8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 19, 2012

Commission File Number	Exact Name of Registrant as Specified in its Charter, State of Incorporation, Address of Principal Executive Offices and Telephone Number	I.R.S. Employer Identification No.
001-32206	GREAT PLAINS ENERGY INCORPORATED	43-1916803
	(A Missouri Corporation)
	1200 Main Street
	Kansas City, Missouri  64105
	(816) 556-2200
	NOT APPLICABLE
	(Former name or former address, if changed since last report)
000-51873	KANSAS CITY POWER & LIGHT COMPANY	44-0308720
	(A Missouri Corporation)
	1200 Main Street
	Kansas City, Missouri  64105
	(816) 556-2200
	NOT APPLICABLE
	(Former name or former address, if changed since last report)

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

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

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

Item 7.01 Regulation FD Disclosure

Representatives of Great Plains Energy will participate in meetings with investors on March 22, 2012.  A copy of the investor handout to be used in such meetings is attached as Exhibit 99.1 hereto. The investor handout contains information regarding KCP&L.  Accordingly, information in the investor handout relating to KCP&L is also being furnished on behalf of KCP&L.

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

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

SIGNATURES

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

GREAT PLAINS ENERGY INCORPORATED

/s/ Ellen E. Fairchild

Ellen E. Fairchild

Vice President, Corporate Secretary, and Chief

Compliance Officer

KANSAS CITY POWER & LIGHT COMPANY

/s/ Ellen E. Fairchild

Ellen E. Fairchild

Vice President, Corporate Secretary, and Chief

Compliance Officer

Date: March 19, 2012

Exhibit Index
Exhibit No.	Description
99.1	Investor presentation slides

EX-99

March 2012 Investor Presentation

Great Plains Energy

Investor Presentation

March 2012

Exhibit 99.1

March 2012 Investor Presentation

Statements made in this presentation that are not based on historical facts are forward-looking, may involve risks and
uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to,
the outcome of regulatory proceedings, cost estimates of capital projects and other matters affecting future operations. In
connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Great Plains Energy and
KCP&L are providing a number of important factors that could cause actual results to differ materially from the provided
forward-looking information. These important factors include: future economic conditions in regional, national and
international markets and their effects on sales, prices and costs, including but not limited to possible further deterioration

in economic conditions and the timing and extent of economic recovery, prices and availability, of electricity in regional and
national wholesale markets; market perception of the energy industry, Great Plains Energy and KCP&L; changes in business
strategy, operations or development plans; effects of current or proposed state and federal legislative and regulatory actions
or developments, including, but not limited to, deregulation, re-regulation and restructuring of the electric utility industry;
decisions of regulators regarding rates the companies can charge for electricity; adverse changes in applicable laws,
regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not limited to,
air and water quality; financial market conditions and performance including, but not limited to, changes in interest rates

and credit spreads and in availability and cost of capital and the effects on nuclear decommissioning trust and pension plan

assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk

managementpolicies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of

terrorist acts, including but not limited to cyber terrorism; ability to carry out marketing and sales plans; weather conditions

including, but not limited to, weather-related damage and their effects on sales, prices and costs; cost, availability, quality

and deliverability of fuel; the inherent uncertainties in estimating the effects of weather, economic conditions and other

factors on customer consumption and financial results; ability to achieve generation goals and the occurrence and duration

of planned and unplanned generation outages; delays in the anticipated in-service dates and cost increases of additional

generation, transmission, distribution or other projects; the inherent risks associated with the ownership and operation of a

nuclear facility including, but not limited to, environmental, health, safety, regulatory and financial risks; workforce risks,

including, but not limited to, increased costs of retirement, health care and other benefits; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to predict all factors. Other risk factors are detailed from time
to time in Great Plains Energy’s and KCP&L’s quarterly reports on Form 10-Q and annual report on Form 10-K filed with the
Securities and Exchange Commission.Each forward-looking statement speaks only as of the date of the particular

statement. Great Plains Energy and KCP&L undertake no obligation to publicly update or revise any forward-looking

statement, whether as a result of new information, future events or otherwise.

Forward-Looking Statement

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March 2012 Investor Presentation

3

Overview

March 2012 Investor Presentation

4

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

•Company attributes

–Regulated operations in Kansas and Missouri

–~823,000 customers / 3,100 employees

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

–~3,600 circuit miles of transmission lines; ~ 22,200 circuit
miles of distribution lines

–~$9.1bn in assets at 2011YE

–~$5.6bn in rate base at 2011YE

Service Territories: KCP&L and GMO

Business Highlights

2011 Retail MWh Sold by Customer Type

2011 Retail MWh Sales by Jurisdiction

2011 MWh Generated by Fuel Type

Total: ~23,404 MWhs*

Total: ~23,404 MWhs*

Total: ~25,952 MWhs*

Solid Vertically-Integrated Midwest Utility

* In thousands

March 2012 Investor Presentation

GXP’s Transformation: 2005 - Present

2011 - 3,053

INCREASE = 28%

2005 - 500,000

2011 -823,000

INCREASE = 65%

INCREASE = 79%

2011 - 4,349 MW

INCREASE = 56%

2011 - $5.59 Billion

INCREASE = 164%

Customers

5

March 2012 Investor Presentation

Focused on Delivering Value to Shareholders

Earnings Growth

Expected Through Reduced Regulatory Lag, Disciplined Cost
Management and Long-Term Rate Base Growth

Competitive Dividend

Goal to Maintain Competitive Dividend While Strengthening Key Credit
Metrics; Objective to Grow Dividend In Line With Payout Ratio Targets

Objective:Improved Total Shareholder Returns

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March 2012 Investor Presentation

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•Strong emphasis on improving credit metrics

–Objective is visibility to sustainable FFO / Adjusted Debt* of 16%+

•Dividend is reviewed quarterly in context of this objective as well as a
belief that a sustainable and increasing dividend is a key driver of TSR
and therefore a desirable goal

•Target payout ratio remains 50-70%

Dividend Strategy Considerations

Competitive Dividend

Goal to Maintain Competitive Dividend While Strengthening Key Credit
Metrics; Objective to Grow Dividend In Line With Payout Ratio Targets

•Company’s objective is to create shareholder value through

–Increased earnings from reduced lag, disciplined cost management and

            long-term asset growth

–A competitive dividend that complements this growth platform

*FFO / Adjusted Debt is a non-GAAP measure that is defined in the Appendix

March 2012 Investor Presentation

8

•Proven track record of constructive regulatory treatment

•Credibility with regulators in terms of planning and execution of large, complex projects

•Competitive retail rates on a regional and national level supportive of potential future
investment

Diligent
Regulatory
Approach

•Target significant reduction in regulatory lag

•Seek to deliver earnings growth and increasing and sustainable cash dividends as a

    key component of TSR

•Improvement in / stability of key credit metrics is a priority

Focused on
Shareholder
Value Creation

Excellent
Relationships
with Key
Stakeholders

•Customers - Tier 1 customer satisfaction

•Suppliers - strategic supplier alliances focused on long-term supply chain value

•Employees - strong relations between management and labor (3 IBEW locals)

•Communities - Leadership, volunteerism and high engagement in the areas we serve

•Environmental - additional ~$1 billion of “High Likelihood” capital projects planned to
comply with existing / proposed environmental rules

•Transmission - additional $0.4 billion of capital additions planned

•Renewables -driven by Collaboration Agreement and MO/KS RPS; potential capital

    additions

•Other Growth Opportunities - selective future initiatives that will leverage our core
strengths

Attractive
Platform for
Long-Term
Growth

GXP - Platform for Shareholder Value

March 2012 Investor Presentation

9

Operations and Regulatory Strategy

March 2012 Investor Presentation

10

Environmental

1.Estimated cost of compliance with
current / proposed legislation =
approximately $1 billion:

•LaCygne

–Unit 1 (368 MW*) - scrubber
and baghouse - 2015

–Unit 2 (343 MW*) - full Air
Quality Control System
(“AQCS”) - 2015

•Montrose 3 (176 MW) - full AQCS -
2017 (approximately)

•Sibley 3 (364 MW) - scrubber and
baghouse - 2017 (approximately)

2.Other retrofits less likely and therefore
not included in estimated cost of
compliance:

•Montrose 1 and 2 (total capacity

             334 MW)

•Sibley 1 and 2 (total capacity 99
MW)

•Lake Road 4 and 6 (93 MW)

*KCP&L’s share of jointly-owned facility

Upon completion of La Cygne during the second quarter 2015, we expect that
72 percent of our coal fleet will have emission-reducing scrubbers installed.

Net book value of
“Less Likely”
projects total
approximately
$100 million

March 2012 Investor Presentation

11

Renewable Energy and Energy Efficiency

1.Future renewable requirements

     driven by the following:

•Renewable Portfolio Standards
(“RPS”) in Missouri and Kansas

•2007 Collaboration Agreement
with Sierra Club

2.Flexibility regarding acquisition of
future renewable resources:

•Through Purchased Power
Agreements (“PPAs”) and
purchases of Renewable Energy
Credits (“RECs”); or

•Adding to rate base if supported
by credit profile and available
equity and debt financing

3.Energy efficiency expected to be a
key component of future resource
portfolio:

•Aggressive pursuit planned with
appropriate regulatory recovery

The 99 turbines at our Spearville, Kan., Wind Energy Facility produce
enough environmentally friendly, emission-free electricity to supply nearly
49,000 homes annually.

March 2012 Investor Presentation

12

Transmission

1.Two significant projects are
currently in GXP’s plans:

•Iatan-Nashua 345kV line -
Projected $54M total cost and
2015 in-service date

•Sibley-Maryville-Nebraska City
345kV line - Projected $380M
total cost and 2017 in-service
date

2.Increasingly competitive
environment requires consideration
of strategic options

3.Flexibility is important - opportunity
to pursue projects unilaterally but
also preserve capital if needed
through partnership

Iatan-Nashua 345kV, 30 miles, $54M

Expected in-service:2015

Sibley-Maryville-Nebraska City 345kV, 170
miles, projected cost ~$380M

March 2012 Investor Presentation

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Plant Operations

1.No additional baseload
generation expected for
several years

2.Targeting modest
improvements in existing
fleet performance in the
coming years

3.No changes currently
planned regarding nuclear’s
role in the portfolio

Iatan 2,850-megawatt coal-fired power plant recognized as
power plant of the year by Power Magazine

March 2012 Investor Presentation

14

Regulatory

•Our rates continue to compare well regionally and nationally

•During the Comprehensive Energy Plan, the Company received
fair and constructive rate treatment in both Kansas and
Missouri, allowing for recovery of substantially all of our capital
additions

•We continue to aggressively pursue strategies to improve our
operating cost structure and are evaluating the best
combination of rate cases and riders/trackers to reduce
regulatory lag while minimizing the impact on customers

March 2012 Investor Presentation

15

Recent Developments and

2011 Operating & Financial Review

March 2012 Investor Presentation

2011 in Review

Financial	•Full-year earnings per share of $1.25 •Increased quarterly dividend to $0.2125
Operational	•Presented the ReliabilityOne award for the Plains Region for fifth consecutive year •Rated Tier 1 in J.D. Power and Associates 2011 Electric Utility Residential Satisfaction Study for third consecutive year •Introduced initiatives to streamline business and improve field communications
Strategic	•Contracted PPAs increasing renewable energy portfolio to approximately 600 MWs •Right-sized the Company with Organizational Realignment and Voluntary Separation Program
Regulatory	•Completed the Comprehensive Energy Plan -Completed the Missouri rate cases - annual increase of $100 million -Iatan 2 in rate base •Kansas Corporation Commission approved predetermination for La Cygne environmental upgrades

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March 2012 Investor Presentation

2012 Rate Case Summary

Jurisdiction	Case Number	Date Filed	Requested Increase (in Millions)	Requested Increase (Percent)	Rate Base (in Millions)	Requested ROE	Rate-making Equity Ratio	Anticipated Effective Date of New Rates
KCP&L - MO	ER-2012-0174	2/27/2012	$105.7	15.1%	$2,129.9	10.40%	52.5%	Late January 2013
GMO - MPS	ER-2012-0175	2/27/2012	$58.3	10.9%	$1,411.9	10.40%	52.5%	Late January 2013
GMO - L&P	ER-2012-0175	2/27/2012	$25.2	14.6%	$479.5	10.40%	52.5%	Late January 2013
Total			$189.2		$4,021.31

1 Projected combined rate base is approximately $226 million or 6% higher than at the conclusion of the last rate cases for these jurisdictions

17

Total
Increase
$105.7M

Total
Increase
$83.5M

*Reflects revised wholesale margin cap request of $22.7 M

March 2012 Investor Presentation

2012 KCP&L-MO Rate Case

•Revised wholesale margin cap requested

-Wholesale margin threshold of $22.7 million Missouri jurisdictional
share (40th percentile) compared to current cap of $45.9 million (40th
percentile)

•Additional infrastructure capital investment

•New trackers requested

-Property taxes

-Transmission

-Renewable energy standard (RES)

-Fuel interim energy charge (IEC) including wholesale margin offset

•Wholesale margin sharing mechanism proposed

•Other operating costs increases

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March 2012 Investor Presentation

2012 GMO Rate Case

GMO-MPS

•Demand side management (DSM) / Energy Efficiency (EE) investment
 recovery based on Missouri Energy Efficiency Investment Act (MEEIA) filing

•Additional infrastructure capital investment

•Fuel cost increases since previous rate case due to rebasing fuel

 adjustment clause (FAC)

•New trackers requested

-Property taxes

-Transmission

-RES

GMO-L&P

•DSM / EE investment recovery based on MEEIA filing

•Additional infrastructure capital investment

•Fuel cost increases since previous rate case due to rebasing FAC

•New trackers requested

-Property taxes

-Transmission

-RES

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March 2012 Investor Presentation

Recent Regulatory Developments

Jurisdiction	Topic	Recent Development
KCP&L- Kansas	Rate Case Filing	•March 16, 2012 notice was provided to the Kansas Corporation Commission of the intent to file a rate case •Rate case anticipated to be filed in 2Q 2012
KCP&L- Kansas	Property TaxRider Approved	•Recover incremental property tax over 12-month period •Tax surcharge amount of approximately $3.7 million for 2012 •Effective February 1, 2012
GMO	Missouri Energy Efficiency Investment Act (MEEIA) Filings	•If approved, will allow for adequate recovery of energy efficiency programs •Rider requested
KCP&L- Missouri	Missouri River Flooding Accounting Authority Order (AAO) Application	•Requested deferral of expenses associated with coal conservation and flooding related expenses
KCP&L- Missouri and GMO	Missouri RES Solar AAO	•Requested deferral of incremental operating     expenses associated with RES compliance, primarily     solar rebates

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March 2012 Investor Presentation

La Cygne Environmental Upgrade

Construction Update

Key Steps to Completion
•Site Prep; Major Equipment Purchase	Q3 2011 - Q3 2012
•New Chimney Shell Erected	Q3 2012
•Installation of Low Nox Burners for La Cygne 2	Q1 2013
•Major Construction	Q4 2012 - Q2 2014
•Startup Testing	Q3 2014
•Tie-in Outage Unit 2	Q4 2014
•Tie-in Outage Unit 1	Q1 2015
•In-service	Q2 2015

LaCygne Generation Station

•La Cygne Coal Unit 1 368 MW* - Wet scrubber, baghouse, activated carbon injection

•La Cygne Coal Unit 2 343 MW* - Selective catalytic reduction system, wet scrubber,
baghouse, activated carbon injection, over-fired air, low Nox burners

•Project cost estimate, excluding AFUDC and property tax, $615 million*.Kansas
jurisdictional share is $281 million

•2011 predetermination order issued in Kansas deeming project as requested and cost
estimate to be reasonable

•Project is on schedule and on budget

* KCP&L’s 50% share

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March 2012 Investor Presentation

Weather-Normalized Year-over-Year
Retail MWh Sales

1 Drivers contributing to the portion of the YTD decline that occurred in 1Q11 may have included a) switching to natural gas heat; b) conversion to more
efficient heat pumps; c) conservation among KCP&L KS customers on an all-electric rate triggered by a substantial rate increase for this rate class in

  KCP&L’s 2010 KS rate case; and d) continued challenges in the local economy

2009

2010

Residential

Commercial

Total Customer Class

Full-Year 20111

Full-Year 20111

Full-Year 20111

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March 2012 Investor Presentation

Plant Performance

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March 2012 Investor Presentation

2011 Full-Year and Quarterly EPS Reconciliation Versus 2010

	Special Factors	2010 Iatan Loss	WN Demand	Weather	Lag	Other	Total
1Q 2011	($0.07)		($0.04)	$0.01	($0.04)		($0.14)
2Q 2011	($0.06)		($0.01)	($0.03)	($0.02)	($0.04)	($0.16)
3Q 2011	($0.09)	$0.02	$0.02		($0.03)	$0.03	($0.05)
4Q 2011		$0.06	($0.01)	(0.01)		$0.01	$0.05
Total	($0.22)	$0.07	($0.03)	($0.03)	($0.09)	$0.02	($0.28)

	2010 EPS	2011 EPS	Change in EPS
1Q	$0.15	$0.01	($0.14)
2Q	$0.47	$0.31	($0.16)
3Q	$0.96	$0.91	($0.05)
4Q	($0.04)	$0.01	$0.05
Total	$1.53	$1.25	($0.28)

Contributors to Change in 2011 EPS Compared to 2010

Note: Numbers may not add due to the effect of dilutive shares on EPS

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March 2012 Investor Presentation

Special Factors Impacting
Full-Year Results and 2011 Guidance

	1Q	2Q	3Q	Total
Disallowances and other accounting effects from Missouri rate case orders	($0.03)			($0.03)
Organizational realignmentand voluntary separation program	($0.04)	($0.01)		($0.05)
Wolf Creek extended outage and replacement power		($0.05)		($0.05)
Coal conservation and flooding related expenses			($0.09)	($0.09) (a)
Total	($0.07)	($0.06)	($0.09)	($0.22)

(a)Coal conservation ended mid-October 2011; 4Q impact was insignificant

(All Amounts Per-Share)

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March 2012 Investor Presentation

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

(Unaudited)

Common stock outstanding for year ended December 31 averaged 138.7 million shares, about 1

percent higher than the same period in 2010

	Earnings (in Millions)		Earnings per Share
	2011	2010	2011	2010
Electric Utility	$199.9	$235.3	$1.44	$1.72
Other	(25.7)	(23.4)	(0.18)	(0.17)
Net income	174.2	211.9	1.26	1.55
Less: Net (income) loss attributable to noncontrolling interest	0.2	(0.2)	-	-
Net income attributable to Great Plains Energy	174.4	211.7	1.26	1.55
Preferred dividends	(1.6)	(1.6)	(0.01)	(0.02)
Earnings available for common shareholders	$172.8	$210.1	$1.25	$1.53

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March 2012 Investor Presentation

2011 Earnings Review

*Based on Third Quarter 2011 Earnings Presentation

2011 Considerations
(a) Wholesale Margin	•Lower natural gas prices and related off-system sales impact due to KCP&L-MO wholesale margin cap •Special Factors includes impacts for flooding and Wolf Creek extended outage
(b) Other Lag and Variability	•Lower 4Q11 weather-normalized load growth than anticipated •Favorable 4Q11 impact from Kansas property tax rider
(c) Regulatory Normalized	•ROE and Normalized Lag in line with prior guidance •Includes full year favorable impact of $0.12 EPS due to weather

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March 2012 Investor Presentation

Debt Profile and Liquidity

as of December 31, 2011

Great Plains Energy Debt
($ in Millions)	KCP&L		GMO (1)		GPE		Consolidated
	Amount	Rate (2)	Amount	Rate (2)	Amount	Rate (2)	Amount	Rate (2)
Short-term debt	$ 322.0	0.70%	$ 40.0	0.88%	$ 22.0	2.06%	$ 384.0	0.80%
Long-term debt (3)	1,914.6	6.01%	642.3	10.96%	986.8	6.61%	3,543.7	7.05%
Total	$2,236.6	5.24%	$682.3	10.36%	$1,008.8	6.51%	$3,927.7	6.44%
Secured debt = $749 (19%), Unsecured debt = $3,179 (81%) (1) GPE guarantees substantially all of GMO’s debt (2) Weighted Average Rates - excludes premium / discounts and fair market value adjustments; includes full Equity Units coupon (12%) for GPE (3) Includes current maturities of long-term debt

Long-Term Debt Maturities (4)(5)

(4) Includes long-term debt maturities through December 31, 2021

(5) 2013 reflects mode maturity for $167.6 million of KCP&L tax-exempt

      bonds subject to remarketing prior to final maturity date

Liquidity (6)

(6) As of December 31, 2011

(7) Includes KCP&L $110M accounts receivable securitization facility

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March 2012 Investor Presentation

*All ratios calculated using Standard and Poor’s methodology.Ratios are non-GAAP measures that are defined and reconciled to GAAP in Appendix

Credit Profile for Great Plains Energy

Current Credit Ratings
	Moody’s	Standard & Poor’s
Great Plains Energy Outlook Corporate Credit Rating Preferred Stock Senior Unsecured Debt	Stable - Ba2 Baa3	Stable BBB BB+ BBB-
KCP&L Outlook Senior Secured Debt Senior Unsecured Debt Commercial Paper	Stable A3 Baa2 P-2	Stable BBB+ BBB A-2
GMO Outlook Senior Unsecured Debt Commercial Paper	Stable Baa3 P-3	Stable BBB A-2

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March 2012 Investor Presentation

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2012 Earnings Guidance

and 2013 Projected Drivers

March 2012 Investor Presentation

2012 Earnings Guidance $1.20 - $1.40

2011 to 2012 Considerations
Carrying Cost and Equity Converts	•Missouri Iatan No. 2 carrying cost capitalized prior to 2011 rate case effective dates •Conversion to 17.1 million shares of GXP common stock partially offset by lower debt re-market rate
Wholesale Margin	•Lower natural gas prices and related off-system sales impact due to KCP&L-MO wholesale margin cap •Majority of 2011 allocated to Special Factors for flooding and Wolf Creek extended outage
Guidance Variability	•Retail weather-normalized load growth, weather, operating expenses, cost of capital, etc. •Natural gas prices and resulting impact on KCP&L-MO wholesale margin

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March 2012 Investor Presentation

Guidance Assumptions
KCP&L-MO Wholesale Margin

KCP&L Missouri customer rates are set assuming KCP&L earns a prescribed level of
wholesale margin* (“cap”) to achieve its revenue requirement

•  If cap is exceeded, excess margin booked as a regulatory liability to be returned,
  with interest, to customers in the next rate case

•  If cap not achieved, KCP&L falls short of its revenue requirement with no

   regulatory mechanism to recover the shortfall

•Two distinct caps apply in 2012

-$45.9 million Annual cap for May 2011 to April 2012

•Excess margin books as a regulatory liability whenever cap is exceeded

•Earnings and cash in a fiscal year could be significantly impacted by
timing of wholesale margins

-$45.9 million Annual cap begins May 2012

•New cap proposed in current rate case

-New retail rates include new cap, effective in 1Q 2013

*Also referred to as non-firm wholesale electric sales margin (wholesale margin offset) in the 2011 10-K

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March 2012 Investor Presentation

Macroeconomic Factors

•Milder than normal weather

•Lower regional demand / excess regional
generation supply

•Higher natural gas inventories

Wholesale Margin Impact on 2012 Guidance

2012 Average as of:	Henry Hub Natural Gas ($/MMBTu)
June 28, 2011	$4.80
September 27, 2011	$4.36
December 27, 2011	$3.38
February 21, 2012	$3.03

Curve as of:

KCP&L Missouri Financial Impact

• Current wholesale margin in rates: $45.9
  million

• Projected EPS impact in 2012(a)(b): ($0.10)

(a) 2011 EPS impact due to lower wholesale margins was ($0.02).

(b) Point estimate to simplify analysis on 2012 Earnings Guidance
      slide.

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March 2012 Investor Presentation

2012 Earnings Guidance

*Based on Third Quarter 2011 Earnings Presentation

**2012 includes conversion to 17.1 million shares of GXP common stock in June

2012 Considerations
(a) Wholesale Margin	•Lower natural gas prices and related off-system sales impact due to KCP&L-MO wholesale margin cap •Majority of 2011 lag allocated to Special Factors for flooding and Wolf Creek extended outage
b) Other Lag and Variability	•Lower projected weather-normalized load growth from 1% to 0.5% •2011 includes $0.12 EPS due to weather, 2012 assumes normal weather
(c) Regulatory Earned	•Regulatory earned ROE improving by 0 to 110 basis points over 2011

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March 2012 Investor Presentation

2012 Guidance Assumptions
Depreciation, CWIP, AFUDC

•Depreciation and Amortization

−KCP&L-MO regulatory amortization of $3.5 million/month ended May 2011

−MO Iatan 2 traditional depreciation for partial year 2011, full year 2012

•KCP&L began in May 2011, GMO began in June 2011

−Change in depreciation rates from rate case orders

−Depreciation growing for plant placed in service and not in current rates

•Construction Work in Progress (CWIP)/Accumulated Funds Used During

      Construction (AFUDC)

-Short-term debt balance of approximately $450million to $500 million by end
of the year

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March 2012 Investor Presentation

2012 Guidance Assumptions
Income Taxes

•Effective income tax rate of approximately 34%

•Federal/State combined statutory rate of approximately
38.9% impacted by:

-AFUDC Equity (non-taxable)

-Wind Production Tax Credits (PTC)

-Amortization of Investment Tax Credits (ITC)

•Do not expect to generate significant income tax liability or
pay significant income taxes during 2012 due to:

-Bonus depreciation of approximately $200 million

-Differences between book and tax depreciation, primarily

            related to seven year depreciable tax life for pollution controls

            recently placed in service at Iatan facilities

-Ongoing wind PTC

36

March 2012 Investor Presentation

2012 Guidance Assumptions
Deferred Income Taxes

•Year-end 2011 deferred tax income taxes include:

-$213.7 million tax credit carry forwards primarily related to Advanced
Coal ITCs, wind PTCs, and Alternative Minimum Tax (AMT) credits

            ($89.8 million) related to GMO acquisition)

•Coal and wind credits expire in years 2028 to 2031

•AMT credits do not expire

•$0.7 million Federal and state valuation allowance

-$543.7 million Net Operating Loss (NOL) carry forward with
approximately $365.6 million related to the GMO acquisition

•Federal NOL carry forwards expire in years 2023 to 2031

•$23.2 million state valuation allowance

•Do not expect to generate significant income tax liability during 2012 (see
previous slide)

•Do not anticipate paying significant income taxes through the end of 2017

-Expect to utilize year-end 2011 NOL and tax credit carry forwards, net

             of valuation allowances

-Estimate that impact of bonus depreciation in 2012 has delayed paying
significant income taxes by about one year

37

March 2012 Investor Presentation

2011-2012 Net Free Cash Flow*

Net Free Cash Flow Impacts
Combined 2011 Actual 2012 Projected	•Analyst Day Projected ($200) to ($240) million •Weaker weather-normalized load growth •Lower off-system sales •Compliance with Cross States Air Pollution Rule (CSAPR)
Dividends	2012 common dividends for illustrative purposes only based on current annual dividend rate of $0.85 per share and not an indication of Board of Directors’ approval

*Net Free Cash Flow is a non-GAAP financial measure and is defined in Appendix

38

March 2012 Investor Presentation

2013 Projected Drivers

•Target is 50 basis points of lag in regulated operations in 2013 (compared to
approximately 160-270 basis points reflected in 2012 revised guidance)

•Strategies to reduce lag in 2013 are 1) operational and 2) regulatory

–Operational

•High level of system reliability and plant performance

•Continue baseline assumption that changes in non-fuel operating and maintenance
(NFOM) expenses and weather-normalized load are offsetting

•Aggressively manage NFOM expenses as close to allowed level in rates as possible

–Demand growth would potentially create earnings upside

•Increased AFUDC from environmental and other capital projects

–Regulatory

•Missouri rate cases - new rates in effect 1Q 2013

-Requested new KCP&L Missouri wholesale margin cap

•Kansas - present view contemplates filing to achieve new rates effective early 2013

•Riders & Trackers - Full-year impact of Kansas property tax rider; transmission, RES and
property tax trackers requested at KCP&L Missouri and GMO in rate cases

•Other drivers

–Weighted average shares - increase to 154 million with full-year impact from Equity Units
conversion

–Other impacts from Equity Units conversion

•ROE benefit from additional equity in capital structure largely offset by significantly lower
interest expense on Equity Units’ remarketed debt

–Full-year impact from refinancing GMO high-coupon debt

•Expected to be negative in terms of GAAP interest expense

39

March 2012 Investor Presentation

Projected Capital Expenditures

Major Projects included in 2012-2014 Capital Expenditure Plan
Environmental	•La Cygne $178.1, $189.3, and $127.3 million for 2012-2014
SPP	•Iatan-Nashua $0.5, $5.0, and $15.0 million for 2012-2014 •Sibley-Maryville-Nebraska City $3.7, $37.2, and $55.9 million for 2012-2014

SPP $4.2

40

March 2012 Investor Presentation

41

Great Plains Energy

Investor Presentation

March 2012

March 2012 Investor Presentation

Appendix

42

March 2012 Investor Presentation

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

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

(millions)	Three Months Ended December 31		Year Ended December 31
	2011	2010	2011	2010
Operating revenues	$486.3	$467.8	$2,318.0	$2,255.5
Fuel	(118.0)	(97.5)	(483.8)	(430.7)
Purchased power	(25.0)	(42.4)	(203.4)	(213.8)
Transmission of electricity by others	(7.1)	(6.5)	(30.2)	(27.4)
Gross margin	$336.2	$321.4	$1,600.6	$1,583.6

43

March 2012 Investor Presentation

Credit Metric Reconciliation to GAAP

Funds from operations (FFO) to adjusted debt is a
financial measure that is not calculated in
accordance with generally accepted accounting
principles (GAAP). FFO to adjusted debt, as used by
Great Plains Energy, is defined in accordance with
Standard & Poor’s methodology used for calculating
FFO to debt. The numerator of the ratio is defined as
net cash from operating activities (GAAP) plus non-
GAAP adjustments related to operating leases,
hybrid securities, post-retirement benefit obligations,
capitalized interest, power purchase agreements,
asset retirement obligations, changes in working
capital and decommissioning fund contributions. The
denominator of the ratio is defined as the sum of
debt balances (GAAP) plus non-GAAP adjustments
related to some of the same items adjusted for in the
numerator and other adjustments related to
securitized receivables and accrued interest.
Management believes that FFO to adjusted debt
provides a meaningful way to better understand the
Company’s credit profile. FFO to adjusted debt is
used internally to help evaluate the possibility of a
change in the Company’s credit rating.

44

March 2012 Investor Presentation

Credit Metric Reconciliation to GAAP

Funds from operations (FFO) interest coverage
ratio is a financial measure that is not calculated in
accordance with generally accepted accounting
principles (GAAP). FFO interest coverage, as used
by Great Plains Energy, is defined in accordance
with Standard & Poor’s methodology used for
calculating FFO interest coverage. The numerator
of the ratio is defined as net cash from operating
activities (GAAP) plus non-GAAP adjustments
related to operating leases, hybrid securities, post-
retirement benefit obligations, capitalized interest,
power purchase agreements, asset retirement
obligations, changes in working capital and
decommissioning fund contributions plus adjusted
interest expense (non-GAAP). The denominator of
the ratio, adjusted interest expense, is defined as
interest charges (GAAP) plus non-GAAP
adjustments related to some of the same items
adjusted for in the numerator and other
adjustments needed to match Standard & Poor’s
calculation. Management believes that FFO
interest coverage provides a meaningful way to
better understand the Company’s credit profile.
FFO interest coverage is used internally to help
evaluate the possibility of a change in the
Company’s credit rating.

45

March 2012 Investor Presentation

Credit Metric Reconciliation to GAAP

Adjusted debt to total adjusted capitalization is a
financial measure that is not calculated in
accordance with generally accepted accounting
principles (GAAP). Adjusted debt to total
adjusted capitalization, as used by Great Plains
Energy, is defined in accordance with Standard
& Poor’s methodology used for calculating the
ratio of debt to debt and equity. The numerator
of the ratio, adjusted debt, is defined as the sum
of debt balances (GAAP) plus non-GAAP
adjustments related to securitized receivables,
operating leases, hybrid securities, post-
retirement benefit obligations, accrued interest,
power purchase agreements and asset
retirement obligations. The denominator of the
ratio, total adjusted capitalization, is defined as
the sum of equity balances (GAAP) plus non-
GAAP adjustments related to hybrid securities
plus the non-GAAP adjusted debt as defined for
the numerator. Management believes that
adjusted debt to total adjusted capitalization
provides a meaningful way to better understand
the Company’s credit profile. Adjusted debt to
total adjusted capitalization is used internally to
help evaluate the possibility of a change in the
Company’s credit rating.

46

March 2012 Investor Presentation

Net Free Cash Flow (NFCF) is a financial measure that is not calculated in accordance with generally

accepted accounting principles (GAAP). NFCF, as used by Great Plains Energy, is calculated from the

Consolidated Statement of Cash Flows as Cash Flows from Operating Activities less Cash Flows from

Investing Activities less Dividends paid.Management believes that NFCF is an important measurement in

evaluating financing and/or dividend alternatives.The Company’s definition of NFCF may differ from similar

terms used by other companies.

Great Plains Energy Reconciliation of
Net Free Cash Flow (NFCF)

(Unaudited)

*GAAP dividends paid includes an assumed $0.85 of common dividends in 2012
for illustrative purposes only and is not an indication of approval of such amount
by the Company’s Board of Directors

47