2009 Earnings Guidance Update

September 23, 2009

Exhibit 99.3

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 Quarterly Report Form 10-Q

for the period ended June 30, 2009 and 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.

3

2009 Earnings Guidance Update

•

Earnings guidance revised to $1.35 to $1.45 per share

–

Includes 10 cents of COLI, though none recognized to date

•

Following factors lead to revised guidance

–

Exceptionally cool weather for July, August and September MTD

–

Reduced energy marketing margins

4

Exceptionally Cool Summer Weather

•

Cooling degree day impact

–

July 23% below normal

–

August 22% below normal

–

September MTD 35% below

normal

•

Estimated EPS impact

–

($0.15) to ($0.20)

0

100

200

300

400

500

Jul '09

Aug '09

Sep '09

MTD

2009

Normal

5

Exceptionally Cool Weather through

September 20

•

Topeka

–

82% (51 of 62) July-August days were below normal highs

–

17 of 20 September days were below normal highs

•

Wichita

–

73% (45 of 62) July-August days were below normal highs

–

19 of 20 September days were below normal highs

6

Affect of Weather on Residential Sales

600

650

700

750

800

850

July '09

Aug '09

Actual

Budget

750

800

850

900

950

1000

YTD Jun

YTD Aug

2009

2008

Budget

•

Weather has greatest influence on residential customers

•

Abnormally

cool

weather

attributed

to

14%

reduction

in

kWh

volumes 

from plan

•

Residential sales volume trend

–

YTD June 1% above 2008

–

YTD August 3% below 2008

(14%)

(14%)

7

•

Lower demand for power

–

Soft economy

–

Mild weather

–

Glut of natural gas driving down prices

•

Systemic changes in the markets have reduced bilateral

marketing opportunities

–

More customers trading in RTO clearing markets

•

Estimate

2009

energy

marketing

in

range

of

$7

-

$10

million

–

Down from recent adjustment of $15 -

$20 million for 2009

–

Estimate future energy marketing at

$10 million annually

•

Estimated EPS impact of latest adjustment for 2009 is ($0.05)

Energy

Marketing

8

Management Response to Energy Marketing

Conditions

•

Change in energy marketing opportunities is significant

–

Believe much of the change is structural and will not bounce back

•

Resources being sized to meet smaller market opportunity

–

Unwilling to “wait it out”

hoping for market improvement

–

Unwilling to change risk profile by stretching beyond comfort zone

•

Today announced significant downsizing of energy marketing and

support staff

–

30%

of

staffing

reflecting

50%

of

non-asset

energy

marketing

resources

–

Reflects   1% of total Westar employment

–

Reflects

$3 -

$4 million reduction in energy marketing expenses

•

No material restructuring charge expected

9

Regulatory

Events

–

Recent

and

Upcoming

•

September 11 -

KCC authorized pension accounting authority

order

–

Allows deferral of pension/OPEB expense above level authorized in

current rates

•

Abbreviated rate case

–

Address remaining Emporia and wind investments

•

Investment of  

$97 million plus D&A and O&M

–

Expect KCC Staff and intervener positions end of September

–

Expect order early 2010

•

Requested $19.7 million increase

•

Rate consolidation case

–

Order expected October 26

–

Consolidation

supported

by

KCC

Staff

and

Citizens’

Utility

Ratepayer

Board

10

Investor

Events

–

Upcoming

•

October 29 -

issue 3

quarter 2009 earnings, after market close

•

October 30 –

quarterly investor call

•

November 1 to 4 –

EEI Financial Conference, Hollywood, FL

rd