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) November 1, 2016

WESTAR ENERGY, INC.

(Exact name of registrant as specified in its charter)

KANSAS	1-3523	48-0290150
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)
818 South Kansas Avenue, Topeka, Kansas		66612
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code  (785) 575-6300

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

WESTAR ENERGY, INC.

Item 2.02. Results of Operations and Financial Condition.

On November 1, 2016, we issued a press release announcing our earnings for the period ended September 30, 2016. A copy of our November 1, 2016 press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. We are also including our 2016 Third Quarter Earnings package, which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, will not be incorporated by reference into any registration statement filed by us under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 7.01. Regulation FD Disclosure

On November 1, 2016, we also released an investor presentation. A copy of that investor presentation is attached hereto as Exhibit 99.3 and is available to the public on our website, http://www.WestarEnergy.com. Investors should note that we announce material financial information in Securities and Exchange Commission filings, press releases and public conference calls. In accordance with Securities and Exchange Commission guidance, we may also use the Investor Relations section of our website to communicate with investors about us. It is possible that the financial and other information we post there could be deemed to be material information. The information furnished pursuant to this Item 7.01, including information on our website, will not be incorporated by reference into any registration statement filed by us under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 Press Release dated November 1, 2016

Exhibit 99.2 2016Third Quarter Earnings Package

Exhibit 99.3 Investor Update dated November 1, 2016

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		WESTAR ENERGY, INC.
Date:	November 1, 2016	By:	/s/ Larry D. Irick
		Name:	Larry D. Irick
		Title:	Vice President, General Counsel and Corporate Secretary

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
Exhibit 99.1	Press Release dated November 1, 2016
Exhibit 99.2	2016 Third Quarter Earnings Package
Exhibit 99.3	Investor Update dated November 1, 2016

EX-99.1

Exhibit 99.1

Westar Energy announces 3rd quarter 2016 results.

TOPEKA, Kan., Nov. 1, 2016 - Westar Energy, Inc. (NYSE:WR) today announced earnings of $155 million, or $1.09 per share, for the third quarter 2016 compared with earnings of $138 million, or $0.97 per share, for the third quarter 2015. Earnings for the nine months endedSept. 30, 2016 were $293 million, or $2.06 per share, compared with $253 million, or $1.84 per share, for the same period in 2015.

Higher net income for the third quarter, compared with last year, was driven by better cost recovery through recent rate adjustments and an increase in corporate-owned life insurance income. The higher revenue was partially offset by a Southwest Power Pool assessment and higher expenses due to improving long-term grid reliability.

Net income for the nine months ended September 30, 2016 also increased primarily from better cost recovery and lower interest expense. The higher revenue was partially offset by merger related-expenses and the Southwest Power Pool assessment.

Earnings Guidance

The company affirmed its 2016 earnings guidance of $2.38 to $2.53 per share with a bias towards the upper end of the range. The earnings guidance drivers are located under Supplemental Materials within the investor section of the company website at www.WestarEnergy.com.

Additional Information

Due to the pending transaction with Great Plains Energy, Westar Energy will no longer host a quarterly webcast and conference call. Investors may continue to contact our Investor Relations Department at (785) 575-8227.

This earnings announcement, a package of detailed third-quarter financial information, the company's quarterly report on Form 10-Q for the period ended Sept. 30, 2016 and other filings the company has made with the Securities and Exchange Commission are available on the company's website at www.WestarEnergy.com.

- 30 -

Westar Energy, Inc. (NYSE: WR) is Kansas' largest electric utility. For more than a century, we have provided Kansans the safe, reliable electricity needed to power their businesses and homes. Every day our team of professionals takes on projects to generate and deliver electricity, protect the environment and provide excellent service to our nearly 700,000 customers. Westar has 7,200 MW of electric generation capacity fueled by coal, uranium, natural gas, wind and landfill gas. We are also a leader in

WESTAR ENERGY NEWS RELEASE    Page 1 of 3

Westar Energy announces 3rd quarter results

electric transmission in Kansas. Our innovative customer service programs include mobile-enabled customer care, digital meters and paving the way for electric vehicle adoption. Our employees live, volunteer and work in the communities we serve.

For more information about Westar Energy, visit us on the Internet at http://www.WestarEnergy.com. Westar Energy is on Facebook: www.Facebook.com/westarenergy and Twitter: www.Twitter.com/WestarEnergy.

Forward-looking statements: Certain matters discussed in this news release are “forward-looking statements.” The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Forward-looking statements may include words like “believe,” “anticipate,” “target,” “expect,” “pro forma,” “estimate,” “intend,” “guidance” or words of similar meaning. Forward-looking statements describe future plans, objectives, expectations or goals. Although Westar Energy believes that its expectations are based on reasonable assumptions, all forward-looking statements involve risk and uncertainty. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as (1) those discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2015 (a) under the heading, “Forward-Looking Statements,” (b) in ITEM 1. Business, (c) in ITEM 1A. Risk Factors, (d) in ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (e) in ITEM 8. Financial Statements and Supplementary Data: Notes 13 and 15; (2) those discussed in the company's Quarterly Reports on Form 10-Q filed on Aug. 2, 2016 and Nov. 1, 2016, (a) under the heading "Forward-Looking Statements." (b) in ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, (c) in Part I, Financial Information, ITEM 1. Financial Statements: Notes 3, 11 and 12, and (d) ITEM 1A. Risk Factors; and (3) other factors discussed in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date such statement was made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made.

Media Contact:

Gina Penzig

Media Relations Manager

Phone: 785-575-8089

Gina.Penzig@westarenergy.com

Media line: 888-613-0003

Investor Contact:

Cody VandeVelde

Director, Investor Relations

Phone: 785-575-8227

Cody.VandeVelde@westarenergy.com

WESTAR ENERGY NEWS RELEASE    Page 2 of 3

Westar Energy announces 3rd quarter results

Westar Energy, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

	Three Months Ended September 30,											Nine Months Ended September 30,
	2016			2015			Change			% Change		2016			2015			Change			% Change
	(Dollars In Thousands, Except Per Share Amounts)
REVENUES:
Residential	$	282,272		$	255,804		$	26,468		10.3		$	664,400		$	610,775		$	53,625		8.8
Commercial	218,377			213,461			4,916			2.3		572,247			550,761			21,486			3.9
Industrial	106,021			105,307			714			0.7		314,723			304,937			9,786			3.2
Other retail	7,883			1,620			6,263			386.6		(23,002		)	(5,503		)	(17,499		)	(318.0	)
Total Retail Revenues	614,553			576,192			38,361			6.7		1,528,368			1,460,970			67,398			4.6
Wholesale	86,421			87,918			(1,497		)	(1.7	)	220,520			249,502			(28,982		)	(11.6	)
Transmission	58,462			61,190			(2,728		)	(4.5	)	188,996			181,070			7,926			4.4
Other	5,218			7,529			(2,311		)	(30.7	)	17,668			21,657			(3,989		)	(18.4	)
Total Revenues	764,654			732,829			31,825			4.3		1,955,552			1,913,199			42,353			2.2
OPERATING EXPENSES:
Fuel and purchased power	155,673			163,943			(8,270		)	(5.0	)	374,361			459,504			(85,143		)	(18.5	)
SPP network transmission costs	57,939			57,487			452			0.8		173,925			171,651			2,274			1.3
Operating and maintenance	86,758			80,444			6,314			7.8		250,135			248,263			1,872			0.8
Depreciation and amortization	84,972			77,184			7,788			10.1		252,838			228,529			24,309			10.6
Selling, general and administrative	60,582			60,485			97			0.2		192,762			179,567			13,195			7.3
Taxes other than income tax	48,154			37,682			10,472			27.8		145,529			113,047			32,482			28.7
Total Operating Expenses	494,078			477,225			16,853			3.5		1,389,550			1,400,561			(11,011		)	(0.8	)
INCOME FROM OPERATIONS	270,576			255,604			14,972			5.9		566,002			512,638			53,364			10.4
OTHER INCOME (EXPENSE):
Investment earnings	2,619			314			2,305			734.1		6,916			4,427			2,489			56.2
Other income	13,353			637			12,716			nm		26,212			18,572			7,640			41.1
Other expense	(5,887		)	(5,392		)	(495		)	(9.2	)	(14,338		)	(13,737		)	(601		)	(4.4	)
Total Other Income (Expense)	10,085			(4,441		)	14,526			327.1		18,790			9,262			9,528			102.9
Interest expense	40,897			44,306			(3,409		)	(7.7	)	121,011			134,120			(13,109		)	(9.8	)
INCOME BEFORE INCOME TAXES	239,764			206,857			32,907			15.9		463,781			387,780			76,001			19.6
Income tax expense	81,211			66,293			14,918			22.5		160,376			127,810			32,566			25.5
NET INCOME	158,553			140,564			17,989			12.8		303,405			259,970			43,435			16.7
Less: Net income attributable to noncontrolling interests	3,833			2,561			1,272			49.7		10,760			7,277			3,483			47.9
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.	$	154,720		$	138,003		$	16,717		12.1		$	292,645		$	252,693		$	39,952		15.8
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO WESTAR ENERGY, INC. (See 10-Q Note 2):
Basic earnings per common share	$	1.09		$	0.97		$	0.12		12.4		$	2.06		$	1.84		$	0.22		12.0
Diluted earnings per common share	$	1.08		$	0.97		$	0.11		11.3		$	2.05		$	1.82		$	0.23		12.6
AVERAGE EQUIVALENT COMMON SHARES OUTSTANDING (in thousands):
Basic	142,091			141,623			468			0.3		142,039			136,686			5,353			3.9
Diluted	142,578			141,838			740			0.5		142,413			138,182			4,231			3.1
DIVIDENDS DECLARED PER COMMON SHARE	$	0.38		$	0.36		$	0.02		5.6		$	1.14		$	1.08		$	0.06		5.6
Effective income tax rate	34		%	32		%						35		%	33		%
nm - not meaningful

WESTAR ENERGY NEWS RELEASE    Page 3 of 3

EX-99.2

Exhibit 99.2

Westar Energy, Inc.

Third Quarter 2016 Earnings

Released November 1, 2016

Contents	Page
Condensed Consolidated Statements of Income	1
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Cash Flows	4
Earnings Variances	5
Supplemental Data	7
Capitalization & Long-Term Debt Table	9
GAAP to Non-GAAP Reconciliation	10

Cody VandeVelde

Director Investor Relations

785-575-8227

Cody.VandeVelde@WestarEnergy.com

NOTE:

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q for the period ended September 30, 2016 should be read in conjunction with this financial information. The enclosed statements have been prepared for the purpose of providing information concerning the Company and not in connection with any sale, offer for sale, or solicitation to buy any securities.

Westar Energy, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

	Three Months Ended September 30,
	2016			2015			Change			% Change
	(Dollars in Thousands, Except Per Share Amounts)
REVENUES:
Residential	$	282,272		$	255,804		$	26,468		10.3
Commercial	218,377			213,461			4,916			2.3
Industrial	106,021			105,307			714			0.7
Other retail	7,883			1,620			6,263			386.6
Total Retail Revenues	614,553			576,192			38,361			6.7
Wholesale	86,421			87,918			(1,497		)	(1.7	)
Transmission	58,462			61,190			(2,728		)	(4.5	)
Other	5,218			7,529			(2,311		)	(30.7	)
Total Revenues	764,654			732,829			31,825			4.3
OPERATING EXPENSES:
Fuel and purchased power	155,673			163,943			(8,270		)	(5.0	)
SPP network transmission costs	57,939			57,487			452			0.8
Operating and maintenance	86,758			80,444			6,314			7.8
Depreciation and amortization	84,972			77,184			7,788			10.1
Selling, general and administrative	60,582			60,485			97			0.2
Taxes other than income tax	48,154			37,682			10,472			27.8
Total Operating Expenses	494,078			477,225			16,853			3.5
INCOME FROM OPERATIONS	270,576			255,604			14,972			5.9
OTHER INCOME (EXPENSE):
Investment earnings	2,619			314			2,305			734.1
Other income	13,353			637			12,716			nm
Other expense	(5,887		)	(5,392		)	(495		)	(9.2	)
Total Other Income (Expense)	10,085			(4,441		)	14,526			327.1
Interest expense	40,897			44,306			(3,409		)	(7.7	)
INCOME BEFORE INCOME TAXES	239,764			206,857			32,907			15.9
Income tax expense	81,211			66,293			14,918			22.5
NET INCOME	158,553			140,564			17,989			12.8
Less: Net income attributable to noncontrolling interests	3,833			2,561			1,272			49.7
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.	$	154,720		$	138,003		$	16,717		12.1
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO WESTAR ENERGY, INC. (See 10-Q Note 2):
Basic earnings per common share	$	1.09		$	0.97		$	0.12		12.4
Diluted earnings per common share	$	1.08		$	0.97		$	0.11		11.3
AVERAGE EQUIVALENT COMMON SHARES OUTSTANDING (in thousands):
Basic	142,091			141,623			468			0.3
Diluted	142,578			141,838			740			0.5
DIVIDENDS DECLARED PER COMMON SHARE	$	0.38		$	0.36		$	0.02		5.6
Effective income tax rate	34		%	32		%
nm - not meaningful

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 1

Westar Energy, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

	Nine Months Ended September 30,
	2016			2015			Change			% Change
	(Dollars in Thousands, Except Per Share Amounts)
REVENUES:
Residential	$	664,400		$	610,775		$	53,625		8.8
Commercial	572,247			550,761			21,486			3.9
Industrial	314,723			304,937			9,786			3.2
Other retail	(23,002		)	(5,503		)	(17,499		)	(318.0	)
Total Retail Revenues	1,528,368			1,460,970			67,398			4.6
Wholesale	220,520			249,502			(28,982		)	(11.6	)
Transmission	188,996			181,070			7,926			4.4
Other	17,668			21,657			(3,989		)	(18.4	)
Total Revenues	1,955,552			1,913,199			42,353			2.2
OPERATING EXPENSES:
Fuel and purchased power	374,361			459,504			(85,143		)	(18.5	)
SPP network transmission costs	173,925			171,651			2,274			1.3
Operating and maintenance	250,135			248,263			1,872			0.8
Depreciation and amortization	252,838			228,529			24,309			10.6
Selling, general and administrative	192,762			179,567			13,195			7.3
Taxes other than income tax	145,529			113,047			32,482			28.7
Total Operating Expenses	1,389,550			1,400,561			(11,011		)	(0.8	)
INCOME FROM OPERATIONS	566,002			512,638			53,364			10.4
OTHER INCOME (EXPENSE):
Investment earnings	6,916			4,427			2,489			56.2
Other income	26,212			18,572			7,640			41.1
Other expense	(14,338		)	(13,737		)	(601		)	(4.4	)
Total Other Income (Expense)	18,790			9,262			9,528			102.9
Interest expense	121,011			134,120			(13,109		)	(9.8	)
INCOME BEFORE INCOME TAXES	463,781			387,780			76,001			19.6
Income tax expense	160,376			127,810			32,566			25.5
NET INCOME	303,405			259,970			43,435			16.7
Less: Net income attributable to noncontrolling interests	10,760			7,277			3,483			47.9
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.	$	292,645		$	252,693		$	39,952		15.8
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO WESTAR ENERGY, INC. (See 10-Q Note 2):
Basic earnings per common share	$	2.06		$	1.84		$	0.22		12.0
Diluted earnings per common share	$	2.05		$	1.82		$	0.23		12.6
AVERAGE EQUIVALENT COMMON SHARES OUTSTANDING (in thousands):
Basic	142,039			136,686			5,353			3.9
Diluted	142,413			138,182			4,231			3.1
DIVIDENDS DECLARED PER COMMON SHARE	$	1.14		$	1.08		$	0.06		5.6
Effective income tax rate	35		%	33		%

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 2

Westar Energy, Inc.

Condensed Consolidated Balance Sheets

(Dollars in Thousands, Except Par Values)

(Unaudited)

	September 30, 2016		December 31, 2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	3,937	$	3,231
Accounts receivable, net of allowance for doubtful accounts of $4,175 and $5,294, respectively	322,386		258,286
Fuel inventory and supplies	290,080		301,294
Prepaid expenses	15,625		16,864
Regulatory assets	91,999		109,606
Other	38,276		27,860
Total Current Assets	762,303		717,141
PROPERTY, PLANT AND EQUIPMENT, NET	9,038,197		8,524,902
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET	260,488		268,239
OTHER ASSETS:
Regulatory assets	731,859		751,312
Nuclear decommissioning trust	198,796		184,057
Other	252,775		260,015
Total Other Assets	1,183,430		1,195,384
TOTAL ASSETS	$	11,244,418	$	10,705,666
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	125,000	$	—
Current maturities of long-term debt of variable interest entities	26,842		28,309
Short-term debt	182,900		250,300
Accounts payable	228,046		220,969
Accrued dividends	52,822		49,829
Accrued taxes	119,938		83,773
Accrued interest	61,833		71,426
Regulatory liabilities	22,547		25,697
Other	97,100		106,632
Total Current Liabilities	917,028		836,935
LONG-TERM LIABILITIES:
Long-term debt, net	3,388,221		3,163,950
Long-term debt of variable interest entities, net	111,218		138,097
Deferred income taxes	1,737,359		1,591,430
Unamortized investment tax credits	207,595		209,763
Regulatory liabilities	243,754		267,114
Accrued employee benefits	445,442		462,304
Asset retirement obligations	283,941		275,285
Other	85,442		88,825
Total Long-Term Liabilities	6,502,972		6,196,768
COMMITMENTS AND CONTINGENCIES (See 10-Q Notes 4, 11 and 12)
EQUITY:
Westar Energy, Inc. Shareholders’ Equity:
Common stock, par value $5 per share; authorized 275,000,000 shares; issued and outstanding 141,743,883 shares and 141,353,426 shares, respective to each date	708,719		706,767
Paid-in capital	2,013,449		2,004,124
Retained earnings	1,078,799		945,830
Total Westar Energy, Inc. Shareholders’ Equity	3,800,967		3,656,721
Noncontrolling Interests	23,451		15,242
Total Equity	3,824,418		3,671,963
TOTAL LIABILITIES AND EQUITY	$	11,244,418	$	10,705,666

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 3

Westar Energy, Inc.

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

	Nine Months Ended September 30,
	2016			2015
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net income	$	303,405		$	259,970
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	252,838			228,529
Amortization of nuclear fuel	22,518			18,528
Amortization of deferred regulatory gain from sale leaseback	(4,121		)	(4,121		)
Amortization of corporate-owned life insurance	13,779			15,309
Non-cash compensation	7,025			6,280
Net deferred income taxes and credits	160,429			126,602
Allowance for equity funds used during construction	(7,894		)	(2,034		)
Changes in working capital items:
Accounts receivable	(64,100		)	(21,437		)
Fuel inventory and supplies	11,680			(28,814		)
Prepaid expenses and other	(385		)	(22,742		)
Accounts payable	9,736			(4,979		)
Accrued taxes	40,711			51,867
Other current liabilities	(61,879		)	(66,000		)
Changes in other assets	(4,377		)	1,394
Changes in other liabilities	13,208			26,512
Cash Flows from Operating Activities	692,573			584,864
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Additions to property, plant and equipment	(821,936		)	(486,515		)
Purchase of securities - trusts	(43,252		)	(20,752		)
Sale of securities - trusts	44,326			20,957
Investment in corporate-owned life insurance	(14,648		)	(14,845		)
Proceeds from investment in corporate-owned life insurance	24,242			65,962
Investment in affiliated company	(655		)	—
Other investing activities	(3,095		)	(781		)
Cash Flows used in Investing Activities	(815,018		)	(435,974		)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Short-term debt, net	(67,402		)	46,000
Proceeds from long-term debt	396,472			—
Proceeds from long-term debt of variable interest entities	162,048			—
Retirements of long-term debt	(50,000		)	(275,000		)
Retirements of long-term debt of variable interest entities	(190,357		)	(27,933		)
Repayment of capital leases	(2,327		)	(1,759		)
Borrowings against cash surrender value of corporate-owned life insurance	55,952			57,726
Repayment of borrowings against cash surrender value of corporate-owned life insurance	(22,921		)	(63,894		)
Issuance of common stock	2,003			257,169
Distributions to shareholders of noncontrolling interests	(2,551		)	(1,076		)
Cash dividends paid	(152,787		)	(137,616		)
Other financing activities	(4,979		)	(3,234		)
Cash Flows from (used in) Financing Activities	123,151			(149,617		)
NET CHANGE IN CASH AND CASH EQUIVALENTS	706			(727		)
CASH AND CASH EQUIVALENTS:
Beginning of period	3,231			4,556
End of period	$	3,937		$	3,829

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 4

Westar Energy, Inc.

3rd Quarter 2016 vs. 2015

Earnings Variances
			Change
		($ per share)	(Dollars in Thousands)				($ per share)
September 30, 2015 basic earnings attributable to common stock			$	138,003			$	0.97
		Favorable/(Unfavorable)
	Gross Margin		39,643			A
	Operating and maintenance		(6,314		)	B
	Depreciation and amortization		(7,788		)	C
	Selling, general and administrative		(97		)
	Taxes other than income tax		(10,472		)	D
	Other income (expense)		14,526			E
	Interest expense		3,409			F
	Income tax expense		(14,918		)	G
	Net income attributable to noncontrolling interests		(1,272		)
	Change in shares outstanding	—
September 30, 2016 basic earnings attributable to common stock			$	154,720			$	1.09
	Major factors influencing the period to period change in EPS -- Favorable/(Unfavorable)
A	Due primarily to: general rate case increase of $78.0M (annual); and estimated annual transmission margin increase of $19.1M, which includes an SPP assessment of $(7.0M)
B	Due primarily to: higher distribution operating and maintenance expense partially due to improving long-term reliability in 2016 -- ($3.9M); higher operating and maintenance costs at coal fired plants due primarily to scheduled outages -- ($2.4M); partially offset by decrease in operating and maintenance expenses resulting from power plant retirements in late 2015 -- $4.2M
C	Due principally to property additions
D	Due primarily to higher property tax expense that is largely offset by increased prices -- ($10.6M)
E	Due primarily to: higher COLI benefit -- $10.4M; and an increase in equity AFUDC -- $2.7M
F	Due primarily to: increase in debt AFUDC -- $2.1M; and decrease in interest expense of long-term debt of VIEs due to refinancing -- $1.5M
G	Due primarily to higher income before income taxes

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 5

Westar Energy, Inc.

YTD September2016 vs. 2015

Earnings Variances
				Change
		($ per share)		(Dollars in Thousands)				($ per share)
September 30, 2015 basic earnings attributable to common stock				$	252,693			$	1.84
		Favorable/(Unfavorable)
	Gross Margin			125,222			A
	Operating and maintenance			(1,872		)
	Depreciation and amortization			(24,309		)	B
	Selling, general and administrative			(13,195		)	C
	Taxes other than income tax			(32,482		)	D
	Other income (expense)			9,528			E
	Interest expense			13,109			F
	Income tax expense			(32,566		)	G
	Net income attributable to noncontrolling interests			(3,483		)
	Change in shares outstanding	(0.07	)
September 30, 2016 basic earnings attributable to common stock				$	292,645			$	2.06
	Major factors influencing the period to period change in EPS -- Favorable/(Unfavorable)
A	Due primarily to: general rate case increase of $78.0M (annual); estimated annual transmission margin increase of $19.1M which includes an SPP assessment of $(7.0M)
B	Due principally to property additions
C	Due primarily to: merger-related expenses -- ($9.8M); increase in outside services related principally to technology services -- ($4.2M); partially offset by decrease in employee benefit costs -- $4.5M
D	Due primarily to higher property tax expense that is largely offset by increased prices -- ($33.4M)
E	Due primarily to: an increase in equity AFUDC -- $5.9M; and higher COLI benefit -- $3.1M
F	Due primarily to: decrease in interest expense of long-term debt due to refinancing -- $6.5M; decrease in interest expense of long-term debt of VIEs due to refinancing -- $4.1M; and increase in debt AFUDC -- $3.8M
G	Due primarily to higher income before income taxes

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 6

Westar Energy, Inc.

Revenue, Sales and Energy Supply

Supplemental Data	Three Months Ended September 30,
	2016			2015			Change			% Change
Revenues	(Dollars In Thousands)
Residential	$	282,272		$	255,804		$	26,468		10.3
Commercial	218,377			213,461			4,916			2.3
Industrial	106,021			105,307			714			0.7
Other retail	3,908			3,430			478			13.9
Provision for rate refunds	3,975			(1,810		)	5,785			319.6
Total Retail Revenues	614,553			576,192			38,361			6.7
Tariff-based wholesale	70,923			70,501			422			0.6
Market-based wholesale	15,498			17,417			(1,919		)	(11.0	)
Transmission	58,462			61,190			(2,728		)	(4.5	)
Other	5,218			7,529			(2,311		)	(30.7	)
Total Revenues	$	764,654		$	732,829		$	31,825		4.3
Electricity Sales	(Thousands of MWh)
Residential	2,209			2,168			41			1.9
Commercial	2,230			2,221			9			0.4
Industrial	1,444			1,463			(19		)	(1.3	)
Other retail	19			21			(2		)	(9.5	)
Total Retail	5,902			5,873			29			0.5
Tariff-based wholesale	1,380			1,337			43			3.2
Market-based wholesale	1,009			863			146			16.9
Total wholesale	2,389			2,200			189			8.6
Total Electricity Sales	8,291			8,073			218			2.7
	(Dollars per MWh)
Total retail	$	104.13		$	98.11		$	6.02		6.1
Tariff-based wholesale	$	51.39		$	52.73		$	(1.34	)	(2.5	)
Market-based wholesale	$	15.36		$	20.18		$	(4.82	)	(23.9	)
Fuel and Purchased Power	(Dollars In Thousands)
Fuel used for generation	$	131,390		$	132,272		$	(882	)	(0.7	)
Purchased power	43,676			36,960			6,716			18.2
Subtotal	175,066			169,232			5,834			3.4
RECA recovery and other	(19,393		)	(5,289		)	(14,104		)	(266.7	)
Total fuel and purchased power expense	$	155,673		$	163,943		$	(8,270	)	(5.0	)
Electricity Supply	(Thousands of MWh)
Generated - Gas	631			571			60			10.5
Coal	5,254			5,220			34			0.7
Nuclear	840			1,240			(400		)	(32.3	)
Wind	84			90			(6		)	(6.7	)
Subtotal electricity generated	6,809			7,121			(312		)	(4.4	)
Purchased	1,673			1,201			472			39.3
Total Electricity Supply	8,482			8,322			160			1.9
	(Dollars per MWh)
Average cost of fuel used for generation	$	19.30		$	18.57		$	0.73		3.9
Average cost of purchased power	$	26.11		$	30.77		$	(4.66	)	(15.1	)
Average cost of fuel and purchased power	$	20.64		$	20.34		$	0.30		1.5
Degree Days				2015/
	2016			20 yr Avg			Change			% Change
Cooling
Actual compared to last year	1,285			1,205			80			6.6
Actual compared to 20 year average	1,285			1,123			162			14.4
Heating
Actual compared to last year	15			4			11			275.0
Actual compared to 20 year average	15			44			(29		)	(65.9	)

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 7

Westar Energy, Inc.

Revenue, Sales and Energy Supply

Supplemental Data	Nine Months Ended September 30,
	2016			2015			Change			% Change
Revenues	(Dollars In Thousands)
Residential	$	664,400		$	610,775		$	53,625		8.8
Commercial	572,247			550,761			21,486			3.9
Industrial	314,723			304,937			9,786			3.2
Other retail	11,761			10,436			1,325			12.7
Provision for rate refunds	(34,763		)	(15,939		)	(18,824		)	(118.1	)
Total Retail Revenues	1,528,368			1,460,970			67,398			4.6
Tariff-based wholesale	186,203			187,524			(1,321		)	(0.7	)
Market-based wholesale	34,317			61,978			(27,661		)	(44.6	)
Transmission	188,996			181,070			7,926			4.4
Other	17,668			21,657			(3,989		)	(18.4	)
Total Revenues	$	1,955,552		$	1,913,199		$	42,353		2.2
Electricity Sales	(Thousands of MWh)
Residential	5,097			5,108			(11		)	(0.2	)
Commercial	5,763			5,787			(24		)	(0.4	)
Industrial	4,137			4,195			(58		)	(1.4	)
Other retail	60			63			(3		)	(4.8	)
Total Retail	15,057			15,153			(96		)	(0.6	)
Tariff-based wholesale	3,290			3,718			(428		)	(11.5	)
Market-based wholesale	2,670			3,099			(429		)	(13.8	)
Total wholesale	5,960			6,817			(857		)	(12.6	)
Total Electricity Sales	21,017			21,970			(953		)	(4.3	)
	(Dollars per MWh)
Total retail	$	101.51		$	96.41		$	5.10		5.3
Tariff-based wholesale	$	56.60		$	50.44		$	6.16		12.2
Market-based wholesale	$	12.85		$	20.00		$	(7.15	)	(35.8	)
Fuel and Purchased Power	(Dollars In Thousands)
Fuel used for generation	$	305,008		$	346,689		$	(41,681	)	(12.0	)
Purchased power	116,577			116,002			575			0.5
Subtotal	421,585			462,691			(41,106		)	(8.9	)
RECA recovery and other	(47,224		)	(3,187		)	(44,037		)	nm
Total fuel and purchased power expense	$	374,361		$	459,504		$	(85,143	)	(18.5	)
Electricity Supply	(Thousands of MWh)
Generated - Gas	1,328			1,121			207			18.5
Coal	11,915			14,213			(2,298		)	(16.2	)
Nuclear	3,334			2,790			544			19.5
Wind	306			301			5			1.7
Subtotal electricity generated	16,883			18,425			(1,542		)	(8.4	)
Purchased	4,683			4,142			541			13.1
Total Electricity Supply	21,566			22,567			(1,001		)	(4.4	)
	(Dollars per MWh)
Average cost of fuel used for generation	$	18.07		$	18.82		$	(0.75	)	(4.0	)
Average cost of purchased power	$	24.89		$	28.01		$	(3.12	)	(11.1	)
Average cost of fuel and purchased power	$	19.55		$	20.50		$	(0.95	)	(4.6	)
Degree Days				2015/
	2016			20 yr Avg			Change			% Change
Cooling
Actual compared to last year	1,882			1,744			138			7.9
Actual compared to 20 year average	1,882			1,583			299			18.9
Heating
Actual compared to last year	2,382			2,707			(325		)	(12.0	)
Actual compared to 20 year average	2,382			2,859			(477		)	(16.7	)
nm - not meaningful

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 8

Westar Energy, Inc.

Capitalization
		September 30, 2016					December 31, 2015
		(Dollars in Thousands)
Current maturities of long-term debt		$	125,000				$	—
Current maturities of long-term debt of VIEs		26,842					28,309
Long-term debt, net		3,388,221					3,163,950
Long-term debt of variable interest entities, net		111,218					138,097
Total long-term debt		3,651,281			48.9	%	3,330,356			47.6	%
Common equity		3,800,967			50.8	%	3,656,721			52.2	%
Noncontrolling interests		23,451			0.3	%	15,242			0.2	%
Total capitalization		$	7,475,699		100.0	%	$	7,002,319		100.0	%
GAAP Book value per share		$	26.82				$	25.87
Period end shares outstanding (in thousands)		141,744					141,353
Outstanding Long-Term Debt
	CUSIP	September 30, 2016					December 31, 2015
Westar Energy:		(Dollars in Thousands)
First Mortgage Bond series:
5.15% Series due January 2017	95709TAB6	$	125,000				$	125,000
5.10% Series due July 2020	95709TAD2	250,000					250,000
4.125% Series due March 2042	95709TAH3	550,000					550,000
4.10% Series due April 2043	95709TAJ9	430,000					430,000
4.625% Series due September 2043	95709TAK6	250,000					250,000
3.25% Series due December 2025	95709TAL4	250,000					250,000
4.25% Series due December 2045	95709TAM2	300,000					300,000
2.55% Series due July 2026	95709TAN0	350,000					—
		2,505,000					2,155,000
Pollution control bond series:
Variable series due April 2032 (Wamego)	933623BN9	30,500					30,500
Variable series due April 2032 (St Marys)	792609AF6	45,000					45,000
		75,500					75,500
Total Westar Energy		2,580,500					2,230,500
KGE
First mortgage bond series:
6.70% Series due June 2019	485260BL6	300,000					300,000
6.15% Series due May 2023	485260B@1	50,000					50,000
6.53% Series due December 2037	485260BJ1	175,000					175,000
6.64% Series due May 2038	485260B#9	100,000					100,000
4.30% Series due July 2044	485260BM4	250,000					250,000
		875,000					875,000
Pollution control bond series:
Variable rate series due April 2027 (LaCygne)	502828AJ5	21,940					21,940
4.85% Series due June 2031	121825CB7	—					50,000
2.50% Series due June 2031	N/A	50,000					—
Variable rate series due April 2032 (St Marys)	792609AE9	14,500					14,500
Variable rate series due April 2032 (Wamego)	933623BM1	10,000					10,000
		96,440					96,440
Total KGE		971,440					971,440
Total long-term debt		3,551,940					3,201,940
Unamortized debt discount		(10,491		)			(10,374		)
Unamortized debt issuance expense		(28,228		)			(27,616		)
Long-term debt due within one year		(125,000		)			—
Total long-term debt, net		$	3,388,221				$	3,163,950

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 9

Westar Energy, Inc.

GAAP to Non-GAAP Reconciliation

Fuel and purchased power costs fluctuate with electricity sales and unit costs. As permitted by regulators, prices are adjusted to reflect changes in the costs of fuel and purchased power. Fuel and purchased power costs for wholesale customers are recovered at prevailing market prices or based on a predetermined formula with a price adjustment approved by FERC. As a result, changes in fuel and purchased power costs are offset in revenues with minimal impact on net income. For this reason, Westar management believes that gross margin is useful for understanding and analyzing changes in operating performance from one period to the next. Gross margin is calculated as total revenues, including transmission revenues, less the sum of fuel and purchased power costs and amounts billed by the SPP for network transmission costs (SPP NITS). Accordingly, gross margin reflects transmission revenues and costs on a net basis.

The calculations of gross margin for the three and nine months endedSeptember 30, 2016 and 2015 are shown in the table below. The table also includes a reconciliation of gross margin to income from operations for both periods. Income from operations is the GAAP financial measure most directly comparable to gross margin.

	Three Months Ended September 30,							Nine Months Ended September 30,
	2016		2015		Change			2016		2015		Change
	(Dollars in Thousands)
Revenues	$	764,654	$	732,829	$	31,825		$	1,955,552	$	1,913,199	$	42,353
Less: Fuel and purchased power expense	155,673		163,943		(8,270		)	374,361		459,504		(85,143		)
SPP network transmission costs	57,939		57,487		452			173,925		171,651		2,274
Gross Margin	$	551,042	$	511,399	$	39,643		$	1,407,266	$	1,282,044	$	125,222
Gross margin	$	551,042	$	511,399	$	39,643		$	1,407,266	$	1,282,044	$	125,222
Less: Operating and maintenance expense	86,758		80,444		6,314			250,135		248,263		1,872
Depreciation and amortization expense	84,972		77,184		7,788			252,838		228,529		24,309
Selling, general and administrative expense	60,582		60,485		97			192,762		179,567		13,195
Taxes other than income tax	48,154		37,682		10,472			145,529		113,047		32,482
Income from operations	$	270,576	$	255,604	$	14,972		$	566,002	$	512,638	$	53,364

The Notes to the Condensed Consolidated Financial Statements in the company's Quarterly Report on Form 10-Q

for the period ended September 30, 2016 should be read in conjunction with this financial information.

Page 10

EX-99.3

Westar Energy Investor Update – November 1, 2016

Forward-Looking Disclosures NOVEMBER 1, 2016 INVESTOR UPDATE 2 Forward Looking Statements Forward-looking statements: Certain matters discussed in this news release are “forward-looking statements.” The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Forward-looking statements may include words like “believe,” “anticipate,” “target,” “expect,” “pro forma,” “estimate,” “intend,” “guidance” or words of similar meaning. Forward-looking statements describe future plans, objectives, expectations or goals. Although Westar Energy believes that its expectations are based on reasonable assumptions, all forward-looking statements involve risk and uncertainty. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as (1) those discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2015 (a) under the heading, “Forward-Looking Statements,” (b) in ITEM 1. Business, (c) in ITEM 1A. Risk Factors, (d) in ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (e) in ITEM 8. Financial Statements and Supplementary Data: Notes 13 and 15; (2) those discussed in the company's Quarterly Reports on Form 10-Q filed on Aug. 2, 2016 and Nov. 1, 2016, (a) under the heading "Forward-Looking Statements." (b) in ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, (c) in Part I, Financial Information, ITEM 1. Financial Statements: Notes 3, 11 and 12, and (d) ITEM 1A. Risk Factors; and (3) other factors discussed in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date such statement was made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made.

Year Over Year Earnings Variance $0.97 $1.09 $1.84 $2.06 Q3 2015 Q3 2016 YTD Q3 2015 YTD Q3 2016 EPS 2015 vs 2016 NOVEMBER 1, 2016 INVESTOR UPDATE 3  Q3 Earnings Variance Drivers Gross Margin Higher revenues from regulatory rate review SPP Assessment – ($7M) Higher COLI – $10M Higher distribution O&M for improving long-term grid reliability – ($4M)  YTD Q3 Variance Drivers Gross Margin Higher revenues from regulatory rate review SPP Assessment – ($7M) Lower interest expense – $13M Merger expenses – ($10M) Full Earnings Package is available under Supplemental Materials within the investor section of the company website at www.WestarEnergy.com.

Additional Earnings Detail  Merger Related Expenses  Q3 -- $1.9M  YTD Q3 -- $9.8M  Weather Estimate  Q3 -- $0.01 /share weather compared to 2015 -- $0.02/share compared to normal  YTD Q3 – ($0.03)/share weather compared to 2015 -- ($0.01)/share compared to normal  COLI  Q3 -- $10.2M  YTD Q3 -- $16.7M  Will record at least an additional $4.7M of COLI in Q4  Sales  ≈50% of industrial decline is due to chemical and oil sector down both for the year and quarter  Top 3 customers of sector showed 2.5% growth in the Q3  Construction & pet products sectors are up for the quarter and year  Reaffirm 2016 Guidance $2.38 - $2.53, with a bias towards the upper end  O&M/SGA guidance driver does not include the merger related expenses for the year NOVEMBER 1, 2016 INVESTOR UPDATE 4

Status of Approval Process NOVEMBER 1, 2016 INVESTOR UPDATE Successful Execution 5 Approval Process Stakeholder Filing Approval Add’l Info KCC FERC NRC SEC HSR Act  FCC Docket No. 16-KCPE-593-ACQ Docket No. 50-482 Docket No. EC16-146 WR Shareholders GXP Shareholders   Declared effective August 19, 2016 Shareholders Approved - September 26, 2016 ≈92% of votes cast approved Shareholders Approved - September 26, 2016 ≈96% of votes cast approved  Early termination of HSR waiting period     MPSC Settlement w/ Staff & OPC reached awaiting MPSC approval (Case No. EE-2017-0113) DOJ Voluntary antitrust inquiry closed 10/21/16

Timeline of Approval Process NOVEMBER 1, 2016 INVESTOR UPDATE 6 5/31/16 Announcement 6/28/16 KCC Filing 7/11/16 FERC Filing 7/14/16 SEC S-4 Filing 7/22/16 NRC Filing 8/19/16 SEC S-4 Declared Effective 9/26/16 Shareholder Meetings HSR Filing 10/21/16 Early Term HSR KCC Review Process 2nd Quarter – 2017 Expected Close