Investor Update

Rate Case and Earnings Guidance

October 2, 2008

Investor Update

Rate Case and Earnings Guidance

October 2, 2008

Exhibit 99.1

2

Forward-Looking Statements Disclosure

Forward-Looking Statements Disclosure

The

following

presentation

contains

some

“forward-looking

statements”

with

respect

to

Westar Energy, Inc.’s (“Westar”) future plans, expectations and goals, including

management’s expectations with respect to future operating results and dividend

growth.  The Private Securities Litigation Reform Act of 1995 has established that

these statements qualify for safe harbors from liability.

Although

we

believe

that

the

expectations

and

goals

reflected

in

such

forward-looking

statements are based on reasonable assumptions, all forward-looking statements

involve risk and uncertainty. Therefore, actual results could vary materially from what

we expect.  Please review our Quarterly Report Form 10-Q for the period ending June

30, 2008 and Annual Report Form 10-K for the year ended December 31, 2007 for

important risk factors that could cause results to differ materially from those in any

such forward-looking statements.  Any forward-looking statement speaks only as of

the date such statement was made, and we do not undertake any obligation to update

any forward-looking statement to reflect events or circumstances after the date on

which such statement was made except as required by applicable laws or regulations.

The

following

presentation

contains

some

“forward-looking

statements”

with

respect

to

Westar Energy, Inc.’s (“Westar”) future plans, expectations and goals, including

management’s expectations with respect to future operating results and dividend

growth.  The Private Securities Litigation Reform Act of 1995 has established that

these statements qualify for safe harbors from liability.

Although

we

believe

that

the

expectations

and

goals

reflected

in

such

forward-looking

statements are based on reasonable assumptions, all forward-looking statements

involve risk and uncertainty. Therefore, actual results could vary materially from what

we expect.  Please review our Quarterly Report Form 10-Q for the period ending June

30, 2008 and Annual Report Form 10-K for the year ended December 31, 2007 for

important risk factors that could cause results to differ materially from those in any

such forward-looking statements.  Any forward-looking statement speaks only as of

the date such statement was made, and we do not undertake any obligation to update

any forward-looking statement to reflect events or circumstances after the date on

which such statement was made except as required by applicable laws or regulations.

3

Agenda

Agenda

Rate case update

Background

Schedule

Status

Earnings guidance

Rate case update

Background

Schedule

Status

Earnings guidance

4

Westar Rate Recovery Processes

Westar Rate Recovery Processes

FERC

Wholesale sales

Tariff-Based Wholesale (long-term cost-based contracts)

Market-Based Wholesale (short-term market-based pricing)

Transmission

Formula rate that adjusts annually

Kansas (KCC)

Retail Energy Cost Adjustment (RECA) that adjusts monthly

Fuel and purchased power

Environmental Cost Recovery Rider (ECRR) adjusts annually to recognize

environmental CAPEX

Transmission Delivery Charge (TDC) adjusts periodically to match

FERC

transmission formula rate

Property tax rider

Base Rates

Traditional

rate

case

process

to

recover

generation,

distribution

and

other

plant

and

all

other

costs

not

reflected

elsewhere

FERC

Wholesale sales

Tariff-Based Wholesale (long-term cost-based contracts)

Market-Based Wholesale (short-term market-based pricing)

Transmission

Formula rate that adjusts annually

Kansas (KCC)

Retail Energy Cost Adjustment (RECA) that adjusts monthly

Fuel and purchased power

Environmental Cost Recovery Rider (ECRR) adjusts annually to recognize

environmental CAPEX

Transmission Delivery Charge (TDC) adjusts periodically to match

FERC

transmission formula rate

Property tax rider

Base Rates

Traditional

rate

case

process

to

recover

generation,

distribution

and

other

plant

and

all

other

costs

not

reflected

elsewhere

5

Background and Schedule

Background and Schedule

Prepare case

using 2007 as

historical test year

w/pro forma updates

Company files

its request

May 28, 2008

Interventions

Discovery

Technical

hearings

Begin Oct 29 2008

to Nov 14, 2008

Briefs

December 2008

Decision due

Jan. 23, 2009

240 days from filing

Public hearings at

multiple locations

in service area

Interveners file

response to

company request

Sept  29,

2008

Rebuttal testimony

Oct 13, 2008

Settlement

conference

Oct 16-17, 2008

Rates implemented

February 2009

Docket No. 08-WSEE-1041-RTS

Rate case filed May 28, with an order due January 23, 2009

6

Retail Rate Case Request

Retail Rate Case Request

Seeking $177.6 million increase

North --

$90.0 million, or 15%

South --

$87.6 million, or 15%

Provided information to allow combined northern and southern rates

Westar will retain clear regional and national rate advantages

Requested

average

annual

retail

rates

of

approximately

7

cents

per

kWh

Still lowest of any IOU in Kansas

Compares to 2007 national average of 10.2 cents per kWh

Seeking $177.6 million increase

North --

$90.0 million, or 15%

South --

$87.6 million, or 15%

Provided information to allow combined northern and southern rates

Westar will retain clear regional and national rate advantages

Requested

average

annual

retail

rates

of

approximately

7

cents

per

kWh

Still lowest of any IOU in Kansas

Compares to 2007 national average of 10.2 cents per kWh

Docket # 08-WSEE-1041-RTS

7

Principle Rate Application Drivers

Principle Rate Application Drivers

Emporia Energy Center

Phase 1 plant in service

$200 million

Phase 2 CWIP

$71 million

Wind CWIP

$219 million

Estimated amount of investment through about August 2008

December 2007 deferred ice storm costs $51 million

$19 million per year over 4 years

Recognition of investment in Spring Creek

$53 million

Updated capital structure

Filed with 49% equity vs. 44.5% currently

Provided KCC Staff updated cap structure with

51% equity

Slightly higher ROE (10.95% vs. 10.00% currently)

Higher O&M since ’04 test year, largely offset by sales growth

Emporia Energy Center

Phase 1 plant in service

$200 million

Phase 2 CWIP

$71 million

Wind CWIP

$219 million

Estimated amount of investment through about August 2008

December 2007 deferred ice storm costs $51 million

$19 million per year over 4 years

Recognition of investment in Spring Creek

$53 million

Updated capital structure

Filed with 49% equity vs. 44.5% currently

Provided KCC Staff updated cap structure with

51% equity

Slightly higher ROE (10.95% vs. 10.00% currently)

Higher O&M since ’04 test year, largely offset by sales growth

8

Key Calculations in Rate Case

Key Calculations in Rate Case

KCC jurisdiction rate base of

$3.2 billion

Excludes FERC jurisdictional rate base of

$329 million

Excludes Environmental Cost Recovery rate base of

$237 million

Reflects rate base credits of

$740 million (principally deferred taxes)

Filing included a requested 8.62% rate of return, with 49% equity

All parties agree on and have adopted updated capital costs and capital

structure as of June 30, 2008

KCC jurisdiction rate base of

$3.2 billion

Excludes FERC jurisdictional rate base of

$329 million

Excludes Environmental Cost Recovery rate base of

$237 million

Reflects rate base credits of

$740 million (principally deferred taxes)

Filing included a requested 8.62% rate of return, with 49% equity

All parties agree on and have adopted updated capital costs and capital

structure as of June 30, 2008

(1)

Included issuance of remaining shares from Nov. 2007 forward sale and May 2008 debt issuance.

(2)

Includes June 2008 share issuance

Cap Ratio  

As Filed

(1)

Component

Cost

Weighted

Average Cost

of Capital

Cap Ratio   

June 30,2008

(2)

Debt

50.31%

6.382%

3.211%

48.64%

Preferred stock

0.53%

4.553%

0.024%

0.51%

Common equity

49.16%

10.950%

5.383%

50.85%

100.00%

8.618%

100.00%

9

Preliminary Review of Staff/Intervener Issues

Preliminary Review of Staff/Intervener Issues

KCC Staff

CURB

KIC

ROE

10% -

at midpoint 9.5% to 10.5%

range

9.59%

Adopted CURB analysis

Capitalization

Adopted updated capital structure

through June 30, 2008

Adopted updated capital structure

through June 30, 2008

Adopted updated capital structure

through June 30, 2008

Equity ratio

50.13%

50.13%

50.13%

Depreciation

Reduce depreciation by $20 million,

based on recommendation for no

change to the steam generation

depreciation rates

Disallow depreciation expense

increase of $20 million until full

depreciation

study is done

Same position as CURB

2007 Ice storm

Accepted company's request to

amortize over 4 years

Propose 5 year amortization

Accepted company's request to

amortize over 4 years

Wind Projects

Use Sept. 30, 2008 CWIP balance

Use Sept. 30, 2008 CWIP balance

Use Sept. 30, 2008 CWIP balance

Incentive return on wind

Opposed

Opposed

Opposed

Emporia Energy Center

Phase 2

Use $70.8 million CWIP estimate

Use June 30, 2008 CWIP balance

Asset-based sales margins

Base the margin credit to be included

in the RECA on the projected full year

asset-based margin estimate with a

year-end true-up

10

Preliminary Analysis of Positions

Preliminary Analysis of Positions

Westar

KCC Staff

CURB (a)

KIC (b)

(as filed)

Note 1

Total revenue request (in millions)

177.6

$              

95.1

$                 

101.3

$              

77.3

$                 

Westar North

90.0

$                 

44.9

$                 

56.7

$                 

32.1

$                 

Westar South

87.6

$                 

50.2

$                 

44.6

$                 

45.2

$                 

Rate base (in millions)

3,158

$              

3,027

$              

3,185

$              

3,005

$              

Significant rate base additions (in millions)

Emporia Energy Center phase 1

200

$                  

192

$                  

n/a

n/a

Emporia Energy Center phase 2 (CWIP)

71

$                    

71

$                    

n/a

n/a

Wind generation (CWIP)

219

$                  

180

$                  

n/a

n/a

Spring Creek

53

$                    

53

$                    

n/a

n/a

Updated

Equity component of capital structure

50.13%

50.13%

50.13%

50.13%

Cost of debt

6.55%

6.55%

6.55%

6.55%

Return on equity

10.95%

10.00%

9.59%

9.59%

Weighted return on rate base

8.77%

8.29%

8.08%

8.08%

Storm cost recovery

$19M per year

$19M per year

$11M per year

$19M per year

4 years

4 years

5 years

4 years

Depreciation change (in millions)

29

$                    

12

$                    

9

$                     

9

$                     

Vegetation management  (in millions)

10

$                    

-

$                      

5

$                     

10

$                    

n/a - not available

(a) Citizens' Utility Ratepayer Board

(b) Kansas Industrial Consumers Group

Note 1 - The CURB revenue increase includes $27.2 million of ECRR revenue requirement currently in effect in addtion to $233

million of rate base for environmental projects.  CURB has also recommended a June 30, 2008 cutoff for CWIP for predetermined

priojects

11

Earnings Guidance Update

Earnings Guidance Update

Abnormally cool weather

Q3 cooling degree days were 14% below

normal

Estimate mild weather reduced earnings 

about 10 cents per share

Revised Guidance

Even though third quarter books are not yet

closed and analyzed, based significantly on 

abnormally mild Q3 weather the company has

revised guidance to $1.35 to $1.45 per share.

Abnormally cool weather

Q3 cooling degree days were 14% below

normal

Estimate mild weather reduced earnings 

about 10 cents per share

Revised Guidance

Even though third quarter books are not yet

closed and analyzed, based significantly on 

abnormally mild Q3 weather the company has

revised guidance to $1.35 to $1.45 per share.

400

800

1200

Q3

2008

Normal

400

800

1200

Q3

2008

Normal

Cooling Degree Days

12

Upcoming Investor Relations

Upcoming Investor Relations

On November 7, host regular quarterly earnings call

Update following full analysis of Q3 results

Update on other events

EEI Financial Conference

One-on-one investor meetings

Formal EEI investor presentation Nov 11

Next steps for the rate case:

Company files rebuttal testimony Oct. 13

Settlement conference scheduled for Oct. 16 –17

Technical hearings begin Oct. 29 through Nov. 14, as necessary

Briefs filed in December

Decision due Jan. 23, 2008

Rates implemented February 2009

On November 7, host regular quarterly earnings call

Update following full analysis of Q3 results

Update on other events

EEI Financial Conference

One-on-one investor meetings

Formal EEI investor presentation Nov 11

Next steps for the rate case:

Company files rebuttal testimony Oct. 13

Settlement conference scheduled for Oct. 16 –17

Technical hearings begin Oct. 29 through Nov. 14, as necessary

Briefs filed in December

Decision due Jan. 23, 2008

Rates implemented February 2009