RECEIVABLES

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements [Abstract]

3.	RECEIVABLES

Great Plains Energy’s and KCP&L’s receivables are detailed in the following table.


	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

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.


				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.