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 31, 2009

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:

¨ 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))

WESTAR ENERGY, INC.

Section 7. Regulation FD

Item 7.01. Regulation FD Disclosure.

We will be presenting an investor presentation to investors on March 31, April 1 and April 2, 2009. The presentation includes the information attached to this report as Exhibit 99.1, which exhibit is incorporated herein by this reference. The full presentation is also available to the public on our website, http://www.WestarEnergy.com, under Investors, Investor Presentations.

The information above is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current Report, including the information attached hereto as Exhibit 99.1, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Section 9. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 Information from Westar Energy, Inc. investor presentation for presentations on March 31, April 1 and April 2, 2009

Forward-looking statements: Certain matters discussed in this Current Report on Form 8-K 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 we “believe,” “anticipate,” “expect,” “likely,” “estimate,” “intend” or words of similar meaning. Forward-looking statements describe our future plans, objectives, expectations or goals and are based on assumptions by the management of the Company as of the date of this document. If management’s assumptions prove incorrect or should unanticipated circumstances arise, the Company’s actual results could differ materially from those anticipated. These differences could be caused by a number of factors or a combination of factors including, but not limited to, those factors described under the headings “Forward-Looking Statements” and “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the period ended December 31, 2008 as filed with the Securities and Exchange Commission. Readers are urged to consider such factors when evaluating any forward-looking statement, and the Company cautions you not to put undue reliance on any 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 information contained in this report is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time. We disclaim any current intention to revise or update the information contained in this report, although we may do so from time to time as our management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

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: March 31, 2009	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	Information from Westar Energy, Inc. investor presentation for presentations on March 31, April 1 and April 2, 2009

EX-99.1

1

Investor Update

April 2009

Exhibit 99.1

2

Forward Looking Disclosures

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

Annual

Report

Form

10-K

for

the

year

ended

December

31,

2008

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.

8

Recent

Regulatory

Events

-

continued

•

FERC approved changes to formula transmission rate that went

into

effect

January

1

at

wholesale

level

–

Forward looking test year with true-up

–

Wholesale portion of    $4 million/year

•

KCC approved change to retail Transmission Delivery Charge in

March

–

$32 million/year

–

Effective March 13, 2009

~

~

~

~

9

Upcoming Regulatory Events

•

Environmental Cost Recovery Rider

–

Filed in March to update ECRR tariff by   $34 million

•

Reflects    $240 million of air quality control investments made

in calendar

2008

–

Expect increase to be effective June 2009

•

Abbreviated rate case to be filed with KCC Spring 2009

–

To address remaining Emporia and wind investments

•

Investment of   $120 million plus D&A and O&M

–

Expect increase effective early 2010

•

$15-$20 million increase

•

Generic pension tracker docket

–

Staff memo issued March 18, 2009

•

Recommend deferral of actual expense in excess of current authorized level

~

~

~

~

~

~

20

Capital

Forecast

2009

-

2011

Actual

Forecast

Forecast

Forecast

Forecast

2008

2009

2010

2011

2009 - 2011

Method of Cost Recovery

Generation

  Replacements and other

110.9

$    

113.7

$   

113.5

$   

117.3

$   

344.5

$   

General Rate Case (GRC)

  Additional Generation

     Emporia Energy Center

128.9

26.2

-

-

26.2

Predetermination/CWIP/ARC*

     Wind Energy

130.4

2.2

200.0

-

202.2

Predetermination/CWIP/ARC*

     WCNOC Capacity Increases

10.0

13.0

12.3

10.2

35.5

GRC

  Environmental

257.2

83.9

235.6

407.8

727.3

Environmental Cost Recovery Rider

Nuclear Fuel

17.7

23.0

30.1

24.4

77.5

Fuel adjustment clause

Transmission

150.0

132.5

213.8

146.6

492.9

FERC formula rate/TDC

Prairie Wind Transmission

-

-

9.0

26.1

35.1

FERC formula rate

Distribution

  Replacements and other

45.8

40.5

51.5

54.2

146.2

GRC

  AMI

-

-

12.6

34.0

46.6

GRC

  New Customers

54.4

58.6

61.5

64.3

184.4

GRC

Other

32.0

7.7

22.4

22.1

52.2

GRC

Total

937.2

$    

501.3

$   

962.3

$   

907.0

$   

2,370.6

$

*Abbreviated rate case

•

Based on present market conditions, management is presently evaluating significant

reductions to 2010 and 2011 CapEx

as well

21

Capital Spending Flexibility

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2008 Actual

2009 Initial Forecast

2009 Approved Budget

Transmission

Environmental

New capacity

Maintenance

$820

$501

$937

$319

Cap Ex reductions from

level proposed in 2008

Management will take similar approach when addressing all categories of 2010 and 2011

CapEx

24

Estimated Sources and Uses –

Assuming No Capital Market Activity in 2009

Sources:

Earnings available for common

198

$       

estimate based on mid range of '09 EPS guidance

Depreciation and amortization

250

Cash from operations

448

Cash dividends

(123)

assumes 6-7% of cash dividends are reinvested

Internally generated cash

325

$       

Cash and revolver capacity 3/25/09

522

Available cash and liquidity

847

$       

Uses:

Capital expenditures

501

$       

Debt maturity

145

Pension contribution

64

Estimated cash need

710

$       

Available excess liquidity

137

$       

Likely

to

enhance

the

liquidity

position

through

the

issuance

of

first

mortgage

bonds

late

this

year or early in 2010.

25

Future Financings

•

Remain flexible and opportunistic as to timing and approach

–

Manage CapEx

with close regard to stock price and cost of capital

•

Amount and type of financing will depend on nexus between

need to balance capital structure matched with capital market

conditions

•

Next long-term financing likely to be a first mortgage bond

offering

•

At current stock price and present capital plan, no need to issue

equity in the near term