 | ) |
Cash paid during the period:
|
||||||
Interest
|
$ | 138.4 | $ | 114.1 | ||
Income taxes
|
$ | 0.1 | $ | 0.2 | ||
Non-cash investing activities:
|
||||||
Liabilities assumed for capital expenditures
|
$ | 31.5 | $ | 34.3 | ||
KCP&L Other Operating Activities
|
||||||
Year to Date June 30
|
2011
|
2010
|
||||
Cash flows affected by changes in:
|
(millions)
|
|||||
Receivables
|
$ | (9.7 | ) | $ | 5.6 | |
Accounts receivable pledged as collateral
|
- | (95.0 | ) | |||
Fuel inventories
|
(4.1 | ) | (5.3 | ) | ||
Materials and supplies
|
(3.3 | ) | (5.3 | ) | ||
Accounts payable
|
(47.1 | ) | (50.9 | ) | ||
Accrued taxes
|
30.6 | 20.4 | ||||
Accrued interest
|
(3.0 | ) | (1.3 | ) | ||
Deferred refueling outage costs
|
(31.0 | ) | 5.6 | |||
Pension and post-retirement benefit obligations
|
14.1 | 19.1 | ||||
Allowance for equity funds used during construction
|
- | (16.1 | ) | |||
Kansas Energy Cost Adjustment
|
(10.8 | ) | (2.5 | ) | ||
Iatan Nos. 1 and 2 impact of disallowed construction costs
|
1.5 | - | ||||
Uncertain tax positions | (11.8 | ) | 1.1 | |||
Other
|
(20.5 | ) | (2.2 | ) | ||
Total other operating activities
|
$ | (95.1 | ) | $ | (126.8 | ) |
Cash paid during the period:
|
||||||
Interest
|
$ | 62.2 | $ | 47.3 | ||
Income taxes
|
$ | 0.1 | $ | 39.9 | ||
Non-cash investing activities:
|
||||||
Liabilities assumed for capital expenditures
|
$ | 22.4 | $ | 31.0 | ||
3.
|
RECEIVABLES
|
June 30
|
December 31
|
|||||
2011
|
2010
|
|||||
Great Plains Energy
|
(millions)
|
|||||
Customer accounts receivable - billed
|
$ | 72.5 | $ | 62.0 | ||
Customer accounts receivable - unbilled
|
108.3 | 82.3 | ||||
Allowance for doubtful accounts
|
(2.2 | ) | (2.7 | ) | ||
Other receivables
|
72.5 | 100.1 | ||||
Total
|
$ | 251.1 | $ | 241.7 | ||
KCP&L
|
||||||
Customer accounts receivable - billed
|
$ | 13.6 | $ | 6.5 | ||
Customer accounts receivable - unbilled
|
67.7 | 50.1 | ||||
Allowance for doubtful accounts
|
(1.4 | ) | (1.5 | ) | ||
Intercompany receivables
|
30.4 | 43.2 | ||||
Other receivables
|
52.1 | 71.1 | ||||
Total
|
$ | 162.4 | $ | 169.4 | ||
Receivables
|
Consolidated
|
||||||||
Three Months Ended June 30, 2011
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (347.7 | ) | $ | 347.7 | $ | - | ||
Gain (loss) on sale of accounts receivable (a)
|
(4.4 | ) | 3.9 | (0.5 | ) | ||||
Servicing fees
|
0.5 | (0.5 | ) | - | |||||
Fees to outside investor
|
- | (0.3 | ) | (0.3 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(309.9 | ) | 309.9 | - | |||||
Cash paid to KCP&L for receivables purchased
|
306.0 | (306.0 | ) | - | |||||
Servicing fees
|
0.5 | (0.5 | ) | - | |||||
Interest on intercompany note
|
0.1 | (0.1 | ) | - | |||||
Receivables
|
Consolidated
|
||||||||
Year to Date June 30, 2011
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (639.6 | ) | $ | 639.6 | $ | - | ||
Gain (loss) on sale of accounts receivable (a)
|
(8.1 | ) | 7.8 | (0.3 | ) | ||||
Servicing fees
|
1.1 | (1.1 | ) | - | |||||
Fees to outside investor
|
- | (0.6 | ) | (0.6 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(618.2 | ) | 618.2 | - | |||||
Cash paid to KCP&L for receivables purchased
|
610.4 | (610.4 | ) | - | |||||
Servicing fees
|
1.1 | (1.1 | ) | - | |||||
Interest on intercompany note
|
0.2 | (0.2 | ) | - | |||||
Receivables
|
Consolidated
|
||||||||
Three Months Ended June 30, 2010
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (331.4 | ) | $ | 331.4 | $ | - | ||
Gain (loss) on sale of accounts receivable (a)
|
(4.2 | ) | 3.6 | (0.6 | ) | ||||
Servicing fees
|
0.6 | (0.6 | ) | - | |||||
Fees to outside investor
|
- | (0.3 | ) | (0.3 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(290.8 | ) | 290.8 | - | |||||
Cash paid to KCP&L for receivables purchased
|
287.2 | (287.2 | ) | - | |||||
Servicing fees
|
0.6 | (0.6 | ) | - | |||||
Interest on intercompany note
|
0.1 | (0.1 | ) | - | |||||
Receivables
|
Consolidated
|
|||||||||
Year to Date June 30, 2010
|
KCP&L
|
Company
|
KCP&L
|
|||||||
(millions)
|
||||||||||
Receivables (sold) purchased
|
$ | (625.7 | ) | $ | 625.7 | $ | - | |||
Gain (loss) on sale of accounts receivable (a)
|
(7.9 | ) | 7.5 | (0.4 | ) | |||||
Servicing fees
|
1.1 | (1.1 | ) | - | ||||||
Fees to outside investor
|
- | (0.6 | ) | (0.6 | ) | |||||
Cash flows during the period
|
||||||||||
Cash from customers transferred to Receivables Company
|
(598.9 | ) | 598.9 | - | ||||||
Cash paid to KCP&L for receivables purchased
|
591.4 | (591.4 | ) | - | ||||||
Servicing fees
|
1.1 | (1.1 | ) | - | ||||||
Interest on intercompany note
|
0.2 | (0.2 | ) | - | ||||||
(a)
|
Any net gain (loss) is the result of the timing difference inherent in collecting receivables and
|
|||||||||
|
over the life of the agreement will net to zero.
|
4.
|
NUCLEAR PLANT
|
June 30
|
December 31
|
|||||
2011
|
2010
|
|||||
Decommissioning Trust
|
(millions)
|
|||||
Beginning balance January 1
|
$ | 129.2 | $ | 112.5 | ||
Contributions
|
1.7 | 3.7 | ||||
Earned income, net of fees
|
3.4 | 2.0 | ||||
Net realized gains
|
0.1 | 6.7 | ||||
Net unrealized gains
|
3.8 | 4.3 | ||||
Ending balance
|
$ | 138.2 | $ | 129.2 | ||
June 30
|
December 31
|
||||||||||||||||||||||||
2011
|
2010
|
||||||||||||||||||||||||
Cost
|
Unrealized
|
Unrealized
|
Fair
|
Cost
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||||||
Basis
|
Gains
|
Losses
|
Value
|
Basis
|
Gains
|
Losses
|
Value
|
||||||||||||||||||
(millions)
|
|||||||||||||||||||||||||
Equity securities
|
$ | 73.7 | $ | 17.1 | $ | (1.4 | ) | $ | 89.4 | $ | 73.4 | $ | 13.1 | $ | (1.0 | ) | $ | 85.5 | |||||||
Debt securities
|
41.8 | 2.8 | (0.1 | ) | 44.5 | 38.1 | 2.6 | (0.1 | ) | 40.6 | |||||||||||||||
Other
|
4.3 | - | - | 4.3 | 3.1 | - | - | 3.1 | |||||||||||||||||
Total
|
$ | 119.8 | $ | 19.9 | $ | (1.5 | ) | $ | 138.2 | $ | 114.6 | $ | 15.7 | $ | (1.1 | ) | $ | 129.2 | |||||||
|
||||||||||||
Three Months Ended
|
Year to Date | |||||||||||
June 30 | June 30 | |||||||||||
2011
|
2010
|
2011
|
2010 | |||||||||
(millions)
|
||||||||||||
Realized gains
|
$ | 0.7 | $ | 0.2 | $ | 0.8 | $ | 7.0 | ||||
Realized losses
|
(0.7 | ) | (0.1 | ) | (0.7 | ) | (0.5 | ) | ||||
5.
|
REGULATORY MATTERS
|
Great
|
|||||||||||
June 30, 2011
|
KCP&L
|
GMO
|
Plains Energy
|
||||||||
Regulatory Assets
|
(millions)
|
||||||||||
Taxes recoverable through future rates
|
$ | 119.1 | $ | 25.0 | $ | 144.1 | |||||
Loss on reacquired debt
|
6.6 |
(a)
|
0.6 |
(a)
|
7.2 | ||||||
Cost of removal
|
9.3 | - | 9.3 | ||||||||
Asset retirement obligations
|
29.4 | 13.3 | 42.7 | ||||||||
Pension settlements
|
6.8 |
(b)
|
- | 6.8 | |||||||
Pension and post-retirement costs
|
357.7 |
(c)
|
116.0 |
(c)
|
473.7 | ||||||
Deferred customer programs
|
46.1 |
(d)
|
18.1 | 64.2 | |||||||
Rate case expenses
|
10.7 |
(e)
|
4.6 |
(e)
|
15.3 | ||||||
Skill set realignment costs
|
4.1 |
(f)
|
- | 4.1 | |||||||
Fuel adjustment clauses
|
18.9 |
(e)
|
37.5 |
(e)
|
56.4 | ||||||
Acquisition transition costs
|
27.7 |
(g)
|
22.4 |
(g)
|
50.1 | ||||||
St. Joseph Light & Power acquisition
|
- | 2.3 |
(h)
|
2.3 | |||||||
Storm damage
|
- | 2.4 |
(i)
|
2.4 | |||||||
Derivative instruments
|
- | 1.5 |
(j)
|
1.5 | |||||||
Iatan No. 1 and Common facilities depreciation and carrying costs
|
16.7 | 6.2 | 22.9 | ||||||||
Iatan No. 2 construction accounting costs
|
28.0 | 15.5 | 43.5 | ||||||||
Other
|
2.5 |
(k)
|
0.7 |
(k)
|
3.2 | ||||||
Total
|
$ | 683.6 | $ | 266.1 | $ | 949.7 | |||||
Regulatory Liabilities
|
|||||||||||
Emission allowances
|
$ | 84.0 | $ | 0.4 | $ | 84.4 | |||||
Asset retirement obligations
|
51.1 | - | 51.1 | ||||||||
Pension
|
0.2 | 38.9 | 39.1 | ||||||||
Cost of removal
|
- | 62.8 |
(l)
|
62.8 | |||||||
Other
|
11.9 | 18.4 | 30.3 | ||||||||
Total
|
$ | 147.2 | $ | 120.5 | $ | 267.7 | |||||
(a)
|
Amortized over the life of the related new debt issuances or the remaining lives of the old debt issuances if no new debt was issued.
|
(b)
|
$3.7 million not included in rate base and amortized through 2012.
|
(c)
|
Represents the funded status of the pension plans more than offset by related liabilities. Also represents financial and regulatory accounting method differences not included in rate base that will be eliminated over the life of the pension plans.
|
(d)
|
$11.6 million not included in rate base and amortized over various periods.
|
(e)
|
Not included in rate base and amortized over various periods.
|
(f)
|
$2.6 million not included in rate base and amortized through 2017.
|
(g)
|
Not included in rate base and amortized through 2016.
|
(h)
|
Not included in rate base and amortized through 2015.
|
(i)
|
Not included in rate base and amortized through 2012.
|
(j)
|
Represents the fair value of derivative instruments for commodity contracts. Settlements of the contracts are recognized in fuel expense and included in GMO’s fuel adjustment clause (FAC).
|
(k)
|
Certain insignificant items are not included in rate base and amortized over various periods.
|
(l)
|
Estimated cumulative net provision for future removal costs.
|
Great
|
|||||||||
December 31, 2010
|
KCP&L
|
GMO
|
Plains Energy
|
||||||
Regulatory Assets
|
(millions)
|
||||||||
Taxes recoverable through future rates
|
$ | 117.2 | $ | 25.3 | $ | 142.5 | |||
Loss on reacquired debt
|
5.0 | 0.7 | 5.7 | ||||||
Cost of removal
|
8.5 | - | 8.5 | ||||||
Asset retirement obligations
|
27.5 | 12.8 | 40.3 | ||||||
Pension settlements
|
9.0 | - | 9.0 | ||||||
Pension and post-retirement costs
|
377.1 | 106.7 | 483.8 | ||||||
Deferred customer programs
|
44.7 | 15.6 | 60.3 | ||||||
Rate case expenses
|
12.3 | 3.3 | 15.6 | ||||||
Skill set realignment costs
|
4.8 | - | 4.8 | ||||||
Fuel adjustment clauses
|
8.4 | 37.1 | 45.5 | ||||||
Acquisition transition costs
|
29.3 | 22.5 | 51.8 | ||||||
St. Joseph Light & Power acquisition
|
- | 2.6 | 2.6 | ||||||
Storm damage
|
- | 3.2 | 3.2 | ||||||
Derivative instruments
|
- | 3.1 | 3.1 | ||||||
Iatan No. 1 and Common facilities depreciation and carrying costs
|
15.1 | 4.3 | 19.4 | ||||||
Iatan No. 2 construction accounting costs
|
17.2 | 6.5 | 23.7 | ||||||
Other
|
3.5 | 0.7 | 4.2 | ||||||
Total
|
$ | 679.6 | $ | 244.4 | $ | 924.0 | |||
Regulatory Liabilities
|
|||||||||
Emission allowances
|
$ | 85.9 | $ | 0.5 | $ | 86.4 | |||
Asset retirement obligations
|
44.9 | - | 44.9 | ||||||
Pension
|
- | 37.1 | 37.1 | ||||||
Cost of removal
|
- | 62.8 | 62.8 | ||||||
Other
|
10.5 | 16.5 | 27.0 | ||||||
Total
|
$ | 141.3 | $ | 116.9 | $ | 258.2 | |||
6.
|
PENSION PLANS, OTHER EMPLOYEE BENEFITS AND VOLUNTARY SEPARATION PROGRAM
|
Pension Benefits
|
Other Benefits
|
|||||||||||
Three Months Ended June 30
|
2011
|
2010
|
2011
|
2010
|
||||||||
Components of net periodic benefit costs
|
(millions)
|
|||||||||||
Service cost
|
$ | 7.8 | $ | 7.6 | $ | 0.8 | $ | 0.9 | ||||
Interest cost
|
12.6 | 12.3 | 1.9 | 2.2 | ||||||||
Expected return on plan assets
|
(9.7 | ) | (9.2 | ) | (0.5 | ) | (0.6 | ) | ||||
Prior service cost
|
1.2 | 1.2 | 1.8 | 1.8 | ||||||||
Recognized net actuarial loss (gain)
|
9.5 | 9.4 | (0.2 | ) | - | |||||||
Transition obligation
|
- | - | 0.4 | 0.4 | ||||||||
Settlement charge
|
0.2 | - | - | - | ||||||||
Net periodic benefit costs before
|
||||||||||||
regulatory adjustment
|
21.6 | 21.3 | 4.2 | 4.7 | ||||||||
Regulatory adjustment
|
(5.9 | ) | (8.1 | ) | 0.1 | - | ||||||
Net periodic benefit costs
|
$ | 15.7 | $ | 13.2 | $ | 4.3 | $ | 4.7 | ||||
Pension Benefits
|
Other Benefits
|
|||||||||||
Year to Date June 30
|
2011
|
2010
|
2011
|
2010
|
||||||||
Components of net periodic benefit costs
|
(millions)
|
|||||||||||
Service cost
|
$ | 15.6 | $ | 15.2 | $ | 1.6 | $ | 1.8 | ||||
Interest cost
|
25.1 | 24.6 | 3.9 | 4.4 | ||||||||
Expected return on plan assets
|
(19.3 | ) | (18.3 | ) | (0.9 | ) | (1.1 | ) | ||||
Prior service cost
|
2.3 | 2.4 | 3.6 | 3.6 | ||||||||
Recognized net actuarial loss (gain)
|
19.2 | 18.7 | (0.3 | ) | - | |||||||
Transition obligation
|
- | - | 0.7 | 0.7 | ||||||||
Settlement charge
|
0.2 | - | - | - | ||||||||
Net periodic benefit costs before
|
||||||||||||
regulatory adjustment
|
43.1 | 42.6 | 8.6 | 9.4 | ||||||||
Regulatory adjustment
|
(12.3 | ) | (16.5 | ) | 0.3 | - | ||||||
Net periodic benefit costs
|
$ | 30.8 | $ | 26.1 | $ | 8.9 | $ | 9.4 | ||||
7.
|
EQUITY COMPENSATION
|
Three Months Ended
|
Year to Date
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Great Plains Energy
|
(millions)
|
|||||||||||
Compensation expense
|
$ | 1.7 | $ | 2.3 | $ | 3.3 | $ | 2.6 | ||||
Income tax benefits
|
0.8 | 0.5 | 1.4 | 0.6 | ||||||||
KCP&L
|
||||||||||||
Compensation expense
|
1.2 | 1.6 | 2.3 | 1.8 | ||||||||
Income tax benefits
|
0.6 | 0.2 | 1.0 | 0.2 | ||||||||
Performance
|
Grant Date
|
|||||
Shares
|
Fair Value*
|
|||||
Beginning balance
|
431,784 | $ | 18.01 | |||
Granted
|
139,897 | 22.48 | ||||
Earned
|
(68,258 | ) | 11.04 | |||
Forfeited
|
(30,705 | ) | 19.86 | |||
Ending balance
|
472,718 | 20.22 | ||||
* weighted-average
|
|
||||||
Nonvested
|
Grant Date
|
|||||
Restricted Stock
|
Fair Value*
|
|||||
Beginning balance
|
406,657 | $ | 16.23 | |||
Granted and issued
|
152,154 | 19.26 | ||||
Vested
|
(149,688 | ) | 17.29 | |||
Forfeited
|
(45,269 | ) | 17.37 | |||
Ending balance
|
363,854 | 16.98 | ||||
* weighted-average
|
8.
|
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
|
9.
|
LONG-TERM DEBT
|
June 30
|
December 31
|
||||||
Year Due
|
2011
|
2010
|
|||||
KCP&L
|
(millions)
|
||||||
General Mortgage Bonds
|
|||||||
4.87% EIRR bonds (a)(b)
|
2012-2035 | $ | 119.3 | $ | 158.8 | ||
7.15% Series 2009A (8.59% rate)(c)
|
2019 | 400.0 | 400.0 | ||||
4.65% EIRR Series 2005
|
2035 | 50.0 | 50.0 | ||||
EIRR Series 2007A-1(d)
|
2035 | - | 63.3 | ||||
EIRR Series 2007A-2(d)
|
2035 | - | 10.0 | ||||
5.375% EIRR Series 2007B
|
2035 | 73.2 | 73.2 | ||||
Senior Notes
|
|||||||
6.50% Series
|
2011 | 150.0 | 150.0 | ||||
5.85% Series (5.72% rate)(c)
|
2017 | 250.0 | 250.0 | ||||
6.375% Series (7.49% rate)(c)
|
2018 | 350.0 | 350.0 | ||||
6.05% Series (5.78% rate)(c)
|
2035 | 250.0 | 250.0 | ||||
EIRR bonds
|
|||||||
4.90% Series 2008
|
2038 | 23.4 | 23.4 | ||||
Other
|
2011-2018 | 3.3 | 3.3 | ||||
Current maturities
|
(162.7 | ) | (150.3 | ) | |||
Unamortized discount
|
(1.8 | ) | (2.0 | ) | |||
Total KCP&L
|
1,504.7 | 1,629.7 | |||||
Other Great Plains Energy
|
|||||||
GMO First Mortgage Bonds
|
|||||||
9.44% Series
|
2012-2021 | 11.2 | 12.4 | ||||
GMO Pollution Control Bonds
|
|||||||
5.85% SJLP Pollution Control
|
2013 | 5.6 | 5.6 | ||||
0.157% Wamego Series 1996 (e)
|
2026 | 7.3 | 7.3 | ||||
0.373% State Environmental 1993 (e)
|
2028 | 5.0 | 5.0 | ||||
GMO Senior Notes
|
|||||||
7.95% Series
|
- | 137.3 | |||||
7.75% Series
|
- | 197.0 | |||||
11.875% Series
|
2012 | 500.0 | 500.0 | ||||
8.27% Series
|
2021 | 80.9 | 80.9 | ||||
Fair Value Adjustment
|
32.0 | 49.9 | |||||
GMO Medium Term Notes
|
|||||||
7.16% Series
|
2013 | 6.0 | 6.0 | ||||
7.33% Series
|
2023 | 3.0 | 3.0 | ||||
7.17% Series
|
2023 | 7.0 | 7.0 | ||||
Great Plains Energy 2.75% Senior Notes (3.67% rate)(c)
|
2013 | 250.0 | 250.0 | ||||
Great Plains Energy 6.875% Senior Notes (7.33% rate)(c)
|
2017 | 100.0 | 100.0 | ||||
Great Plains Energy 10.00% Equity Units Subordinated Notes
|
2012 | 287.5 | 287.5 | ||||
Great Plains Energy 4.85% Senior Notes (7.34% rate)(c)
|
2021 | 350.0 | - | ||||
Current maturities
|
(288.6 | ) | (335.4 | ) | |||
Unamortized discount
|
(0.8 | ) | (0.5 | ) | |||
Total Great Plains Energy excluding current maturities
|
$ | 2,860.8 | $ | 2,942.7 | |||
(a) Weighted-average interest rates at June 30, 2011
|
|||||||
(b) June 30, 2011, does not include $39.5 million EIRR Series 1993B bonds because the bonds have been repurchased and are held by KCP&L
|
|||||||
(c) Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments
|
|||||||
(d) June 30, 2011, does not include $63.3 million EIRR Series 2007 A-1 and $10.0 million EIRR Series 2007 A-2 bonds because the bonds have
|
|||||||
been repurchased and are held by KCP&L
|
|||||||
(e) Variable rate
|
10.
|
COMMITMENTS AND CONTINGENCIES
|
·
|
KCP&L’s LaCygne No. 1 scrubber and baghouse installed by June 2015;
|
·
|
KCP&L’s LaCygne No. 2 full air quality control system (AQCS) installed by June 2015;
|
·
|
KCP&L’s Montrose No. 3 full AQCS installed by approximately 2016; and
|
·
|
GMO’s Sibley No. 3 scrubber and baghouse installed by approximately 2016.
|
11.
|
LEGAL PROCEEDINGS
|
12.
|
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS
|
June 30
|
December 31
|
|||||
2011 | 2010 | |||||
(millions)
|
||||||
Net receivable from GMO
|
$ | 6.0 | $ | 29.6 | ||
Net receivable from Great Plains Energy
|
14.7 | 13.3 | ||||
Receivable from MPS Merchant
|
9.6 | 0.3 | ||||
13.
|
DERIVATIVE INSTRUMENTS
|
June 30
|
December 31
|
||||||||||||
2011
|
2010
|
||||||||||||
Notional
|
Notional
|
||||||||||||
Contract
|
Fair
|
Contract
|
Fair
|
||||||||||
Amount
|
Value
|
Amount
|
Value
|
||||||||||
Great Plains Energy
|
(millions)
|
||||||||||||
Futures contracts
|
|||||||||||||
Cash flow hedges
|
$ | 2.0 | $ | (0.1 | ) | $ | 4.0 | $ | - | ||||
Non-hedging derivatives
|
25.1 | (0.6 | ) | 59.5 | (2.5 | ) | |||||||
Forward contracts
|
|||||||||||||
Non-hedging derivatives
|
145.0 | 10.0 | 202.8 | 8.9 | |||||||||
Option contracts
|
|||||||||||||
Non-hedging derivatives
|
0.9 | 0.1 | 0.2 | - | |||||||||
Anticipated debt issuance
|
|||||||||||||
Forward starting swaps
|
- | - | 350.0 | (20.8 | ) | ||||||||
KCP&L
|
|||||||||||||
Futures contracts
|
|||||||||||||
Cash flow hedges
|
2.0 | (0.1 | ) | 4.0 | - | ||||||||
Great Plains Energy
|
|||||||
Balance Sheet
|
Asset Derivatives |
Liability Derivatives
|
|||||
June 30, 2011
|
Classification
|
Fair Value
|
Fair Value
|
||||
Derivatives Designated as Hedging Instruments
|
(millions)
|
||||||
Commodity contracts
|
Derivative instruments
|
$ | - | $ | 0.1 | ||
Derivatives Not Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
10.1 | 0.6 | ||||
Total Derivatives
|
$ | 10.1 | $ | 0.7 | |||
December 31, 2010
|
|||||||
Derivatives Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
$ | 0.1 | $ | 0.1 | ||
Interest rate contracts
|
Derivative instruments
|
- | 20.8 | ||||
Derivatives Not Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
9.4 | 3.0 | ||||
Total Derivatives
|
$ | 9.5 | $ | 23.9 | |||
KCP&L
|
|||||||
Balance Sheet
|
Asset Derivatives
|
Liability Derivatives | |||||
June 30, 2011
|
Classification
|
Fair Value
|
Fair Value
|
||||
Derivatives Designated as Hedging Instruments
|
(millions)
|
||||||
Commodity contracts
|
Derivative instruments
|
$ | - | $ | 0.1 | ||
December 31, 2010
|
|||||||
Derivatives Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
$ | 0.1 | $ | 0.1 | ||
Great Plains Energy
|
|||||||
Derivatives in Cash Flow Hedging Relationship
|
|||||||
Gain (Loss) Reclassified from
|
|||||||
Accumulated OCI into Income
|
|||||||
(Effective Portion)
|
|||||||
Amount of Gain
|
|||||||
(Loss) Recognized
|
|||||||
in OCI on Derivatives
|
Income Statement | ||||||
(Effective Portion) | Classification | Amount | |||||
Three Months Ended June 30, 2011
|
(millions)
|
(millions)
|
|||||
Interest rate contracts
|
$ | (5.8 | ) |
Interest charges
|
$ | (3.9 | ) |
Commodity contracts
|
(0.1 | ) |
Fuel
|
- | |||
Income tax benefit (expense)
|
2.2 |
Income tax benefit (expense)
|
1.4 | ||||
Total
|
$ | (3.7 | ) |
Total
|
$ | (2.5 | ) |
Year to Date June 30, 2011
|
|||||||
Interest rate contracts
|
$ | (5.3 | ) |
Interest charges
|
$ | (6.8 | ) |
Commodity contracts
|
(0.1 | ) |
Fuel
|
- | |||
Income tax benefit (expense)
|
2.1 |
Income tax benefit (expense)
|
2.6 | ||||
Total
|
$ | (3.3 | ) |
Total
|
$ | (4.2 | ) |
Three Months Ended June 30, 2010
|
|||||||
Interest rate contracts
|
$ | (14.1 | ) |
Interest charges
|
$ | (2.3 | ) |
Commodity contracts
|
(0.2 | ) |
Fuel
|
- | |||
Income tax benefit (expense)
|
5.5 |
Income tax benefit (expense)
|
0.9 | ||||
Total
|
$ | (8.8 | ) |
Total
|
$ | (1.4 | ) |
Year to Date June 30, 2010
|
|||||||
Interest rate contracts
|
$ | (21.5 | ) |
Interest charges
|
$ | (4.6 | ) |
Commodity contracts
|
(0.6 | ) |
Fuel
|
- | |||
Income tax benefit (expense)
|
8.6 |
Income tax benefit (expense)
|
1.8 | ||||
Total
|
$ | (13.5 | ) |
Total
|
$ | (2.8 | ) |
KCP&L
|
|||||||
Derivatives in Cash Flow Hedging Relationship
|
|||||||
Gain (Loss) Reclassified from
|
|||||||
Accumulated OCI into Income
|
|||||||
(Effective Portion)
|
|||||||
Amount of Gain
|
|||||||
(Loss) Recognized
|
|||||||
in OCI on Derivatives
|
Income Statement | ||||||
(Effective Portion) | Classification | Amount | |||||
Three Months Ended June 30, 2011
|
(millions)
|
(millions)
|
|||||
Interest rate contracts
|
$ | - |
Interest charges
|
$ | (2.2 | ) | |
Commodity contracts
|
(0.1 | ) |
Fuel
|
- | |||
Income tax benefit (expense)
|
- |
Income tax benefit (expense)
|
0.8 | ||||
Total
|
$ | (0.1 | ) |
Total
|
$ | (1.4 | ) |
Year to Date June 30, 2011
|
|||||||
Interest rate contracts
|
$ | - |
Interest charges
|
$ | (4.4 | ) | |
Commodity contracts
|
(0.1 | ) |
Fuel
|
- | |||
Income tax benefit (expense)
|
- |
Income tax benefit (expense)
|
1.7 | ||||
Total
|
$ | (0.1 | ) |
Total
|
$ | (2.7 | ) |
Three Months Ended June 30, 2010
|
|||||||
Interest rate contracts
|
$ | - |
Interest charges
|
$ | (2.2 | ) | |
Commodity contracts
|
(0.2 | ) |
Fuel
|
- | |||
Income tax benefit (expense)
|
- |
Income tax benefit (expense)
|
0.8 | ||||
Total
|
$ | (0.2 | ) |
Total
|
$ | (1.4 | ) |
Year to Date June 30, 2010
|
|||||||
Interest rate contracts
|
$ | - |
Interest charges
|
$ | (4.4 | ) | |
Commodity contracts
|
(0.6 | ) |
Fuel
|
- | |||
Income tax benefit (expense)
|
0.2 |
Income tax benefit (expense)
|
1.7 | ||||
Total
|
$ | (0.4 | ) |
Total
|
$ | (2.7 | ) |
Great Plains Energy
|
|||||||
Derivatives in Regulatory Account Relationship
|
|||||||
Gain (Loss) Reclassified from
|
|||||||
Regulatory Account
|
|||||||
Amount of Gain (Loss) | |||||||
Recognized on Regulatory | |||||||
Account on Derivatives | Income Statement | ||||||
(Effective Portion) | Classification | Amount | |||||
Three Months Ended June 30, 2011
|
(millions)
|
(millions)
|
|||||
Commodity contracts
|
$ | (1.0 | ) |
Fuel
|
$ | (1.0 | ) |
Total
|
$ | (1.0 | ) |
Total
|
$ | (1.0 | ) |
Year to Date June 30, 2011
|
|||||||
Commodity contracts
|
$ | (1.3 | ) |
Fuel
|
$ | (2.9 | ) |
Total
|
$ | (1.3 | ) |
Total
|
$ | (2.9 | ) |
Three Months Ended June 30, 2010
|
|||||||
Commodity contracts
|
$ | 0.4 |
Fuel
|
$ | (2.1 | ) | |
Total
|
$ | 0.4 |
Total
|
$ | (2.1 | ) | |
Year to Date June 30, 2010
|
|||||||
Commodity contracts
|
$ | (5.9 | ) |
Fuel
|
$ | (4.3 | ) |
Total
|
$ | (5.9 | ) |
Total
|
$ | (4.3 | ) |
Great Plains Energy
|
KCP&L
|
|||||||||||
June 30
|
December 31
|
June 30
|
December 31
|
|||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Current assets
|
$ | 11.7 | $ | 12.0 | $ | 11.7 | $ | 12.0 | ||||
Current liabilities
|
(99.7 | ) | (101.5 | ) | (67.0 | ) | (71.6 | ) | ||||
Deferred income taxes
|
34.2 | 34.8 | 21.5 | 23.2 | ||||||||
Total
|
$ | (53.8 | ) | $ | (54.7 | ) | $ | (33.8 | ) | $ | (36.4 | ) |
14.
|
FAIR VALUE MEASUREMENTS
|
Fair Value Measurements Using
|
|||||||||||||||
Quoted | |||||||||||||||
Prices in | |||||||||||||||
Active | Significant | ||||||||||||||
Markets for | Other | Significant | |||||||||||||
Identical | Observable | Unobservable | |||||||||||||
June 30
|
Assets | Inputs | Inputs | ||||||||||||
Description
|
2011
|
Netting(d)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||
KCP&L
|
(millions)
|
||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | - | $ | - | $ | - | $ | - | $ | - | |||||
Nuclear decommissioning trust (b)
|
|||||||||||||||
Equity securities
|
89.4 | - | 89.4 | - | - | ||||||||||
Debt securities
|
|||||||||||||||
U.S. Treasury
|
11.8 | - | 11.8 | - | - | ||||||||||
U.S. Agency
|
3.5 | - | - | 3.5 | - | ||||||||||
State and local obligations
|
2.5 | - | - | 2.5 | - | ||||||||||
Corporate bonds
|
26.0 | - | - | 26.0 | - | ||||||||||
Foreign governments
|
0.7 | - | - | 0.7 | - | ||||||||||
Other
|
0.6 | - | - | 0.6 | - | ||||||||||
Total nuclear decommissioning trust
|
134.5 | - | 101.2 | 33.3 | - | ||||||||||
Total
|
134.5 | - | 101.2 | 33.3 | - | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (0.1 | ) | 0.1 | - | - | |||||||||
Total
|
$ | - | $ | (0.1 | ) | $ | 0.1 | $ | - | $ | - | ||||
Other Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 10.0 | $ | (0.1 | ) | $ | 0.1 | $ | 5.1 | $ | 4.9 | ||||
SERP rabbi trust (c)
|
|||||||||||||||
Equity securities
|
0.1 | - | 0.1 | - | - | ||||||||||
Debt securities
|
7.1 | - | - | 7.1 | - | ||||||||||
Total SERP rabbi trust
|
7.2 | - | 0.1 | 7.1 | - | ||||||||||
Total
|
17.2 | (0.1 | ) | 0.2 | 12.2 | 4.9 | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (0.6 | ) | 0.6 | - | - | |||||||||
Total
|
$ | - | $ | (0.6 | ) | $ | 0.6 | $ | - | $ | - | ||||
Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 10.0 | $ | (0.1 | ) | $ | 0.1 | $ | 5.1 | $ | 4.9 | ||||
Nuclear decommissioning trust (b)
|
134.5 | - | 101.2 | 33.3 | - | ||||||||||
SERP rabbi trust (c)
|
7.2 | - | 0.1 | 7.1 | - | ||||||||||
Total
|
151.7 | (0.1 | ) | 101.4 | 45.5 | 4.9 | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (0.7 | ) | 0.7 | - | - | |||||||||
Total
|
$ | - | $ | (0.7 | ) | $ | 0.7 | $ | - | $ | - | ||||
Fair Value Measurements Using
|
|||||||||||||||
Quoted | |||||||||||||||
Prices in | |||||||||||||||
Active | Significant | ||||||||||||||
Markets for | Other | Significant | |||||||||||||
Identical | Observable | Unobservable | |||||||||||||
December 31 | Assets | Inputs | Inputs | ||||||||||||
Description
|
2010
|
Netting(d)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||
KCP&L
|
(millions)
|
||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | - | $ | (0.1 | ) | $ | 0.1 | $ | - | $ | - | ||||
Nuclear decommissioning trust (b)
|
|||||||||||||||
Equity securities
|
85.5 | - | 85.5 | - | - | ||||||||||
Debt securities
|
|||||||||||||||
U.S. Treasury
|
8.9 | - | 8.9 | - | - | ||||||||||
U.S. Agency
|
4.8 | - | - | 4.8 | - | ||||||||||
State and local obligations
|
2.5 | - | - | 2.5 | - | ||||||||||
Corporate bonds
|
23.7 | - | - | 23.7 | - | ||||||||||
Foreign governments
|
0.7 | - | - | 0.7 | - | ||||||||||
Other
|
0.4 | - | - | 0.4 | - | ||||||||||
Total nuclear decommissioning trust
|
126.5 | - | 94.4 | 32.1 | - | ||||||||||
Total
|
126.5 | (0.1 | ) | 94.5 | 32.1 | - | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (0.1 | ) | 0.1 | - | - | |||||||||
Total
|
$ | - | $ | (0.1 | ) | $ | 0.1 | $ | - | $ | - | ||||
Other Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 8.9 | $ | (0.5 | ) | $ | 0.5 | $ | 5.2 | $ | 3.7 | ||||
SERP rabbi trust (c)
|
|||||||||||||||
Equity securities
|
0.2 | - | 0.2 | - | - | ||||||||||
Debt securities
|
7.0 | - | - | 7.0 | - | ||||||||||
Total SERP rabbi trust
|
7.2 | - | 0.2 | 7.0 | - | ||||||||||
Total
|
16.1 | (0.5 | ) | 0.7 | 12.2 | 3.7 | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
20.8 | (3.0 | ) | 3.0 | 20.8 | - | |||||||||
Total
|
$ | 20.8 | $ | (3.0 | ) | $ | 3.0 | $ | 20.8 | $ | - | ||||
Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 8.9 | $ | (0.6 | ) | $ | 0.6 | $ | 5.2 | $ | 3.7 | ||||
Nuclear decommissioning trust (b)
|
126.5 | - | 94.4 | 32.1 | - | ||||||||||
SERP rabbi trust (c)
|
7.2 | - | 0.2 | 7.0 | - | ||||||||||
Total
|
142.6 | (0.6 | ) | 95.2 | 44.3 | 3.7 | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
20.8 | (3.1 | ) | 3.1 | 20.8 | - | |||||||||
Total
|
$ | 20.8 | $ | (3.1 | ) | $ | 3.1 | $ | 20.8 | $ | - | ||||
(a)
|
The fair value of derivative instruments is estimated using market quotes, over-the-counter forward price and volatility curves and correlations among fuel prices, net of estimated credit risk.
|
(b)
|
Fair value is based on quoted market prices of the investments held by the fund and/or valuation models. The total does not include $3.7 million and $2.7 million at June 30, 2011, and December 31, 2010, respectively, of cash and cash equivalents, which are not subject to the fair value requirements.
|
(c)
|
Fair value is based on quoted market prices of the investments held by the fund and/or valuation models. The total does not include $13.9 million and $14.6 million at June 30, 2011, and December 31, 2010, respectively, of cash and cash equivalents, which are not subject to the fair value requirements.
|
(d)
|
Represents the difference between derivative contracts in an asset or liability position presented on a net basis by counterparty on the consolidated balance sheet where a master netting agreement exists between the Company and the counterparty. At June 30, 2011, and December 31, 2010, Great Plains Energy netted $0.6 million and $2.5 million, respectively, of cash collateral posted with counterparties.
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||
Other
|
|||
Great
|
|||
Plains
|
|||
Energy
|
|||
Derivative
|
|||
Instruments
|
|||
(millions)
|
|||
Balance April 1, 2011
|
$ | 5.7 | |
Total realized/unrealized gains or (losses)
|
|||
Included in non-operating income
|
2.1 | ||
Settlements
|
(2.9 | ) | |
Balance June 30, 2011
|
$ | 4.9 | |
Total unrealized gains and (losses) included in non-operating
|
|||
income relating to assets and liabilities still on the
|
|||
consolidated balance sheet at June 30, 2011
|
$ | (0.6 | ) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||
Other
|
|||
Great
|
|||
Plains
|
|||
Energy
|
|||
Derivative
|
|||
Instruments
|
|||
(millions) | |||
Balance January 1, 2011
|
$ | 3.7 | |
Total realized/unrealized gains or (losses)
|
|||
Included in non-operating income
|
7.1 | ||
Settlements
|
(5.9 | ) | |
Balance June 30, 2011
|
$ | 4.9 | |
Total unrealized gains and (losses) included in non-operating
|
|||
income relating to assets and liabilities still on the
|
|||
consolidated balance sheet at June 30, 2011
|
$ | 1.5 | |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||
Other
|
|||
Great
|
|||
Plains
|
|||
Energy
|
|||
Derivative
|
|||
Instruments
|
|||
(millions)
|
|||
Balance April 1, 2010
|
$ | 5.4 | |
Total realized/unrealized gains or (losses)
|
|||
Included in non-operating income
|
(3.4 | ) | |
Settlements
|
3.2 | ||
Balance June 30, 2010
|
$ | 5.2 | |
Total unrealized gains and (losses) included in non-operating
|
|||
income relating to assets and liabilities still on the
|
|||
consolidated balance sheet at June 30, 2010
|
$ | (0.2 | ) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||||||||
Other
|
|||||||||
Great
|
Great
|
||||||||
Plains
|
Plains
|
||||||||
KCP&L
|
Energy
|
Energy
|
|||||||
State & Local
|
Derivative
|
||||||||
Obligations
|
Instruments
|
Total
|
|||||||
(millions)
|
|||||||||
Balance January 1, 2010
|
$ | 0.2 | $ | 4.1 | $ | 4.3 | |||
Total realized/unrealized gains or (losses)
|
|||||||||
Included in non-operating income
|
- | (5.9 | ) | (5.9 | ) | ||||
Sales
|
(0.2 | ) | - | (0.2 | ) | ||||
Settlements
|
- | 7.0 | 7.0 | ||||||
Balance June 30, 2010
|
$ | - | $ | 5.2 | $ | 5.2 | |||
Total unrealized gains and (losses) included in non-operating
|
|||||||||
income relating to assets and liabilities still
|
|||||||||
on the consolidated balance sheet at June 30, 2010
|
$ | - | $ | 1.3 | $ | 1.3 | |||
15.
|
TAXES
|
Three Months Ended
|
Year to Date | |||||||||||
June 30 | June 30 | |||||||||||
Great Plains Energy
|
2011
|
2010
|
2011
|
2010
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||
Federal
|
$ | 2.7 | $ | (0.1 | ) | $ | 3.8 | $ | (0.9 | ) | ||
State
|
(4.7 | ) | 1.5 | (4.0 | ) | 2.3 | ||||||
Foreign
|
(0.1 | ) | 0.4 | (0.4 | ) | 0.4 | ||||||
Total
|
(2.1 | ) | 1.8 | (0.6 | ) | 1.8 | ||||||
Deferred income taxes
|
||||||||||||
Federal
|
32.3 | 30.9 | 28.9 | 34.7 | ||||||||
State
|
11.4 | 3.3 | 7.4 | 4.2 | ||||||||
Total
|
43.7 | 34.2 | 36.3 | 38.9 | ||||||||
Noncurrent income taxes
|
||||||||||||
Federal
|
(19.0 | ) | 4.7 | (18.0 | ) | 5.5 | ||||||
State
|
(2.0 | ) | 0.5 | (1.9 | ) | 0.7 | ||||||
Foreign
|
(0.1 | ) | (0.3 | ) | 0.2 | - | ||||||
Total
|
(21.1 | ) | 4.9 | (19.7 | ) | 6.2 | ||||||
Investment tax credit
|
||||||||||||
Deferral
|
- | (8.3 | ) | - | (4.1 | ) | ||||||
Amortization
|
(0.7 | ) | (0.6 | ) | (0.8 | ) | (1.1 | ) | ||||
Total
|
(0.7 | ) | (8.9 | ) | (0.8 | ) | (5.2 | ) | ||||
Income tax expense
|
$ | 19.8 | $ | 32.0 | $ | 15.2 | $ | 41.7 | ||||
Three Months Ended
|
Year to Date | |||||||||||
June 30
|
June 30 | |||||||||||
KCP&L
|
2011
|
2010
|
2011
|
2010
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||
Federal
|
$ | 1.3 | $ | 21.6 | $ | 2.4 | $ | 37.8 | ||||
State
|
0.2 | 4.1 | 0.5 | 7.2 | ||||||||
Total
|
1.5 | 25.7 | 2.9 | 45.0 | ||||||||
Deferred income taxes
|
||||||||||||
Federal
|
23.2 | 4.4 | 19.9 | (10.0 | ) | |||||||
State
|
4.7 | (0.5 | ) | 4.5 | (2.2 | ) | ||||||
Total
|
27.9 | 3.9 | 24.4 | (12.2 | ) | |||||||
Noncurrent income taxes
|
||||||||||||
Federal
|
(11.5 | ) | 0.4 | (10.6 | ) | 0.9 | ||||||
State
|
(1.2 | ) | 0.1 | (1.1 | ) | 0.2 | ||||||
Total
|
(12.7 | ) | 0.5 | (11.7 | ) | 1.1 | ||||||
Investment tax credit
|
||||||||||||
Deferral
|
- | (8.3 | ) | - | (4.1 | ) | ||||||
Amortization
|
(0.5 | ) | (0.3 | ) | (0.5 | ) | (0.7 | ) | ||||
Total
|
(0.5 | ) | (8.6 | ) | (0.5 | ) | (4.8 | ) | ||||
Income tax expense
|
$ | 16.2 | $ | 21.5 | $ | 15.1 | $ | 29.1 | ||||
Great Plains Energy
|
Income Tax Expense
|
Income Tax Rate
|
||||||||
Three Months Ended June 30
|
2011
|
2010
|
2011
|
2010
|
||||||
(millions)
|
||||||||||
Federal statutory income tax
|
$ | 22.1 | $ | 33.7 | 35.0 | % | 35.0 | % | ||
Differences between book and tax
|
||||||||||
depreciation not normalized
|
1.1 | (2.5 | ) | 1.6 | (2.6 | ) | ||||
Amortization of investment tax credits
|
(0.7 | ) | (0.6 | ) | (1.1 | ) | (0.6 | ) | ||
Federal income tax credits
|
(3.8 | ) | (2.2 | ) | (6.0 | ) | (2.3 | ) | ||
State income taxes
|
2.6 | 3.6 | 4.1 | 3.7 | ||||||
Changes in uncertain tax positions, net
|
(1.6 | ) | (0.3 | ) | (2.5 | ) | (0.3 | ) | ||
Valuation allowance
|
0.2 | - | 0.3 | - | ||||||
Other
|
(0.1 | ) | 0.3 | - | 0.4 | |||||
Total
|
$ | 19.8 | $ | 32.0 | 31.4 | % | 33.3 | % | ||
Great Plains Energy
|
Income Tax Expense
|
Income Tax Rate
|
||||||||
Year to Date June 30
|
2011
|
2010
|
2011
|
2010
|
||||||
(millions)
|
||||||||||
Federal statutory income tax
|
$ | 21.4 | $ | 44.2 | 35.0 | % | 35.0 | % | ||
Differences between book and tax
|
||||||||||
depreciation not normalized
|
1.9 | (5.1 | ) | 3.0 | (4.0 | ) | ||||
Amortization of investment tax credits
|
(0.8 | ) | (1.1 | ) | (1.4 | ) | (0.9 | ) | ||
Federal income tax credits
|
(6.8 | ) | (4.1 | ) | (11.1 | ) | (3.3 | ) | ||
State income taxes
|
3.0 | 4.5 | 4.9 | 3.5 | ||||||
Medicare Part D subsidy legislation
|
- | 2.8 | - | 2.2 | ||||||
Changes in uncertain tax positions, net
|
(1.3 | ) | - | (2.2 | ) | - | ||||
Valuation allowance
|
(2.2 | ) | - | (3.6 | ) | - | ||||
Other
|
- | 0.5 | 0.4 | 0.5 | ||||||
Total
|
$ | 15.2 | $ | 41.7 | 25.0 | % | 33.0 | % | ||
KCP&L
|
Income Tax Expense
|
Income Tax Rate
|
||||||||
Three Months Ended June 30
|
2011
|
2010
|
2011
|
2010
|
||||||
(millions)
|
||||||||||
Federal statutory income tax
|
$ | 17.4 | $ | 24.4 | 35.0 | % | 35.0 | % | ||
Differences between book and tax
|
||||||||||
depreciation not normalized
|
0.8 | (2.0 | ) | 1.6 | (2.9 | ) | ||||
Amortization of investment tax credits
|
(0.5 | ) | (0.3 | ) | (1.0 | ) | (0.5 | ) | ||
Federal income tax credits
|
(3.7 | ) | (2.2 | ) | (7.6 | ) | (3.1 | ) | ||
State income taxes
|
1.8 | 2.4 | 3.8 | 3.4 | ||||||
Changes in uncertain tax positions
|
0.4 | - | 0.9 | - | ||||||
Other
|
- | (0.8 | ) | (0.2 | ) | (1.1 | ) | |||
Total
|
$ | 16.2 | $ | 21.5 | 32.5 | % | 30.8 | % | ||
KCP&L
|
Income Tax Expense
|
Income Tax Rate
|
||||||||
Year to Date June 30
|
2011
|
2010
|
2011
|
2010
|
||||||
(millions)
|
||||||||||
Federal statutory income tax
|
$ | 18.4 | $ | 33.8 | 35.0 | % | 35.0 | % | ||
Differences between book and tax
|
||||||||||
depreciation not normalized
|
1.6 | (4.1 | ) | 3.0 | (4.3 | ) | ||||
Amortization of investment tax credits
|
(0.5 | ) | (0.7 | ) | (0.9 | ) | (0.7 | ) | ||
Federal income tax credits
|
(6.7 | ) | (4.1 | ) | (12.9 | ) | (4.3 | ) | ||
State income taxes
|
2.0 | 3.1 | 3.9 | 3.2 | ||||||
Medicare Part D subsidy legislation
|
- | 2.8 | - | 2.9 | ||||||
Changes in uncertain tax positions
|
0.4 | - | 0.8 | - | ||||||
Other
|
(0.1 | ) | (1.7 | ) | (0.3 | ) | (1.7 | ) | ||
Total
|
$ | 15.1 | $ | 29.1 | 28.6 | % | 30.1 | % | ||
Great Plains Energy
|
KCP&L
|
|||||||||||
June 30
|
December 31
|
June 30
|
December 31
|
|||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Beginning balance
|
$ | 42.0 | $ | 51.4 | $ | 19.1 | $ | 20.9 | ||||
Additions for current year tax positions
|
0.7 | 2.7 | - | 1.3 | ||||||||
Additions for prior year tax positions
|
0.6 | 2.1 | 0.6 | 1.5 | ||||||||
Reductions for prior year tax positions
|
(18.7 | ) | (10.6 | ) | (12.4 | ) | (1.6 | ) | ||||
Settlements
|
- | (3.8 | ) | - | (2.9 | ) | ||||||
Statute expirations
|
- | (0.3 | ) | - | (0.1 | ) | ||||||
Foreign currency translation adjustments
|
0.3 | 0.5 | - | - | ||||||||
Ending balance
|
$ | 24.9 | $ | 42.0 | $ | 7.3 | $ | 19.1 | ||||
16.
|
SEGMENTS AND RELATED INFORMATION
|
Three Months Ended
|
Electric
|
|
Great Plains
|
||||||
June 30, 2011
|
Utility |
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 565.1 | $ | - | $ | 565.1 | |||
Depreciation and amortization
|
(67.6 | ) | - | (67.6 | ) | ||||
Interest charges
|
(40.3 | ) | (10.0 | ) | (50.3 | ) | |||
Income tax (expense) benefit
|
(26.0 | ) | 6.2 | (19.8 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
49.0 | (5.6 | ) | 43.4 | |||||
Year to Date
|
Electric
|
Great Plains
|
|||||||
June 30, 2011
|
Utility |
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 1,058.0 | $ | - | $ | 1,058.0 | |||
Depreciation and amortization
|
(140.0 | ) | - | (140.0 | ) | ||||
Interest charges
|
(74.6 | ) | (20.6 | ) | (95.2 | ) | |||
Income tax (expense) benefit
|
(26.9 | ) | 11.7 | (15.2 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
56.0 | (10.2 | ) | 45.8 | |||||
Three Months Ended
|
Electric
|
Great Plains
|
|||||||
June 30, 2010
|
Utility |
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 552.0 | $ | - | $ | 552.0 | |||
Depreciation and amortization
|
(81.0 | ) | - | (81.0 | ) | ||||
Interest charges
|
(36.4 | ) | (10.3 | ) | (46.7 | ) | |||
Income tax (expense) benefit
|
(36.8 | ) | 4.8 | (32.0 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
71.7 | (7.4 | ) | 64.3 | |||||
Year to Date
|
Electric
|
Great Plains
|
|||||||
June 30, 2010
|
Utility |
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 1,058.9 | $ | - | $ | 1,058.9 | |||
Depreciation and amortization
|
(163.2 | ) | - | (163.2 | ) | ||||
Interest charges
|
(72.6 | ) | (20.6 | ) | (93.2 | ) | |||
Income tax (expense) benefit
|
(48.4 | ) | 6.7 | (41.7 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
96.6 | (12.0 | ) | 84.6 | |||||
Electric
|
Great Plains
|
|||||||||||
Utility |
Other
|
Eliminations
|
Energy
|
|||||||||
June 30, 2011
|
(millions)
|
|||||||||||
Assets
|
$ | 9,278.5 | $ | 65.2 | $ | (421.5 | ) | $ | 8,922.2 | |||
Capital expenditures (a)
|
193.2 | - | - | 193.2 | ||||||||
December 31, 2010
|
||||||||||||
Assets
|
$ | 9,152.7 | $ | 66.3 | $ | (400.8 | ) | $ | 8,818.2 | |||
Capital expenditures (a)
|
618.1 | - | - | 618.1 | ||||||||
(a) Capital expenditures reflect year to date amounts for the periods presented.
|
Three Months Ended
|
Year to Date
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Operating revenues
|
$ | 565.1 | $ | 552.0 | $ | 1,058.0 | $ | 1,058.9 | ||||
Fuel
|
(114.4 | ) | (104.1 | ) | (219.3 | ) | (205.9 | ) | ||||
Purchased power
|
(55.4 | ) | (37.9 | ) | (110.3 | ) | (103.4 | ) | ||||
Transmission of electricity by others
|
(7.0 | ) | (7.2 | ) | (14.5 | ) | (12.8 | ) | ||||
Gross margin (a)
|
388.3 | 402.8 | 713.9 | 736.8 | ||||||||
Other operating expenses
|
(202.1 | ) | (186.9 | ) | (404.4 | ) | (376.7 | ) | ||||
Voluntary separation program
|
(3.0 | ) | - | (12.7 | ) | - | ||||||
Depreciation and amortization
|
(67.6 | ) | (81.0 | ) | (140.0 | ) | (163.2 | ) | ||||
Operating income
|
115.6 | 134.9 | 156.8 | 196.9 | ||||||||
Non-operating income and expenses
|
(2.0 | ) | 9.1 | (0.6 | ) | 23.6 | ||||||
Interest charges
|
(50.3 | ) | (46.7 | ) | (95.2 | ) | (93.2 | ) | ||||
Income tax expense
|
(19.8 | ) | (32.0 | ) | (15.2 | ) | (41.7 | ) | ||||
Loss from equity investments
|
(0.1 | ) | (0.9 | ) | (0.1 | ) | (0.9 | ) | ||||
Net income
|
43.4 | 64.4 | 45.7 | 84.7 | ||||||||
Less: Net (income) loss attributable to noncontrolling interest
|
- | (0.1 | ) | 0.1 | (0.1 | ) | ||||||
Net income attributable to Great Plains Energy
|
43.4 | 64.3 | 45.8 | 84.6 | ||||||||
Preferred dividends
|
(0.4 | ) | (0.4 | ) | (0.8 | ) | (0.8 | ) | ||||
Earnings available for common shareholders
|
$ | 43.0 | $ | 63.9 | $ | 45.0 | $ | 83.8 | ||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin below.
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Operating revenues
|
$ | 565.1 | $ | 552.0 | $ | 1,058.0 | $ | 1,058.9 | ||||
Fuel
|
(114.4 | ) | (104.1 | ) | (219.3 | ) | (205.9 | ) | ||||
Purchased power
|
(55.4 | ) | (37.9 | ) | (110.3 | ) | (103.4 | ) | ||||
Transmission of electricity by others
|
(7.0 | ) | (7.2 | ) | (14.5 | ) | (12.8 | ) | ||||
Gross margin (a)
|
388.3 | 402.8 | 713.9 | 736.8 | ||||||||
Other operating expenses
|
(201.2 | ) | (185.7 | ) | (402.6 | ) | (374.7 | ) | ||||
Voluntary separation program
|
(3.0 | ) | - | (12.7 | ) | - | ||||||
Depreciation and amortization
|
(67.6 | ) | (81.0 | ) | (140.0 | ) | (163.2 | ) | ||||
Operating income
|
116.5 | 136.1 | 158.6 | 198.9 | ||||||||
Non-operating income and expenses
|
(1.2 | ) | 8.8 | (1.1 | ) | 18.7 | ||||||
Interest charges
|
(40.3 | ) | (36.4 | ) | (74.6 | ) | (72.6 | ) | ||||
Income tax expense
|
(26.0 | ) | (36.8 | ) | (26.9 | ) | (48.4 | ) | ||||
Net income
|
$ | 49.0 | $ | 71.7 | $ | 56.0 | $ | 96.6 | ||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's
|
||||||||||||
Results of Operations.
|
||||||||||||
Revenues and Costs
|
%
|
MWhs Sold
|
%
|
|||||||||||||||
Three Months Ended June 30
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||
Residential
|
$ | 217.2 | $ | 211.9 | 3 | 1,976 | 1,983 | - | ||||||||||
Commercial
|
222.9 | 218.1 | 2 | 2,630 | 2,724 | (3 | ) | |||||||||||
Industrial
|
53.2 | 53.4 | - | 848 | 881 | (4 | ) | |||||||||||
Other retail revenues
|
4.8 | 4.8 | - | 28 | 33 | (6 | ) | |||||||||||
Provision for rate refund (excess Missouri
|
||||||||||||||||||
wholesale margin)
|
0.1 | (1.5 | ) |
NM
|
NA
|
NA
|
NA
|
|||||||||||
Fuel recovery mechanism under recovery
|
18.8 | 7.2 |
NM
|
NA
|
NA
|
NA
|
||||||||||||
Total retail
|
517.0 | 493.9 | 5 | 5,482 | 5,621 | (2 | ) | |||||||||||
Wholesale revenues
|
37.8 | 47.0 | (20 | ) | 1,132 | 1,579 | (28 | ) | ||||||||||
Other revenues
|
10.3 | 11.1 | (7 | ) |
NA
|
NA
|
NA
|
|||||||||||
Operating revenues
|
565.1 | 552.0 | 2 | 6,614 | 7,200 | (8 | ) | |||||||||||
Fuel
|
(114.4 | ) | (104.1 | ) | 10 | |||||||||||||
Purchased power
|
(55.4 | ) | (37.9 | ) | 46 | |||||||||||||
Transmission of electricity by others
|
(7.0 | ) | (7.2 | ) | (4 | ) | ||||||||||||
Gross margin (a)
|
$ | 388.3 | $ | 402.8 | (4 | ) | ||||||||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results
|
||||||||||||||||||
of Operations.
|
||||||||||||||||||
Revenues and Costs
|
%
|
MWhs Sold
|
%
|
|||||||||||||||
Year to Date June 30
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||
Residential
|
$ | 418.7 | $ | 416.6 | - | 4,413 | 4,522 | (2 | ) | |||||||||
Commercial
|
405.2 | 400.4 | 1 | 5,219 | 5,348 | (2 | ) | |||||||||||
Industrial
|
91.7 | 93.8 | (2 | ) | 1,594 | 1,626 | (2 | ) | ||||||||||
Other retail revenues
|
9.3 | 9.0 | 5 | 59 | 58 | 3 | ||||||||||||
Provision for rate refund (excess Missouri
|
||||||||||||||||||
wholesale margin)
|
- | (1.5 | ) |
NM
|
NA
|
NA
|
NA
|
|||||||||||
Fuel recovery mechanism under recovery
|
31.6 | 20.8 | 52 |
NA
|
NA
|
NA
|
||||||||||||
Total retail
|
956.5 | 939.1 | 2 | 11,285 | 11,554 | (2 | ) | |||||||||||
Wholesale revenues
|
79.1 | 96.7 | (18 | ) | 2,389 | 2,902 | (18 | ) | ||||||||||
Other revenues
|
22.4 | 23.1 | (3 | ) |
NA
|
NA
|
NA
|
|||||||||||
Operating revenues
|
1,058.0 | 1,058.9 | - | 13,674 | 14,456 | (5 | ) | |||||||||||
Fuel
|
(219.3 | ) | (205.9 | ) | 6 | |||||||||||||
Purchased power
|
(110.3 | ) | (103.4 | ) | 7 | |||||||||||||
Transmission of electricity by others
|
(14.5 | ) | (12.8 | ) | 13 | |||||||||||||
Gross margin (a)
|
$ | 713.9 | $ | 736.8 | (3 | ) | ||||||||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results
|
||||||||||||||||||
of Operations.
|
||||||||||||||||||
·
|
unfavorable weather driven by a 12% decrease in cooling degree days;
|
·
|
a decrease in weather-normalized retail demand;
|
·
|
a $2.9 million and $7.5 million increase for the three months ended and year to date June 30, 2011, respectively, in coal transportation costs not recovered in KCP&L’s Missouri retail rates where there is no fuel recovery mechanism, prior to new rates effective May 4, 2011; and
|
·
|
an estimated $11 million impact from an extended refueling outage at Wolf Creek, which resulted in less generation available for wholesale sales, increased fuel expense due to the use of more coal in the fuel mix, which has a higher cost compared to nuclear fuel, and increased purchased power expense due to an increase in MWhs purchased. Wolf Creek’s latest refueling outage began on March 19, 2011, and included several increases in work scope that extended the outage. Primary components of the increased work scope were related to inspection and repair of essential service water system piping, testing and replacement of underground high voltage cables, and a repair of a ground on the main generator rotor. During the last week of June 2011 before the unit returned to full capacity, Wolf Creek had an unplanned outage related to one of two main feed pumps. Wolf Creek returned to 100% capacity in early July 2011.
|
·
|
a $4.4 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with rates effective December 1, 2010, and May 4, 2011, for KCP&L in Kansas and Missouri, respectively;
|
·
|
a $3.0 million increase in pension expense recognized pursuant to higher rates authorized in the MPSC and KCC rate orders; and
|
·
|
a $2.9 million increase in general taxes driven by increased property taxes.
|
·
|
a $5.2 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with rates effective December 1, 2010, and May 4, 2011, for KCP&L in Kansas and Missouri, respectively;
|
·
|
a $5.5 million increase in pension expense recognized pursuant to higher rates authorized in the MPSC and KCC rate orders;
|
·
|
a $6.9 million increase in general taxes driven by increased property taxes; and
|
·
|
as a result of disallowances in the MPSC rate orders, KCP&L and GMO recognized combined losses of $2.3 million for construction costs related to Iatan No. 2 and to the Iatan No. 1 environmental project. KCP&L and GMO also recognized a combined $3.9 million loss for other disallowed costs in the MPSC rate orders.
|
·
|
Great Plains Energy’s deferred refueling outage costs increased $31.0 million due to the deferral of costs for the Wolf Creek refueling outage that began on March 19, 2011, and included several increases in work scope that extended the outage. These deferred costs will be amortized over the months prior to the next refueling outage currently scheduled for the fall of 2012.
|
·
|
Great Plains Energy’s deferred income taxes – current assets decreased $11.1 million primarily due to increased temporary differences resulting from the increased deferred refueling outage costs.
|
·
|
Great Plains Energy’s notes payable increased $82.5 million due to increased borrowings due to the timing of cash payments.
|
·
|
Great Plains Energy’s commercial paper increased $213.2 million due to borrowings for the purchase in lieu of redemption of KCP&L’s EIRR Series 1993B bonds totaling $39.5 million and EIRR Series 2007A-1 and 2007 A-2 totaling $73.3 million and other increased borrowings due to the timing of cash payments.
|
·
|
Great Plains Energy’s current maturities of long-term debt decreased $34.4 million due to the repayment of $137.3 million and $197.0 million at maturity of GMO’s 7.95% and 7.75% Senior Notes, respectively, offset by the reclassification of $287.5 million of Great Plains Energy’s 10.00% Equity Units Subordinated Notes from long-term debt.
|
·
|
Great Plains Energy’s accounts payable decreased $80.7 million primarily due to the timing of cash payments.
|
·
|
Great Plains Energy’s accrued taxes increased $33.6 million primarily due to the timing of property tax payments.
|
·
|
Great Plains Energy’s derivative instruments – current liabilities decreased $20.8 million due to the settlement of FSS upon the issuance of Great Plains Energy’s $350.0 million of 4.85% Senior Notes.
|
·
|
Great Plains Energy’s other deferred credits and other liabilities decreased $27.1 million primarily due to a decrease in unrecognized tax benefits related to the settlement of the IRS audit for Great Plains Energy’s 2006-2008 tax years.
|
·
|
Great Plains Energy’s long-term debt decreased $81.9 million primarily due to the $287.5 million of Great Plains Energy’s 10.00% Equity Units Subordinated Notes reclassified to current maturities and the purchase in lieu of redemption of $112.8 million of KCP&L’s EIRR bonds, offset by Great Plains Energy’s issuance of $350.0 million of 4.85% Senior Notes in May 2011.
|
Three Months Ended
|
Year to Date
|
|||||||||||
June 30
|
June 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Operating revenues
|
$ | 383.4 | $ | 372.6 | $ | 714.2 | $ | 708.2 | ||||
Fuel
|
(81.5 | ) | (67.9 | ) | (149.7 | ) | (129.4 | ) | ||||
Purchased power
|
(20.4 | ) | (10.9 | ) | (41.8 | ) | (38.2 | ) | ||||
Transmission of electricity by others
|
(4.2 | ) | (4.0 | ) | (8.5 | ) | (6.9 | ) | ||||
Gross margin (a)
|
277.3 | 289.8 | 514.2 | 533.7 | ||||||||
Other operating expenses
|
(148.9 | ) | (142.8 | ) | (299.1 | ) | (282.7 | ) | ||||
Voluntary separation program
|
(2.4 | ) | - | (9.2 | ) | - | ||||||
Depreciation and amortization
|
(48.2 | ) | (62.3 | ) | (101.6 | ) | (125.8 | ) | ||||
Operating income
|
77.8 | 84.7 | 104.3 | 125.2 | ||||||||
Non-operating income and expenses
|
(0.9 | ) | 7.0 | (1.4 | ) | 15.0 | ||||||
Interest charges
|
(27.3 | ) | (22.0 | ) | (50.4 | ) | (43.7 | ) | ||||
Income tax expense
|
(16.2 | ) | (21.5 | ) | (15.1 | ) | (29.1 | ) | ||||
Net income
|
$ | 33.4 | $ | 48.2 | $ | 37.4 | $ | 67.4 | ||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's
|
||||||||||||
Results of Operations.
|
||||||||||||
Revenues and Costs
|
%
|
MWhs Sold
|
%
|
|||||||||||||||
Three Months Ended June 30
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||
Residential
|
$ | 138.1 | $ | 132.3 | 4 | 1,231 | 1,240 | (1 | ) | |||||||||
Commercial
|
161.9 | 154.9 | 5 | 1,855 | 1,909 | (3 | ) | |||||||||||
Industrial
|
33.6 | 33.2 | 1 | 499 | 525 | (5 | ) | |||||||||||
Other retail revenues
|
3.0 | 2.9 | 5 | 20 | 20 | 1 | ||||||||||||
Provision for rate refund (excess
|
||||||||||||||||||
Missouri wholesale margin)
|
0.1 | (1.5 | ) |
NM
|
NA
|
NA
|
NA
|
|||||||||||
Kansas ECA (over) under recovery
|
7.6 | 1.9 |
NM
|
NA
|
NA
|
NA
|
||||||||||||
Total retail
|
344.3 | 323.7 | 6 | 3,605 | 3,694 | (2 | ) | |||||||||||
Wholesale revenues
|
35.1 | 44.0 | (20 | ) | 1,046 | 1,495 | (30 | ) | ||||||||||
Other revenues
|
4.0 | 4.9 | (17 | ) |
NA
|
NA
|
NA
|
|||||||||||
Operating revenues
|
383.4 | 372.6 | 3 | 4,651 | 5,189 | (10 | ) | |||||||||||
Fuel
|
(81.5 | ) | (67.9 | ) | 20 | |||||||||||||
Purchased power
|
(20.4 | ) | (10.9 | ) | 86 | |||||||||||||
Transmission of electricity by others
|
(4.2 | ) | (4.0 | ) | 5 | |||||||||||||
Gross margin (a)
|
$ | 277.3 | $ | 289.8 | (4 | ) | ||||||||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's
|
||||||||||||||||||
Results of Operations.
|
||||||||||||||||||
Revenues and Costs
|
%
|
MWhs Sold
|
%
|
|||||||||||||||
Year to Date June 30
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||
Residential
|
$ | 258.8 | $ | 254.6 | 2 | 2,633 | 2,701 | (3 | ) | |||||||||
Commercial
|
296.3 | 289.2 | 2 | 3,689 | 3,768 | (2 | ) | |||||||||||
Industrial
|
57.7 | 59.5 | (3 | ) | 940 | 973 | (3 | ) | ||||||||||
Other retail revenues
|
6.1 | 5.9 | 3 | 43 | 43 | 1 | ||||||||||||
Provision for rate refund (excess
|
||||||||||||||||||
Missouri wholesale margin)
|
- | (1.5 | ) |
NM
|
NA
|
NA
|
NA
|
|||||||||||
Kansas ECA under recovery
|
12.2 | 2.9 |
NM
|
NA
|
NA
|
NA
|
||||||||||||
Total retail
|
631.1 | 610.6 | 3 | 7,305 | 7,485 | (2 | ) | |||||||||||
Wholesale revenues
|
74.0 | 87.8 | (16 | ) | 2,236 | 2,673 | (16 | ) | ||||||||||
Other revenues
|
9.1 | 9.8 | (7 | ) |
NA
|
NA
|
NA
|
|||||||||||
Operating revenues
|
714.2 | 708.2 | 1 | 9,541 | 10,158 | (6 | ) | |||||||||||
Fuel
|
(149.7 | ) | (129.4 | ) | 16 | |||||||||||||
Purchased power
|
(41.8 | ) | (38.2 | ) | 9 | |||||||||||||
Transmission of electricity by others
|
(8.5 | ) | (6.9 | ) | 23 | |||||||||||||
Gross margin (a)
|
$ | 514.2 | $ | 533.7 | (4 | ) | ||||||||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's
|
||||||||||||||||||
Results of Operations.
|
||||||||||||||||||
·
|
unfavorable weather driven by a 12% decrease in cooling degree days;
|
·
|
a decrease in weather-normalized retail demand;
|
·
|
a $2.9 million and $7.5 million increase for the three months ended and year to date June 30, 2011, respectively, in coal transportation costs not recovered in KCP&L’s Missouri retail rates where there is no fuel recovery mechanism, prior to new rates effective May 4, 2011; and
|
·
|
an estimated $11 million impact from an extended refueling outage at Wolf Creek, which resulted in less generation available for wholesale sales, increased fuel expense due to the use of more coal in the fuel mix, which has a higher cost compared to nuclear fuel, and increased purchased power expense due to an increase in MWhs purchased. Wolf Creek’s latest refueling outage began on March 19, 2011, and included several increases in work scope that extended the outage. Primary components of the increased work scope were related to inspection and repair of essential service water system piping, testing and replacement of underground high voltage cables, and a repair of a ground on the main generator rotor. During the last week of June 2011 before the unit returned to full capacity, Wolf Creek had an unplanned outage related to one of two main feed pumps. Wolf Creek returned to 100% capacity in early July 2011.
|
·
|
a $2.0 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with Kansas rates effective December 1, 2010, and Missouri rates effective May 4, 2011 and
|
·
|
a $2.5 million increase in general taxes driven by increased property taxes.
|
·
|
a $3.0 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with Kansas rates effective December 1, 2010, and Missouri rates May 4, 2011;
|
·
|
a $5.2 million increase in general taxes driven by increased property taxes; and
|
·
|
as a result of disallowances in the MPSC rate order, KCP&L recognized losses of $1.5 million for construction costs related to Iatan No. 2 and to the Iatan No. 1 environmental project. KCP&L also recognized a $2.4 million loss for other disallowed costs in the MPSC rate order.
|
Issuer Purchases of Equity Securities
|
||||||||||||||
Maximum Number
|
||||||||||||||
Total Number of
|
(or Approximate
|
|||||||||||||
Shares (or Units)
|
Dollar Value) of
|
|||||||||||||
Total
|
Purchased as
|
Shares (or Units)
|
||||||||||||
Number of
|
Average |
Part of Publicly
|
that May Yet Be
|
|||||||||||
Shares
|
Price Paid |
Announced
|
Purchased Under
|
|||||||||||
(or Units)
|
per Share
|
Plans or
|
the Plans or
|
|||||||||||
Month
|
Purchased
|
(or Unit)
|
Programs
|
Programs
|
||||||||||
April 1 - 30
|
12,657
|
(1) (2)
|
$ 16.96
|
-
|
N/A
|
|||||||||
May 1 - 31
|
37,534
|
(1) (2)
|
19.97
|
-
|
N/A
|
|||||||||
June 1 - 30
|
7,469
|
(2)
|
17.87
|
-
|
N/A
|
|||||||||
Total
|
57,660
|
$ 19.04
|
-
|
N/A
|
||||||||||
(1)
|
Represents common shares surrendered to the Company to pay taxes related to the vesting of restricted
|
|||||||||||||
common shares.
|
||||||||||||||
(2)
|
Represents common shares surrendered to the Company following the resignation of a certain officer.
|
Exhibit
Number
|
Description of Document
|
Registrant
|
|
4.1 |
Fifteenth Supplemental Indenture, dated as of June 30, 2011, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee.
|
Great Plains Energy
KCP&L
|
|
4.2 |
*
|
Fourth Supplemental Indenture dated as of May 19, 2011 between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee. (Exhibit 4.1 to Form 8-K filed on May 19, 2011).
|
Great Plains Energy
|
10.1 |
+
|
Retirement and Consulting Agreement dated May 20, 2011 among Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and William H. Downey.
|
Great Plains Energy
KCP&L
|
10.2
|
* +
|
Amended Long-Term Incentive Plan adopted as of May 3, 2011. (Exhibit 10.1 to Form 8-K filed on May 6, 2011).
|
Great Plains Energy
KCP&L
|
12.1
|
Computation of Ratio of Earnings to Fixed Charges.
|
Great Plains Energy
|
|
12.2
|
Computation of Ratio of Earnings to Fixed Charges.
|
KCP&L
|
|
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of Michael J. Chesser.
|
Great Plains Energy
|
|
31.2
|
Rule 13a-14(a)/15d-14(a) Certification of James C. Shay.
|
Great Plains Energy
|
|
31.3
|
Rule 13a-14(a)/15d-14(a) Certification of Michael J. Chesser.
|
KCP&L
|
|
31.4
|
Rule 13a-14(a)/15d-14(a) Certification of James C. Shay.
|
KCP&L
|
|
32.1
|
**
|
Section 1350 Certifications.
|
Great Plains Energy
|
32.2
|
**
|
Section 1350 Certifications.
|
KCP&L
|
101.INS
|
**
|
XBRL Instance Document.
|
Great Plains Energy
KCP&L
|
101.SCH
|
**
|
XBRL Taxonomy Extension Schema Document.
|
Great Plains Energy
KCP&L
|
101.CAL
|
**
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
Great Plains Energy
KCP&L
|
101.DEF
|
**
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
Great Plains Energy
KCP&L
|
101.LAB
|
**
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
Great Plains Energy
KCP&L
|
101.PRE
|
**
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
Great Plains Energy
KCP&L
|
GREAT PLAINS ENERGY INCORPORATED
|
|
Dated: August 5, 2011
|
By: /s/ Michael J. Chesser
|
(Michael J. Chesser)
|
|
(Chief Executive Officer)
|
|
Dated: August 5, 2011
|
By: /s/ Lori A. Wright
|
(Lori A. Wright)
|
|
(Principal Accounting Officer)
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
Dated: August 5, 2011
|
By: /s/ Michael J. Chesser
|
(Michael J. Chesser)
|
|
(Chief Executive Officer)
|
|
Dated: August 5, 2011
|
By: /s/ Lori A. Wright
|
(Lori A. Wright)
|
|
(Principal Accounting Officer)
|
|
By /s/ James C. Shay
|
|
James C. Shay
|
|
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
|
) ss
|
|
By /s/ Anthony P. Hawkins |
|
Anthony P. Hawkins
|
|
Vice President
|
|
) ss
|
|
i.
|
Out of or in any manner related to the employment or retirement of the Executive, including but not limited to Executive’s employment offer letter dated April 7, 2005; or
|
|
ii.
|
Under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e-5; or
|
|
iii.
|
Under the Age Discrimination in Employment Act ("ADEA"), as amended, 29 U.S.C. § 621, et seq., including the provisions of the Older Workers Benefits Protection Act amendments to the ADEA; or
|
|
iv.
|
Under the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101, et seq.; or
|
|
v.
|
Under any and all federal, state or local discrimination statutes, laws, ordinances, regulations or Executive Orders including but not limited to the Missouri Human Rights Act, or other applicable state discrimination act; or
|
|
vi.
|
Under Family and Medical Leave Act ("FMLA"), or any comparable state statute; or
|
|
vii.
|
Under any exception to the employment-at-will doctrine, including any common-law theory sounding in tort, contract, or public policy; or
|
|
ix.
|
Under the National Labor Relations Act, as amended, 29 U.S.C. Subsection 141, et seq.; or
|
|
x.
|
Under any state "service letter" statute, including but not limited to Missouri's Service Letter Statute, R.S.Mo., 290.140; or
|
|
xiii.
|
Under Section 806 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1514A; or
|
|
xiv.
|
Under the Change In Control Severance Agreement dated as of September 1, 2006.
|
Great Plains Energy Incorporated
|
Executive
|
Kansas City Power & Light Company
|
|
KCP&L Greater Missouri Operations Company
|
|
By: /s/ Michael J. Chesser
|
/s/ William H. Downey
|
Michael J. Chesser
|
William H. Downey
|
Chairman of the Board and Chief Executive Officer
|
Exhibit 12.1 | |||||||||||||||||||
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
|||||||||||||||||||
Year to Date
|
|||||||||||||||||||
June 30
|
|||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||
(millions)
|
|||||||||||||||||||
Income from continuing operations
|
$ | 45.7 | $ | 211.9 | $ | 151.9 | $ | 119.7 | $ | 120.9 | $ | 136.7 | |||||||
Add
|
|||||||||||||||||||
Equity investment loss
|
0.1 | 1.0 | 0.4 | 1.3 | 2.0 | 1.9 | |||||||||||||
Income subtotal
|
45.8 | 212.9 | 152.3 | 121.0 | 122.9 | 138.6 | |||||||||||||
Add
|
|||||||||||||||||||
Taxes on income
|
15.2 | 99.0 | 29.5 | 63.8 | 44.9 | 60.3 | |||||||||||||
Kansas City earnings tax
|
- | 0.1 | 0.4 | 0.3 | 0.5 | 0.5 | |||||||||||||
Total taxes on income
|
15.2 | 99.1 | 29.9 | 64.1 | 45.4 | 60.8 | |||||||||||||
Interest on value of leased property
|
3.1 | 6.2 | 6.5 | 3.6 | 3.9 | 4.1 | |||||||||||||
Interest on long-term debt
|
107.9 | 218.9 | 203.6 | 126.2 | 74.1 | 62.6 | |||||||||||||
Interest on short-term debt
|
6.6 | 9.7 | 10.3 | 18.2 | 26.4 | 9.2 | |||||||||||||
Other interest expense and amortization (a)
|
5.0 | 9.7 | 4.7 | (1.4 | ) | 5.8 | 3.9 | ||||||||||||
Total fixed charges
|
122.6 | 244.5 | 225.1 | 146.6 | 110.2 | 79.8 | |||||||||||||
Earnings before taxes on
|
|||||||||||||||||||
income and fixed charges
|
$ | 183.6 | $ | 556.5 | $ | 407.3 | $ | 331.7 | $ | 278.5 | $ | 279.2 | |||||||
Ratio of earnings to fixed charges
|
1.50 | 2.28 | 1.81 | 2.26 | 2.53 | 3.50 | |||||||||||||
(a)
|
On January 1, 2007, Great Plains Energy elected to make an accounting policy change to recognize interest
|
||||||||||||||||||
related to uncertain tax positions in interest expense.
|
Exhibit 12.2 | |||||||||||||||||||
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
|||||||||||||||||||
Year to Date
|
|||||||||||||||||||
June 30
|
|||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||
(millions)
|
|||||||||||||||||||
Income from continuing operations
|
$ | 37.4 | $ | 163.2 | $ | 128.9 | $ | 125.2 | $ | 156.7 | $ | 149.3 | |||||||
Add
|
|||||||||||||||||||
Taxes on income
|
15.1 | 81.6 | 46.9 | 59.8 | 59.3 | 70.3 | |||||||||||||
Kansas City earnings tax
|
- | 0.1 | 0.2 | 0.5 | 0.5 | 0.5 | |||||||||||||
Total taxes on income
|
15.1 | 81.7 | 47.1 | 60.3 | 59.8 | 70.8 | |||||||||||||
Interest on value of leased property
|
2.8 | 5.7 | 6.0 | 3.3 | 3.9 | 4.1 | |||||||||||||
Interest on long-term debt
|
57.6 | 117.9 | 110.4 | 79.3 | 54.5 | 55.4 | |||||||||||||
Interest on short-term debt
|
2.7 | 3.9 | 5.3 | 15.2 | 20.3 | 8.0 | |||||||||||||
Other interest expense and amortization (a)
|
2.1 | 4.2 | 0.3 | 1.4 | 6.8 | 3.2 | |||||||||||||
Total fixed charges
|
65.2 | 131.7 | 122.0 | 99.2 | 85.5 | 70.7 | |||||||||||||
Earnings before taxes on
|
|||||||||||||||||||
income and fixed charges
|
$ | 117.7 | $ | 376.6 | $ | 298.0 | $ | 284.7 | $ | 302.0 | $ | 290.8 | |||||||
Ratio of earnings to fixed charges
|
1.81 | 2.86 | 2.44 | 2.87 | 3.53 | 4.11 | |||||||||||||
(a)
|
On January 1, 2007, Kansas City Power & Light Company elected to make an accounting policy change to
|
||||||||||||||||||
recognize interest related to uncertain tax positions in interest expense.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 5, 2011
|
/s/ Michael J. Chesser
|
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 5, 2011
|
/s/ James C. Shay
|
||
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 5, 2011
|
/s/ Michael J. Chesser
|
||
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 5, 2011
|
/s/ James C. Shay
|
||
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
/s/ Michael J. Chesser
|
||
Name:
Title:
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
|
Date:
|
August 5, 2011
|
|
/s/ James C. Shay
|
||
Name:
Title:
|
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
|
Date:
|
August 5, 2011
|
/s/ Michael J. Chesser
|
||
Name:
Title:
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
|
Date:
|
August 5, 2011
|
|
/s/ James C. Shay
|
||
Name:
Title:
|
James C. Shay
Senior Vice President - Finance and Strategic Development and Chief Financial Officer
|
|
Date:
|
August 5, 2011
|
DERIVATIVE INSTRUMENTS (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Futures contracts [Member]
Cash flow hedges [Member]
|
Dec. 31, 2010
Kansas City Power & Light Company [Member]
Futures contracts [Member]
Cash flow hedges [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Cash flow hedges [Member]
|
Dec. 31, 2010
Kansas City Power & Light Company [Member]
Cash flow hedges [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Cash flow hedges [Member]
Assets, current [Member]
|
Dec. 31, 2010
Kansas City Power & Light Company [Member]
Cash flow hedges [Member]
Assets, current [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Cash flow hedges [Member]
Liabilities, current [Member]
|
Dec. 31, 2010
Kansas City Power & Light Company [Member]
Cash flow hedges [Member]
Liabilities, current [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Cash flow hedges [Member]
Deferred income taxes [Member]
|
Dec. 31, 2010
Kansas City Power & Light Company [Member]
Cash flow hedges [Member]
Deferred income taxes [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Interest Rate Contract [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Interest Rate Contract [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Interest Rate Contract [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Interest Rate Contract [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Interest Rate Contract [Member]
Interest charges [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Interest Rate Contract [Member]
Interest charges [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Interest Rate Contract [Member]
Interest charges [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Interest Rate Contract [Member]
Interest charges [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
Fuel [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
Fuel [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
Fuel [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
Fuel [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Income Tax Benefit Expense [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Income Tax Benefit Expense [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Income Tax Benefit Expense [Member]
|
Jun. 30, 2010
Kansas City Power & Light Company [Member]
Income Tax Benefit Expense [Member]
|
Jun. 30, 2011
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
Derivative Instrument, Current and Noncurrent [Member]
|
Dec. 31, 2010
Kansas City Power & Light Company [Member]
Commodity Contract [Member]
Derivative Instrument, Current and Noncurrent [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Futures contracts [Member]
Cash flow hedges [Member]
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Futures contracts [Member]
Cash flow hedges [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Futures contracts [Member]
Non-hedging derivatives
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Futures contracts [Member]
Non-hedging derivatives
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Option contracts [Member]
Non-hedging derivatives
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Option contracts [Member]
Non-hedging derivatives
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Forward contracts [Member]
Non-hedging derivatives
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Forward contracts [Member]
Non-hedging derivatives
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Anticipated debt issuance [Member]
Forward Starting Swaps [Member]
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Anticipated debt issuance [Member]
Forward Starting Swaps [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Cash flow hedges [Member]
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Cash flow hedges [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Cash flow hedges [Member]
Assets, current [Member]
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Cash flow hedges [Member]
Assets, current [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Cash flow hedges [Member]
Liabilities, current [Member]
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Cash flow hedges [Member]
Liabilities, current [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Cash flow hedges [Member]
Deferred income taxes [Member]
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Cash flow hedges [Member]
Deferred income taxes [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Interest Rate Contract [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Interest Rate Contract [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Interest Rate Contract [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Interest Rate Contract [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Interest Rate Contract [Member]
Interest charges [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Interest Rate Contract [Member]
Interest charges [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Interest Rate Contract [Member]
Interest charges [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Interest Rate Contract [Member]
Interest charges [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
Fuel [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
Fuel [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
Fuel [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
Fuel [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Income Tax Benefit Expense [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Income Tax Benefit Expense [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Income Tax Benefit Expense [Member]
|
Jun. 30, 2010
Total (Great Plains Energy) [Member]
Income Tax Benefit Expense [Member]
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Interest Rate Contract [Member]
Derivative Instrument, Current and Noncurrent [Member]
|
Jun. 30, 2011
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
Derivative Instrument, Current and Noncurrent [Member]
|
Dec. 31, 2010
Total (Great Plains Energy) [Member]
Commodity Contract [Member]
Derivative Instrument, Current and Noncurrent [Member]
|
Jun. 30, 2011
Commodity contract derivatives not designated as hedging instruments [Member]
|
Jun. 30, 2010
Commodity contract derivatives not designated as hedging instruments [Member]
|
Jun. 30, 2011
Commodity contract derivatives not designated as hedging instruments [Member]
|
Jun. 30, 2010
Commodity contract derivatives not designated as hedging instruments [Member]
|
|
Interest rate risk management [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Amount of long term debt issued | $ 350.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Number of Forward Starting Swaps settled with debt issued (in number of forward starting swaps) | 6 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Loss recorded in other comprehensive income on Forward Starting Swaps settled with debt issued | 26.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Reclassification period for loss recorded in other comprehensive income (years) | 3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Amount of loss reclassified from other comprehensive income to interest expense | 1.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Percentage of projected natural gas usage hedged at KCPL (in hundredths) | Â | 31.00% | 68.00% | 100.00% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Percentage of expected on-peak natural gas and natural gas equivalent purchased power price exposure that is hedged at GMO | Â | 38.00% | 61.00% | 74.00% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Notional Contract Amount | Â | Â | Â | Â | Â | Â | Â | Â | 2.0 | 4.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2.0 | 4.0 | 25.1 | 59.5 | 0.9 | 0.2 | 145.0 | 202.8 | 0 | 350.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Fair Value | Â | Â | Â | Â | Â | Â | Â | Â | (0.1) | 0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (0.1) | 0 | (0.6) | (2.5) | 0.1 | 0 | 10.0 | 8.9 | 0 | (20.8) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative Asset, Fair Value [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative Asset Designated as Hedging Instrument, Fair Value | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | 0.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | 0.1 | Â | Â | Â | Â |
Derivative Asset Not Designated as Hedging Instrument, Fair Value | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | 10.1 | 9.4 | Â | Â | Â | Â |
Derivative Asset, Fair Value, Total | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 10.1 | Â | 10.1 | Â | 9.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative Liability, Fair Value [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative Liability Designated as Hedging Instrument, Fair Value | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.1 | 0.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.1 | 0.1 | Â | Â | Â | Â |
Derivative Liability Not Designated as Hedging Instrument, Fair Value | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 20.8 | 0.6 | 3.0 | Â | Â | Â | Â |
Derivative Liability, Fair Value, Total | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.7 | Â | 0.7 | Â | 23.9 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative Instruments, Gain (Loss) [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Gain(Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Â | Â | Â | Â | (1.4) | (1.4) | (2.7) | (2.7) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (2.2) | (2.2) | (4.4) | (4.4) | Â | Â | Â | Â | 0 | 0 | 0 | 0 | 0.8 | 0.8 | 1.7 | 1.7 | Â | Â | (2.5) | (1.4) | (4.2) | (2.8) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (3.9) | (2.3) | (6.8) | (4.6) | Â | Â | Â | Â | 0 | 0 | 0 | 0 | 1.4 | 0.9 | 2.6 | 1.8 | Â | Â | Â | Â | Â | Â | Â |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | Â | Â | Â | Â | (0.1) | (0.2) | (0.1) | (0.4) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | 0 | 0 | 0 | Â | Â | Â | Â | (0.1) | (0.2) | (0.1) | (0.6) | Â | Â | Â | Â | 0 | 0 | 0 | 0.2 | Â | Â | (3.7) | (8.8) | (3.3) | (13.5) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (5.8) | (14.1) | (5.3) | (21.5) | Â | Â | Â | Â | (0.1) | (0.2) | (0.1) | (0.6) | Â | Â | Â | Â | 2.2 | 5.5 | 2.1 | 8.6 | Â | Â | Â | Â | Â | Â | Â |
Gain(Loss) Reclassified from Regulatory Account into Income (Effective Portion) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (1.0) | (2.1) | (2.9) | (4.3) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (1.0) | (2.1) | (2.9) | (4.3) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Amount of Gain (Loss) Recognized on Regulatory Account on Derivatives (Effective Portion) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (1.0) | 0.4 | (1.3) | (5.9) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (1.0) | 0.4 | (1.3) | (5.9) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Derivatives included in accumulated other comprehensive income recorded value [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Recorded amount included in accumulated other comprehensive income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (33.8) | (36.4) | 11.7 | 12.0 | (67.0) | (71.6) | 21.5 | 23.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (53.8) | (54.7) | 11.7 | 12.0 | (99.7) | (101.5) | 34.2 | 34.8 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Accumulated other comprehensive income that is expected to be reclassified in the next twelve months | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 8.8 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 20.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Trading Activity, Gains and Losses, Net [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Gains (losses) reflected in the income statement for changes in fair value of commodity contracts not designated as hedging | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | $ (0.9) | $ (0.4) | $ 1.0 | $ 1.6 |
SEGMENTS AND RELATED INFORMATION (Details) (USD $)
In Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
|
Jun. 30, 2010
|
Dec. 31, 2010
|
|||||
Segment Reporting Information [Line Items] | Â | Â | Â | Â | Â | ||||
Operating revenues | $ 565.1 | $ 552.0 | $ 1,058.0 | $ 1,058.9 | Â | ||||
Depreciation and amortization | (67.6) | (81.0) | (140.0) | (163.2) | Â | ||||
Interest charges | (50.3) | (46.7) | (95.2) | (93.2) | Â | ||||
Income tax (expense) benefit | (19.8) | (32.0) | (15.2) | (41.7) | Â | ||||
Net income attributable to Great Plains Energy | 43.4 | 64.3 | 45.8 | 84.6 | Â | ||||
Assets | 8,922.2 | Â | 8,922.2 | Â | 8,818.2 | ||||
Capital expenditures | Â | Â | 193.2 | [1] | Â | 618.1 | [1] | ||
Electric Utility [Member]
|
 |  |  |  |  | ||||
Segment Reporting Information [Line Items] | Â | Â | Â | Â | Â | ||||
Operating revenues | 565.1 | 552.0 | 1,058.0 | 1,058.9 | Â | ||||
Depreciation and amortization | (67.6) | (81.0) | (140.0) | (163.2) | Â | ||||
Interest charges | (40.3) | (36.4) | (74.6) | (72.6) | Â | ||||
Income tax (expense) benefit | (26.0) | (36.8) | (26.9) | (48.4) | Â | ||||
Net income attributable to Great Plains Energy | 49.0 | 71.7 | 56.0 | 96.6 | Â | ||||
Assets | 9,278.5 | Â | 9,278.5 | Â | 9,152.7 | ||||
Capital expenditures | Â | Â | 193.2 | [1] | Â | 618.1 | [1] | ||
Other [Member]
|
 |  |  |  |  | ||||
Segment Reporting Information [Line Items] | Â | Â | Â | Â | Â | ||||
Operating revenues | 0 | 0 | 0 | 0 | Â | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | Â | ||||
Interest charges | (10.0) | (10.3) | (20.6) | (20.6) | Â | ||||
Income tax (expense) benefit | 6.2 | 4.8 | 11.7 | 6.7 | Â | ||||
Net income attributable to Great Plains Energy | (5.6) | (7.4) | (10.2) | (12.0) | Â | ||||
Assets | 65.2 | Â | 65.2 | Â | 66.3 | ||||
Capital expenditures | Â | Â | 0 | [1] | Â | 0 | [1] | ||
Eliminations Member [Member]
|
 |  |  |  |  | ||||
Segment Reporting Information [Line Items] | Â | Â | Â | Â | Â | ||||
Assets | (421.5) | Â | (421.5) | Â | (400.8) | ||||
Capital expenditures | Â | Â | $ 0 | [1] | Â | $ 0 | [1] | ||
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SEGMENTS AND RELATED INFORMATION
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments and Related Information |
Great Plains Energy has one reportable segment based on its method of internal reporting, which generally segregates reportable segments based on products and services, management responsibility and regulation. The one reportable business segment is electric utility, consisting of KCP&L and GMO’s regulated utility operations. Other includes GMO activity other than its regulated utility operations, unallocated corporate charges, consolidating entries and intercompany eliminations. Intercompany eliminations include insignificant amounts of intercompany financing-related activities. The summary of significant accounting policies applies to the reportable segment. Segment performance is evaluated based on net income attributable to Great Plains Energy. The following tables reflect summarized financial information concerning Great Plains Energy’s reportable segment.
|
LEGAL PROCEEDINGS (Details) (Pending or Threatened Litigation [Member], USD $)
In Millions |
Jun. 30, 2011
|
---|---|
Kansas City Power and Light Company [Member] | Spent Nuclear Fuel and Radioactive Waste [Member]
|
 |
Loss Contingencies [Line Items] | Â |
Amount of pending claims against the United States in the U.S. Court | $ 14.1 |
Amount awarded but subject to appeal | 5.0 |
KCPL Greater Missouri Operations Company [Member] | Price Reporting Litigation [Member]
|
 |
Loss Contingencies [Line Items] | Â |
Approximate amount of refunds received as a net purchaser of power through settlements with sellers of power | 8.0 |
Estimated additional refunds entitled to receive | 12.0 |
Amount of claims addressed under refund proceedings | 5.1 |
Total Wolf Creek including KCPL [Member] | Spent Nuclear Fuel and Radioactive Waste [Member]
|
 |
Loss Contingencies [Line Items] | Â |
Amount awarded but subject to appeal | $ 10.6 |
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] |
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REGULATORY MATTERS
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory matters |
KCP&L Kansas Rate Case Proceedings In November 2010, KCC issued an order, effective December 1, 2010, for KCP&L, authorizing an increase in annual revenues of $21.8 million, a return on equity of 10.0%, an equity ratio of approximately 49.7% and a Kansas jurisdictional rate base of $1.781 billion. The annual revenue increase was subsequently adjusted by KCC in a January 2011 reconsideration order to $22.0 million. In February 2011, KCC issued an order granting KCP&L and another party to the case their respective petitions for reconsideration regarding rate case expenses and therefore, approximately $1.4 million of the annual revenue increase is considered as interim subject to refund or true-up pending the outcome of the reconsideration proceedings regarding rate case expenses. A hearing is scheduled for September 2011 with a decision expected in the fourth quarter of 2011. The rates authorized by KCC are effective unless and until modified by KCC or stayed by a court. KCP&L Missouri Rate Case Proceedings On June 4, 2010, KCP&L filed a request with the MPSC to increase its Missouri retail electric annual revenues by $92.1 million. The request was ultimately adjusted during the rate case proceedings by KCP&L to $66.5 million as the net result of lower fuel and purchased power costs and other updates to the case. KCP&L’s initial and updated requests reflected, among other things, a proposed annual offset to its revenue requirement for the Missouri jurisdictional portion of KCP&L’s annual non-firm wholesale electric sales margin (wholesale margin offset); the final update included a proposed wholesale margin offset of approximately $29.4 million. On April 12, 2011, the MPSC issued its order and on April 14, 2011, the MPSC Staff filed a report which quantified the authorized revenue increase as approximately $34.8 million on an annual basis, which reflects a wholesale margin offset of approximately $45.9 million and authorizes a return on equity of 10.0%, an equity ratio of approximately 46.3% and a Missouri jurisdictional rate base of approximately $2.0 billion. If the actual Missouri jurisdiction wholesale margin amount exceeds the $45.9 million level reflected in the MPSC order, the difference will be recorded as a regulatory liability and will be returned, with interest, to KCP&L Missouri customers in a future rate case. The MPSC order provides the opportunity for KCP&L to retain a larger amount of non-firm wholesale electric sales margin than KCP&L proposed; however, there are no assurances that KCP&L will achieve the $45.9 million wholesale margin offset amount and there are no means for KCP&L to recover any shortfall through its retail rates. The rates established by the MPSC order took effect on May 4, 2011. As a result of disallowances in the MPSC order, KCP&L recognized losses of $1.5 million for construction costs related to Iatan No. 2 and the Iatan No. 1 environmental project year to date June 30, 2011. KCP&L also recorded a $2.4 million loss for other disallowed costs in the MPSC order. In a related order, the MPSC required KCP&L and GMO to apply to the Internal Revenue Service to reallocate approximately $26.5 million of Iatan No. 2 qualifying advance coal project tax credits from KCP&L to GMO, which they have done and are awaiting a decision. If KCP&L and GMO are unsuccessful, the MPSC has indicated that it intends for GMO’s customers to be compensated for the tax credits and that it will consider the ratemaking treatment of the tax credits in a future rate case. Certain ratemaking treatments that may be pursued by the MPSC could trigger the loss or repayment to the Internal Revenue Service of a portion of unamortized deferred investment tax credits. At June 30, 2011, KCP&L and GMO had $128.9 million and $3.7 million, respectively, of unamortized deferred investment tax credits. GMO Missouri Rate Case Proceedings On June 4, 2010, GMO filed requests with the MPSC to increase its Missouri retail electric annual revenues by $75.8 million for its Missouri Public Service division, and $22.1 million for its St. Joseph Light & Power (L&P) division. GMO subsequently adjusted its requests during the rate case proceedings to $65.9 million and $23.2 million, respectively, as the net result of updates to the cases. On May 4, 2011, the MPSC issued its order and on May 10, 2011, the MPSC Staff filed a report which quantified the authorized revenue increases on an annual basis as $30.1 million for GMO’s Missouri Public Service division and $29.3 million for GMO’s L&P division. The MPSC order authorized a return on equity of 10.0%, an equity ratio of approximately 46.6% and a Missouri jurisdictional rate base of $1.76 billion. In response to applications for clarification and rehearing of the MPSC order, the MPSC, on May 27, 2011, issued an order of clarification and modification. The modified MPSC order revised the authorized annual revenue increase to approximately $35.7 million for GMO’s Missouri Public Service division and approximately $29.8 million for GMO’s L&P division, resulting primarily from a clarification of the amount of fuel costs shifted from GMO’s fuel adjustment clause to base rates. However, because the MPSC authorized an annual revenue increase that was greater than the amount originally requested by GMO and communicated to GMO’s customers, the modified MPSC order deferred approximately $7.7 million of the L&P division increase, which is the amount over GMO’s requested $22.1 million increase for that division, and will phase in the deferred revenue amount in equal parts over a two-year period, plus carrying costs. As a result of disallowances in the MPSC order, GMO recognized losses of $0.8 million for construction costs related to Iatan No. 2 and the Iatan No. 1 environmental project year to date June 30, 2011. GMO also recorded a $1.5 million loss for other disallowed costs in the MPSC order. Additionally, with respect to GMO’s Missouri Public Service division, the MPSC concluded that GMO’s decision to add Crossroads Energy Center (Crossroads) to its generation asset resources was prudent and reasonable; however, the order disallowed from rate base approximately $50 million for Crossroads, disallowed $4.9 million in associated annual transmission expense and offset rate base by approximately $15 million to reflect accumulated deferred taxes associated with Crossroads. GMO’s request included a net plant amount of approximately $104 million for Crossroads. In assessing the impact of the Crossroads disallowances, management considered that KCP&L’s and GMO’s generation asset resources include a diverse fuel mix consisting primarily of coal and nuclear fuel providing base load generation with natural gas facilities such as Crossroads to provide critical peaking and capacity support. This combined collection of generating assets meets KCP&L’s and GMO’s service obligations and produces joint cash flows based on system-wide average costs. Great Plains Energy conducted an analysis to assess the recoverability of the combined collection of generation asset resources and determined that no potential impairment exists. The rates established by the modified MPSC order took effect on June 25, 2011. On June 24, 2011, GMO filed its appeal of the MPSC order with the Cole County, Missouri, Circuit Court regarding the Crossroads issues discussed above. Other parties to the case have also filed appeals of the MPSC order. However, the rates authorized by the modified MPSC order will be effective unless and until modified by the MPSC or stayed by a court. SPP and NERC Inquiries The Southwest Power Pool, Inc. (SPP) conducted a compliance inquiry regarding a transmission system outage that occurred in the St. Joseph, Missouri area in the summer of 2009. The North American Electric Reliability Corporation (NERC) is also investigating the circumstances surrounding this transmission system outage. The outcome of the outage inquiry cannot be predicted at this time. MPSC Regulatory Approval of the GMO Acquisition Appeals of the MPSC order approving the GMO acquisition were filed with the Cole County, Missouri, Circuit Court, which affirmed the order in June 2009. That decision was appealed and the Missouri Court of Appeals, Western District, upheld the MPSC order in August 2010. The case was transferred to the Missouri Supreme Court in December 2010. On July 19, 2011, the Missouri Supreme Court affirmed the Circuit Court’s ruling that affirmed the MPSC order approving the GMO acquisition. Regulatory Assets and Liabilities Great Plains Energy’s and KCP&L’s regulatory assets and liabilities are detailed in the following tables.
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RECEIVABLES (Tables)
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts receivable | Great Plains Energy’s and KCP&L’s receivables are detailed in the following table.
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Schedule of accounts receivable sold | Information regarding KCP&L’s sale of accounts receivable to Receivables Company is reflected in the following tables.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
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3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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Income [Abstract] | Â | Â | Â | Â |
Income from continuing operations | $ 43,400,000 | $ 64,400,000 | $ 45,700,000 | $ 84,700,000 |
Income from continuing operations available for common shareholders | 43,000,000 | 63,900,000 | 45,000,000 | 83,800,000 |
Common Shares Outstanding [Abstract] | Â | Â | Â | Â |
Add: effect of dilutive securities | 3,300,000 | 1,500,000 | 3,100,000 | 1,600,000 |
Basic EPS from continuing operations | $ 0.32 | $ 0.47 | $ 0.33 | $ 0.62 |
Diluted EPS from continuing operations | $ 0.31 | $ 0.47 | $ 0.32 | $ 0.61 |
Performance shares [Member]
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Great Plains Energy anti-dilutive shares [Line Items] | Â | Â | Â | Â |
Antidilutive securities excluded from computation of earnings per share, amount | 201,571 | 41,604 | 201,571 | 50,034 |
Restricted Stock [Member]
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Great Plains Energy anti-dilutive shares [Line Items] | Â | Â | Â | Â |
Antidilutive securities excluded from computation of earnings per share, amount | 12,115 | 93,106 | 43,641 | 251,526 |
Stock options [Member]
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Great Plains Energy anti-dilutive shares [Line Items] | Â | Â | Â | Â |
Antidilutive securities excluded from computation of earnings per share, amount | 154,096 | 207,290 | 154,096 | 213,248 |
Great Plains Energy Incorporated [Member]
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Income [Abstract] | Â | Â | Â | Â |
Less: Net income attributable to noncontrolling interest | 0 | 100,000 | (100,000) | 100,000 |
Less: preferred stock dividend requirements | 400,000 | 400,000 | 800,000 | 800,000 |
Common Shares Outstanding [Abstract] | Â | Â | Â | Â |
Average number of common shares outstanding | 135,600,000 | 135,100,000 | 135,500,000 | 135,000,000 |
Diluted average number of common shares outstanding | 138,900,000 | 136,600,000 | 138,600,000 | 136,600,000 |
Great Plains Energy Incorporated [Member] | Dividend Declared [Member]
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Dividends Declared [Line Iems] | Â | Â | Â | Â |
Subsequent Event Date | Aug. 01, 2011 | Â | Aug. 01, 2011 | Â |
Subsequent Event Description | Â | Â | Great Plains Energys Board of Directors declared a quarterly dividend and also declared regular dividends on Great Plains Energys preferred stock. | Â |
Subsequent Event Amount | Â | Â | 0.2075 | Â |
Kansas City Power and Light Company [Member] | Dividend Declared [Member]
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Dividends Declared [Line Iems] | Â | Â | Â | Â |
Subsequent Event Date | Aug. 01, 2011 | Â | Aug. 01, 2011 | Â |
Subsequent Event Description | Â | Â | KCP&Ls Board of Directors declared a cash dividend payable to Great Plains Energy. | Â |
Subsequent Event Amount | Â | Â | $ 25,000,000 | Â |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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Jun. 30, 2011
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Reconciliation of Great Plains Energy's basic and diluted earnings per share | The following table reconciles Great Plains Energy’s basic and diluted EPS.
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COMMITMENTS AND CONTINGENCIES
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||
Commitments and contingencies |
Environmental Matters Great Plains Energy and KCP&L are subject to extensive regulation by federal, state and local authorities with regard to environmental matters primarily through their utility operations. In addition to imposing extensive and continuing compliance obligations, laws, regulations and permits authorize the imposition of substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. The cost of complying with current and future environmental requirements is expected to be material to Great Plains Energy and KCP&L. Failure to comply with environmental requirements or to timely recover environmental costs through rates could have a material adverse effect on Great Plains Energy’s and KCP&L’s results of operations, financial position and cash flows. The following discussion groups environmental and certain associated matters into the broad categories of air and climate change, water, solid waste and remediation. Air and Climate Change Overview The Clean Air Act and associated regulations enacted by the Environmental Protection Agency (EPA) form a comprehensive program to preserve air quality. States are required to establish regulations and programs to address all requirements of the Clean Air Act and have the flexibility to enact more stringent requirements. All of Great Plains Energy’s and KCP&L’s generating facilities, and certain of their other facilities, are subject to the Clean Air Act. Great Plains Energy’s and KCP&L’s current estimate of capital expenditures (exclusive of AFUDC and property taxes) to comply with the currently-effective Clean Air Interstate Rule (CAIR), the replacement to CAIR or the Cross-State Air Pollution Rule (CSAPR), the best available retrofit technology (BART) rule, the SO2 national ambient air quality standard (NAAQS), the industrial boiler rule and proposed maximum achievable control technology (MACT) standards for mercury and other hazardous air pollutant emissions (all of which are discussed below) is approximately $1 billion. The actual cost of compliance with any existing, proposed or future rules may be significantly different from the cost estimate provided. The approximate $1 billion current estimate of capital expenditures reflects the following high-likelihood capital projects:
Other capital projects at KCP&L’s Montrose Nos. 1 and 2 and GMO’s Sibley Nos. 1 and 2 and Lake Road Nos. 4 and 6 are possible but are currently considered less likely. Any capacity and energy requirements resulting from a decision not to proceed with these less likely projects is currently expected to be met through renewable energy additions required under Missouri and Kansas renewable energy standards, demand side management programs, construction of combustion turbines and/or combined cycle units, and/or purchased power agreements. The estimate does not reflect the non-capital costs the Companies incur on an ongoing basis to comply with environmental laws, which may increase in the future due to the Companies’ ongoing compliance with current or future environmental laws. The Companies expect to seek recovery of the costs associated with environmental requirements through rate increases; however, there can be no assurance that such rate increases would be granted. The Companies may be subject to materially adverse rate treatment in response to competitive, economic, political, legislative or regulatory pressures and/or public perception of the Companies’ environmental reputation. Clean Air Interstate Rule (CAIR) and Cross-State Air Pollution Rule (CSAPR) The CAIR requires reductions in SO2 and NOx emissions in 28 states, including Missouri. The reductions in SO2 and NOx emissions are accomplished through statewide caps for NOx and SO2. Great Plains Energy’s and KCP&L’s fossil fuel-fired plants located in Missouri are subject to CAIR, while their fossil fuel-fired plants in Kansas are not. On July 11, 2008, the D.C. Circuit Court of Appeals vacated CAIR in its entirety and remanded the matter to the EPA to promulgate a new rule consistent with its opinion. On December 23, 2008, the Court issued an order remanding CAIR to the EPA to revise the rule consistent with its July 2008 order. The CAIR remains in effect through 2011. CAIR currently establishes a market-based cap-and-trade program with an emission allowance allocation. Facilities demonstrate compliance with CAIR by holding sufficient allowances for each ton of SO2 and NOx emitted in any given year. KCP&L and GMO are currently allowed to utilize unused SO2 emission allowances that they have either accumulated during previous years of the Acid Rain Program or purchased to meet the more stringent CAIR requirements. At June 30, 2011, KCP&L had accumulated unused SO2 emission allowances sufficient to support over 150,000 tons of SO2 emissions (enough to support expected requirements under the CAIR and the Acid Rain Program for the foreseeable future) under the provisions of the Acid Rain program, which are recorded in inventory at zero cost. At June 30, 2011, GMO had accumulated unused SO2 emission allowances sufficient to support just over 13,000 tons of SO2 emissions (enough to support expected requirements under the CAIR and Acid Rain Program through 2011), which it has received under the Acid Rain Program or purchased, and are recorded in inventory at average cost. KCP&L and GMO purchase NOx allowances as needed. In July 2011, the EPA finalized the CSAPR to replace the currently-effective CAIR. The CSAPR, like CAIR, will require the states within its scope to reduce power plant SO2 and NOx emissions that contribute to ozone and fine particle nonattainment in other states. The geographical scope of the CSAPR is broader than CAIR, and includes Kansas in addition to Missouri and other states. Kansas and Missouri are only included for fine particulate matter control in the final CSAPR, but the EPA concurrently proposed a supplemental notice of proposed rulemaking to include both states for ozone season control which the EPA intends to finalize in October 2011. The CSAPR would also impose more stringent emissions limitations than CAIR and, unlike CAIR, would not utilize Acid Rain Program allowances for compliance. In the CSAPR, the EPA set an emissions budget for each of the affected states. The CSAPR allows limited interstate emissions allowance trading among power plants; however, it does not permit trading of SO2 allowances between the Companies’ Kansas and Missouri power plants. Compliance with the CSAPR begins in 2012. There would be additional reductions in SO2 allowances allocable to the Companies’ Missouri power plants taking effect in 2014. There is no such 2014 additional reduction in SO2 allowances allocable to the Companies’ Kansas power plants. The finalized CSAPR is complex and Great Plains Energy and KCP&L are evaluating its impacts. The Companies project that they may not be allocated sufficient SO2 or NOX emissions allowances to cover their currently expected operations starting in 2012. Any shortfall in allocated allowances is anticipated to be addressed through a combination of permissible allowance trading, installing additional emission control equipment, changes in plant processes, or purchasing additional power in the wholesale market. Best Available Retrofit Technology (BART) Rule The EPA BART rule directs state air quality agencies to identify whether visibility-reducing emissions from sources subject to BART are below limits set by the state or whether retrofit measures are needed to reduce emissions. BART applies to specific eligible facilities including KCP&L’s LaCygne Nos. 1 and 2 in Kansas, KCP&L’s Iatan No. 1, in which GMO has an 18% interest, KCP&L’s Montrose No. 3 in Missouri, GMO’s Sibley Unit No. 3 and Lake Road Unit No. 6 in Missouri and Westar Energy, Inc.’s (Westar) Jeffrey Unit Nos. 1 and 2 in Kansas, in which GMO has an 8% interest. Both Missouri and Kansas have submitted BART plans to the EPA but neither Missouri nor Kansas has received EPA approval for their BART plans. Mercury and Other Hazardous Air Pollutant Emissions In January 2009, the EPA issued a memorandum stating that new electric steam generating units (EGUs) that began construction while the Clean Air Mercury Rule (CAMR) was effective are subject to a new source MACT determination on a case-by-case basis. In July 2009, the EPA sent letters notifying KCP&L that MACT determinations and schedules of compliance are required for coal and oil-fired EGUs that began actual construction or reconstruction after December 15, 2000, and identified Iatan No. 2 and Hawthorn No. 5 as affected EGUs. This was an outcome of the D.C. Court of Appeals’ vacatur of both the CAMR and the contemporaneously promulgated rule removing EGUs from MACT requirements. In May 2011, KCP&L received a letter from the Missouri Department of Natural Resources (MDNR) stating the MACT determination was not required for Hawthorn No. 5. It is not currently known how MACT determinations and schedules of compliance will impact the permitting or operating requirements for Iatan No. 2, but it is possible a MACT determination may ultimately require additional emission control equipment and permit limits. In April 2010, the EPA, in a court approved settlement, agreed to develop MACT standards for mercury and potentially other hazardous air pollutant emissions. In the settlement agreement, the EPA agreed to propose MACT standards in March 2011 with final standards by November 2011. In March 2011, the EPA issued a proposed rule that would reduce emissions of hazardous air pollutants from new and existing coal-fired EGUs with a capacity of 25MW or greater. The proposed rule would establish numerical emission limits for mercury, particulate matter (a surrogate for non-mercury metals), and hydrogen chloride (a surrogate for acid gases). The proposed rule would establish work practices, instead of numerical emission limits, for organic hazardous air pollutants, including dioxin/furan. Compliance with the rule would need to be addressed by installing additional emission control equipment, changes in plant operation, purchasing additional power in the wholesale market or a combination of these and other alternatives. Any final rule could have a significant adverse effect on Great Plains Energy’s and KCP&L’s results of operations, financial position and cash flows. Industrial Boiler Rule In February 2011, the EPA issued a final rule that would reduce emissions of hazardous air pollutants from new and existing industrial boilers. The final rule establishes numeric emission limits for mercury, dioxin, particulate matter (as a surrogate for non-mercury metals), hydrogen chloride (as a surrogate for acid gases), and carbon monoxide (as a surrogate for non-dioxin organic hazardous air pollutants). The final rule establishes emission limits for KCP&L’s and GMO’s new and existing units that produce steam other than for the generation of electricity. The final rule does not apply to KCP&L’s and GMO’s electricity generating boilers, but would apply to most of GMO’s Lake Road boilers, which also serve steam customers, and to auxiliary boilers at other generating facilities. In May 2011, the EPA announced it would stay the effective date of the final rule during reconsideration. The EPA indicated it will propose a revised rule by the end of October 2011 and issue another final rule by the end of April 2012. New Source Review The Clean Air Act requires companies to obtain permits and, if necessary, install control equipment to reduce emissions when making a major modification or a change in operation if either is expected to cause a significant net increase in regulated emissions. In January 2004, Westar received notification from the EPA alleging that it had violated new source review requirements and Kansas environmental regulations by making modifications to the Jeffrey Energy Center without obtaining the proper permits. In February 2009, the Attorney General of the United States filed a complaint against Westar alleging that it violated the Clean Air Act and related federal and state regulations by making major modifications to the Jeffrey Energy Center beginning in 1994 without first obtaining appropriate permits authorizing this construction and without installing and operating best available control technology to control emissions. The Jeffrey Energy Center consists of three coal-fired units located in Kansas that is 92% owned by Westar and operated exclusively by Westar. GMO has an 8% interest in the Jeffrey Energy Center and is generally responsible for its 8% share of the facility’s operating costs and capital expenditures. In January 2010, Westar entered into a settlement agreement, which was approved by the court in March 2010. The settlement agreement requires, among other things, the installation of a selective catalytic reduction (SCR) system at one of the Jeffrey Energy Center units by the end of 2014 and the payment of a $3 million civil penalty. Westar has preliminarily estimated the cost of this SCR at approximately $240 million. This amount could materially change depending on final engineering and design. Depending on the NOx emission reductions attained by that SCR and attainable through the installation of other controls at the other two units, the settlement agreement may require the installation of a second SCR system on one of the other two units by the end of 2016. There is no assurance that GMO’s share of these costs would be recovered in rates and failure to recover such costs could have a significant adverse effect on Great Plains Energy’s results of operations, financial position and cash flows. KCP&L has received requests for information from the Kansas Department of Health and Environment (KDHE) pertaining to a past LaCygne No. 1 scrubber project. KCP&L is working with the KDHE to resolve this issue and management currently believes the outcome will not have a significant impact on Great Plains Energy’s and KCP&L’s results of operations, financial position and cash flows. Collaboration Agreement In March 2007, KCP&L, the Sierra Club and the Concerned Citizens of Platte County entered into a Collaboration Agreement under which KCP&L agreed to pursue a set of initiatives including energy efficiency, additional wind generation, lower emission permit levels at its Iatan and LaCygne generating stations and other initiatives designed to offset CO2 emissions. Full implementation of the terms of the Collaboration Agreement will necessitate approval from the appropriate authorities, as some of the initiatives in the agreement require regulatory approval. In 2006, KCP&L installed 100MW of wind generation at its Spearville wind site. KCP&L agreed in the Collaboration Agreement to pursue increasing its wind generation capacity to 500MW in total by the end of 2012 with 100MW to be added by the end of 2010 and the remainder added by the end of 2012, subject to regulatory approval. In 2010, KCP&L completed a 48MW wind project adjacent to its existing Spearville wind site with wind turbines it already owned and also secured 52MW of renewable energy credits. During 2011, KCP&L entered into a 20-year power purchase agreement for approximately 131MW of wind generation beginning in 2012. KCP&L is evaluating alternatives to meet the remaining Collaboration Agreement wind generation capacity, including the purchase of renewable energy credits, power purchase agreements, KCP&L-built installations or some combination thereof. KCP&L had previously issued requests for proposals before entering into the 2011 power purchase agreement. In August 2011, KCP&L requested a refresh of those requests for proposals for up to 221MW of wind generation under power purchase agreements and/or the combination of power purchase agreements and arrangements where KCP&L would own and operate the facilities after development and construction. KCP&L has a consent agreement with the KDHE incorporating limits for stack particulate matter emissions, as well as limits for NOx and SO2 emissions, at its LaCygne Station that, consistent with the Collaboration Agreement, will be below the presumptive limits under BART. KCP&L further agreed to use its best efforts to install emission control technologies to reduce those emissions from the LaCygne Station prior to the required compliance date under BART, but in no event later than June 1, 2015. In February 2011, KCP&L filed a request with KCC for predetermination of the ratemaking treatment that will apply to the recovery of costs for its 50% share of the environmental equipment required to comply with BART at the LaCygne Station. The request for predetermination includes an estimated total project cost of $1.23 billion. KCP&L’s 50% share of the estimated cost is $615 million. A KCC decision on the predetermination filing is expected in August 2011. In a related proceeding, in January 2011, KCC opened a general investigation docket regarding KCP&L and Westar environmental retrofits upon the recommendation of the KCC Staff and the Citizens Utility Ratepayers Board. The Companies cannot predict the outcome or timing of this matter but the outcome could have the potential to impact the Companies’ resource planning in the future. In the Collaboration Agreement, KCP&L also agreed to offset an additional 711,000 tons of CO2 by the end of 2012. KCP&L currently expects to achieve this offset through a number of alternatives, including improving the efficiency of its coal-fired units, equipping certain gas-fired units for winter operation and, if necessary, possibly reducing output of, or retiring, one or more coal-fired units. Climate Change The Companies are subject to existing greenhouse gas reporting regulations and, as discussed below, are subject to certain greenhouse gas permitting requirements starting in 2011. Management believes it is likely that additional federal or relevant state or local laws or regulations could be enacted to address global climate change. At the international level, while the United States is not a current party to the Kyoto Protocol, it has agreed to undertake certain voluntary actions under the non-binding Copenhagen Accord and pursuant to subsequent international discussions relating to climate change, including the establishment of a goal to reduce greenhouse gas emissions. International agreements legally binding on the United States may be reached in the future. Such new laws or regulations could mandate new or increased requirements to control or reduce the emission of greenhouse gases, such as CO2, which are created in the combustion of fossil fuels. The Companies’ current generation capacity is primarily coal-fired and is estimated to produce about one ton of CO2 per MWh, or approximately 23 million tons and 17 million tons per year for Great Plains Energy and KCP&L, respectively. Laws have recently been passed in Missouri and Kansas, the states in which the Companies’ retail electric businesses are operated, setting renewable energy standards, and management believes that national clean or renewable energy standards are also likely. While management believes additional requirements addressing these matters will probably be enacted, the timing, provisions and impact of such requirements, including the cost to obtain and install new equipment to achieve compliance, cannot be reasonably estimated at this time. In addition, certain federal courts have held that state and local governments and private parties have standing to bring climate change tort suits seeking company-specific emission reductions and monetary or other damages. While the Companies are not a party to any climate change tort suit, there is no assurance that such suits may not be filed in the future or the outcome if such suits are filed. Such requirements or litigation outcomes could have the potential for a significant financial and operational impact on Great Plains Energy and KCP&L. The Companies would seek recovery of capital costs and expenses for compliance through rate increases; however, there can be no assurance that such rate increases would be granted. Legislation concerning the reduction of emissions of greenhouse gases, including CO2, is being considered at the federal and state levels. The timing and effects of any such legislation cannot be determined at this time. In the absence of new Congressional mandates, the EPA is proceeding with the regulation of greenhouse gases under the existing Clean Air Act. In May 2010, the EPA issued a final rule addressing greenhouse gas emissions from stationary sources under the Clean Air Act permitting programs. This final rule sets thresholds for greenhouse gas emissions that define when permits under the Prevention of Significant Deterioration (PSD) and Title V Operating Permit programs are required for new and existing industrial facilities. The EPA phased in the Clean Air Act permitting requirements for greenhouse gas emissions in two initial steps. In step 1, which started January 2, 2011, only sources currently subject to the PSD permitting program (i.e., those that are newly-constructed or modified in a way that significantly increases emissions of a pollutant other than greenhouse gas) are subject to Title V or PSD permitting requirements, respectively, for their greenhouse gas emissions. For these projects, only projects with new or increases of greenhouse gas emissions of 75,000 tons per year or more of total greenhouse gases, on a CO2 equivalent basis, need to determine the best available control technology for their greenhouse gas emissions. In addition, sources subject to the Title V Operating Permit Program need to address greenhouse gas emissions as those permits are applied for or renewed. In step 2, which started July 1, 2011, Title V and PSD permitting requirements now cover, for the first time, new construction projects that emit greenhouse gas emissions of at least 100,000 tons per year even if they do not exceed the permitting thresholds for any other pollutant. In addition, modifications at such existing facilities that increase greenhouse gas emissions by at least 75,000 tons per year are subject to permitting requirements, even if they do not significantly increase emissions of any other pollutant. Great Plains Energy’s and KCP&L’s generating facilities that trigger these thresholds for new installations, modifications or Title V operating permits are subject to this rule. In March 2011, the EPA announced it finalized a settlement agreement to issue a rule that will address greenhouse gas emissions from EGUs. The rule would establish new source performance standards for new and modified EGUs and emission guidelines for existing EGUs. Under the settlement agreement, the EPA committed to issuing proposed regulations by September 2011, and final regulations by May 2012. At the state level, a Kansas law enacted in May 2009 requires Kansas public electric utilities, including KCP&L, to have renewable energy generation capacity equal to at least 10% of their three-year average Kansas peak retail demand by 2011. The percentage increases to 15% by 2016 and 20% by 2020. A Missouri law enacted in November 2008 requires at least 2% of the electricity provided by Missouri investor-owned utilities (including KCP&L and GMO) to their Missouri retail customers to come from renewable resources, including wind, solar, biomass and hydropower, by 2011, increasing to 5% in 2014, 10% in 2018, and 15% in 2021, with a small portion (estimated to be about 2MW in 2011 for each of KCP&L and GMO) required to come from solar resources. KCP&L and GMO project that their existing renewable resources (including accumulated renewable energy credits) will be sufficient for compliance with the Missouri requirements, exclusive of the solar requirement, through 2021 and 2016, respectively. KCP&L and GMO project that the purchase of solar renewable energy credits will be sufficient for compliance with the Missouri solar requirements for the foreseeable future. KCP&L also projects that its existing renewable resources (including both accumulated renewable energy credits and purchased renewable energy credits) will be sufficient for compliance with the 2011 Kansas requirements. During 2011, KCP&L entered into a 20-year power purchase agreement for approximately 131MW of wind generation beginning in 2012. With the addition of this power purchase agreement along with its existing renewable resources, KCP&L anticipates its renewable resources will be sufficient for compliance with the Kansas requirements through 2012. KCP&L had previously issued requests for proposals before entering into the 2011 power purchase agreement. In August 2011, KCP&L requested a refresh of those requests for proposals for up to 221MW of wind generation under power purchase agreements and/or the combination of power purchase agreements and arrangements where KCP&L would own and operate the facilities after development and construction. Additionally, in November 2007, governors from six Midwestern states, including Kansas, signed the Midwestern Greenhouse Gas Reduction Accord, which has established the goal of reducing member states’ greenhouse gas emissions to 15% to 20% below 2005 levels by 2020, and 60% to 80% below 2005 levels by 2050. Greenhouse gas legislation or regulation has the potential of having significant financial and operational impacts on Great Plains Energy and KCP&L, including the potential costs and impacts of achieving compliance with limits that may be established. However, the ultimate financial and operational consequences to Great Plains Energy and KCP&L cannot be determined until such legislation is passed and/or regulations are issued. Management will continue to monitor the progress of relevant legislation and regulations. Ozone NAAQS In June 2007, monitor data indicated that the Kansas City area violated the 1997 primary eight-hour ozone NAAQS. Missouri and Kansas have implemented the responses established in the maintenance plans for control of ozone. The responses in both states do not require additional controls at Great Plains Energy’s and KCP&L’s generation facilities beyond the currently proposed controls for CSAPR and BART. The EPA has various options over and above the implementation of the maintenance plans for control of ozone to address the violation but has not yet acted. At this time, management is unable to predict how the EPA will respond or how that response will impact Great Plains Energy’s and KCP&L’s operations. However, the EPA’s response could have a significant effect on Great Plains Energy's and KCP&L's results of operations, financial position and cash flows. In March 2008, the EPA significantly strengthened its NAAQS for ground-level ozone. The EPA revised the primary eight-hour ozone standard, designed to protect public health, to a level of 0.075 parts per million (ppm). The EPA also strengthened the secondary eight-hour ozone standard to the level of 0.075 ppm making it identical to the revised primary standard. The previous primary and secondary standards, set in 1997, were effectively 0.084 ppm. In March 2009, the MDNR and KDHE submitted to the EPA their determinations that the Kansas City area is a nonattainment area under the 2008 primary eight-hour ozone standard. The EPA will make final designations of attainment and nonattainment areas. By 2013, states must submit state implementation plans outlining how states will reduce ozone to meet the standards in nonattainment areas. Although the impact on Great Plains Energy’s and KCP&L’s operations will not be known until after the final nonattainment designations and the state implementation plans are submitted, it could have a significant effect on Great Plains Energy’s and KCP&L’s results of operations, financial position and cash flows. In January 2010, the EPA proposed to reconsider and further strengthen the 2008 NAAQS for ground-level ozone. The EPA proposed to strengthen the primary eight-hour ozone standard to a level within the range of 0.060-0.070 ppm. The EPA also proposed to establish a distinct cumulative, seasonal secondary standard, designed to protect sensitive vegetation and ecosystems, to within the range of 7-15 ppm-hours. It is anticipated EPA will finalize the standard in the third quarter of 2011. SO2 NAAQS In June 2010, the EPA strengthened the primary NAAQS for SO2. The EPA revised the primary SO2 standard by establishing a new 1-hour standard at a level of 0.075 ppm. The EPA revoked the two existing primary standards of 0.140 ppm evaluated over 24 hours and 0.030 ppm evaluated over an entire year. In July 2011, the MDNR recommended to the EPA that part of Jackson County, Missouri, be designated a nonattainment area for the new 1-hour SO2 standard. Although the impact on Great Plains Energy’s and KCP&L’s operations will not be known until after the nonattainment designations are approved and the state implementation plans are submitted, it could have a significant effect on Great Plains Energy’s and KCP&L’s results of operations, financial position and cash flows. Montrose Station Notice of Violation In June 2009, KCP&L received notification from the MDNR alleging that its Montrose Station had excess particulate matter emissions in 2008. KCP&L is working with the MDNR to resolve this issue and management believes the outcome will not have a significant impact on Great Plains Energy’s and KCP&L’s results of operations, financial position and cash flows. Water The Clean Water Act and associated regulations enacted by the EPA form a comprehensive program to preserve water quality. Like the Clean Air Act, states are required to establish regulations and programs to address all requirements of the Clean Water Act, and have the flexibility to enact more stringent requirements. All of Great Plains Energy’s and KCP&L’s generating facilities, and certain of their other facilities, are subject to the Clean Water Act. In March 2011, the EPA proposed regulations pursuant to Section 316(b) of the Clean Water Act regarding cooling water intake structures pursuant to a court approved settlement. KCP&L generation facilities with cooling water intake structures would be subject to a limit on how many fish can be killed by being pinned against intake screens (impingement) and would be required to conduct studies to determine whether and what site-specific controls, if any, would be required to reduce the number of aquatic organisms drawn into cooling water systems (entrainment). The EPA agreed to finalize the rule by July 2012. Although the impact on Great Plains Energy’s and KCP&L’s operations will not be known until after the rule is finalized, it could have a significant effect on Great Plains Energy’s and KCP&L’s results of operations, financial position and cash flows. KCP&L holds a permit from the MDNR covering water discharge from its Hawthorn Station. The permit authorizes KCP&L to, among other things, withdraw water from the Missouri river for cooling purposes and return the heated water to the Missouri river. KCP&L has applied for a renewal of this permit and the EPA has submitted an interim objection letter regarding the allowable amount of heat that can be contained in the returned water. Until this matter is resolved, KCP&L continues to operate under its current permit. KCP&L cannot predict the outcome of this matter; however, while less significant outcomes are possible, this matter may require KCP&L to reduce its generation at Hawthorn Station, install cooling towers or both, any of which could have a significant impact on KCP&L. The outcome could also affect the terms of water permit renewals at KCP&L’s Iatan Station and at GMO’s Sibley and Lake Road Stations. Additionally, in September 2009, the EPA announced plans to revise the existing standards for water discharges from coal-fired power plants. In November 2010, the EPA filed a motion requesting court approval of a consent agreement in which the EPA agreed to propose a rule in July 2012 and to finalize it in January 2014. Until a rule is proposed and finalized, the financial and operational impacts to Great Plains Energy and KCP&L cannot be determined. Solid Waste Solid and hazardous waste generation, storage, transportation, treatment and disposal is regulated at the federal and state levels under various laws and regulations. In May 2010, the EPA proposed to regulate coal combustion residuals (CCRs) under the Resource Conservation and Recovery Act (RCRA) to address the risks from the disposal of CCRs generated from the combustion of coal at electric generating facilities. The EPA is considering two options in this proposal. Under the first option, the EPA would regulate CCRs as special wastes subject to regulation under subtitle C of RCRA (hazardous), when they are destined for disposal in landfills or surface impoundments. Under the second option, the EPA would regulate disposal of CCRs under subtitle D of RCRA (non-hazardous). The Companies principally use coal in generating electricity and dispose of the CCRs in both on-site facilities and facilities owned by third parties. The proposed CCR rule has the potential of having a significant financial and operational impact on Great Plains Energy and KCP&L in connection with achieving compliance with the proposed requirements. However, the financial and operational consequences to Great Plains Energy and KCP&L cannot be determined until an option is selected by the EPA and the final regulation is enacted. Remediation Certain federal and state laws, including the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) hold current and previous owners or operators of real property, and any person who arranges for the disposal or treatment of hazardous substances at a property, liable on a joint and several basis for the costs of cleaning up contamination at or migrating from such real property, even if they did not know of and were not responsible for such contamination. CERCLA and other laws also authorize the EPA and other agencies to issue orders compelling potentially responsible parties to clean up sites that are determined to present an actual or potential threat to human health or the environment. GMO is named as a potentially responsible party at two disposal sites for polychlorinated biphenyls (PCBs), and retains some environmental liability for several operations and investments it no longer owns. In addition, GMO also owns, or has acquired liabilities from companies that once owned or operated, former manufactured gas plant (MGP) sites, which are subject to the supervision of the EPA and various state environmental agencies. At June 30, 2011, and December 31, 2010, KCP&L had $0.3 million accrued for environmental remediation expenses, which covers ground water monitoring at a former MGP site. At June 30, 2011, and December 31, 2010, Great Plains Energy had $0.4 million accrued for environmental remediation expenses, which includes the $0.3 million at KCP&L, and additional potential remediation and ground water monitoring costs relating to two GMO sites. The amounts accrued were established on an undiscounted basis and Great Plains Energy and KCP&L do not currently have an estimated time frame over which the accrued amounts may be paid. In addition to the $0.4 million accrual above, at June 30, 2011, and December 31, 2010, Great Plains Energy had $2.1 million accrued for the future investigation and remediation of certain additional GMO identified MGP sites, PCB sites and retained liabilities. This estimate was based upon review of the potential costs associated with conducting investigative and remedial actions at identified sites, as well as the likelihood of whether such actions will be necessary. This estimate could change materially after further investigation, and could also be affected by the actions of environmental agencies and the financial viability of other potentially responsible parties. GMO has pursued recovery of remediation costs from insurance carriers and other potentially responsible parties. As a result of a settlement with an insurance carrier, approximately $2.3 million in insurance proceeds less an annual deductible is available to GMO to recover qualified MGP remediation expenses. GMO would seek recovery of additional remediation costs and expenses through rate increases; however, there can be no assurance that such rate increases would be granted. In January 2010, the EPA announced an advance notice of proposed rulemaking under CERCLA identifying classes of facilities for which the EPA will develop financial assurance requirements, including the electric power generation, transmission and distribution industry. The CERCLA financial assurance would be for risks associated with Great Plains Energy’s and KCP&L’s production, transportation, treatment, storage or disposal of CERCLA hazardous substances. The impact on Great Plains Energy and KCP&L cannot be determined until the regulations are finalized. In April 2010, the EPA announced an advance notice of proposed rulemaking for the use and distribution in commerce of certain PCBs, PCB items and certain other areas of the PCB regulations. The EPA is reassessing the use, distribution in commerce, marking, and storage for reuse of liquid PCBs in electric and non-electric equipment and the use of the 50 ppm level for excluded PCB products among other things. The impact on Great Plains Energy and KCP&L cannot be determined until the regulations are finalized.
KCP&L Spent Nuclear Fuel and Radioactive Waste In January 2004, KCP&L and the other two Wolf Creek owners filed a lawsuit against the United States in the U.S. Court of Federal Claims seeking $14.1 million of damages resulting from the government’s failure to begin accepting spent nuclear fuel for disposal in January 1998, as the government was required to do by the Nuclear Waste Policy Act of 1982. The Wolf Creek case was tried before a U.S. Court of Federal Claims judge in June 2010, and a decision was issued in November 2010, granting KCP&L and the other two Wolf Creek owners $10.6 million ($5.0 million KCP&L share) in damages. In January 2011, KCP&L and the other two Wolf Creek owners as well as the United States filed appeals of the decision to the U.S. Court of Appeals for the Federal Circuit. The court has set a briefing schedule. Briefing likely will conclude in the fourth quarter of 2011, and the parties will present their oral arguments to the court sometime thereafter. Iatan Levee Litigation On May 22, 2009, several farmers filed suit against Great Plains Energy and KCP&L in the Circuit Court of Platte County, Missouri, alleging negligence, private nuisance, trespass and violations of the Missouri Crop Protection Act and seeking unspecified compensatory and punitive damages. These allegations stem from flooding at or near the Iatan Station in 2007 and 2008. The farmers allege the flooding was a result of maintenance of a nearby levee. The petition seeks class certification from the courts. KCP&L has filed a motion seeking separate trials for each individual plaintiff. Written discovery and depositions are underway. This matter is set for trial in November 2011. Management cannot predict the outcome of this matter. GMO Price Reporting Litigation In response to complaints of manipulation of the California energy market, in July 2001, FERC issued an order requiring net sellers of power in the California markets from October 2, 2000, through June 20, 2001, at prices above a FERC determined competitive market clearing price to make refunds to net purchasers of power in the California market during that time period. Because MPS Merchant was a net purchaser of power during the refund period, it has received approximately $8 million in refunds through settlements with certain sellers of power. MPS Merchant estimates that it is entitled to approximately $12 million in additional refunds under the standards FERC has used in this case. FERC has stated that interest will be applied to the refunds but the amount of interest has not yet been determined. However, in December 2001, various parties appealed the FERC order to the United States Court of Appeals for the Ninth Circuit seeking review of a number of issues, including changing the refund period to include periods prior to October 2, 2000. MPS Merchant was a net seller of power during the period prior to October 2, 2000. On August 2, 2006, the U.S. Court of Appeals for the Ninth Circuit issued an order finding, among other things, that FERC did not provide a sufficient justification for refusing to exercise its remedial authority under the Federal Power Act to determine whether market participants violated FERC-approved tariffs during the period prior to October 2, 2000, and imposing a remedy for any such violations. The court remanded the matter to FERC for further consideration. In May 2011, FERC issued an order which clarified the scope of the hearing in the refund proceeding and ruled on requests for rehearing and motions to dismiss. A hearing is set for March 2012. If FERC ultimately includes the period prior to October 2, 2000, MPS Merchant could be found to owe refunds. FERC initiated a separate docket, generally referred to as the Pacific Northwest refund proceeding, to determine if any refunds were warranted related to the potential impact of the California market issues on buyers in the Pacific Northwest between December 25, 2000, and June 20, 2001. FERC rejected the refund requests, but its decision was remanded by the Court of Appeals for FERC to consider whether any acts of market manipulation support the imposition of refunds. Claims against MPS Merchant total $5.1 million for the period addressed under the Pacific Northwest refund proceedings. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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Significant Accounting Policies |
Organization Great Plains Energy, a Missouri corporation incorporated in 2001, is a public utility holding company and does not own or operate any significant assets other than the stock of its subsidiaries. Great Plains Energy’s wholly owned direct subsidiaries with operations or active subsidiaries are as follows:
Each of Great Plains Energy’s and KCP&L’s consolidated financial statements includes the accounts of their subsidiaries. Intercompany transactions have been eliminated. Great Plains Energy’s sole reportable business segment is electric utility. See Note 16 for additional information. Basic and Diluted Earnings per Common Share Calculation To determine basic EPS, preferred stock dividend requirements and net income (loss) attributable to noncontrolling interest are deducted from net income before dividing by the average number of common shares outstanding. The effect of dilutive securities, calculated using the treasury stock method, assumes the issuance of common shares applicable to performance shares, restricted stock, stock options and Equity Units. The following table reconciles Great Plains Energy’s basic and diluted EPS.
The computation of diluted EPS for the three months ended June 30, 2011, excludes anti-dilutive shares consisting of 201,571 performance shares, 12,115 restricted stock shares and 154,096 stock options. The computation of diluted EPS year to date June 30, 2011, excludes anti-dilutive shares consisting of 201,571 performance shares, 43,641 restricted stock shares and 154,096 stock options. The computation of diluted EPS for the three months ended June 30, 2010, excludes anti-dilutive shares consisting of 41,604 performance shares, 93,106 restricted stock shares and 207,290 stock options. The computation of diluted EPS year to date June 30, 2010, excludes anti-dilutive shares consisting of 50,034 performance shares, 251,526 restricted stock shares and 213,248 stock options. Dividends Declared In August 2011, Great Plains Energy’s Board of Directors (Board) declared a quarterly dividend of $0.2075 per share on Great Plains Energy’s common stock. The common dividend is payable September 20, 2011, to shareholders of record as of August 29, 2011. The Board also declared regular dividends on Great Plains Energy’s preferred stock, payable December 1, 2011, to shareholders of record as of November 9, 2011. In August 2011, KCP&L’s Board of Directors declared a cash dividend payable to Great Plains Energy of $25 million payable on September 16, 2011. |
FAIR VALUE MEASUREMENTS (Tables)
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of financial assets measured at fair value |
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Balances of financial liabilities measured at fair value |
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Reconciled balances for Level 3 assets, net measured at fair value |
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EQUITY COMPENSATION
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation |
Great Plains Energy’s Long-Term Incentive Plan is an equity compensation plan approved by Great Plains Energy’s shareholders. The Long-Term Incentive Plan permits the grant of restricted stock, stock options, limited stock appreciation rights, director shares, director deferred share units and performance shares to directors, officers and other employees of Great Plains Energy and KCP&L. Forfeiture rates are based on historical forfeitures and future expectations and are reevaluated annually. The following table summarizes Great Plains Energy’s and KCP&L’s equity compensation expense and associated income tax benefits.
Performance Shares Performance share activity year to date June 30, 2011, is summarized in the following table.
At June 30, 2011, the remaining weighted-average contractual term was 1.4 years. The weighted-average grant-date fair value of shares granted was $26.28 and $22.48 for the three months ended and year to date June 30, 2011, respectively. There were no shares granted for the three months ended June 30, 2010. The weighted-average grant-date fair value of shares granted year to date June 30, 2010, was $23.37. At June 30, 2011, there was $4.7 million of total unrecognized compensation expense, net of forfeiture rates, related to performance shares granted under the Long-Term Incentive Plan, which will be recognized over the remaining weighted-average contractual term. The total fair value of performance shares earned and paid year to date June 30, 2011 and 2010, was $0.8 million and insignificant, respectively. The fair value of performance share awards is estimated using a Monte Carlo simulation technique that uses the closing stock price at the valuation date and incorporates assumptions for inputs of expected volatilities, dividend yield and risk-free rates. Expected volatility is based on daily stock price change during a historical period commensurate with the remaining term of the performance period of the grant. The risk-free rate is based upon the rate at the time of the evaluation for zero-coupon government bonds with a maturity consistent with the remaining performance period of the grant. The dividend yield is based on the most recent dividends paid and the actual closing stock price on the valuation date. For shares granted in 2011, inputs for expected volatility, dividend yield and risk-free rates were 30%, 4.35%, and 1.15%, respectively. Restricted Stock Restricted stock activity year to date June 30, 2011, is summarized in the following table.
At June 30, 2011, the remaining weighted-average contractual term was 1.7 years. The weighted-average grant-date fair value of shares granted for the three months ended and year to date June 30, 2011, was $20.26 and $19.26, respectively. The weighted-average grant-date fair value of shares granted for the three months ended and year to date June 30, 2010, was $16.88 and $17.67, respectively. At June 30, 2011, there was $3.5 million of total unrecognized compensation expense, net of forfeiture rates, related to nonvested restricted stock granted under the Long-Term Incentive Plan, which will be recognized over the remaining weighted-average contractual term. The total fair value of shares vested for the three months ended and year to date June 30, 2011, was $0.6 million and $2.6 million, respectively. The total fair value of shares vested for the three months ended and year to date June 30, 2010, was $1.5 million and $6.4 million, respectively. |
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions and relationships |
KCP&L employees manage GMO’s business and operate its facilities at cost. These costs totaled $27.7 million and $57.2 million, respectively, for the three months ended and year to date June 30, 2011, respectively. These costs totaled $20.1 million and $47.2 million, respectively, for the same periods in 2010. Additionally, KCP&L and GMO engage in wholesale electricity transactions with each other. KCP&L and GMO are also authorized to participate in the Great Plains Energy money pool, an internal financing arrangement in which funds may be lent on a short-term basis to KCP&L and GMO. The following table summarizes KCP&L’s related party receivables and payables.
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SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||
Short-term debt |
Great Plains Energy’s $200 Million Revolving Credit Facility Great Plains Energy’s $200 million revolving credit facility with a group of banks expires in August 2013. The facility’s terms permit transfers of unused commitments between this facility and the KCP&L and GMO facilities discussed below, with the total amount of the facility not exceeding $400 million at any one time. A default by Great Plains Energy or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, Great Plains Energy is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. At June 30, 2011, Great Plains Energy was in compliance with this covenant. At June 30, 2011, Great Plains Energy had $27.0 million of outstanding cash borrowings with a weighted-average interest rate of 2.94% and had issued letters of credit totaling $11.6 million under the credit facility. At December 31, 2010, Great Plains Energy had $9.5 million of outstanding cash borrowings with a weighted-average interest rate of 3.06% and had issued letters of credit totaling $15.8 million under the credit facility. KCP&L’s $600 Million Revolving Credit Facility and Commercial Paper KCP&L’s $600 million revolving credit facility with a group of banks to provide support for its issuance of commercial paper and other general corporate purposes expires in August 2013. Great Plains Energy and KCP&L may transfer up to $200 million of unused commitments between Great Plains Energy’s and KCP&L’s facilities. A default by KCP&L on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, KCP&L is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. At June 30, 2011, KCP&L was in compliance with this covenant. At June 30, 2011, KCP&L had $476.7 million of commercial paper outstanding, at a weighted-average interest rate of 0.38%, $31.4 million of letters of credit outstanding and no outstanding cash borrowings under the facility. At December 31, 2010, KCP&L had $263.5 million of commercial paper outstanding, at a weighted-average interest rate of 0.41%, $24.4 million of letters of credit outstanding and no outstanding cash borrowings under the facility. GMO’s $450 Million Revolving Credit Facility GMO’s $450 million revolving credit facility with a group of banks expires in August 2013. Great Plains Energy and GMO may transfer up to $200 million of unused commitments between Great Plains Energy’s and GMO’s facilities. A default by GMO, Great Plains Energy or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, GMO is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. At June 30, 2011, GMO was in compliance with this covenant. At June 30, 2011, GMO had $65.0 million of outstanding cash borrowings with a weighed-average interest rate of 2.94% and had issued letters of credit totaling $13.2 million under the credit facility. At December 31, 2010, GMO had no outstanding cash borrowings and had issued letters of credit totaling $13.2 million under the credit facility. |
LONG-TERM DEBT (Tables)
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Great Plains Energy’s and KCP&L’s long-term debt is detailed in the following table.
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PENSION PLANS AND OTHER EMPLOYEE BENEFITS
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans, Other Employee Benefits and Voluntary Separation Program |
Great Plains Energy maintains defined benefit pension plans for substantially all active and inactive employees, including officers, and also provides certain post-retirement health care and life insurance benefits for substantially all retired employees of KCP&L, GMO, and Wolf Creek Nuclear Operating Corporation (WCNOC). KCP&L and GMO record pension expense in accordance with rate orders from the MPSC and KCC that allow the difference between pension costs under Generally Accepted Accounting Principles (GAAP) and pension costs for ratemaking to be recognized as a regulatory asset or liability. The current rate orders allow similar regulatory treatment for post-retirement benefits. The differences between the financial and regulatory accounting methods are due to timing and will be eliminated over the life of the pension and post-retirement plans. The following tables provide Great Plains Energy’s components of net periodic benefit costs prior to the effects of capitalization and sharing with joint-owners of power plants.
Year to date June 30, 2011, Great Plains Energy contributed $31.6 million to the pension plans and expects to contribute an additional $82.2 million in 2011 to satisfy the funding requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the MPSC and KCC rate orders, the majority of which is expected to be paid by KCP&L. Also in 2011, the Company expects to contribute $17.1 million to the post-retirement benefit plans, of which the majority will be funded by KCP&L. Voluntary Separation Program In March 2011, Great Plains Energy and KCP&L announced an organizational realignment and voluntary separation program to assist in the management of overall costs within the level reflected in the Companies’ retail electric rates and to enhance organizational efficiency. Savings from the realignment process and voluntary separation program, including approximately $15 million in labor costs on an annual basis, are expected to partially offset projected cost increases. Under the voluntary separation program, any non-union employee could voluntarily elect to separate and receive a severance payment equal to two weeks of salary for every year of employment, with a minimum severance payment equal to fourteen weeks of salary. There were 140 employees that made such elections and the majority separated on April 30, 2011. Great Plains Energy recorded $3.0 million and $12.7 million, respectively, for the three months ended and year to date June 30, 2011, related to this voluntary separation program reflecting severance and related payroll taxes to employees who elected to voluntarily separate. KCP&L recorded $2.4 million and $9.2 million, respectively, for the three months ended and year to date June 30, 2011, related to this voluntary separation program. At June 30, 2011, there was no material pension settlement charge from the voluntary separation program as a result of accelerated pension distributions. The Companies will continue to assess if a material pension settlement charge may result from additional accelerated pension distributions subsequent to June 30, 2011. If a pension settlement charge is incurred, the Companies expect to defer the charge and recover it over future periods pursuant to existing and past regulatory agreements. The amount of accelerated pension distributions resulting from the voluntary separation program may also result in increased pension funding requirements in 2011 under ERISA. |
Consolidated Statements of Common Shareholders' Equity and Noncontrolling Interest (Unaudited) (USD $)
In Millions, except Share data |
Total
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Great Plains Energy Incorporated [Member]
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Great Plains Energy Incorporated [Member]
Common Stock [Member]
|
Great Plains Energy Incorporated [Member]
Retained Earnings [Member]
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Great Plains Energy Incorporated [Member]
Treasury Stock [Member]
|
Great Plains Energy Incorporated [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
Great Plains Energy Incorporated [Member]
Total Common Shareholders' Equity [Member]
|
Great Plains Energy Incorporated [Member]
Noncontrolling Interest [Member]
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KANSAS CITY POWER AND LIGHT CO [Member]
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KANSAS CITY POWER AND LIGHT CO [Member]
Common Stock [Member]
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KANSAS CITY POWER AND LIGHT CO [Member]
Retained Earnings [Member]
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KANSAS CITY POWER AND LIGHT CO [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
KANSAS CITY POWER AND LIGHT CO [Member]
Total Common Shareholders' Equity [Member]
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2009 | Â | Â | 135,636,538 | Â | (213,423) | Â | Â | Â | Â | 1 | Â | Â | Â |
Beginning balance at Dec. 31, 2009 | Â | Â | $ 2,313.7 | $ 529.2 | $ (5.5) | $ (44.9) | Â | $ 1.2 | Â | $ 1,563.1 | $ 410.1 | $ (41.5) | Â |
Net income attributable to Great Plains Energy | 84.6 | 84.6 | Â | 84.6 | Â | Â | Â | Â | Â | Â | 67.4 | Â | Â |
Issuance of common stock | Â | Â | 3.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Issuance of common stock (in shares) | Â | Â | 189,275 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Issuance of restricted common stock | Â | Â | 1.8 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Issuance of restricted common stock (in shares) | Â | Â | 103,211 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Equity compensation expense, net of forfeitures | 2.6 | Â | 0.6 | Â | Â | Â | Â | Â | 1.8 | Â | Â | Â | Â |
Unearned Compensation | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Issuance of restricted common stock, unearned compensation | Â | Â | (1.8) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Forfeiture of restricted common stock | Â | Â | 0.6 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Compensation expense recognized | Â | Â | 1.7 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Other | Â | Â | 0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Loss on reissuance of treasury stock | Â | Â | Â | 0 | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Dividends: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Common stock | Â | Â | Â | (56.2) | Â | Â | Â | Â | Â | Â | (45.0) | Â | Â |
Preferred stock - at required rates | Â | Â | Â | (0.8) | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Performance shares | Â | Â | Â | (0.2) | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Treasury shares acquired | Â | Â | Â | Â | (2.8) | Â | Â | Â | Â | Â | Â | Â | Â |
Treasury shares acquired (in shares) | Â | Â | Â | Â | (157,308) | Â | Â | Â | Â | Â | Â | Â | Â |
Treasury shares reissued | Â | Â | Â | Â | 0 | Â | Â | Â | Â | Â | Â | Â | Â |
Treasury shares reissued (in shares) | Â | Â | Â | Â | 917 | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative hedging activity, net of tax | Â | (10.7) | Â | Â | Â | (10.7) | Â | Â | 2.3 | Â | Â | 2.3 | Â |
Change in unrecognized pension expense, net of tax | Â | 0.1 | Â | Â | Â | 0.1 | Â | Â | Â | Â | Â | Â | Â |
Net income attributable to noncontrolling interest | Â | Â | Â | Â | Â | Â | Â | 0.1 | Â | Â | Â | Â | Â |
Distribution | Â | Â | Â | Â | Â | Â | Â | (0.1) | Â | Â | Â | Â | Â |
Ending balance (in shares) at Jun. 30, 2010 | Â | Â | 135,929,024 | Â | (369,814) | Â | Â | Â | Â | 1 | Â | Â | Â |
Ending balance at Jun. 30, 2010 | Â | Â | 2,320.1 | 556.6 | (8.3) | (55.5) | 2,812.9 | 1.2 | Â | 1,563.1 | 432.5 | (39.2) | 1,956.4 |
Beginning balance at Mar. 31, 2010 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Net income attributable to Great Plains Energy | 64.3 | 64.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Equity compensation expense, net of forfeitures | 2.3 | Â | Â | Â | Â | Â | Â | Â | 1.6 | Â | Â | Â | Â |
Dividends: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative hedging activity, net of tax | Â | (7.4) | Â | Â | Â | Â | Â | Â | 1.2 | Â | Â | Â | Â |
Change in unrecognized pension expense, net of tax | Â | 0.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Ending balance (in shares) at Jun. 30, 2010 | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1 | Â | Â | Â |
Ending balance at Jun. 30, 2010 | Â | Â | Â | Â | Â | Â | 2,812.9 | Â | Â | 1,563.1 | Â | Â | 1,956.4 |
Beginning balance (in shares) at Dec. 31, 2010 | Â | Â | 136,113,954 | Â | (400,889) | Â | Â | Â | Â | 1 | Â | Â | Â |
Beginning balance at Dec. 31, 2010 | Â | Â | 2,324.4 | 626.5 | (8.9) | (56.1) | Â | 1.2 | Â | 1,563.1 | 478.3 | (36.4) | Â |
Net income attributable to Great Plains Energy | 45.8 | 45.8 | Â | 45.8 | Â | Â | Â | Â | Â | Â | 37.4 | Â | Â |
Issuance of common stock | Â | Â | 3.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Issuance of common stock (in shares) | Â | Â | 155,345 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Issuance of restricted common stock | Â | Â | 0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Issuance of restricted common stock (in shares) | Â | Â | 0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Equity compensation expense, net of forfeitures | 3.3 | Â | 0.1 | Â | Â | Â | Â | Â | 2.3 | Â | Â | Â | Â |
Unearned Compensation | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Issuance of restricted common stock, unearned compensation | Â | Â | (2.9) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Forfeiture of restricted common stock | Â | Â | 0.8 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Compensation expense recognized | Â | Â | 1.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Other | Â | Â | 0.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Loss on reissuance of treasury stock | Â | Â | Â | (0.5) | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Dividends: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Common stock | Â | Â | Â | (56.4) | Â | Â | Â | Â | Â | Â | (50.0) | Â | Â |
Preferred stock - at required rates | Â | Â | Â | (0.8) | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Performance shares | Â | Â | Â | (0.3) | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Treasury shares acquired | Â | Â | Â | Â | (2.2) | Â | Â | Â | Â | Â | Â | Â | Â |
Treasury shares acquired (in shares) | Â | Â | Â | Â | (88,400) | Â | Â | Â | Â | Â | Â | Â | Â |
Treasury shares reissued | Â | Â | Â | Â | 4.8 | Â | Â | Â | Â | Â | Â | Â | Â |
Treasury shares reissued (in shares) | Â | Â | Â | Â | 221,296 | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative hedging activity, net of tax | Â | 0.9 | Â | Â | Â | 0.9 | Â | Â | 2.6 | Â | Â | 2.6 | Â |
Change in unrecognized pension expense, net of tax | Â | 0.1 | Â | Â | Â | 0.1 | Â | Â | Â | Â | Â | Â | Â |
Net income attributable to noncontrolling interest | Â | Â | Â | Â | Â | Â | Â | (0.1) | Â | Â | Â | Â | Â |
Distribution | Â | Â | Â | Â | Â | Â | Â | 0 | Â | Â | Â | Â | Â |
Ending balance (in shares) at Jun. 30, 2011 | Â | Â | 136,269,299 | Â | (267,993) | Â | Â | Â | Â | 1 | Â | Â | Â |
Ending balance at Jun. 30, 2011 | Â | Â | 2,326.8 | 614.3 | (6.3) | (55.1) | 2,879.7 | 1.1 | Â | 1,563.1 | 465.7 | (33.8) | 1,995.0 |
Beginning balance at Mar. 31, 2011 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Net income attributable to Great Plains Energy | 43.4 | 43.4 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Equity compensation expense, net of forfeitures | 1.7 | Â | Â | Â | Â | Â | Â | Â | 1.2 | Â | Â | Â | Â |
Dividends: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Derivative hedging activity, net of tax | Â | (1.2) | Â | Â | Â | Â | Â | Â | 1.3 | Â | Â | Â | Â |
Change in unrecognized pension expense, net of tax | Â | 0.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Ending balance (in shares) at Jun. 30, 2011 | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1 | Â | Â | Â |
Ending balance at Jun. 30, 2011 | Â | Â | Â | Â | Â | Â | $ 2,879.7 | Â | Â | $ 1,563.1 | Â | Â | $ 1,995.0 |
SUPPLEMENTAL CASH FLOW INFORMATION
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information |
Significant Non-Cash Items On January 1, 2010, Great Plains Energy and KCP&L adopted new accounting guidance for transfers of financial assets, which resulted in the recognition of $95.0 million of accounts receivable pledged as collateral and a corresponding short-term collateralized note payable on Great Plains Energy’s and KCP&L’s balance sheets. As a result, cash flows from operating activities were reduced by $95.0 million and cash flows from financing activities were raised by $95.0 million with no impact to the net change in cash year to date June 30, 2010. |
RECEIVABLES (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||||||||
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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Dec. 31, 2010
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Great Plains Energy Incorporated [Member]
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 |  |  |  |  | ||||||
Accounts Receivable, Net, Current [Abstract] | Â | Â | Â | Â | Â | ||||||
Allowance for doubtful accounts | $ (2.2) | Â | $ (2.2) | Â | $ (2.7) | ||||||
Receivables, net | 251.1 | Â | 251.1 | Â | 241.7 | ||||||
Accounts receivable sold [Line Items] | Â | Â | Â | Â | Â | ||||||
Accounts receivable pledged as collateral | 95.0 | Â | 95.0 | Â | 95.0 | ||||||
Collateralized note payable | 95.0 | Â | 95.0 | Â | 95.0 | ||||||
Great Plains Energy Incorporated [Member] | Billed Revenues [Member]
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 |  |  |  |  | ||||||
Accounts Receivable, Net, Current [Abstract] | Â | Â | Â | Â | Â | ||||||
Accounts Receivable, Gross, Current | 72.5 | Â | 72.5 | Â | 62.0 | ||||||
Great Plains Energy Incorporated [Member] | Unbilled Revenues [Member]
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 |  |  |  |  | ||||||
Accounts Receivable, Net, Current [Abstract] | Â | Â | Â | Â | Â | ||||||
Accounts Receivable, Gross, Current | 108.3 | Â | 108.3 | Â | 82.3 | ||||||
Great Plains Energy Incorporated [Member] | Other Receivables [Member}
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 |  |  |  |  | ||||||
Accounts Receivable, Net, Current [Abstract] | Â | Â | Â | Â | Â | ||||||
Accounts Receivable, Gross, Current | 72.5 | Â | 72.5 | Â | 100.1 | ||||||
Kansas City Power and Light Company [Member]
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 |  |  |  |  | ||||||
Accounts Receivable, Net, Current [Abstract] | Â | Â | Â | Â | Â | ||||||
Allowance for doubtful accounts | (1.4) | Â | (1.4) | Â | (1.5) | ||||||
Receivables, net | 162.4 | Â | 162.4 | Â | 169.4 | ||||||
Accounts receivable sold [Line Items] | Â | Â | Â | Â | Â | ||||||
Accounts receivable pledged as collateral | 95.0 | Â | 95.0 | Â | 95.0 | ||||||
Collateralized note payable | 95.0 | Â | 95.0 | Â | 95.0 | ||||||
Maximum percentage servicing fee received on receivables sold (in hundredths) | Â | Â | 1.50% | Â | Â | ||||||
Accounts receivable (sold) purchased [Abstract] | Â | Â | Â | Â | Â | ||||||
Receivables (sold) purchased | 0 | 0 | 0 | 0 | Â | ||||||
Gain (loss) on sale of accounts receivables | (0.5) | [1] | (0.6) | [1] | (0.3) | [1] | (0.4) | [1] | Â | ||
Servicing fees | 0 | 0 | 0 | 0 | Â | ||||||
Fees to outside investor | (0.3) | (0.3) | (0.6) | (0.6) | Â | ||||||
Cash flow during the period [Abstract] | Â | Â | Â | Â | Â | ||||||
Cash from customers transferred to receivables company | 0 | 0 | 0 | 0 | Â | ||||||
Cash paid to KCPL for receivables purchased | 0 | 0 | 0 | 0 | Â | ||||||
Interest on intercompany note | 0 | 0 | 0 | 0 | Â | ||||||
Kansas City Power and Light Company [Member] | Billed Revenues [Member]
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 |  |  |  |  | ||||||
Accounts Receivable, Net, Current [Abstract] | Â | Â | Â | Â | Â | ||||||
Accounts Receivable, Gross, Current | 13.6 | Â | 13.6 | Â | 6.5 | ||||||
Kansas City Power and Light Company [Member] | Unbilled Revenues [Member]
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 |  |  |  |  | ||||||
Accounts Receivable, Net, Current [Abstract] | Â | Â | Â | Â | Â | ||||||
Accounts Receivable, Gross, Current | 67.7 | Â | 67.7 | Â | 50.1 | ||||||
Kansas City Power and Light Company [Member] | Intercompany Receivables [Member]
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 |  |  |  |  | ||||||
Accounts Receivable, Net, Current [Abstract] | Â | Â | Â | Â | Â | ||||||
Accounts Receivable, Gross, Current | 30.4 | Â | 30.4 | Â | 43.2 | ||||||
Kansas City Power and Light Company [Member] | Other Receivables [Member}
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 |  |  |  |  | ||||||
Accounts Receivable, Net, Current [Abstract] | Â | Â | Â | Â | Â | ||||||
Accounts Receivable, Gross, Current | 52.1 | Â | 52.1 | Â | 71.1 | ||||||
Kansas City Power and Light Company [Member]
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 |  |  |  |  | ||||||
Accounts receivable (sold) purchased [Abstract] | Â | Â | Â | Â | Â | ||||||
Receivables (sold) purchased | (347.7) | (331.4) | (639.6) | (625.7) | Â | ||||||
Gain (loss) on sale of accounts receivables | (4.4) | [1] | (4.2) | [1] | (8.1) | [1] | (7.9) | [1] | Â | ||
Servicing fees | 0.5 | 0.6 | 1.1 | 1.1 | Â | ||||||
Fees to outside investor | 0 | 0 | 0 | 0 | Â | ||||||
Cash flow during the period [Abstract] | Â | Â | Â | Â | Â | ||||||
Cash from customers transferred to receivables company | (309.9) | (290.8) | (618.2) | (598.9) | Â | ||||||
Cash paid to KCPL for receivables purchased | 306.0 | 287.2 | 610.4 | 591.4 | Â | ||||||
Interest on intercompany note | 0.1 | 0.1 | 0.2 | 0.2 | Â | ||||||
Receivables Company [Member]
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 |  |  |  |  | ||||||
Accounts receivable (sold) purchased [Abstract] | Â | Â | Â | Â | Â | ||||||
Receivables (sold) purchased | 347.7 | 331.4 | 639.6 | 625.7 | Â | ||||||
Gain (loss) on sale of accounts receivables | 3.9 | [1] | 3.6 | [1] | 7.8 | [1] | 7.5 | [1] | Â | ||
Servicing fees | (0.5) | (0.6) | (1.1) | (1.1) | Â | ||||||
Fees to outside investor | (0.3) | (0.3) | (0.6) | (0.6) | Â | ||||||
Cash flow during the period [Abstract] | Â | Â | Â | Â | Â | ||||||
Cash from customers transferred to receivables company | 309.9 | 290.8 | 618.2 | 598.9 | Â | ||||||
Cash paid to KCPL for receivables purchased | (306.0) | (287.2) | (610.4) | (591.4) | Â | ||||||
Interest on intercompany note | $ (0.1) | $ (0.1) | $ (0.2) | $ (0.2) | Â | ||||||
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EQUITY COMPENSATION (Tables)
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity compensation expense and associated income tax benefits | The following table summarizes Great Plains Energy’s and KCP&L’s equity compensation expense and associated income tax benefits.
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Performance share activity | Performance share activity year to date June 30, 2011, is summarized in the following table.
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Restricted stock activity | Restricted stock activity year to date June 30, 2011, is summarized in the following table.
|
FAIR VALUE MEASUREMENTS (Details) (USD $)
In Millions |
6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2010
|
Jun. 30, 2011
|
Dec. 31, 2010
|
Jun. 30, 2011
Kansas City Power and Light Company [Member]
Estimate of Fair Value, Fair Value Disclosure [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Estimate of Fair Value, Fair Value Disclosure [Member]
|
Jun. 30, 2011
Kansas City Power and Light Company [Member]
Fair Value, Netting [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Fair Value, Netting [Member]
|
Jun. 30, 2011
Kansas City Power and Light Company [Member]
Fair Value, Inputs, Level 1 [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Fair Value, Inputs, Level 1 [Member]
|
Jun. 30, 2011
Kansas City Power and Light Company [Member]
Fair Value, Inputs, Level 2 [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Fair Value, Inputs, Level 2 [Member]
|
Jun. 30, 2011
Kansas City Power and Light Company [Member]
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Fair Value, Inputs, Level 3 [Member]
|
Jun. 30, 2010
Kansas City Power and Light Company [Member]
State and local obligations [Member]
|
Jun. 30, 2011
Other Great Plains Energy [Member]
Estimate of Fair Value, Fair Value Disclosure [Member]
|
Dec. 31, 2010
Other Great Plains Energy [Member]
Estimate of Fair Value, Fair Value Disclosure [Member]
|
Jun. 30, 2011
Other Great Plains Energy [Member]
Fair Value, Netting [Member]
|
Dec. 31, 2010
Other Great Plains Energy [Member]
Fair Value, Netting [Member]
|
Jun. 30, 2011
Other Great Plains Energy [Member]
Fair Value, Inputs, Level 1 [Member]
|
Dec. 31, 2010
Other Great Plains Energy [Member]
Fair Value, Inputs, Level 1 [Member]
|
Jun. 30, 2011
Other Great Plains Energy [Member]
Fair Value, Inputs, Level 2 [Member]
|
Dec. 31, 2010
Other Great Plains Energy [Member]
Fair Value, Inputs, Level 2 [Member]
|
Jun. 30, 2011
Other Great Plains Energy [Member]
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2010
Other Great Plains Energy [Member]
Fair Value, Inputs, Level 3 [Member]
|
Jun. 30, 2011
Other Great Plains Energy [Member]
Derivative Instruments [Member]
|
Jun. 30, 2010
Other Great Plains Energy [Member]
Derivative Instruments [Member]
|
Jun. 30, 2011
Other Great Plains Energy [Member]
Derivative Instruments [Member]
|
Jun. 30, 2010
Other Great Plains Energy [Member]
Derivative Instruments [Member]
|
Jun. 30, 2011
Estimate of Fair Value, Fair Value Disclosure [Member]
|
Dec. 31, 2010
Estimate of Fair Value, Fair Value Disclosure [Member]
|
Jun. 30, 2011
Fair Value, Netting [Member]
|
Dec. 31, 2010
Fair Value, Netting [Member]
|
Jun. 30, 2011
Fair Value, Inputs, Level 1 [Member]
|
Dec. 31, 2010
Fair Value, Inputs, Level 1 [Member]
|
Jun. 30, 2011
Fair Value, Inputs, Level 2 [Member]
|
Dec. 31, 2010
Fair Value, Inputs, Level 2 [Member]
|
Jun. 30, 2011
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2010
Fair Value, Inputs, Level 3 [Member]
|
|||||||||||||||||||||||||||||||||||||||
Assets [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, assets | Â | Â | Â | $ 0 | [1] | $ 0 | [1] | $ 0 | [1],[2] | $ (0.1) | [1],[2] | $ 0 | [1] | $ 0.1 | [1] | $ 0 | [1] | $ 0 | [1] | $ 0 | [1] | $ 0 | [1] | Â | $ 10.0 | [1] | $ 8.9 | [1] | $ (0.1) | [1],[2] | $ (0.5) | [1],[2] | $ 0.1 | [1] | $ 0.5 | [1] | $ 5.1 | [1] | $ 5.2 | [1] | $ 4.9 | [1] | $ 3.7 | [1] | Â | Â | Â | Â | $ 10.0 | [1] | $ 8.9 | [1] | $ (0.1) | [1],[2] | $ (0.6) | [1],[2] | $ 0.1 | [1] | $ 0.6 | [1] | $ 5.1 | [1] | $ 5.2 | [1] | $ 4.9 | [1] | $ 3.7 | [1] | ||||||||
Nuclear decommissioning trust [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Equity securities related to nuclear decommissioning trust | Â | Â | Â | 89.4 | [3] | 85.5 | [3] | 0 | [2],[3] | 0 | [2],[3] | 89.4 | [3] | 85.5 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury | Â | Â | Â | 11.8 | [3] | 8.9 | [3] | 0 | [2],[3] | 0 | [2],[3] | 11.8 | [3] | 8.9 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||
U.S. Agency | Â | Â | Â | 3.5 | [3] | 4.8 | [3] | 0 | [2],[3] | 0 | [2],[3] | 0 | [3] | 0 | [3] | 3.5 | [3] | 4.8 | [3] | 0 | [3] | 0 | [3] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||
State and local obligations | Â | Â | Â | 2.5 | [3] | 2.5 | [3] | 0 | [2],[3] | 0 | [2],[3] | 0 | [3] | 0 | [3] | 2.5 | [3] | 2.5 | [3] | 0 | [3] | 0 | [3] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||
Corporate bonds | Â | Â | Â | 26.0 | [3] | 23.7 | [3] | 0 | [2],[3] | 0 | [2],[3] | 0 | [3] | 0 | [3] | 26.0 | [3] | 23.7 | [3] | 0 | [3] | 0 | [3] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||
Foreign governments | Â | Â | Â | 0.7 | [3] | 0.7 | [3] | 0 | [2],[3] | 0 | [2],[3] | 0 | [3] | 0 | [3] | 0.7 | [3] | 0.7 | [3] | 0 | [3] | 0 | [3] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||
Other | Â | Â | Â | 0.6 | [3] | 0.4 | [3] | 0 | [2],[3] | 0 | [2],[3] | 0 | [3] | 0 | [3] | 0.6 | [3] | 0.4 | [3] | 0 | [3] | 0 | [3] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||
Total nuclear decommissioning trust | Â | Â | Â | 134.5 | [3] | 126.5 | [3] | 0 | [2],[3] | 0 | [2],[3] | 101.2 | [3] | 94.4 | [3] | 33.3 | [3] | 32.1 | [3] | 0 | [3] | 0 | [3] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 134.5 | [3] | 126.5 | [3] | 0 | [2],[3] | 0 | [2],[3] | 101.2 | [3] | 94.4 | [3] | 33.3 | [3] | 32.1 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||||
SERP rabbi trust [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Equity securities related to SERP rabbi trust | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.1 | [4] | 0.2 | [4] | 0 | [2],[4] | 0 | [2],[4] | 0.1 | [4] | 0.2 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||
Debt securities related to SERP rabbi trust | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 7.1 | [4] | 7.0 | [4] | 0 | [2],[4] | 0 | [2],[4] | 0 | [4] | 0 | [4] | 7.1 | [4] | 7.0 | [4] | 0 | [4] | 0 | [4] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||
Total SERP rabbi trust | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 7.2 | [4] | 7.2 | [4] | 0 | [2],[4] | 0 | [2],[4] | 0.1 | [4] | 0.2 | [4] | 7.1 | [4] | 7.0 | [4] | 0 | [4] | 0 | [4] | Â | Â | Â | Â | 7.2 | [4] | 7.2 | [4] | 0 | [2],[4] | 0 | [2],[4] | 0.1 | [4] | 0.2 | [4] | 7.1 | [4] | 7.0 | [4] | 0 | [4] | 0 | [4] | ||||||||||||||||||
Total assets | Â | Â | Â | 134.5 | 126.5 | 0 | [2] | (0.1) | [2] | 101.2 | 94.5 | 33.3 | 32.1 | 0 | 0 | Â | 17.2 | 16.1 | (0.1) | [2] | (0.5) | [2] | 0.2 | 0.7 | 12.2 | 12.2 | 4.9 | 3.7 | Â | Â | Â | Â | 151.7 | 142.6 | (0.1) | [2] | (0.6) | [2] | 101.4 | 95.2 | 45.5 | 44.3 | 4.9 | 3.7 | ||||||||||||||||||||||||||||||||
Liabilities [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, liabilities | Â | Â | Â | 0 | [1] | 0 | [1] | (0.1) | [1],[2] | (0.1) | [1],[2] | 0.1 | [1] | 0.1 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | Â | 0 | [1] | 20.8 | [1] | (0.6) | [1],[2] | (3.0) | [1],[2] | 0.6 | [1] | 3.0 | [1] | 0 | [1] | 20.8 | [1] | 0 | [1] | 0 | [1] | Â | Â | Â | Â | 0 | [1] | 20.8 | [1] | (0.7) | [1],[2] | (3.1) | [1],[2] | 0.7 | [1] | 3.1 | [1] | 0 | [1] | 20.8 | [1] | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | Â | Â | Â | 0 | [1] | 0 | (0.1) | [1],[2] | (0.1) | [2] | 0.1 | [1] | 0.1 | 0 | [1] | 0 | 0 | [1] | 0 | Â | 0 | 20.8 | (0.6) | [2] | (3.0) | [2] | 0.6 | 3.0 | 0 | 20.8 | 0 | 0 | Â | Â | Â | Â | 0 | 20.8 | (0.7) | [2] | (3.1) | [2] | 0.7 | 3.1 | 0 | 20.8 | 0 | 0 | ||||||||||||||||||||||||||||
Cash and cash equivalents from nuclear decommissioning trust excluded from fair value disclosure | Â | 3.7 | 2.7 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents from SERP rabbi trust excluded from fair value disclosure | Â | 13.9 | 14.6 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Cash collateral posted with third parties as part of netting agreements | Â | 0.6 | 2.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Fair value measurement using significant unobservable input (level 3) reconciliation [Roll Forward] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Beginning balance | 4.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 5.7 | 5.4 | 3.7 | 4.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Total realized/unrealized gains or (losses) [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Included in non-operating income | (5.9) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2.1 | (3.4) | 7.1 | (5.9) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Purchase, issuances, and settlements | 6.8 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (0.2) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (2.9) | 3.2 | (5.9) | 7.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Ending balance | 5.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 4.9 | 5.2 | 4.9 | 5.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
Total unrealized gains and (losses) included in non-operating income relating to assets and liabilities still on the consolidated balance sheet | $ 1.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | $ 0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | $ (0.6) | $ (0.2) | $ 1.5 | $ 1.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||||||||||||||
|
RECEIVABLES
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables |
Great Plains Energy’s and KCP&L’s receivables are detailed in the following table.
Great Plains Energy’s and KCP&L’s other receivables at June 30, 2011, and December 31, 2010, consisted primarily of receivables from partners in jointly owned electric utility plants and wholesale sales receivables. Sale of Accounts Receivable – KCP&L KCP&L sells all of its retail electric accounts receivable to its wholly owned subsidiary, Receivables Company, which in turn sells an undivided percentage ownership interest in the accounts receivable to Victory Receivables Corporation, an independent outside investor. Receivables Company’s sale of the undivided percentage ownership interest in accounts receivable to Victory Receivables Corporation is accounted for as a secured borrowing with $95.0 million of accounts receivables pledged as collateral and a corresponding short-term collateralized note payable recognized on Great Plains Energy’s and KCP&L’s balance sheets at June 30, 2011, and December 31, 2010. KCP&L sells its receivables at a fixed price based upon the expected cost of funds and charge-offs. These costs comprise KCP&L’s loss on the sale of accounts receivable. KCP&L services the receivables and receives an annual servicing fee of 1.5% of the outstanding principal amount of the receivables sold to Receivables Company. KCP&L does not recognize a servicing asset or liability because management determined the collection agent fee earned by KCP&L approximates market value. The agreement expires in October 2011 and is expected to be renewed. Information regarding KCP&L’s sale of accounts receivable to Receivables Company is reflected in the following tables.
|
REGULATORY MATTERS (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
Dec. 31, 2010
|
||||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | $ 949.7 | $ 924.0 | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 267.7 | 258.2 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Rate jurisdiction - Kansas [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Proceedings [Line Items] | Â | Â | |||||||||||||||||||||||||
Return on equity | 10.00% | Â | |||||||||||||||||||||||||
Rate-making equity ratio | 49.70% | Â | |||||||||||||||||||||||||
Effective date | Dec. 01, 2010 | Â | |||||||||||||||||||||||||
Annual revenue increase authorized | 21.8 | Â | |||||||||||||||||||||||||
Jurisdictional rate base | 1,781 | Â | |||||||||||||||||||||||||
Adjusted annual revenue increased authorized | 22.0 | Â | |||||||||||||||||||||||||
Annual revenue increase authorized but considered as interim subject to refund or true-up | 1.4 | Â | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Rate jurisdiction - Missouri [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Proceedings [Line Items] | Â | Â | |||||||||||||||||||||||||
File date | Jun. 04, 2010 | Â | |||||||||||||||||||||||||
Annual revenue increase | 92.1 | Â | |||||||||||||||||||||||||
Adjusted annual revenue increase | 66.5 | Â | |||||||||||||||||||||||||
Return on equity | 10.00% | Â | |||||||||||||||||||||||||
Rate-making equity ratio | 46.30% | Â | |||||||||||||||||||||||||
Effective date | May 04, 2011 | Â | |||||||||||||||||||||||||
Annual revenue increase authorized | 34.8 | Â | |||||||||||||||||||||||||
Jurisdictional rate base | 2,000 | Â | |||||||||||||||||||||||||
Wholesale margin offset requested | 29.4 | Â | |||||||||||||||||||||||||
Wholesale margin offset authorized | 45.9 | Â | |||||||||||||||||||||||||
Disallowed construction costs on Iatan Nos 1 and 2 | 1.5 | Â | |||||||||||||||||||||||||
Other disallowed costs | 2.4 | Â | |||||||||||||||||||||||||
Qualifying advance coal project tax credits to be reallocated from KCPL to GMO | 26.5 | Â | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Rate jurisdiction - Missouri [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Proceedings [Line Items] | Â | Â | |||||||||||||||||||||||||
Jurisdictional rate base | 1,760 | Â | |||||||||||||||||||||||||
Disallowed construction costs on Iatan Nos 1 and 2 | 0.8 | Â | |||||||||||||||||||||||||
Other disallowed costs | 1.5 | Â | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Rate jurisdiction - Missouri public service division [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Proceedings [Line Items] | Â | Â | |||||||||||||||||||||||||
File date | Jun. 04, 2010 | Â | |||||||||||||||||||||||||
Annual revenue increase | 75.8 | Â | |||||||||||||||||||||||||
Adjusted annual revenue increase | 65.9 | Â | |||||||||||||||||||||||||
Return on equity | 10.00% | Â | |||||||||||||||||||||||||
Rate-making equity ratio | 46.60% | Â | |||||||||||||||||||||||||
Effective date | Jun. 25, 2011 | Â | |||||||||||||||||||||||||
Annual revenue increase authorized | 30.1 | Â | |||||||||||||||||||||||||
Adjusted annual revenue increased authorized | 35.7 | Â | |||||||||||||||||||||||||
Amount of Crossroads disallowed from rate base | 50.0 | Â | |||||||||||||||||||||||||
Amount of Crossroads transmission expense disallowed | 4.9 | Â | |||||||||||||||||||||||||
Amount of Crossroads accumulated deferred taxes offset against rate base | 15.0 | Â | |||||||||||||||||||||||||
Amount of Crossroads requested in rate base | 104.0 | Â | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Rate jurisdiction - St. Joseph Light and Power division [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Proceedings [Line Items] | Â | Â | |||||||||||||||||||||||||
File date | Jun. 04, 2010 | Â | |||||||||||||||||||||||||
Annual revenue increase | 22.1 | Â | |||||||||||||||||||||||||
Adjusted annual revenue increase | 23.2 | Â | |||||||||||||||||||||||||
Return on equity | 10.00% | Â | |||||||||||||||||||||||||
Rate-making equity ratio | 46.60% | Â | |||||||||||||||||||||||||
Effective date | Jun. 25, 2011 | Â | |||||||||||||||||||||||||
Annual revenue increase authorized | 29.3 | Â | |||||||||||||||||||||||||
Adjusted annual revenue increased authorized | 29.8 | Â | |||||||||||||||||||||||||
Deferred annual revenue increase | 7.7 | Â | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Proceedings [Line Items] | Â | Â | |||||||||||||||||||||||||
Deferred tax credits (note) | 128.9 | Â | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 683.6 | 679.6 | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 147.2 | 141.3 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Taxes recoverable through future rates [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 119.1 | 117.2 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Loss on reacquired debt [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 6.6 | [1] | 5.0 | ||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Cost of removal, asset [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 9.3 | 8.5 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Asset retirement obligations [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 29.4 | 27.5 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Pension settlements [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 6.8 | [2] | 9.0 | ||||||||||||||||||||||||
Amount not included in rate base | 3.7 | Â | |||||||||||||||||||||||||
Regulatory amortization period | 2012 | Â | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Pension and post-retirement costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 357.7 | [3] | 377.1 | ||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Deferred customer programs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 46.1 | [4] | 44.7 | ||||||||||||||||||||||||
Amount not included in rate base | 11.6 | Â | |||||||||||||||||||||||||
Regulatory amortization period | various | Â | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Rate case expenses [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 10.7 | [5] | 12.3 | ||||||||||||||||||||||||
Amount not included in rate base | 10.7 | Â | |||||||||||||||||||||||||
Regulatory amortization period | various | Â | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Skill set realignment costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 4.1 | [6] | 4.8 | ||||||||||||||||||||||||
Amount not included in rate base | 2.6 | Â | |||||||||||||||||||||||||
Regulatory amortization period | 2017 | Â | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Fuel adjustment clauses [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 18.9 | [5] | 8.4 | ||||||||||||||||||||||||
Amount not included in rate base | 18.9 | Â | |||||||||||||||||||||||||
Regulatory amortization period | various | Â | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Acquisition transition costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 27.7 | [7] | 29.3 | ||||||||||||||||||||||||
Amount not included in rate base | 27.7 | Â | |||||||||||||||||||||||||
Regulatory amortization period | 2016 | Â | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | St. Joseph Light and Power acquisition [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 0 | 0 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Storm damage [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 0 | 0 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Derivative instruments [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 0 | 0 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Iatan No. 1 and Common facilities depreciation and carrying costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 16.7 | 15.1 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Iatan No. 2 construction accounting costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 28.0 | 17.2 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Other [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 2.5 | [8] | 3.5 | ||||||||||||||||||||||||
Regulatory amortization period | various | Â | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Emission allowances [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 84.0 | 85.9 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Asset retirement obligations [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 51.1 | 44.9 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Pension [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 0.2 | 0 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Cost of removal, liability [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 0 | 0 | |||||||||||||||||||||||||
Kansas City Power and Light Company [Member] | Other [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 11.9 | 10.5 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Proceedings [Line Items] | Â | Â | |||||||||||||||||||||||||
Deferred tax credits (note) | 3.7 | Â | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 266.1 | 244.4 | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 120.5 | 116.9 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Taxes recoverable through future rates [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 25.0 | 25.3 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Loss on reacquired debt [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 0.6 | [1] | 0.7 | ||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Cost of removal, asset [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 0 | 0 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Asset retirement obligations [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 13.3 | 12.8 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Pension settlements [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 0 | 0 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Pension and post-retirement costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 116.0 | [3] | 106.7 | ||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Deferred customer programs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 18.1 | 15.6 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Rate case expenses [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 4.6 | [5] | 3.3 | ||||||||||||||||||||||||
Amount not included in rate base | 4.6 | Â | |||||||||||||||||||||||||
Regulatory amortization period | various | Â | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Skill set realignment costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 0 | 0 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Fuel adjustment clauses [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 37.5 | [5] | 37.1 | ||||||||||||||||||||||||
Amount not included in rate base | 37.5 | Â | |||||||||||||||||||||||||
Regulatory amortization period | various | Â | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Acquisition transition costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 22.4 | [7] | 22.5 | ||||||||||||||||||||||||
Amount not included in rate base | 22.4 | Â | |||||||||||||||||||||||||
Regulatory amortization period | 2016 | Â | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | St. Joseph Light and Power acquisition [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 2.3 | [9] | 2.6 | ||||||||||||||||||||||||
Amount not included in rate base | 2.3 | Â | |||||||||||||||||||||||||
Regulatory amortization period | 2015 | Â | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Storm damage [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 2.4 | [10] | 3.2 | ||||||||||||||||||||||||
Amount not included in rate base | 2.4 | Â | |||||||||||||||||||||||||
Regulatory amortization period | 2012 | Â | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Derivative instruments [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 1.5 | [11] | 3.1 | ||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Iatan No. 1 and Common facilities depreciation and carrying costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 6.2 | 4.3 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Iatan No. 2 construction accounting costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 15.5 | 6.5 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Other [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 0.7 | [8] | 0.7 | ||||||||||||||||||||||||
Regulatory amortization period | various | Â | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Emission allowances [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 0.4 | 0.5 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Asset retirement obligations [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 0 | 0 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Pension [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 38.9 | 37.1 | |||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Cost of removal, liability [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 62.8 | [12] | 62.8 | ||||||||||||||||||||||||
KCPL Greater Missouri Operations Company [Member] | Other [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 18.4 | 16.5 | |||||||||||||||||||||||||
Taxes recoverable through future rates [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 144.1 | 142.5 | |||||||||||||||||||||||||
Loss on reacquired debt [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 7.2 | 5.7 | |||||||||||||||||||||||||
Cost of removal, asset [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 9.3 | 8.5 | |||||||||||||||||||||||||
Asset retirement obligations [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 42.7 | 40.3 | |||||||||||||||||||||||||
Asset retirement obligations [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 51.1 | 44.9 | |||||||||||||||||||||||||
Pension settlements [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 6.8 | 9.0 | |||||||||||||||||||||||||
Pension and post-retirement costs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 473.7 | 483.8 | |||||||||||||||||||||||||
Deferred customer programs [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 64.2 | 60.3 | |||||||||||||||||||||||||
Rate case expenses [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 15.3 | 15.6 | |||||||||||||||||||||||||
Skill set realignment costs [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 4.1 | 4.8 | |||||||||||||||||||||||||
Fuel adjustment clauses [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 56.4 | 45.5 | |||||||||||||||||||||||||
Acquisition transition costs [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 50.1 | 51.8 | |||||||||||||||||||||||||
St. Joseph Light and Power acquisition [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 2.3 | 2.6 | |||||||||||||||||||||||||
Storm damage [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 2.4 | 3.2 | |||||||||||||||||||||||||
Derivative instruments [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 1.5 | 3.1 | |||||||||||||||||||||||||
Iatan No. 1 and Common facilities depreciation and carrying costs [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 22.9 | 19.4 | |||||||||||||||||||||||||
Iatan No. 2 construction accounting costs [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 43.5 | 23.7 | |||||||||||||||||||||||||
Other [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Assets [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current assets amount | 3.2 | 4.2 | |||||||||||||||||||||||||
Emission allowances [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 84.4 | 86.4 | |||||||||||||||||||||||||
Pension [Member]
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 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 39.1 | 37.1 | |||||||||||||||||||||||||
Cost of removal, liability [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | 62.8 | 62.8 | |||||||||||||||||||||||||
Other [Member]
|
 |  | |||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | Â | Â | |||||||||||||||||||||||||
Non current liabilities | $ 30.3 | $ 27.0 | |||||||||||||||||||||||||
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NUCLEAR PLANT (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in nuclear decommissioning trust fund | The following table summarizes the change in Great Plains Energy’s and KCP&L’s nuclear decommissioning trust fund.
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Detail of assets held in nuclear decommissioning trust fund | The nuclear decommissioning trust is reported at fair value on the balance sheets and is invested in assets as detailed in the following table.
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Gains and losses from the sale of securities by the nuclear decommissioning trust fund | The following table summarizes the realized gains and losses from the sale of securities by the nuclear decommissioning trust fund.
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RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Tables)
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kansas City Power and Light Company's related party receivables and payables |
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PENSION PLANS AND OTHER EMPLOYEE BENEFITS (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs | The following tables provide Great Plains Energy’s components of net periodic benefit costs prior to the effects of capitalization and sharing with joint-owners of power plants.
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LEGAL PROCEEDINGS
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6 Months Ended | ||
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||
Legal proceedings |
KCP&L Spent Nuclear Fuel and Radioactive Waste In January 2004, KCP&L and the other two Wolf Creek owners filed a lawsuit against the United States in the U.S. Court of Federal Claims seeking $14.1 million of damages resulting from the government’s failure to begin accepting spent nuclear fuel for disposal in January 1998, as the government was required to do by the Nuclear Waste Policy Act of 1982. The Wolf Creek case was tried before a U.S. Court of Federal Claims judge in June 2010, and a decision was issued in November 2010, granting KCP&L and the other two Wolf Creek owners $10.6 million ($5.0 million KCP&L share) in damages. In January 2011, KCP&L and the other two Wolf Creek owners as well as the United States filed appeals of the decision to the U.S. Court of Appeals for the Federal Circuit. The court has set a briefing schedule. Briefing likely will conclude in the fourth quarter of 2011, and the parties will present their oral arguments to the court sometime thereafter. Iatan Levee Litigation On May 22, 2009, several farmers filed suit against Great Plains Energy and KCP&L in the Circuit Court of Platte County, Missouri, alleging negligence, private nuisance, trespass and violations of the Missouri Crop Protection Act and seeking unspecified compensatory and punitive damages. These allegations stem from flooding at or near the Iatan Station in 2007 and 2008. The farmers allege the flooding was a result of maintenance of a nearby levee. The petition seeks class certification from the courts. KCP&L has filed a motion seeking separate trials for each individual plaintiff. Written discovery and depositions are underway. This matter is set for trial in November 2011. Management cannot predict the outcome of this matter. GMO Price Reporting Litigation In response to complaints of manipulation of the California energy market, in July 2001, FERC issued an order requiring net sellers of power in the California markets from October 2, 2000, through June 20, 2001, at prices above a FERC determined competitive market clearing price to make refunds to net purchasers of power in the California market during that time period. Because MPS Merchant was a net purchaser of power during the refund period, it has received approximately $8 million in refunds through settlements with certain sellers of power. MPS Merchant estimates that it is entitled to approximately $12 million in additional refunds under the standards FERC has used in this case. FERC has stated that interest will be applied to the refunds but the amount of interest has not yet been determined. However, in December 2001, various parties appealed the FERC order to the United States Court of Appeals for the Ninth Circuit seeking review of a number of issues, including changing the refund period to include periods prior to October 2, 2000. MPS Merchant was a net seller of power during the period prior to October 2, 2000. On August 2, 2006, the U.S. Court of Appeals for the Ninth Circuit issued an order finding, among other things, that FERC did not provide a sufficient justification for refusing to exercise its remedial authority under the Federal Power Act to determine whether market participants violated FERC-approved tariffs during the period prior to October 2, 2000, and imposing a remedy for any such violations. The court remanded the matter to FERC for further consideration. In May 2011, FERC issued an order which clarified the scope of the hearing in the refund proceeding and ruled on requests for rehearing and motions to dismiss. A hearing is set for March 2012. If FERC ultimately includes the period prior to October 2, 2000, MPS Merchant could be found to owe refunds. FERC initiated a separate docket, generally referred to as the Pacific Northwest refund proceeding, to determine if any refunds were warranted related to the potential impact of the California market issues on buyers in the Pacific Northwest between December 25, 2000, and June 20, 2001. FERC rejected the refund requests, but its decision was remanded by the Court of Appeals for FERC to consider whether any acts of market manipulation support the imposition of refunds. Claims against MPS Merchant total $5.1 million for the period addressed under the Pacific Northwest refund proceedings. |
NUCLEAR PLANT
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Notes to Financial Statements [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear plant |
KCP&L owns 47% of Wolf Creek Generating Station (Wolf Creek), its only nuclear generating unit. Wolf Creek is located in Coffey County, Kansas, just northeast of Burlington, Kansas. Wolf Creek’s operating license expires in 2045. Wolf Creek is regulated by the Nuclear Regulatory Commission (NRC), with respect to licensing, operations and safety-related requirements. Wolf Creek had been on a status that called for heightened NRC oversight. In May 2011, the NRC moved Wolf Creek back to the lowest level of NRC oversight. In March 2011, the NRC established a task force to conduct a 90-day review and a longer-term review of U.S. nuclear power plant safety in the aftermath of a March 11, 2011, earthquake and tsunami that eventually resulted in station blackout and a level 7 event on the International Nuclear and Radiological Event Scale (the highest level event on the scale) at Japan’s Fukushima Daiichi nuclear power plant. On July 12, 2011, the task force issued an extensive report on the ramifications of the Fukushima earthquake/tsunami for nuclear power plant regulation in the U.S. The report confirms the safety of nuclear plants in the U.S., but also contains several recommendations to enhance nuclear plant safety and preparedness to manage severe events. The NRC will begin systematically reviewing the report and recommendations through their regulatory process. The timing and effects of any NRC action cannot be determined at this time. Spent Nuclear Fuel and High-Level Radioactive Waste Under the Nuclear Waste Policy Act of 1982, the Department of Energy (DOE) is responsible for the permanent disposal of spent nuclear fuel. KCP&L pays the DOE a quarterly fee of one-tenth of a cent for each kWh of net nuclear generation delivered and sold for the future disposal of spent nuclear fuel. These disposal costs are charged to fuel expense. In March 2010, the DOE filed a motion to withdraw its application to the NRC to construct a national repository for the disposal of spent nuclear fuel and high-level radioactive waste at Yucca Mountain, Nevada, which would bring the licensing process to an end. An NRC board denied the DOE’s motion to withdraw its application in June 2010, and the DOE appealed that decision to the full NRC in July 2010. The NRC has not yet decided that appeal. Additional lawsuits had been filed questioning the DOE’s legal authority to withdraw its license application but on July 1, 2011, a federal appellate court dismissed the lawsuits. Wolf Creek has an on-site storage facility designed to hold all spent fuel generated at the plant through 2025, and believes it will be able to expand on-site storage as needed past 2025. Management cannot predict when, or if, an alternative disposal site will be available to receive Wolf Creek’s spent nuclear fuel and will continue to monitor this activity. See Note 11 for a related legal proceeding. Low-Level Radioactive Waste Wolf Creek disposes of most of its low-level radioactive waste (Class A waste) at an existing third-party repository in Utah. Management expects that the site located in Utah will remain available to Wolf Creek for disposal of its Class A waste. Wolf Creek has contracted with a waste processor that will process, take title and store in another state most of the remainder of Wolf Creek’s low-level radioactive waste (Classes B and C waste, which is higher in radioactivity but much lower in volume). Should on-site waste storage be needed in the future, Wolf Creek has current storage capacity on site for about four years’ generation of Classes B and C waste and believes it will be able to expand that storage capacity as needed if it becomes necessary to do so. Nuclear Decommissioning Trust Fund The following table summarizes the change in Great Plains Energy’s and KCP&L’s nuclear decommissioning trust fund.
The nuclear decommissioning trust is reported at fair value on the balance sheets and is invested in assets as detailed in the following table.
The weighted average maturity of debt securities held by the trust at June 30, 2011, was approximately 7.5 years. The costs of securities sold are determined on the basis of specific identification. The following table summarizes the realized gains and losses from the sale of securities by the nuclear decommissioning trust fund.
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FAIR VALUE MEASUREMENTS
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements |
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad categories, giving the highest priority to quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. A definition of the various levels, as well as discussion of the various measurements within the levels, is as follows: Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets that Great Plains Energy and KCP&L have access to at the measurement date. Assets categorized within this level consist of Great Plains Energy’s and KCP&L’s various exchange traded derivative instruments and equity and U.S. Treasury securities that are actively traded within KCP&L’s decommissioning trust fund and GMO’s SERP rabbi trust fund. Level 2 – Market-based inputs for assets or liabilities that are observable (either directly or indirectly) or inputs that are not observable but are corroborated by market data. Assets and liabilities categorized within this level consist of Great Plains Energy’s and KCP&L’s various non-exchange traded derivative instruments traded in over-the-counter markets and certain debt securities within KCP&L’s decommissioning trust fund and GMO’s SERP rabbi trust fund. Level 3 – Unobservable inputs, reflecting Great Plains Energy’s and KCP&L’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Assets categorized within this level consist of Great Plains Energy’s various non-exchange traded derivative instruments traded in over-the-counter markets for which sufficiently observable market data is not available to corroborate the valuation inputs. The following tables include Great Plains Energy’s and KCP&L’s balances of financial assets and liabilities measured at fair value on a recurring basis at June 30, 2011, and December 31, 2010.
The following tables reconcile the beginning and ending balances for all level 3 assets and liabilities, net measured at fair value on a recurring basis for the three months ended and year to date June 30, 2011 and 2010.
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REGULATORY MATTERS (Tables)
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory assets |
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Regulatory liabilities |
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TAXES
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes |
Components of income tax expense are detailed in the following tables.
Income Tax Expense (Benefit) and Effective Income Tax Rates Income tax expense (benefit) and the effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables.
Uncertain Tax Positions At June 30, 2011, and December 31, 2010, Great Plains Energy had $24.9 million and $42.0 million, respectively, of liabilities related to unrecognized tax benefits. Of these amounts, $15.1 million and $17.3 million, respectively, at June 30, 2011, and December 31, 2010, is expected to impact the effective tax rate if recognized. The $17.1 million decrease in unrecognized tax benefits is primarily due to a decrease of $18.4 million related to the settlement of the IRS audit for Great Plains Energy’s 2006-2008 tax years. The tax benefit recognized related to the 2006-2008 IRS audit was offset by an increase of $16.4 million in deferred income tax liabilities, which resulted in an increase to net income of $2.0 million. At June 30, 2011, and December 31, 2010, KCP&L had $7.3 million and $19.1 million, respectively, of liabilities related to unrecognized tax benefits. Of these amounts, $0.3 million at June 30, 2011, and December 31, 2010, is expected to impact the effective tax rate if recognized. The $11.8 million decrease in unrecognized tax benefits is primarily due to a decrease of $12.1 million related to the settlement of the IRS audit for Great Plains Energy’s 2006-2008 tax years. The tax benefit recognized related to the 2006-2008 IRS audit was mostly offset by an increase in deferred income tax liabilities, which resulted in an insignificant impact to net income. The following table reflects activity for Great Plains Energy and KCP&L related to the liability for unrecognized tax benefits.
Great Plains Energy and KCP&L recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in non-operating expenses. At June 30, 2011, and December 31, 2010, accrued interest related to unrecognized tax benefits for Great Plains Energy was $6.0 million and $6.7 million, respectively. Amounts accrued for penalties with respect to unrecognized tax benefits were $1.1 million at June 30, 2011, and December 31, 2010. KCP&L had accrued interest related to unrecognized tax benefits of $0.3 million and $1.4 million at June 30, 2011, and December 31, 2010, respectively. Amounts accrued for penalties with respect to unrecognized tax benefits for KCP&L are insignificant. The Companies are unable to estimate the amount of unrecognized tax benefits that may be recognized in the next twelve months. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization |
Organization Great Plains Energy, a Missouri corporation incorporated in 2001, is a public utility holding company and does not own or operate any significant assets other than the stock of its subsidiaries. Great Plains Energy’s wholly owned direct subsidiaries with operations or active subsidiaries are as follows:
Each of Great Plains Energy’s and KCP&L’s consolidated financial statements includes the accounts of their subsidiaries. Intercompany transactions have been eliminated. Great Plains Energy’s sole reportable business segment is electric utility. See Note 16 for additional information. |
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Basic and Diluted Earnings per Common Share Calculations | Basic and Diluted Earnings per Common Share Calculation To determine basic EPS, preferred stock dividend requirements and net income (loss) attributable to noncontrolling interest are deducted from net income before dividing by the average number of common shares outstanding. The effect of dilutive securities, calculated using the treasury stock method, assumes the issuance of common shares applicable to performance shares, restricted stock, stock options and Equity Units. The following table reconciles Great Plains Energy’s basic and diluted EPS.
The computation of diluted EPS for the three months ended June 30, 2011, excludes anti-dilutive shares consisting of 201,571 performance shares, 12,115 restricted stock shares and 154,096 stock options. The computation of diluted EPS year to date June 30, 2011, excludes anti-dilutive shares consisting of 201,571 performance shares, 43,641 restricted stock shares and 154,096 stock options. The computation of diluted EPS for the three months ended June 30, 2010, excludes anti-dilutive shares consisting of 41,604 performance shares, 93,106 restricted stock shares and 207,290 stock options. The computation of diluted EPS year to date June 30, 2010, excludes anti-dilutive shares consisting of 50,034 performance shares, 251,526 restricted stock shares and 213,248 stock options. |
Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2010
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Jun. 30, 2010
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Great Plains Energy Incorporated [Member]
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Net income | $ 43.4 | $ 64.4 | $ 45.7 | $ 84.7 |
Other comprehensive income (loss) | Â | Â | Â | Â |
Gain (loss) on derivative hedging instruments | (5.9) | (14.3) | (5.4) | (22.1) |
Income tax benefit | 2.2 | 5.5 | 2.1 | 8.6 |
Net gain (loss) on derivative hedging instruments | (3.7) | (8.8) | (3.3) | (13.5) |
Reclassification to expenses, net of tax | 2.5 | 1.4 | 4.2 | 2.8 |
Derivative hedging activity, net of tax | (1.2) | (7.4) | 0.9 | (10.7) |
Defined benefit pension plans | Â | Â | Â | Â |
Amortization of net gains included in net periodic benefit costs | 0.2 | 0.2 | 0.2 | 0.2 |
Income tax expense | (0.1) | (0.1) | (0.1) | (0.1) |
Net change in unrecognized pension expense | 0.1 | 0.1 | 0.1 | 0.1 |
Comprehensive income | 42.3 | 57.1 | 46.7 | 74.1 |
Less: comprehensive income attributable to noncontrolling interest | 0 | (0.1) | 0.1 | (0.1) |
Comprehensive income attributable to Great Plains Energy | 42.3 | 57.0 | 46.8 | 74.0 |
KANSAS CITY POWER AND LIGHT CO [Member]
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Net income | 33.4 | 48.2 | 37.4 | 67.4 |
Other comprehensive income (loss) | Â | Â | Â | Â |
Gain (loss) on derivative hedging instruments | (0.1) | (0.2) | (0.1) | (0.6) |
Income tax benefit | 0 | 0 | 0 | 0.2 |
Net gain (loss) on derivative hedging instruments | (0.1) | (0.2) | (0.1) | (0.4) |
Reclassification to expenses, net of tax | 1.4 | 1.4 | 2.7 | 2.7 |
Derivative hedging activity, net of tax | 1.3 | 1.2 | 2.6 | 2.3 |
Defined benefit pension plans | Â | Â | Â | Â |
Comprehensive income | $ 34.7 | $ 49.4 | $ 40.0 | $ 69.7 |
LONG-TERM DEBT
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt |
Great Plains Energy’s and KCP&L’s long-term debt is detailed in the following table.
Fair Value of Long-Term Debt Fair value of long-term debt is based on quoted market prices, with the incremental borrowing rate for similar debt used to determine fair value if quoted market prices were not available. At June 30, 2011, and December 31, 2010, the book value of Great Plains Energy’s long-term debt, including current maturities, was $3.3 billion and $3.4 billion, respectively. At June 30, 2011, and December 31, 2010, the fair value of Great Plains Energy’s long-term debt, including current maturities, was $3.6 billion and $3.7 billion, respectively. At June 30, 2011, and December 31, 2010, the book value of KCP&L’s long-term debt, including current maturities, was $1.7 billion and $1.8 billion, respectively. At June 30, 2011, and December 31, 2010, the fair value of KCP&L’s long-term debt, including current maturities, was $1.8 billion and $1.9 billion, respectively. KCP&L General Mortgage Bonds and EIRR Bonds In April 2011, KCP&L purchased in lieu of redemption its $63.3 million EIRR Series 2007A-1, $10.0 million EIRR Series 2007A-2 and $39.5 million EIRR Series 1993B bonds. KCP&L opted to purchase rather than remarket the bonds given the poor conditions in the tax-exempt market. KCP&L issued commercial paper to fund the purchase of the bonds. As of June 30, 2011, the bonds were still outstanding, but were not reported as a liability on the balance sheet since they are being held by KCP&L. KCP&L has the ability to remarket these bonds to third parties whenever it determines market conditions are sufficiently attractive to do so. GMO Senior Notes GMO repaid its $137.3 million 7.95% Senior Notes that matured in February 2011 and $197.0 million 7.75% Senior Notes that matured in June 2011. Great Plains Energy Senior Notes In May 2011, Great Plains Energy issued $350.0 million of 4.85% unsecured Senior Notes, maturing in 2021. As a result of amortizing the loss recognized in Other Comprehensive Income (OCI) on Great Plains Energy’s three-year forward Starting Swaps (FSS), the effective interest rate is 7.34% through May 2014. Great Plains Energy 10.00% Equity Units Subordinated Notes Classified As Current Maturities In May 2009, Great Plains Energy issued $287.5 million of Equity Units. Equity Units, each with a stated amount of $50, initially consist of a 5% undivided beneficial interest in $1,000 principal amount of 10.00% subordinated notes due June 15, 2042, and a purchase contract requiring the holder to purchase the Company’s common stock by June 15, 2012 (the settlement date). Great Plains Energy must attempt to remarket the subordinated notes, in whole but not in part, between December 15, 2011, and June 12, 2012. The proceeds from a successful remarketing will be used to satisfy the holders’ obligation under the purchase contract. If the notes have not been successfully remarketed by June 12, 2012, the holders of all notes will have the right to put their notes to Great Plains Energy on June 15, 2012, in satisfaction of the holders’ obligation under the purchase contracts, and Great Plains Energy will issue to the holders newly issued shares of the Company’s common stock equal to the settlement rate. The settlement rate will vary according to the applicable market value of the Company’s common stock at the settlement date. |
DERIVATIVE INSTRUMENTS (Tables)
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Values of open positions for derivative instruments |
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Fair value of open derivative positions, gross values before netting agreements and netting of cash collateral | The fair value of Great Plains Energy’s and KCP&L’s open derivative positions are summarized in the following tables. The tables contain derivative instruments designated as hedging instruments as well as derivative instruments as well as non-hedging derivatives under GAAP. The fair values below are gross values before netting agreements and netting of cash collateral.
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Gain (loss) recognized in other comprehensive income or earnings for interest rate and commodity hedges | The following tables summarize the amount of gain (loss) recognized in OCI or earnings for interest rate and commodity hedges.
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Gain (loss) recognized in a regulatory balance sheet account or earnings for utility commodity hedges | The following table summarizes the amount of gain (loss) recognized in a regulatory balance sheet account or earnings for GMO utility commodity hedges. GMO utility commodity derivatives fair value changes are recorded to either a regulatory asset or liability consistent with MPSC regulatory orders.
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Accumulated other comprehensive income related to cash flow hedges | The amounts recorded in accumulated OCI related to the cash flow hedges are summarized in the following table.
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DERIVATIVE INSTRUMENTS
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments |
Great Plains Energy and KCP&L are exposed to a variety of market risks including interest rates and commodity prices. Management has established risk management policies and strategies to reduce the potentially adverse effects that the volatility of the markets may have on Great Plains Energy’s and KCP&L’s operating results. Commodity risk management activities, including the use of certain derivative instruments, are subject to the management, direction and control of an internal risk management committee. Management’s interest rate risk management strategy uses derivative instruments to adjust Great Plains Energy’s and KCP&L’s liability portfolio to optimize the mix of fixed and floating rate debt within an established range. In addition, Great Plains Energy and KCP&L use derivative instruments to hedge against future interest rate fluctuations on anticipated debt issuances. Management maintains commodity price risk management strategies that use derivative instruments to reduce the effects of fluctuations in fuel expense caused by commodity price volatility. Counterparties to commodity derivatives and interest rate swap agreements expose Great Plains Energy and KCP&L to credit loss in the event of nonperformance. This credit loss is limited to the cost of replacing these contracts at current market rates. Derivative instruments, excluding those instruments that qualify for the normal purchase normal sale election, which are accounted for by accrual accounting, are recorded on the balance sheet at fair value as an asset or liability. Changes in the fair value of derivative instruments are recognized currently in net income unless specific hedge accounting criteria are met, except GMO utility operations hedges that are recorded to a regulatory asset or liability consistent with MPSC regulatory orders, as discussed below. Great Plains Energy and KCP&L have posted collateral, in the ordinary course of business, for the aggregate fair value of all derivative instruments with credit risk-related contingent features that are in a liability position. At June 30, 2011, Great Plains Energy and KCP&L have posted collateral in excess of the aggregate fair value of its derivative instruments; therefore, if the credit risk-related contingent features underlying these agreements were triggered, Great Plains Energy and KCP&L would not be required to post additional collateral to its counterparties. The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in July 2010, includes provisions related to the swaps and over-the-counter derivative markets. The Companies currently expect that their commodity and interest rate hedges will be exempt from mandatory clearing and exchange trading requirements. Capital and margin requirements for these hedges are expected to be determined over the next year as regulatory agencies implement rules. While the Companies currently do not anticipate this law and the associated regulatory rules will have a material impact on their financial condition, the ultimate impact cannot be reasonably determined until the final rules are issued. Interest Rate Risk Management In May 2011, Great Plains Energy issued $350.0 million of long-term debt and settled six forward starting swaps (FSS) simultaneously with the issuance of this long-term fixed rate debt. Great Plains Energy had entered into the six FSS with notional amounts totaling $350.0 million to hedge against interest rate variability on the debt issuance. The six FSS were treated as cash flow hedges with no ineffectiveness recorded for the three months ended and year to date June 30, 2011 and 2010. A pre-tax loss of $26.1 million was recorded to OCI and is being reclassified to interest expense over the first three years of the ten-year debt. At June 30, 2011, a $1.1 million loss has been reclassified from OCI to interest expense. Commodity Risk Management KCP&L’s risk management policy is to use derivative instruments to mitigate its exposure to market price fluctuations on a portion of its projected natural gas purchases to meet generation requirements for retail and firm wholesale sales. At June 30, 2011, KCP&L had fully hedged 2011 and had hedged 68% of 2012 and 31% of 2013 projected natural gas usage for retail load and firm MWh sales, primarily by utilizing futures contracts and financial instruments. KCP&L has designated the natural gas hedges as cash flow hedges. The fair values of these instruments are recorded as derivative assets or liabilities with an offsetting entry to OCI for the effective portion of the hedge. To the extent the hedges are not effective, any ineffective portion of the change in fair market value would be recorded currently in fuel expense. KCP&L has not recorded any ineffectiveness on natural gas hedges for the three months ended and year to date June 30, 2011 and 2010. GMO’s risk management policy is to use derivative instruments to mitigate price exposure to natural gas price volatility in the market. The fair value of the portfolio relates to financial contracts that will settle against actual purchases of natural gas and purchased power. At June 30, 2011, GMO had financial contracts in place to hedge approximately 74%, 61% and 38% of the expected on-peak natural gas and natural gas equivalent purchased power price exposure for 2011, 2012 and 2013, respectively. GMO has designated its natural gas hedges as economic hedges (non-hedging derivatives). In connection with GMO’s 2005 Missouri electric rate case, it was agreed that the settlement costs of these contracts would be recognized in fuel expense. The settlement cost is included in GMO’s FAC. A regulatory asset has been recorded to reflect the change in the timing of recognition authorized by the MPSC. To the extent recovery of actual costs incurred is allowed, amounts will not impact earnings, but will impact cash flows due to the timing of the recovery mechanism. MPS Merchant manages the daily delivery of its remaining contractual commitments with economic hedges (non-hedging derivatives) to reduce its exposure to changes in market prices. Within the trading portfolio, MPS Merchant takes certain positions to hedge physical sale or purchase contracts. MPS Merchant records the fair value of physical trading energy contracts as derivative assets or liabilities with an offsetting entry to the consolidated statements of income. The notional and recorded fair values of open positions for derivative instruments are summarized in the following table. The fair values of these derivatives are recorded on the consolidated balance sheets. The fair values below are gross values before netting agreements and netting of cash collateral.
The fair value of Great Plains Energy’s and KCP&L’s open derivative positions are summarized in the following tables. The tables contain both derivative instruments designated as hedging instruments as well as non-hedging derivatives under GAAP. The fair values below are gross values before netting agreements and netting of cash collateral.
The following tables summarize the amount of gain (loss) recognized in OCI or earnings for interest rate and commodity hedges.
The following table summarizes the amount of gain (loss) recognized in a regulatory balance sheet account or earnings for GMO utility commodity hedges. GMO utility commodity derivatives fair value changes are recorded to either a regulatory asset or liability consistent with MPSC regulatory orders.
Great Plains Energy’s income statement reflects gains (losses) for the change in fair value of the MPS Merchant commodity contract derivatives not designated as hedging instruments of $(0.9) million and $1.0 million, respectively, for the three months ended and year to date June 30, 2011, and $(0.4) million and $1.6 million, respectively, for the same periods in 2010. The amounts recorded in accumulated OCI related to the cash flow hedges are summarized in the following table.
Great Plains Energy’s accumulated OCI in the table above at June 30, 2011, includes $20.3 million that is expected to be reclassified to expenses over the next twelve months. KCP&L’s accumulated OCI includes $8.8 million that is expected to be reclassified to expense over the next twelve months. |
Consolidated Balance Sheets (Unaudited) (USD $)
In Millions |
6 Months Ended | |
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Jun. 30, 2011
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Dec. 31, 2010
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Investments and Other Assets | Â | Â |
Regulatory assets | $ 949.7 | $ 924.0 |
Total | 8,922.2 | 8,818.2 |
Current Liabilities | Â | Â |
Notes payable | 27.0 | 9.5 |
Deferred Credits and Other Liabilities | Â | Â |
Regulatory liabilities | 267.7 | 258.2 |
Cumulative preferred stock | Â | Â |
Long-term debt | 2,860.8 | 2,942.7 |
Great Plains Energy Incorporated [Member]
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 |  |
Current Assets | Â | Â |
Cash and cash equivalents | 7.8 | 10.8 |
Funds on deposit | 2.2 | 5.2 |
Receivables, net | 251.1 | 241.7 |
Accounts receivable pledged as collateral | 95.0 | 95.0 |
Fuel inventories, at average cost | 81.9 | 85.1 |
Materials and supplies, at average cost | 135.9 | 132.8 |
Deferred refueling outage costs | 40.6 | 9.6 |
Refundable income taxes | 2.4 | 2.1 |
Deferred income taxes | 3.2 | 14.3 |
Derivative instruments | 1.4 | 1.1 |
Prepaid expenses and other assets | 22.5 | 13.9 |
Total | 644.0 | 611.6 |
Utility Plant, at Original Cost | Â | Â |
Electric | 10,759.2 | 10,536.9 |
Less-accumulated depreciation | 4,127.9 | 4,031.3 |
Net utility plant in service | 6,631.3 | 6,505.6 |
Construction work in progress | 218.7 | 307.5 |
Nuclear fuel, net of amortization | 74.4 | 79.2 |
Total | 6,924.4 | 6,892.3 |
Investments and Other Assets | Â | Â |
Nuclear decommissioning trust fund | 138.2 | 129.2 |
Regulatory assets | 949.7 | 924.0 |
Goodwill | 169.0 | 169.0 |
Derivative instruments | 8.6 | 7.8 |
Other | 88.3 | 84.3 |
Total | 1,353.8 | 1,314.3 |
Total | 8,922.2 | 8,818.2 |
Current Liabilities | Â | Â |
Notes payable | 92.0 | 9.5 |
Collateralized note payable | 95.0 | 95.0 |
Commercial paper | 476.7 | 263.5 |
Current maturities of long-term debt | 451.3 | 485.7 |
Accounts payable | 195.6 | 276.3 |
Accrued taxes | 60.2 | 26.6 |
Accrued interest | 70.9 | 75.4 |
Accrued compensation and benefits | 38.4 | 46.8 |
Pension and post-retirement liability | 4.1 | 4.1 |
Derivative instruments | 0 | 20.8 |
Other | 40.8 | 35.6 |
Total | 1,525.0 | 1,339.3 |
Deferred Credits and Other Liabilities | Â | Â |
Deferred income taxes | 545.8 | 518.3 |
Deferred tax credits | 132.6 | 133.4 |
Asset retirement obligations | 148.7 | 143.3 |
Pension and post-retirement liability | 419.5 | 427.5 |
Regulatory liabilities | 267.7 | 258.2 |
Other | 102.3 | 129.4 |
Total | 1,616.6 | 1,610.1 |
Common shareholders' equity | Â | Â |
Common Stock | 2,326.8 | 2,324.4 |
Retained earnings | 614.3 | 626.5 |
Treasury stock | (6.3) | (8.9) |
Accumulated other comprehensive gain (loss) | (55.1) | (56.1) |
Total | 2,879.7 | 2,885.9 |
Noncontrolling interest | 1.1 | 1.2 |
Cumulative preferred stock | Â | Â |
3.80% - 100,000 shares issued | 10.0 | 10.0 |
4.50% - 100,000 shares issued | 10.0 | 10.0 |
4.20% - 70,000 shares issued | 7.0 | 7.0 |
4.35% - 120,000 shares issued | 12.0 | 12.0 |
Total | 39.0 | 39.0 |
Long-term debt | 2,860.8 | 2,942.7 |
Total | 5,780.6 | 5,868.8 |
Commitments and Contingencies | Â | |
Total | 8,922.2 | 8,818.2 |
KANSAS CITY POWER AND LIGHT CO [Member]
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 |  |
Current Assets | Â | Â |
Cash and cash equivalents | 2.5 | 3.6 |
Funds on deposit | 0.3 | 0.4 |
Receivables, net | 162.4 | 169.4 |
Accounts receivable pledged as collateral | 95.0 | 95.0 |
Fuel inventories, at average cost | 49.0 | 44.9 |
Materials and supplies, at average cost | 97.7 | 94.4 |
Deferred refueling outage costs | 40.6 | 9.6 |
Refundable income taxes | 0 | 9.0 |
Deferred income taxes | 0 | 5.6 |
Prepaid expenses and other assets | 19.4 | 10.0 |
Total | 466.9 | 441.9 |
Utility Plant, at Original Cost | Â | Â |
Electric | 7,710.3 | 7,540.9 |
Less-accumulated depreciation | 3,169.1 | 3,104.4 |
Net utility plant in service | 4,541.2 | 4,436.5 |
Construction work in progress | 145.1 | 227.6 |
Nuclear fuel, net of amortization | 74.4 | 79.2 |
Total | 4,760.7 | 4,743.3 |
Investments and Other Assets | Â | Â |
Nuclear decommissioning trust fund | 138.2 | 129.2 |
Regulatory assets | 683.6 | 679.6 |
Other | 36.8 | 32.3 |
Total | 858.6 | 841.1 |
Total | 6,086.2 | 6,026.3 |
Current Liabilities | Â | Â |
Notes payable | 0 | 0 |
Collateralized note payable | 95.0 | 95.0 |
Commercial paper | 476.7 | 263.5 |
Current maturities of long-term debt | 162.7 | 150.3 |
Accounts payable | 143.0 | 201.7 |
Accrued taxes | 42.7 | 21.3 |
Accrued interest | 23.2 | 26.2 |
Accrued compensation and benefits | 38.4 | 46.8 |
Pension and post-retirement liability | 2.6 | 2.6 |
Deferred incomes taxes | 5.3 | 0 |
Other | 15.9 | 7.8 |
Total | 1,005.5 | 815.2 |
Deferred Credits and Other Liabilities | Â | Â |
Deferred income taxes | 709.2 | 692.0 |
Deferred tax credits | 128.9 | 129.4 |
Asset retirement obligations | 133.9 | 129.7 |
Pension and post-retirement liability | 399.5 | 407.3 |
Regulatory liabilities | 147.2 | 141.3 |
Other | 62.3 | 76.7 |
Total | 1,581.0 | 1,576.4 |
Common shareholders' equity | Â | Â |
Common Stock | 1,563.1 | 1,563.1 |
Retained earnings | 465.7 | 478.3 |
Accumulated other comprehensive gain (loss) | (33.8) | (36.4) |
Total | 1,995.0 | 2,005.0 |
Cumulative preferred stock | Â | Â |
Long-term debt | 1,504.7 | 1,629.7 |
Total | 3,499.7 | 3,634.7 |
Commitments and Contingencies | Â | |
Total | $ 6,086.2 | $ 6,026.3 |
TAXES (Tables)
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Jun. 30, 2011
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Notes to Financial Statements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of income tax expense (benefit) | Components of income tax expense are detailed in the following tables.
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Income tax expense (benefit) and effective income tax rates |
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Liability for unrecognized tax benefits |
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