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