Exact name of registrant as specified in its charter,
|
||||
Commission
|
state of incorporation, address of principal
|
I.R.S. Employer
|
||
File Number
|
executive offices and telephone number
|
Identification Number
|
||
001-32206
|
GREAT PLAINS ENERGY INCORPORATED
|
43-1916803
|
||
(A Missouri Corporation)
|
||||
1200 Main Street
|
||||
Kansas City, Missouri 64105
|
||||
(816) 556-2200
|
||||
000-51873
|
KANSAS CITY POWER & LIGHT COMPANY
|
44-0308720
|
||
(A Missouri Corporation)
|
||||
1200 Main Street
|
||||
Kansas City, Missouri 64105
|
||||
(816) 556-2200
|
Registrant
|
Title of each class
|
|
Great Plains Energy Incorporated
|
Cumulative Preferred Stock par value $100 per share
|
3.80%
|
Cumulative Preferred Stock par value $100 per share
|
4.50%
|
|
Cumulative Preferred Stock par value $100 per share
|
4.35%
|
|
Common Stock without par value
|
||
Corporate Units
|
TABLE OF CONTENTS
|
||||
Page
|
||||
Number
|
||||
Cautionary Statements Regarding Forward-Looking Information
|
3 | |||
Glossary of Terms
|
4 | |||
PART I
|
||||
Item 1.
|
Business
|
6 | ||
Item 1A.
|
Risk Factors
|
11 | ||
Item 1B.
|
Unresolved Staff Comments
|
22 | ||
Item 2.
|
Properties
|
23 | ||
Item 3.
|
Legal Proceedings
|
24 | ||
Item 4.
|
Mine Safety Disclosures
|
24 | ||
PART II
|
||||
Item 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters
|
|||
and Issuer Purchases of Equity Securities
|
25 | |||
Item 6.
|
Selected Financial Data
|
26 | ||
Item 7.
|
Management's Discussion and Analysis of Financial Condition
|
|||
and Results of Operations
|
26 | |||
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
52 | ||
Item 8.
|
Financial Statements and Supplementary Data
|
55 | ||
Item 9.
|
Changes in and Disagreements With Accountants on Accounting
|
|||
and Financial Disclosure
|
134 | |||
Item 9A.
|
Controls and Procedures
|
134 | ||
Item 9B.
|
Other Information
|
138 | ||
PART III
|
||||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
138 | ||
Item 11.
|
Executive Compensation
|
138 | ||
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management
|
|||
and Related Stockholder Matters
|
139 | |||
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
139 | ||
Item 14.
|
Principal Accounting Fees and Services
|
140 | ||
PART IV
|
||||
Item 15.
|
Exhibits and Financial Statement Schedules
|
141 |
Abbreviation or Acronym
|
Definition
|
|
AFUDC
|
Allowance for Funds Used During Construction
|
|
ARO
|
Asset Retirement Obligation
|
|
BART
|
Best available retrofit technology
|
|
Board
|
Great Plains Energy Board of Directors
|
|
CAIR
|
Clean Air Interstate Rule
|
|
CAMR
|
Clean Air Mercury Rule
|
|
Clean Air Act
|
Clean Air Act Amendments of 1990
|
|
CO
2
|
Carbon dioxide
|
|
Collaboration Agreement
|
Agreement among KCP&L, the Sierra Club and the Concerned
Citizens of Platte County
|
|
Company
|
Great Plains Energy Incorporated and its subsidiaries
|
|
Companies
|
Great Plains Energy Incorporated and its consolidated subsidiaries and
KCP&L and its consolidated subsidiaries
|
|
CSAPR
|
Cross-State Air Pollution Rule
|
|
DOE
|
Department of Energy
|
|
EBITDA
|
Earnings before interest, income taxes, depreciation and amortization
|
|
ECA
|
Energy Cost Adjustment
|
|
EGU
|
Electric steam generating unit
|
|
EIRR
|
Environmental Improvement Revenue Refunding
|
|
EPA
|
Environmental Protection Agency
|
|
EPS
|
Earnings per common share
|
|
ERISA
|
Employee Retirement Income Security Act of 1974, as amended
|
|
FAC
|
Fuel Adjustment Clause
|
|
FERC
|
The Federal Energy Regulatory Commission
|
|
FGIC
|
Financial Guaranty Insurance Company
|
|
FSS
|
Forward Starting Swaps
|
|
GAAP
|
Generally Accepted Accounting Principles
|
|
GMO
|
KCP&L Greater Missouri Operations Company, a wholly owned subsidiary of
Great Plains Energy
|
|
Great Plains Energy
|
Great Plains Energy Incorporated and its subsidiaries
|
|
ISO
|
Independent System Operator
|
|
KCC
|
The State Corporation Commission of the State of Kansas
|
|
KCP&L
|
Kansas City Power & Light Company, a wholly owned subsidiary
of Great Plains Energy
|
|
KDHE
|
Kansas Department of Health and Environment
|
|
kV
|
Kilovolt
|
|
KW
|
Kilowatt
|
|
kWh
|
Kilowatt hour
|
|
L&P
|
St. Joseph Light & Power, a division of GMO
|
|
MACT
|
Maximum achievable control technology
|
|
MATS
|
Mercury and Air Toxics Standards
|
|
MD&A
|
Management’s Discussion and Analysis of Financial Condition and
|
|
Results of Operations
|
||
MDNR
|
Missouri Department of Natural Resources
|
|
MEEIA
|
Missouri Energy Efficiency Investment Act
|
|
MGP
|
Manufactured gas plant
|
Abbreviation or Acronym
|
Definition
|
|
MPS Merchant
|
MPS Merchant Services, Inc., a wholly owned subsidiary of GMO
|
|
MPSC
|
Public Service Commission of the State of Missouri
|
|
MW
|
Megawatt
|
|
MWh
|
Megawatt hour
|
|
NAAQS
|
National Ambient Air Quality Standard
|
|
NERC
|
North American Electric Reliability Corporation
|
|
NEIL
|
Nuclear Electric Insurance Limited
|
|
NOL
|
Net operating loss
|
|
NO
x
|
Nitrogen oxide
|
|
NPNS
|
Normal purchases and normal sales
|
|
NRC
|
Nuclear Regulatory Commission
|
|
OCI
|
Other Comprehensive Income
|
|
PCB
|
Polychlorinated biphenyls
|
|
ppm
|
Parts per million
|
|
PRB
|
Powder River Basin
|
|
QCA
|
Quarterly Cost Adjustment
|
|
Receivables Company
|
Kansas City Power & Light Receivables Company, a wholly owned
subsidiary of KCP&L
|
|
RTO
|
Regional Transmission Organization
|
|
SCR
|
Selective catalytic reduction
|
|
SEC
|
Securities and Exchange Commission
|
|
SERP
|
Supplemental Executive Retirement Plan
|
|
SO
2
|
Sulfur dioxide
|
|
SPP
|
Southwest Power Pool, Inc.
|
|
Syncora
|
Syncora Guarantee Inc.
|
|
WCNOC
|
Wolf Creek Nuclear Operating Corporation
|
|
Westar
|
Westar Energy, Inc., a Kansas utility company
|
|
Wolf Creek
|
Wolf Creek Generating Station
|
·
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (Receivables Company).
|
·
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that primarily provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO wholly owns MPS Merchant Services, Inc. (MPS Merchant), which has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
Fuel cost in cents per | |||||||||||||
Fuel Mix
(a)
|
net kWh generated | ||||||||||||
Estimated
|
Actual
|
Estimated
|
Actual
|
||||||||||
Fuel
|
2012
|
2011
|
2012
|
2011
|
|||||||||
Coal
|
80 | % | 83 | % | 2.06 | 2.06 | |||||||
Nuclear
|
15 | 13 | 0.71 | 0.72 | |||||||||
Natural gas and oil
|
3 | 2 | 5.45 | 7.82 | |||||||||
Wind
|
2 | 2 | - | - | |||||||||
Total Generation
|
100 | % | 100 | % | 1.95 | 1.92 | |||||||
(a)
Fuel mix based on percent of net MWhs generated.
|
Year First
|
|||
Assumed
|
|||
an Officer
|
|||
Name
|
Age
|
Current Position(s)
|
Position
|
Michael J. Chesser
(a)
|
63
|
Chairman of the Board and Chief Executive Officer – Great Plains Energy and KCP&L
|
2003
|
Terry Bassham
(b)
|
51
|
President and Chief Operating Officer – Great Plains Energy and KCP&L
|
2005
|
James C. Shay
(c)
|
48
|
Senior Vice President – Finance and Strategic Development and Chief Financial Officer – Great Plains Energy and KCP&L
|
2010
|
Kevin E. Bryant
(d)
|
36
|
Vice President – Investor Relations and Treasurer – Great Plains Energy and KCP&L
|
2006
|
Charles A. Caisley
(e)
|
39
|
Vice President – Marketing and Public Affairs – Great Plains Energy and KCP&L
|
2011
|
Michael L. Deggendorf
(f)
|
50
|
Senior Vice President – Delivery – KCP&L
|
2005
|
Ellen E. Fairchild
(g)
|
50
|
Vice President, Corporate Secretary and Chief Compliance Officer – Great Plains Energy and KCP&L
|
2010
|
Scott H. Heidtbrink
(h)
|
50
|
Senior Vice President – Supply – KCP&L
|
2008
|
Heather A. Humphrey
(i)
|
41
|
General Counsel and Senior Vice President – Human Resources – Great Plains Energy and KCP&L
|
2010
|
Lori A. Wright
(j)
|
49
|
Vice President - Business Planning and Controller – Great Plains Energy and KCP&L
|
2002
|
(a)
|
Mr. Chesser was appointed Chairman of the Board and Chief Executive Officer of Great Plains Energy in 2003. He was appointed Chairman of the Board of KCP&L in 2003, and Chief Executive Officer of KCP&L and Chairman of the Board and Chief Executive Officer of GMO in 2008.
|
(b)
|
Mr. Bassham was appointed President and Chief Operating Officer of Great Plains Energy, KCP&L and GMO in 2011. He served as Executive Vice President – Utility Operations of KCP&L and GMO (2010-2011). He was Executive Vice President – Finance and Strategic Development and Chief Financial Officer of Great Plains Energy (2005-2010) and of KCP&L and GMO (2009-2010). He was Chief Financial Officer of KCP&L (2005-2008) and GMO (2008).
|
(c)
|
Mr. Shay was appointed Senior Vice President – Finance and Strategic Development and Chief Financial Officer of Great Plains Energy, KCP&L and GMO in 2010. He was Chief Financial Officer, with responsibilities for finance, accounting and information technology, at Northern Power Systems, Inc., a wind turbine manufacturing business (2009-2010); Managing Director, with responsibilities for business development, transaction execution and advisory work, at Frontier Investment Banc Corporation (2007-2008); and Chief Financial Officer, with responsibilities for finance, accounting, human resources, information technology and procurement, at Machine Laboratory LLC, a manufacturer of machined parts for the automotive industry (2006-2007). Prior to that, Mr. Shay was Chief Financial Officer, with
|
|
responsibilities for finance and accounting, at General Electric Co. Environmental Services (2004-2006) after its acquisition of BHA Group Holdings, Inc., a supplier of aftermarket parts and service for industrial air pollution equipment.
|
(d)
|
Mr. Bryant was appointed Vice President – Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO in 2011. He was Vice President – Strategy and Risk Management of KCP&L and GMO (2011) and Vice President – Energy Solutions (2006-2011) of KCP&L and GMO.
|
(e)
|
Mr. Caisley was appointed Vice President – Marketing and Public Affairs of Great Plains Energy, KCP&L and GMO in 2011. He was Senior Director of Public Affairs (2008-2011) and Director of Governmental Affairs (2007-2008). Prior to that, he was the president of the Missouri Energy Development Association (2005-2007).
|
(f)
|
Mr. Deggendorf was appointed Senior Vice President – Delivery of KCP&L and GMO in 2008. He was Vice President – Public Affairs of Great Plains Energy (2005-2008) and Senior Director, Energy Solutions (2002-2005) of KCP&L.
|
(g)
|
Ms. Fairchild was appointed Vice President, Corporate Secretary and Chief Compliance Officer of Great Plains Energy, KCP&L and GMO in 2010. She was Senior Director of Investor Relations and Assistant Secretary (2010) and Director of Investor Relations (2008-2010) of Great Plains Energy, KCP&L and GMO. Prior to that, she was an associate at Hagen and Partners (2005-2007), a public relations firm.
|
(h)
|
Mr. Heidtbrink was appointed Senior Vice President – Supply of KCP&L and GMO in 2009. He was Senior Vice President – Corporate Services of KCP&L and GMO (2008), and Vice President – Power Generation & Energy Resources (2006-2008) of GMO.
|
(i)
|
Ms. Humphrey was appointed General Counsel and Vice President – Human Resources of Great Plains Energy, KCP&L and GMO in 2010. She was Senior Director of Human Resources and Interim General Counsel of Great Plains Energy, KCP&L and GMO (2010) and Managing Attorney of KCP&L (2007-2010). Prior to that, she was a shareholder of the law firm of Shughart Thomson & Kilroy (1996-2006).
|
(j)
|
Ms. Wright was appointed Vice President and Controller of Great Plains Energy, KCP&L and GMO in 2009. She was Controller of Great Plains Energy and KCP&L (2002-2008) and GMO (2008).
|
·
|
in the case of generation equipment, affect operating costs, increase capital requirements and costs, increase purchased power volumes and costs and reduce wholesale sales opportunities;
|
·
|
in the case of transmission equipment, affect operating costs, increase capital requirements and costs, require changes in the source of generation and affect wholesale sales opportunities and the ability to meet regulatory reliability and security requirements;
|
·
|
in the case of distribution systems, affect revenues and operating costs, increase capital requirements and costs, and affect the ability to meet regulatory service metrics and customer expectations; and
|
·
|
in the case of information systems, affect the control and operations of generation, transmission, distribution and other business operations and processes, increase operating costs, increase capital requirements and costs, and affect the ability to meet regulatory reliability and security requirements and customer expectations.
|
Year
|
Estimated 2012
|
Primary
|
|||||||||||
Unit
|
Location
|
Completed
|
MW Capacity
|
Fuel
|
|||||||||
Base Load
|
Iatan No. 2
|
Missouri
|
2010
|
482
|
(a)
|
Coal
|
|||||||
Wolf Creek
|
Kansas
|
1985
|
547
|
(a)
|
Nuclear
|
||||||||
Iatan No. 1
|
Missouri
|
1980
|
493
|
(a)
|
Coal
|
||||||||
La Cygne No. 2
|
Kansas
|
1977
|
343
|
(a)
|
Coal
|
||||||||
La Cygne No. 1
|
Kansas
|
1973
|
368
|
(a)
|
Coal
|
||||||||
Hawthorn No. 5
(b)
|
Missouri
|
1969
|
564
|
Coal
|
|||||||||
Montrose No. 3
|
Missouri
|
1964
|
176
|
Coal
|
|||||||||
Montrose No. 2
|
Missouri
|
1960
|
164
|
Coal
|
|||||||||
Montrose No. 1
|
Missouri
|
1958
|
170
|
Coal
|
|||||||||
Peak Load
|
West Gardner Nos. 1, 2, 3 and 4
|
Kansas
|
2003
|
310
|
Natural Gas
|
||||||||
Osawatomie
|
Kansas
|
2003
|
75
|
Natural Gas
|
|||||||||
Hawthorn Nos. 6 and 9
|
Missouri
|
2000
|
232
|
Natural Gas
|
|||||||||
Hawthorn No. 8
|
Missouri
|
2000
|
77
|
Natural Gas
|
|||||||||
Hawthorn No. 7
|
Missouri
|
2000
|
77
|
Natural Gas
|
|||||||||
Northeast Black Start Unit
|
Missouri
|
1985
|
2
|
Oil
|
|||||||||
Northeast Nos. 17 and 18
|
Missouri
|
1977
|
110
|
Oil
|
|||||||||
Northeast Nos. 13 and 14
|
Missouri
|
1976
|
105
|
Oil
|
|||||||||
Northeast Nos. 15 and 16
|
Missouri
|
1975
|
94
|
Oil
|
|||||||||
Northeast Nos. 11 and 12
|
Missouri
|
1972
|
99
|
Oil
|
|||||||||
Wind
|
Spearville 2 Wind Energy Facility
(c)
|
Kansas
|
2010
|
4
|
Wind
|
||||||||
Spearville Wind Energy Facility
(d)
|
Kansas
|
2006
|
8
|
Wind
|
|||||||||
Total KCP&L
|
4,500
|
||||||||||||
Base Load
|
Iatan No. 2
|
Missouri
|
2010
|
159
|
(a)
|
Coal
|
|||||||
Iatan No. 1
|
Missouri
|
1980
|
127
|
(a)
|
Coal
|
||||||||
Jeffrey Energy Center Nos. 1, 2 and 3 |
Kansas
|
1978, 1980, 1983
|
174 |
(a)
|
Coal
|
||||||||
Sibley Nos. 1, 2 and 3
|
Missouri
|
1960, 1962, 1969
|
463 |
Coal
|
|||||||||
Lake Road Nos. 2 and 4
|
Missouri
|
1957, 1967
|
119
|
Coal and Natural Gas
|
|||||||||
Peak Load
|
South Harper Nos. 1, 2 and 3
|
Missouri
|
2005
|
317
|
Natural Gas
|
||||||||
Crossroads Energy Center
|
Mississippi
|
2002
|
297
|
Natural Gas
|
|||||||||
Ralph Green No. 3
|
Missouri
|
1981
|
71
|
Natural Gas
|
|||||||||
Greenwood Nos. 1, 2, 3 and 4
|
Missouri
|
1975-1979
|
253
|
Natural Gas/Oil
|
|||||||||
Lake Road No. 5
|
Missouri
|
1974
|
65
|
Natural Gas/Oil
|
|||||||||
Lake Road Nos. 1 and 3
|
Missouri
|
1951, 1962
|
33
|
Natural Gas/Oil
|
|||||||||
Lake Road Nos. 6 and 7
|
Missouri
|
1989, 1990
|
42
|
Oil
|
|||||||||
Nevada
|
Missouri
|
1974
|
19
|
Oil
|
|||||||||
Total GMO
|
2,139
|
||||||||||||
Total Great Plains Energy
|
6,639
|
||||||||||||
(a)
|
Share of a jointly owned unit.
|
||||||||||||
(b)
|
The Hawthorn Generating Station returned to commercial operation in 2001 with a new boiler, air quality control equipment and
|
||||||||||||
an uprated turbine following a 1999 explosion.
|
|||||||||||||
(c)
|
The 48 MW Spearville 2 Wind Energy Facility's accredited capacity is 4 MW pursuant to SPP reliability standards.
|
||||||||||||
(d)
|
The 100.5 MW Spearville Wind Energy Facility's accredited capacity is 8 MW pursuant to SPP reliability standards.
|
Common Stock Price Range
(a)
|
Common Stock
|
||||||||||||||||||||||
2011
|
2010
|
Dividends Declared
|
|||||||||||||||||||||
Quarter
|
High
|
Low
|
High
|
Low
|
2012
|
2011
|
2010
|
||||||||||||||||
First
|
$ | 20.08 | $ | 18.94 | $ | 19.60 | $ | 17.43 | $ | 0.2125 |
(b)
|
$ | 0.2075 | $ | 0.2075 | ||||||||
Second
|
21.17 | 19.70 | 19.63 | 16.85 | 0.2075 | 0.2075 | |||||||||||||||||
Third
|
21.24 | 16.53 | 19.06 | 16.95 | 0.2075 | 0.2075 | |||||||||||||||||
Fourth
|
21.97 | 18.68 | 19.63 | 18.58 | 0.2125 | 0.2075 | |||||||||||||||||
(a)
Based on closing stock prices.
|
|||||||||||||||||||||||
(b)
Declared February 7, 2012, and payable March 20, 2012, to shareholders of record as of February 28, 2012.
|
Issuer Purchases of Equity Securities
|
|||||||||||||||
Maximum Number
|
|||||||||||||||
Total Number of
|
(or Approximate
|
||||||||||||||
Shares (or Units)
|
Dollar Value) of
|
||||||||||||||
Total
|
Purchased as
|
Shares (or Units)
|
|||||||||||||
Number of
|
Average |
Part of Publicly
|
that May Yet Be
|
||||||||||||
Shares
|
Price Paid |
Announced
|
Purchased Under
|
||||||||||||
(or Units)
|
per Share |
Plans or
|
the Plans or
|
||||||||||||
Month
|
Purchased
|
(or Unit) |
Programs
|
Programs
|
|||||||||||
October 1 - 31
|
-
|
$ |
-
|
-
|
N/A
|
||||||||||
November 1 - 30
|
210
|
(1)
|
19.97
|
-
|
N/A
|
||||||||||
December 1 - 31
|
-
|
-
|
-
|
N/A
|
|||||||||||
Total
|
210
|
$ |
19.97
|
-
|
N/A
|
||||||||||
(1) Represents restricted common shares surrendered to the Company following the resignation of a certain officer. |
Impact on
|
Impact on
|
|||||||||
Projected
|
2011
|
|||||||||
Change in
|
Benefit
|
Pension
|
||||||||
Actuarial assumption
|
Assumption
|
Obligation
|
Expense
|
|||||||
(millions)
|
||||||||||
Discount rate
|
0.5 | % |
increase
|
$ | (64.4 | ) | $ | (5.1 | ) | |
Rate of return on plan assets
|
0.5 | % |
increase
|
- | (2.8 | ) | ||||
Discount rate
|
0.5 | % |
decrease
|
69.1 | 5.2 | |||||
Rate of return on plan assets
|
0.5 | % |
decrease
|
- | 2.8 | |||||
2011
|
2010
|
2009
|
|||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 2,318.0 | $ | 2,255.5 | $ | 1,965.0 | |||
Fuel
|
(483.8 | ) | (430.7 | ) | (405.5 | ) | |||
Purchased power
|
(203.4 | ) | (213.8 | ) | (183.7 | ) | |||
Transmission of electricity by others
|
(30.2 | ) | (27.4 | ) | (26.9 | ) | |||
Gross margin
(a)
|
1,600.6 | 1,583.6 | 1,348.9 | ||||||
Other operating expenses
|
(828.7 | ) | (773.4 | ) | (712.0 | ) | |||
Voluntary separation program
|
(12.7 | ) | - | - | |||||
Depreciation and amortization
|
(273.1 | ) | (331.6 | ) | (302.2 | ) | |||
Operating income
|
486.1 | 478.6 | 334.7 | ||||||
Non-operating income and expenses
|
- | 23.1 | 37.7 | ||||||
Interest charges
|
(176.9 | ) | (143.1 | ) | (151.0 | ) | |||
Income tax expense
|
(109.3 | ) | (123.3 | ) | (63.6 | ) | |||
Net income
|
$ | 199.9 | $ | 235.3 | $ | 157.8 | |||
(a)
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great
|
|||||||||
Plains Energy's Results of Operations.
|
%
|
%
|
||||||||||||||
MWh Sales
|
2011
|
Change
|
2010
|
Change
|
2009
|
||||||||||
Retail MWh sales
|
(thousands)
|
||||||||||||||
Residential
|
9,285 | (2 | ) | 9,459 | 9 | 8,647 | |||||||||
Commercial
|
10,782 | (2 | ) | 10,950 | 3 | 10,637 | |||||||||
Industrial
|
3,218 | (2 | ) | 3,286 | 5 | 3,143 | |||||||||
Other retail MWh sales
|
119 | 8 | 111 | (9 | ) | 122 | |||||||||
Total retail
|
23,404 | (2 | ) | 23,806 | 6 | 22,549 | |||||||||
Wholesale MWh sales
|
5,491 | (16 | ) | 6,534 | 16 | 5,626 | |||||||||
Total MWh sales
|
28,895 | (5 | ) | 30,340 | 8 | 28,175 | |||||||||
·
|
KCP&L’s Kansas retail rates contain an Energy Cost Adjustment (ECA) tariff. The ECA tariff reflects the projected annual amounts of fuel, purchased power, emission allowances, transmission costs and asset-based off-system sales margin. These projected amounts are subject to quarterly re-forecasts. Any difference between the ECA revenue collected and the actual ECA amounts for a given year (which may be positive or negative) is recorded as an increase to or reduction of retail revenues and deferred as a regulatory asset or liability to be recovered from or refunded to Kansas retail customers over twelve months beginning April 1 of the succeeding year.
|
·
|
GMO’s electric retail rates contain a Fuel Adjustment Clause (FAC) tariff under which 95% of the difference between actual fuel cost, purchased power costs and off-system sales margin and the amount provided in base rates for these costs is passed along to GMO’s customers. The FAC cycle consists of an accumulation period of six months beginning in June and December with FAC rate approval requested every six months for a twelve month recovery period. The FAC is recorded as an increase to or reduction of retail revenues and deferred as a regulatory asset or liability to be recovered from or refunded to GMO’s electric retail customers.
|
·
|
GMO’s steam rates contain a Quarterly Cost Adjustment (QCA) under which 85% of the difference between actual fuel costs and base fuel costs is passed along to GMO’s steam customers. The QCA is recorded as an increase to or reduction of other revenues and deferred as a regulatory asset or liability to be recovered from or refunded to GMO’s steam customers.
|
·
|
unfavorable weather, with a 6% decrease in cooling degree days;
|
·
|
a decrease in weather-normalized retail demand;
|
·
|
a $7.5 million increase in coal transportation costs not recovered in KCP&L’s Missouri retail rates where there is no fuel recovery mechanism, prior to new retail rates effective May 4, 2011;
|
·
|
an estimated $16 million impact of coal conservation activities due to flooding resulting in increased fuel expenses and purchased power expenses and reduced wholesale sales; and
|
·
|
an estimated $11 million impact from an extended refueling outage at Wolf Creek, which resulted in less generation available for wholesale sales, increased fuel expense due to the use of more coal in the fuel mix, which has a higher cost compared to nuclear fuel, and increased purchased power expense due to an increase in MWhs purchased. Wolf Creek’s latest refueling outage began on March 19, 2011, and included several increases in work scope that extended the outage. Primary components of the increased work scope were related to inspection and repair of essential service water system piping, testing and replacement of underground high voltage cables, and a repair of a ground on the main generator rotor. During the last week of June 2011 before the unit returned to full capacity, Wolf Creek had an unplanned outage related to one of two main feed pumps. Wolf Creek returned to 100% capacity in early July 2011.
|
% | % | ||||||||||||||
2011
|
Change
|
2010
|
Change
|
2009
|
|||||||||||
CDD
|
1,598 | (6 | ) | 1,705 | 56 | 1,090 | |||||||||
HDD
|
5,220 | 1 | 5,160 | 2 | 5,069 | ||||||||||
·
|
a $23.4 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with Kansas and Missouri rates effective December 1, 2010, and May 4, 2011, respectively, for KCP&L and Missouri rates effective June 25, 2011, for GMO;
|
·
|
a $13.1 million increase in general taxes driven by increased property taxes;
|
·
|
a $13.1 million increase in pension expense corresponding to the resetting of pension trackers with the effective dates of new retail rates at KCP&L and GMO;
|
·
|
a $6.8 million increase in amortization of regulatory assets pursuant to rate orders;
|
·
|
$3.3 million of expenses related to the impact of flooding; and
|
·
|
as a result of disallowances in the 2011 MPSC rate orders, KCP&L and GMO recognized combined losses of $2.3 million for construction costs related to Iatan No. 2 and to the Iatan No. 1 environmental project in 2011. KCP&L and GMO also recognized a $3.9 million loss for other disallowed costs in the MPSC rate orders. In 2010, KCP&L and GMO recognized combined losses of $16.8 million for construction costs related to Iatan No. 2 and the Iatan No. 1 environmental project.
|
·
|
a $17.8 million increase in plant operating and maintenance expenses primarily driven by planned plant outages, including the impact of outages in 2009 that included capitalizable improvements and therefore did not impact operating and maintenance expenses;
|
·
|
a $14.8 million increase in general taxes driven by increased gross receipts taxes on increased retail revenues and increased property taxes; and
|
·
|
a $5.4 million increase from the accounting effects of the 2010 KCC rate order.
|
·
|
Great Plains Energy’s deferred refueling outage costs increased $17.9 million due to the deferral of costs for the Wolf Creek refueling outage that began on March 19, 2011, and included several increases in work scope that extended the outage. These deferred costs will be amortized over the months prior to the next refueling outage currently scheduled for the fall of 2012.
|
·
|
Great Plains Energy’s deferred income taxes – current assets decreased $6.8 million primarily due to increased temporary differences resulting from increased deferred refueling outage costs.
|
·
|
Great Plains Energy’s current maturities of long-term debt increased $315.7 million due to reclassification of $287.5 million of Great Plains Energy’s 10.00% Equity Units subordinated notes and $500.0 million of GMO’s 11.875% Senior Notes from long-term debt, partially offset by the repayment of $137.3 million and $197.0 million of GMO’s 7.95% and 7.75% Senior Notes, respectively, and repayment of KCP&L’s $150.0 million of 6.50% Senior Notes at maturity.
|
·
|
Great Plains Energy’s derivative instruments – current liabilities decreased $20.8 million due to the settlement of Forward Starting Swaps (FSS) upon the issuance of Great Plains Energy’s $350.0 million of 4.85% Senior Notes.
|
·
|
Great Plains Energy’s deferred income taxes – deferred credits and other liabilities increased $110.3 million primarily due to a $233.3 million increase in temporary differences mostly as a result of bonus depreciation partially offset by net operating losses created.
|
·
|
Great Plains Energy’s other deferred credits and other liabilities decreased $28.3 million primarily due to a decrease in unrecognized tax benefits related to the settlement of the IRS audit for Great Plains Energy’s 2006-2008 tax years.
|
·
|
Great Plains Energy’s long-term debt decreased $200.4 million primarily due to reclassification of $287.5 million of Great Plains Energy’s 10.00% Equity Units Subordinated Notes and $500.0 million of GMO’s 11.875% Senior Notes to current maturities and the purchase in lieu of redemption of $112.8 million of KCP&L’s EIRR bonds, offset by Great Plains Energy’s issuance of $350.0 million of 4.85% Senior Notes in May 2011 and KCP&L’s issuance of $400.0 million of 5.30% Senior Notes in September 2011.
|
2012
|
2013
|
2014
|
|||||||
(millions)
|
|||||||||
Generating facilities
|
$ | 202.4 | $ | 245.6 | $ | 229.6 | |||
Distribution and transmission facilities
(a)
|
186.4 | 212.0 | 185.8 | ||||||
SPP balanced portfolio and priority transmission projects
|
4.2 | 42.2 | 70.9 | ||||||
General facilities
|
42.1 | 53.8 | 34.6 | ||||||
Nuclear fuel
|
20.8 | 40.1 | 25.3 | ||||||
Environmental
|
178.1 | 189.3 | 127.3 | ||||||
Total utility capital expenditures
|
$ | 634.0 | $ | 783.0 | $ | 673.5 | |||
(a)
Excludes SPP balanced portfolio and priority transmission projects
|
·
|
Great Plains Energy direct guarantees to GMO counterparties totaling $40.7 million, which expire in 2012,
|
·
|
Great Plains Energy letters of credit to GMO counterparties totaling $11.6 million , which expire in 2012, and
|
·
|
Great Plains Energy guarantees of GMO long-term debt totaling $613.7 million, which includes debt with maturity dates ranging from 2012-2023.
|
2011
|
2010
|
2009
|
|||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 1,558.3 | $ | 1,517.1 | $ | 1,318.2 | |||
Fuel
|
(333.5 | ) | (278.8 | ) | (251.3 | ) | |||
Purchased power
|
(70.8 | ) | (78.9 | ) | (70.8 | ) | |||
Transmission of electricity by others
|
(18.8 | ) | (15.0 | ) | (12.3 | ) | |||
Gross margin
(a)
|
1,135.2 | 1,144.4 | 983.8 | ||||||
Other operating expenses
|
(611.7 | ) | (576.6 | ) | (522.0 | ) | |||
Voluntary separation program
|
(9.2 | ) | - | - | |||||
Depreciation and amortization
|
(193.1 | ) | (256.4 | ) | (229.6 | ) | |||
Operating income
|
321.2 | 311.4 | 232.2 | ||||||
Non-operating income and expenses
|
(1.0 | ) | 19.1 | 28.5 | |||||
Interest charges
|
(115.6 | ) | (85.7 | ) | (84.9 | ) | |||
Income tax expense
|
(69.1 | ) | (81.6 | ) | (46.9 | ) | |||
Net income
|
$ | 135.5 | $ | 163.2 | $ | 128.9 | |||
(a)
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great
|
|||||||||
Plains Energy's Results of Operations.
|
%
|
%
|
||||||||||||||
Gross Margin
(a)
|
2011
|
Change
|
2010
|
Change
|
2009
|
||||||||||
Retail revenues
|
(millions)
|
||||||||||||||
Residential
|
$ | 593.0 | 5 | $ | 564.5 | 20 | $ | 472.2 | |||||||
Commercial
|
637.8 | 6 | 604.3 | 11 | 542.7 | ||||||||||
Industrial
|
121.9 | (1 | ) | 122.8 | 13 | 108.8 | |||||||||
Other retail revenues
|
12.5 | 5 | 11.7 | 9 | 10.9 | ||||||||||
Kansas property tax surcharge
|
3.7 |
NA
|
- |
NA
|
- | ||||||||||
Provision for rate refund
|
- |
NM
|
(3.7 | ) |
NA
|
- | |||||||||
Kansas ECA (over) under recovery
|
11.7 | 35 | 8.7 |
NM
|
(0.7 | ) | |||||||||
Total retail
|
1,380.6 | 6 | 1,308.3 | 15 | 1,133.9 | ||||||||||
Wholesale revenues
|
159.4 | (16 | ) | 188.9 | 14 | 166.2 | |||||||||
Other revenues
|
18.3 | (8 | ) | 19.9 | 10 | 18.1 | |||||||||
Operating revenues
|
1,558.3 | 3 | 1,517.1 | 15 | 1,318.2 | ||||||||||
Fuel
|
(333.5 | ) | 20 | (278.8 | ) | 11 | (251.3 | ) | |||||||
Purchased power
|
(70.8 | ) | (10 | ) | (78.9 | ) | 11 | (70.8 | ) | ||||||
Transmission of electricity by others
|
(18.8 | ) | 25 | (15.0 | ) | 22 | (12.3 | ) | |||||||
Gross margin
|
$ | 1,135.2 | (1 | ) | $ | 1,144.4 | 16 | $ | 983.8 | ||||||
(a)
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great
|
|||||||||||||||
Plains Energy's Results of Operations.
|
%
|
%
|
||||||||||||||
MWh Sales
|
2011
|
Change
|
2010
|
Change
|
2009
|
||||||||||
Retail MWh sales
|
(thousands)
|
||||||||||||||
Residential
|
5,624 | (2 | ) | 5,719 | 10 | 5,203 | |||||||||
Commercial
|
7,614 | (1 | ) | 7,705 | 3 | 7,506 | |||||||||
Industrial
|
1,884 | (4 | ) | 1,956 | 4 | 1,884 | |||||||||
Other retail MWh sales
|
88 | 1 | 87 | - | 88 | ||||||||||
Total retail
|
15,210 | (2 | ) | 15,467 | 5 | 14,681 | |||||||||
Wholesale MWh sales
|
5,165 | (15 | ) | 6,051 | 12 | 5,381 | |||||||||
Total MWh sales
|
20,375 | (5 | ) | 21,518 | 7 | 20,062 | |||||||||
·
|
unfavorable weather, with a 6% decrease in cooling degree days;
|
·
|
a decrease in weather-normalized retail demand;
|
·
|
a $7.5 million increase in coal transportation costs not recovered in KCP&L’s Missouri retail rates where there is no fuel recovery mechanism, prior to new retail rates effective May 4, 2011;
|
·
|
an estimated $16 million impact of coal conservation activities due to flooding resulting in increased fuel expenses and purchased power expenses and reduced wholesale sales; and
|
·
|
an estimated $11 million impact from an extended refueling outage at Wolf Creek, which resulted in less generation available for wholesale sales, increased fuel expense due to the use of more coal in the fuel mix, which has a higher cost compared to nuclear fuel, and increased purchased power expense due to an increase in MWhs purchased. Wolf Creek’s latest refueling outage began on March 19, 2011, and included several increases in work scope that extended the outage. Primary components of the increased work scope were related to inspection and repair of essential service water system piping, testing and replacement of underground high voltage cables, and a repair of a ground on the main generator rotor. During the last week of June 2011 before the unit returned to full capacity, Wolf Creek had an unplanned outage related to one of two main feed pumps. Wolf Creek returned to 100% capacity in early July 2011.
|
·
|
a $14.6 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with Kansas and Missouri rates effective December 1, 2010, and May 4, 2011, respectively;
|
·
|
a $10.4 million increase in general taxes driven by increased property taxes;
|
·
|
a $6.4 million increase in amortization of regulatory assets pursuant to rate orders;
|
·
|
$3.0 million of expenses related to the impact of flooding; and
|
·
|
as a result of disallowances in the 2011 MPSC rate order, KCP&L recognized losses of $1.5 million for construction costs related to Iatan No. 2 and to the Iatan No. 1 environmental project in 2011. KCP&L also recognized a $2.4 million loss for other disallowed costs in the MPSC rate order. In 2010, KCP&L recognized losses of $13.0 million for construction costs related to Iatan No. 2 and the Iatan No. 1 environmental project.
|
·
|
a $13.6 million increase in plant operating and maintenance expenses primarily driven by planned plant outages, including the impact of outages in 2009 that included capitalizable improvements and therefore did not impact operating and maintenance expenses;
|
·
|
a $10.6 million increase in general taxes driven by increased gross receipts taxes on increased retail revenues and increased property taxes; and
|
·
|
a $5.4 million increase resulting from the accounting effects of the 2010 KCC rate order.
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
·
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (Receivables Company).
|
·
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that primarily provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO wholly owns MPS Merchant Services, Inc. (MPS Merchant), which has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
KCP&L
|
||||||
December 31
|
2011
|
2010
|
||||
Utility Plant, at original cost
|
(millions)
|
|||||
Generation (20 - 60 years)
|
$ | 5,078.1 | $ | 4,886.2 | ||
Transmission (15 - 70 years)
|
412.9 | 408.7 | ||||
Distribution (8 - 55 years)
|
1,840.2 | 1,776.4 | ||||
General (5 - 50 years)
|
498.1 | 469.6 | ||||
Total
(a)
|
$ | 7,829.3 | $ | 7,540.9 | ||
(a)
Includes $59.8 million and $59.9 million at December 31,
|
||||||
2011 and 2010, respectively, of land and other assets that
|
||||||
are not depreciated.
|
2011
|
2010
|
2009
|
|||||||
Income
|
(millions, except per share amounts)
|
||||||||
Income from continuing operations
|
$ | 174.2 | $ | 211.9 | $ | 151.9 | |||
Less: net income (loss) attributable to noncontrolling interest
|
(0.2 | ) | 0.2 | 0.3 | |||||
Less: preferred stock dividend requirements
|
1.6 | 1.6 | 1.6 | ||||||
Income from continuing operations available for common shareholders
|
$ | 172.8 | $ | 210.1 | $ | 150.0 | |||
Common Shares Outstanding
|
|||||||||
Average number of common shares outstanding
|
135.6 | 135.1 | 129.3 | ||||||
Add: effect of dilutive securities
|
3.1 | 1.8 | 0.5 | ||||||
Diluted average number of common shares outstanding
|
138.7 | 136.9 | 129.8 | ||||||
Basic EPS from continuing operations
|
$ | 1.27 | $ | 1.55 | $ | 1.16 | |||
Diluted EPS from continuing operations
|
$ | 1.25 | $ | 1.53 | $ | 1.15 | |||
2.
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
Great Plains Energy Other Operating Activities
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Cash flows affected by changes in:
|
(millions)
|
||||||||
Receivables
|
$ | 3.6 | $ | (12.6 | ) | $ | 7.9 | ||
Accounts receivable pledged as collateral
|
- | (95.0 | ) | - | |||||
Fuel inventories
|
(3.9 | ) | (0.1 | ) | 2.0 | ||||
Materials and supplies
|
(7.5 | ) | (11.5 | ) | (22.0 | ) | |||
Accounts payable
|
5.7 | 12.8 | (70.9 | ) | |||||
Accrued taxes
|
1.4 | 6.7 | 42.2 | ||||||
Accrued interest
|
1.5 | 2.9 | 2.9 | ||||||
Deferred refueling outage costs
|
(17.9 | ) | 9.9 | (7.1 | ) | ||||
Fuel adjustment clauses
|
(1.7 | ) | 2.7 | 7.8 | |||||
Pension and post-retirement benefit obligations
|
(56.0 | ) | (10.2 | ) | 18.4 | ||||
Allowance for equity funds used during construction
|
(1.0 | ) | (26.0 | ) | (39.6 | ) | |||
Write down of affordable housing investments
|
- | 11.2 | - | ||||||
Interest rate hedge settlements
|
(26.1 | ) | (6.9 | ) | (79.1 | ) | |||
Iatan Nos. 1 and 2 impact of disallowed construction costs
|
2.3 | 16.8 | - | ||||||
Uncertain tax positions
|
(20.8 | ) | (6.1 | ) | 10.7 | ||||
Other
|
(27.1 | ) | (28.3 | ) | 9.0 | ||||
Total other operating activities
|
$ | (147.5 | ) | $ | (133.7 | ) | $ | (117.8 | ) |
Cash paid during the period:
|
|||||||||
Interest
|
$ | 254.4 | $ | 237.7 | $ | 211.9 | |||
Income taxes
|
$ | 2.8 | $ | 0.9 | $ | 5.1 | |||
Non-cash investing activities:
|
|||||||||
Liabilities assumed for capital expenditures
|
$ | 39.7 | $ | 44.9 | $ | 82.8 | |||
KCP&L Other Operating Activities
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Cash flows affected by changes in:
|
(millions)
|
||||||||
Receivables
|
$ | (20.2 | ) | $ | (4.1 | ) | $ | (7.6 | ) |
Accounts receivable pledged as collateral
|
- | (95.0 | ) | - | |||||
Fuel inventories
|
(14.1 | ) | 0.7 | 6.1 | |||||
Materials and supplies
|
(6.7 | ) | (9.6 | ) | (16.5 | ) | |||
Accounts payable
|
11.0 | 0.8 | (54.3 | ) | |||||
Accrued taxes
|
2.7 | (15.7 | ) | 51.8 | |||||
Accrued interest
|
3.8 | (0.5 | ) | 8.6 | |||||
Deferred refueling outage costs
|
(17.9 | ) | 9.9 | (7.1 | ) | ||||
Pension and post-retirement benefit obligations
|
(45.6 | ) | 7.9 | 39.3 | |||||
Allowance for equity funds used during construction
|
(0.7 | ) | (21.9 | ) | (30.6 | ) | |||
Kansas Energy Cost Adjustment
|
(5.8 | ) | (8.8 | ) | 2.2 | ||||
Iatan Nos. 1 and 2 impact of disallowed construction costs
|
1.5 | 13.0 | - | ||||||
Interest rate hedge settlements
|
- | - | (79.1 | ) | |||||
Uncertain tax positions
|
(10.4 | ) | (1.8 | ) | 3.3 | ||||
Other
|
(15.9 | ) | (2.7 | ) | 17.8 | ||||
Total other operating activities
|
$ | (118.3 | ) | $ | (127.8 | ) | $ | (66.1 | ) |
Cash paid during the period:
|
|||||||||
Interest
|
$ | 111.3 | $ | 101.1 | $ | 77.2 | |||
Income taxes
|
$ | 0.1 | $ | 18.2 | $ | 31.9 | |||
Non-cash investing activities:
|
|||||||||
Liabilities assumed for capital expenditures
|
$ | 32.0 | $ | 37.4 | $ | 75.5 | |||
3.
|
RECEIVABLES
|
December 31
|
|||||||
2011
|
|
2010 | |||||
Great Plains Energy
|
(millions)
|
||||||
Customer accounts receivable - billed
|
$ | 69.8 | $ | 62.0 | |||
Customer accounts receivable - unbilled
|
82.4 | 82.3 | |||||
Allowance for doubtful accounts
|
(2.5 | ) | (2.7 | ) | |||
Other receivables
|
81.5 | 100.1 | |||||
Total
|
$ | 231.2 | $ | 241.7 | |||
KCP&L
|
|||||||
Customer accounts receivable - billed
|
$ | 16.4 | $ | 6.5 | |||
Customer accounts receivable - unbilled
|
50.0 | 50.1 | |||||
Allowance for doubtful accounts
|
(1.4 | ) | (1.5 | ) | |||
Intercompany receivables
|
38.7 | 43.2 | |||||
Other receivables
|
69.2 | 71.1 | |||||
Total
|
$ | 172.9 | $ | 169.4 | |||
Receivables
|
Consolidated
|
||||||||
2011
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (1,415.6 | ) | $ | 1,415.6 | $ | - | ||
Gain (loss) on sale of accounts receivable
(a)
|
(17.9 | ) | 17.7 | (0.2 | ) | ||||
Servicing fees
|
2.6 | (2.6 | ) | - | |||||
Fees to outside investor
|
- | (1.2 | ) | (1.2 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(1,412.4 | ) | 1,412.4 | - | |||||
Cash paid to KCP&L for receivables purchased
|
1,394.7 | (1,394.7 | ) | - | |||||
Servicing fees
|
2.6 | (2.6 | ) | - | |||||
Interest on intercompany note
|
0.5 | (0.5 | ) | - | |||||
Receivables
|
Consolidated
|
||||||||
2010
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (1,341.0 | ) | $ | 1,341.0 | $ | - | ||
Gain (loss) on sale of accounts receivable
(a)
|
(17.0 | ) | 16.8 | (0.2 | ) | ||||
Servicing fees
|
3.2 | (3.2 | ) | - | |||||
Fees to outside investor
|
- | (1.2 | ) | (1.2 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(1,337.4 | ) | 1,337.4 | - | |||||
Cash paid to KCP&L for receivables purchased
|
1,320.7 | (1,320.7 | ) | - | |||||
Servicing fees
|
3.2 | (3.2 | ) | - | |||||
Interest on intercompany note
|
0.5 | (0.5 | ) | - | |||||
(a)
Any net gain (loss) is the result of the timing difference inherent in collecting receivables and
|
|||||||||
over the life of the agreement will net to zero.
|
4.
|
NUCLEAR PLANT
|
Total
|
KCP&L's
|
||||||
Station
|
47% Share
|
||||||
(millions)
|
|||||||
Current cost of decommissioning (in 2011 dollars)
|
$ | 630 | $ | 296 | |||
Future cost of decommissioning (in 2045-2053 dollars)
(a)
|
2,455 | 1,154 | |||||
Annual escalation factor
|
3.73% | ||||||
Annual return on trust assets
(b)
|
6.89% | ||||||
(a)
|
Total future cost over an eight year decommissioning period.
|
||||||
(b)
|
The 6.89% rate of return is through 2025. The rate then systematically decreases
|
||||||
through 2053 to 1.81% based on the assumption that the fund's investment mix
|
|||||||
will become increasingly more conservative as the decommissioning period
|
|||||||
approaches.
|
December 31
|
2011
|
2010
|
||||
Decommissioning Trust
|
(millions)
|
|||||
Beginning balance January 1
|
$ | 129.2 | $ | 112.5 | ||
Contributions
|
3.4 | 3.7 | ||||
Earned income, net of fees
|
4.8 | 2.0 | ||||
Net realized gains
|
0.3 | 6.7 | ||||
Net unrealized gains (losses)
|
(2.4 | ) | 4.3 | |||
Ending balance
|
$ | 135.3 | $ | 129.2 | ||
December 31
|
|||||||||||||||||||||||||
2011
|
2010
|
||||||||||||||||||||||||
Cost
|
Unrealized
|
Unrealized
|
Fair
|
Cost
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||||||
Basis
|
Gains
|
Losses
|
Value
|
Basis
|
Gains
|
Losses
|
Value
|
||||||||||||||||||
(millions)
|
|||||||||||||||||||||||||
Equity securities
|
$ | 76.5 | $ | 12.3 | $ | (4.5 | ) | $ | 84.3 | $ | 73.4 | $ | 13.1 | $ | (1.0 | ) | $ | 85.5 | |||||||
Debt securities
|
44.2 | 4.5 | (0.1 | ) | 48.6 | 38.1 | 2.6 | (0.1 | ) | 40.6 | |||||||||||||||
Other
|
2.4 | - | - | 2.4 | 3.1 | - | - | 3.1 | |||||||||||||||||
Total
|
$ | 123.1 | $ | 16.8 | $ | (4.6 | ) | $ | 135.3 | $ | 114.6 | $ | 15.7 | $ | (1.1 | ) | $ | 129.2 | |||||||
2011
|
2010
|
2009
|
|||||||
(millions)
|
|||||||||
Realized gains
|
$ | 1.0 | $ | 7.3 | $ | 2.8 | |||
Realized losses
|
(0.7 | ) | (0.6 | ) | (8.3 | ) | |||
5.
|
REGULATORY MATTERS
|
Great
|
|||||||||||
December 31, 2011
|
KCP&L
|
GMO
|
Plains Energy
|
||||||||
Regulatory Assets
|
(millions)
|
||||||||||
Taxes recoverable through future rates
|
$ | 119.6 | $ | 24.6 | $ | 144.2 | |||||
Loss on reacquired debt
|
9.1 |
(a)
|
2.7 |
(a)
|
11.8 | ||||||
Cost of removal
|
4.6 | - | 4.6 | ||||||||
Asset retirement obligations
|
31.4 | 13.8 | 45.2 | ||||||||
Pension and post-retirement costs
|
466.4 |
(b)
|
122.0 |
(b)
|
588.4 | ||||||
Deferred customer programs
|
48.2 |
(c)
|
20.6 | 68.8 | |||||||
Rate case expenses
|
9.6 |
(d)
|
3.8 |
(d)
|
13.4 | ||||||
Skill set realignment costs
|
3.4 |
(e)
|
- | 3.4 | |||||||
Fuel adjustment clauses
|
14.0 |
(d)
|
36.4 |
(d)
|
50.4 | ||||||
Acquisition transition costs
|
24.7 |
(f )
|
20.2 |
(f )
|
44.9 | ||||||
Derivative instruments
|
- | 7.6 |
(g)
|
7.6 | |||||||
Iatan No. 1 and Common facilities depreciation and carrying costs
|
16.4 | 6.1 | 22.5 | ||||||||
Iatan No. 2 construction accounting costs
|
27.9 | 15.4 | 43.3 | ||||||||
Kansas property tax surcharge
|
3.7 |
(d)
|
- | 3.7 | |||||||
Other
|
1.7 |
(h)
|
4.3 |
(h)
|
6.0 | ||||||
Total
|
$ | 780.7 | $ | 277.5 | $ | 1,058.2 | |||||
Regulatory Liabilities
|
|||||||||||
Emission allowances
|
$ | 82.0 | $ | 0.2 | $ | 82.2 | |||||
Asset retirement obligations
|
49.3 | - | 49.3 | ||||||||
Pension
|
0.7 | 40.8 | 41.5 | ||||||||
Cost of removal
|
- | 61.9 |
(i)
|
61.9 | |||||||
Other
|
10.8 | 22.8 | 33.6 | ||||||||
Total
|
$ | 142.8 | $ | 125.7 | $ | 268.5 | |||||
(a)
|
Amortized over the life of the related new debt issuances or the remaining lives of the old debt issuances if no new debt was issued.
|
(b)
|
Represents unrecognized gains and losses, prior service and transition costs that will be recognized in future net periodic pension and post-retirement costs, pension settlements amortized over various periods and financial and regulatory
accounting method differences not included in rate base that will be eliminated over the life of the pension plans.
|
(c)
|
$10.4 million not included in rate base and amortized over various periods.
|
(d)
|
Not included in rate base and amortized over various periods.
|
(e)
|
$2.4 million not included in rate base and amortized through 2017.
|
(f)
|
Not included in rate base and amortized through 2016.
|
(g)
|
Represents the fair value of derivative instruments for commodity contracts. Settlements of the contracts are recognized in fuel expense and included in GMO’s FAC.
|
(h)
|
Certain insignificant items are not included in rate base and amortized over various periods.
|
(i)
|
Estimated cumulative net provision for future removal costs.
|
Great
|
|||||||||||
December 31, 2010
|
KCP&L
|
GMO
|
Plains Energy
|
||||||||
Regulatory Assets
|
(millions)
|
||||||||||
Taxes recoverable through future rates
|
$ | 117.2 | $ | 25.3 | $ | 142.5 | |||||
Loss on reacquired debt
|
5.0 | 0.7 | 5.7 | ||||||||
Cost of removal
|
8.5 | - | 8.5 | ||||||||
Asset retirement obligations
|
27.5 | 12.8 | 40.3 | ||||||||
Pension and post-retirement costs
|
386.1 | 106.7 | 492.8 | ||||||||
Deferred customer programs
|
44.7 | 15.6 | 60.3 | ||||||||
Rate case expenses
|
12.3 | 3.3 | 15.6 | ||||||||
Skill set realignment costs
|
4.8 | - | 4.8 | ||||||||
Fuel adjustment clauses
|
8.4 | 37.1 | 45.5 | ||||||||
Acquisition transition costs
|
29.3 | 22.5 | 51.8 | ||||||||
Derivative instruments
|
- | 3.1 | 3.1 | ||||||||
Iatan No. 1 and Common facilities depreciation and carrying costs
|
15.1 | 4.3 | 19.4 | ||||||||
Iatan No. 2 construction accounting costs
|
17.2 | 6.5 | 23.7 | ||||||||
Other
|
3.5 | 6.5 | 10.0 | ||||||||
Total
|
$ | 679.6 | $ | 244.4 | $ | 924.0 | |||||
Regulatory Liabilities
|
|||||||||||
Emission allowances
|
$ | 85.9 | $ | 0.5 | $ | 86.4 | |||||
Asset retirement obligations
|
44.9 | - | 44.9 | ||||||||
Pension
|
- | 37.1 | 37.1 | ||||||||
Cost of removal
|
- | 62.8 | 62.8 | ||||||||
Other
|
10.5 | 16.5 | 27.0 | ||||||||
Total
|
$ | 141.3 | $ | 116.9 | $ | 258.2 | |||||
6.
|
GOODWILL AND INTANGIBLE ASSETS
|
December 31, 2011
|
December 31, 2010
|
||||||||||||
Gross Carrying
|
Accumulated
|
Gross Carrying
|
Accumulated
|
||||||||||
Amount
|
Amortization
|
Amount
|
Amortization
|
||||||||||
KCP&L | (millions) | ||||||||||||
Computer software
|
$ | 171.7 | $ | (129.9 | ) | $ | 168.2 | $ | (118.0 | ) | |||
Asset improvements
|
11.7 | (0.6 | ) | 5.8 | - | ||||||||
Great Plains Energy
|
|||||||||||||
Computer software
|
$ | 202.5 | $ | (143.5 | ) | $ | 201.1 | $ | (137.3 | ) | |||
Asset improvements
|
27.0 | (3.7 | ) | 27.9 | (4.4 | ) | |||||||
2011
|
2010
|
|||||
(millions)
|
||||||
Great Plains Energy
|
$ | 13.5 | $ | 13.1 | ||
KCP&L
|
12.6 | 12.2 | ||||
2012
|
2013
|
2014
|
2015
|
2016
|
|||||||||||
(millions)
|
|||||||||||||||
Great Plains Energy
|
$ | 13.9 | $ | 11.2 | $ | 8.1 | $ | 6.0 | $ | 4.7 | |||||
KCP&L
|
11.0 | 8.3 | 5.3 | 3.4 | 2.1 | ||||||||||
7.
|
ASSET RETIREMENT OBLIGATIONS
|
Great Plains Energy
|
KCP&L
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Beginning balance
|
$ | 143.3 | $ | 132.6 | $ | 129.7 | $ | 119.8 | ||||
Additions
|
0.8 | 2.0 | - | 2.0 | ||||||||
Revision in timing and/or estimates
|
(3.8 | ) | - | (3.8 | ) | - | ||||||
Accretion
|
9.3 | 8.7 | 8.4 | 7.9 | ||||||||
Ending balance
|
$ | 149.6 | $ | 143.3 | $ | 134.3 | $ | 129.7 | ||||
8.
|
PENSION PLANS, OTHER EMPLOYEE BENEFITS AND VOLUNTARY SEPARATION PROGRAM
|
Pension Benefits
|
Other Benefits
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Change in projected benefit obligation (PBO)
|
(millions)
|
|||||||||||
PBO at beginning of year
|
$ | 911.4 | $ | 836.3 | $ | 143.6 | $ | 148.9 | ||||
Service cost
|
31.1 | 30.3 | 3.1 | 3.8 | ||||||||
Interest cost
|
49.6 | 49.3 | 7.8 | 8.8 | ||||||||
Contribution by participants
|
- | - | 6.6 | 5.6 | ||||||||
Amendments
|
- | 0.5 | - | - | ||||||||
Actuarial (gain) loss
|
83.2 | 55.1 | 7.4 | (12.5 | ) | |||||||
Benefits paid
|
(54.7 | ) | (60.1 | ) | (14.3 | ) | (11.0 | ) | ||||
Settlements
|
(40.0 | ) | - | - | - | |||||||
PBO at end of plan year
|
$ | 980.6 | $ | 911.4 | $ | 154.2 | $ | 143.6 | ||||
Change in plan assets
|
||||||||||||
Fair value of plan assets at beginning of year
|
$ | 557.6 | $ | 488.2 | $ | 65.8 | $ | 52.0 | ||||
Actual return on plan assets
|
(3.7 | ) | 62.7 | 2.5 | 0.5 | |||||||
Contributions by employer and participants
|
128.8 | 64.5 | 23.0 | 23.9 | ||||||||
Benefits paid
|
(91.6 | ) | (57.8 | ) | (13.9 | ) | (10.6 | ) | ||||
Fair value of plan assets at end of plan year
|
$ | 591.1 | $ | 557.6 | $ | 77.4 | $ | 65.8 | ||||
Funded status at end of year
|
$ | (389.5 | ) | $ | (353.8 | ) | $ | (76.8 | ) | $ | (77.8 | ) |
Amounts recognized in the consolidated balance sheets
|
||||||||||||
Current pension and other post-retirement liability
|
$ | (3.5 | ) | $ | (3.1 | ) | $ | (0.9 | ) | $ | (1.0 | ) |
Noncurrent pension liability and other post-retirement liability
|
(386.0 | ) | (350.7 | ) | (75.9 | ) | (76.8 | ) | ||||
Net amount recognized before regulatory treatment
|
(389.5 | ) | (353.8 | ) | (76.8 | ) | (77.8 | ) | ||||
Accumulated OCI or regulatory asset/liability
|
491.8 | 403.2 | 52.5 | 54.8 | ||||||||
Net amount recognized at December 31
|
$ | 102.3 | $ | 49.4 | $ | (24.3 | ) | $ | (23.0 | ) | ||
Amounts in accumulated OCI or regulatory asset/liability
|
||||||||||||
not yet recognized as a component of net periodic benefit cost:
|
||||||||||||
Actuarial loss
|
$ | 295.6 | $ | 219.5 | $ | 15.7 | $ | 8.5 | ||||
Prior service cost
|
10.7 | 15.3 | 36.9 | 44.1 | ||||||||
Transition obligation
|
- | - | 1.7 | 3.0 | ||||||||
Other
|
185.5 | 168.4 | (1.8 | ) | (0.8 | ) | ||||||
Net amount recognized at December 31
|
$ | 491.8 | $ | 403.2 | $ | 52.5 | $ | 54.8 | ||||
Pension Benefits
|
Other Benefits
|
|||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||
Components of net periodic benefit costs
|
(millions)
|
|||||||||||||||||
Service cost
|
$ | 31.1 | $ | 30.3 | $ | 29.1 | $ | 3.1 | $ | 3.8 | $ | 4.1 | ||||||
Interest cost
|
49.6 | 49.3 | 47.3 | 7.8 | 8.8 | 8.3 | ||||||||||||
Expected return on plan assets
|
(38.0 | ) | (36.6 | ) | (32.4 | ) | (1.8 | ) | (2.1 | ) | (1.6 | ) | ||||||
Prior service cost
|
4.6 | 4.6 | 4.2 | 7.2 | 7.2 | 6.9 | ||||||||||||
Recognized net actuarial (gain) loss
|
38.7 | 37.4 | 36.3 | (0.5 | ) | (0.1 | ) | (0.4 | ) | |||||||||
Transition obligation
|
- | 0.1 | 0.1 | 1.3 | 1.3 | 1.3 | ||||||||||||
Settlement charges
|
10.1 | - | 0.1 | - | - | - | ||||||||||||
Net periodic benefit costs before
|
||||||||||||||||||
regulatory adjustment
|
96.1 | 85.1 | 84.7 | 17.1 | 18.9 | 18.6 | ||||||||||||
Regulatory adjustment
|
(27.9 | ) | (32.3 | ) | (28.4 | ) | 1.1 | - | (0.3 | ) | ||||||||
Net periodic benefit costs
|
68.2 | 52.8 | 56.3 | 18.2 | 18.9 | 18.3 | ||||||||||||
Other changes in plan assets and benefit
|
||||||||||||||||||
obligations recognized in OCI or
|
||||||||||||||||||
regulatory assets/liabilities
|
||||||||||||||||||
Current year net (gain) loss
|
114.8 | 29.1 | (9.2 | ) | 6.7 | (10.9 | ) | (0.2 | ) | |||||||||
Amortization of gain (loss)
|
(38.7 | ) | (37.4 | ) | (36.3 | ) | 0.5 | 0.1 | 0.4 | |||||||||
Prior service cost
|
- | 0.5 | 5.7 | - | - | 24.8 | ||||||||||||
Amortization of prior service cost
|
(4.6 | ) | (4.6 | ) | (4.2 | ) | (7.2 | ) | (7.2 | ) | (6.9 | ) | ||||||
Transition obligation
|
- | - | - | - | - | 1.2 | ||||||||||||
Amortization of transition obligation
|
- | (0.1 | ) | (0.1 | ) | (1.3 | ) | (1.3 | ) | (1.3 | ) | |||||||
Other regulatory activity
|
17.1 | 29.5 | 10.1 | (1.0 | ) | 0.1 | (3.1 | ) | ||||||||||
Total recognized in OCI or regulatory asset/liability
|
88.6 | 17.0 | (34.0 | ) | (2.3 | ) | (19.2 | ) | 14.9 | |||||||||
Total recognized in net periodic benefit costs
|
||||||||||||||||||
and OCI or regulatory asset/liability
|
$ | 156.8 | $ | 69.8 | $ | 22.3 | $ | 15.9 | $ | (0.3 | ) | $ | 33.2 | |||||
2011
|
2010
|
|||||
Pension plans with the ABO in excess of plan assets
|
(millions)
|
|||||
Projected benefit obligation
|
$ | 980.6 | $ | 911.4 | ||
Accumulated benefit obligation
|
852.6 | 808.8 | ||||
Fair value of plan assets
|
591.1 | 557.6 | ||||
Pension plans with plan assets in excess of the ABO
|
||||||
Projected benefit obligation
|
$ | - | $ | - | ||
Accumulated benefit obligation
|
- | - | ||||
Fair value of plan assets
|
- | - | ||||
Pension
|
Other
|
|||||
Benefits
|
Benefits
|
|||||
(millions)
|
||||||
2012
|
$ | 76.6 | $ | 8.6 | ||
2013
|
65.5 | 8.1 | ||||
2014
|
67.3 | 8.3 | ||||
2015
|
66.5 | 8.2 | ||||
2016
|
70.1 | 8.4 | ||||
2017-2021
|
381.0 | 46.3 | ||||
Fair Value Measurements Using
|
|||||||||||||
Description
|
December 31 2011
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||
(millions)
|
|||||||||||||
Pension Plans
|
|||||||||||||
Equity securities
|
|||||||||||||
U.S.
(a)
|
$ | 156.3 | $ | 94.6 | $ | 61.7 | $ | - | |||||
International
(b)
|
117.0 | 40.9 | 76.1 | - | |||||||||
Real estate
(c)
|
34.7 | - | - | 34.7 | |||||||||
Commodities
(d)
|
34.6 | - | 34.6 | - | |||||||||
Fixed income securities
|
|||||||||||||
Fixed income funds
(e)
|
166.5 | 34.2 | 132.3 | - | |||||||||
U.S. Treasury
|
4.9 | 4.9 | - | - | |||||||||
U.S. Agency, state and local obligations
|
17.7 | - | 17.7 | - | |||||||||
U.S. corporate bonds
(f)
|
26.6 | - | 26.6 | - | |||||||||
Foreign corporate bonds
|
2.6 | - | 2.6 | - | |||||||||
Hedge funds
(g)
|
21.7 | - | - | 21.7 | |||||||||
Total
|
$ | 582.6 | $ | 174.6 | $ | 351.6 | $ | 56.4 | |||||
Cash equivalents - money market funds
|
8.5 | ||||||||||||
Total Pension Plans
|
$ | 591.1 | |||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||
Real
|
Hedge
|
Limited
|
||||||||||
Description
|
Estate
|
Funds
|
Partnerships
|
Total
|
||||||||
(millions)
|
||||||||||||
Balance January 1, 2011
|
$ | 30.3 | $ | 8.4 | $ | 0.1 | $ | 38.8 | ||||
Actual return on plan assets
|
||||||||||||
Relating to assets still held
|
3.9 | (1.3 | ) | (0.1 | ) | 2.5 | ||||||
Relating to assets sold
|
- | - | - | - | ||||||||
Purchase, sales, and settlements
|
0.5 | 14.6 | - | 15.1 | ||||||||
Transfers in and/or out of Level 3
|
- | - | - | - | ||||||||
Balance December 31, 2011
|
$ | 34.7 | $ | 21.7 | $ | - | $ | 56.4 | ||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||
Real
|
Hedge
|
Limited
|
||||||||||
Description
|
Estate
|
Funds
|
Partnerships
|
Total
|
||||||||
(millions)
|
||||||||||||
Balance January 1, 2010
|
$ | 26.8 | $ | 2.4 | $ | 0.1 | $ | 29.3 | ||||
Actual return on plan assets
|
||||||||||||
Relating to assets still held
|
2.5 | (0.2 | ) | - | 2.3 | |||||||
Relating to assets sold
|
- | (0.7 | ) | - | (0.7 | ) | ||||||
Purchase, sales, and settlements
|
1.0 | 6.9 | - | 7.9 | ||||||||
Transfers in and/or out of Level 3
|
- | - | - | - | ||||||||
Balance December 31, 2010
|
$ | 30.3 | $ | 8.4 | $ | 0.1 | $ | 38.8 | ||||
Increase
|
Decrease
|
|||||
(millions)
|
||||||
Effect on total service and interest component
|
$ | 0.5 | $ | (0.4 | ) | |
Effect on post-retirement benefit obligation
|
4.0 | (3.5 | ) | |||
9.
|
EQUITY COMPENSATION
|
2011
|
2010
|
2009
|
|||||||
Great Plains Energy
|
(millions)
|
||||||||
Compensation expense
|
$ | 5.2 | $ | 4.3 | $ | 6.3 | |||
Income tax benefits
|
1.9 | 1.0 | 1.6 | ||||||
KCP&L
|
|||||||||
Compensation expense
|
3.5 | 3.0 | 4.3 | ||||||
Income tax benefits
|
1.3 | 0.5 | 0.8 | ||||||
|
||||||
Nonvested
|
Grant Date
|
|||||
Restricted Stock
|
Fair Value*
|
|||||
Beginning balance
|
406,657 | $ | 16.23 | |||
Granted and issued
|
182,385 | 19.03 | ||||
Vested
|
(149,688 | ) | 17.29 | |||
Forfeited
|
(53,171 | ) | 17.25 | |||
Ending balance
|
386,183 | 17.06 | ||||
* weighted-average
|
10.
|
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
|
11.
|
LONG-TERM DEBT
|
December 31
|
|||||||||
Year Due
|
2011
|
2010
|
|||||||
KCP&L
|
(millions)
|
||||||||
General Mortgage Bonds
|
|||||||||
4.87% EIRR bonds
(a)(b)
|
2012-2035 | $ | 119.3 | $ | 158.8 | ||||
7.15% Series 2009A (8.59% rate)
(c)
|
2019 | 400.0 | 400.0 | ||||||
4.65% EIRR Series 2005
|
2035 | 50.0 | 50.0 | ||||||
EIRR Series 2007A-1
(d)
|
2035 | - | 63.3 | ||||||
EIRR Series 2007A-2
(d)
|
2035 | - | 10.0 | ||||||
5.375% EIRR Series 2007B
|
2035 | 73.2 | 73.2 | ||||||
Senior Notes
|
|||||||||
6.50% Series
|
- | 150.0 | |||||||
5.85% Series (5.72% rate)
(c)
|
2017 | 250.0 | 250.0 | ||||||
6.375% Series (7.49% rate)
(c)
|
2018 | 350.0 | 350.0 | ||||||
6.05% Series (5.78% rate)
(c)
|
2035 | 250.0 | 250.0 | ||||||
5.30% Series
|
2041 | 400.0 | - | ||||||
EIRR bonds 4.90% Series 2008
|
2038 | 23.4 | 23.4 | ||||||
Other
|
2012-2018 | 2.9 | 3.3 | ||||||
Current maturities
|
(12.7 | ) | (150.3 | ) | |||||
Unamortized discount
|
(4.2 | ) | (2.0 | ) | |||||
Total KCP&L excluding current maturities
|
1,901.9 | 1,629.7 | |||||||
Other Great Plains Energy
|
|||||||||
GMO First Mortgage Bonds 9.44% Series
|
2012-2021 | 11.2 | 12.4 | ||||||
GMO Pollution Control Bonds
|
|||||||||
5.85% SJLP Pollution Control
|
2013 | 5.6 | 5.6 | ||||||
0.164% Wamego Series 1996
(e)
|
2026 | 7.3 | 7.3 | ||||||
0.353% State Environmental 1993
(e)
|
2028 | 5.0 | 5.0 | ||||||
GMO Senior Notes
|
|||||||||
7.95% Series
|
- | 137.3 | |||||||
7.75% Series
|
- | 197.0 | |||||||
11.875% Series
|
2012 | 500.0 | 500.0 | ||||||
8.27% Series
|
2021 | 80.9 | 80.9 | ||||||
Fair Value Adjustment
|
16.3 | 49.9 | |||||||
GMO Medium Term Notes
|
|||||||||
7.16% Series
|
2013 | 6.0 | 6.0 | ||||||
7.33% Series
|
2023 | 3.0 | 3.0 | ||||||
7.17% Series
|
2023 | 7.0 | 7.0 | ||||||
Great Plains Energy 2.75% Senior Notes (3.67% rate)
(c)
|
2013 | 250.0 | 250.0 | ||||||
Great Plains Energy 6.875% Senior Notes (7.33% rate)
(c)
|
2017 | 100.0 | 100.0 | ||||||
Great Plains Energy 10.00% Equity Units Subordinated Notes
|
2012 | 287.5 | 287.5 | ||||||
Great Plains Energy 4.85% Senior Notes (7.34% rate)
(c)
|
2021 | 350.0 | - | ||||||
Current maturities
|
(788.7 | ) | (335.4 | ) | |||||
Unamortized discount
|
(0.7 | ) | (0.5 | ) | |||||
Total Great Plains Energy excluding current maturities
|
$ | 2,742.3 | $ | 2,942.7 | |||||
(a)
Weighted-average interest rates at December 31, 2011
|
|||||||||
(b)
December 31, 2011, does not include $39.5 million EIRR Series 1993B bonds because the bonds have been repurchased and are held by KCP&L
|
|||||||||
(c)
Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments
|
|||||||||
(d)
December 31, 2011, does not include $63.3 million EIRR Series 2007 A-1and $10.0 million EIRR Series 2007 A-2 bonds because the bonds have
|
|||||||||
been repurchased and are held by KCP&L
|
|||||||||
(e)
Variable rate
|
2011
|
2010
|
2009
|
|||||||
(millions) | |||||||||
KCP&L
|
$ | 3.6 | $ | 2.8 | $ | 2.0 | |||
Other Great Plains Energy
|
4.5 | 3.6 | 2.4 | ||||||
Total Great Plains Energy
|
$ | 8.1 | $ | 6.4 | $ | 4.4 | |||
2012
|
2013
|
2014
|
2015
|
2016
|
|||||||||||
(millions) | |||||||||||||||
Great Plains Energy $ | 801.4 | $ | 263.1 | $ | 1.5 | $ | 15.5 | $ | 1.6 | ||||||
KCP&L
|
12.7 | 0.4 | 0.4 | 14.4 | 0.4 | ||||||||||
12.
|
COMMON SHAREHOLDERS’ EQUITY
|
13.
|
PREFERRED STOCK
|
14.
|
COMMITMENTS AND CONTINGENCIES
|
·
|
KCP&L’s La Cygne No. 1 scrubber and baghouse installed by June 2015;
|
·
|
KCP&L’s La Cygne No. 2 full air quality control system (AQCS) installed by June 2015;
|
·
|
KCP&L’s Montrose No. 3 full AQCS installed by approximately 2017; and
|
·
|
GMO’s Sibley No. 3 scrubber and baghouse installed by approximately 2017.
|
2011
|
2010
|
2009
|
|||||||
(millions)
|
|||||||||
Great Plains Energy
|
$ | 20.9 | $ | 17.2 | $ | 23.4 | |||
KCP&L
|
17.0 | 13.2 | 19.3 | ||||||
Great Plains Energy
|
|||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
After 2016
|
Total
|
|||||||||||||||
Lease commitments
|
(millions)
|
||||||||||||||||||||
Operating lease
|
$ | 19.7 | $ | 16.3 | $ | 14.8 | $ | 13.6 | $ | 9.8 | $ | 119.2 | $ | 193.4 | |||||||
Capital lease
|
0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 4.7 | 6.7 | ||||||||||||||
Purchase commitments
|
|||||||||||||||||||||
Fuel
|
397.4 | 360.5 | 202.0 | 103.9 | 83.2 | 94.1 | 1,241.1 | ||||||||||||||
Power
|
8.5 | 29.2 | 34.8 | 34.8 | 34.8 | 686.3 | 828.4 | ||||||||||||||
Capacity
|
13.4 | 12.4 | 4.5 | 4.2 | 2.4 | - | 36.9 | ||||||||||||||
La Cygne environmental project
|
376.6 | 300.2 | 125.4 | 5.5 | - | - | 807.7 | ||||||||||||||
Non-regulated natural gas
|
|||||||||||||||||||||
transportation
|
2.8 | 3.6 | 3.6 | 3.6 | 3.6 | 0.9 | 18.1 | ||||||||||||||
Other
|
54.4 | 101.7 | 21.0 | 25.4 | 3.7 | 49.8 | 256.0 | ||||||||||||||
Total contractual commitments
|
$ | 873.2 | $ | 824.3 | $ | 406.5 | $ | 191.4 | $ | 137.9 | $ | 955.0 | $ | 3,388.3 | |||||||
KCP&L
|
|||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
After 2016
|
Total
|
|||||||||||||||
Lease commitments
|
(millions)
|
||||||||||||||||||||
Operating lease
|
$ | 16.0 | $ | 14.0 | $ | 13.0 | $ | 12.2 | $ | 9.7 | $ | 119.2 | $ | 184.1 | |||||||
Capital lease
|
0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 2.6 | 3.6 | ||||||||||||||
Purchase commitments
|
|||||||||||||||||||||
Fuel
|
336.0 | 298.8 | 169.1 | 91.5 | 79.1 | 94.1 | 1,068.6 | ||||||||||||||
Power
|
8.5 | 29.2 | 34.8 | 34.8 | 34.8 | 499.1 | 641.2 | ||||||||||||||
Capacity
|
4.7 | 3.7 | 2.9 | 3.0 | 1.2 | - | 15.5 | ||||||||||||||
La Cygne environmental project
|
376.6 | 300.2 | 125.4 | 5.5 | - | - | 807.7 | ||||||||||||||
Other
|
40.3 | 100.9 | 20.2 | 24.6 | 2.9 | 39.5 | 228.4 | ||||||||||||||
Total contractual commitments
|
$ | 782.3 | $ | 747.0 | $ | 365.6 | $ | 171.8 | $ | 127.9 | $ | 754.5 | $ | 2,949.1 | |||||||
15.
|
LEGAL PROCEEDINGS
|
16.
|
GUARANTEES
|
·
|
Great Plains Energy direct guarantees to GMO counterparties totaling $40.7 million, which expire in 2012,
|
·
|
Great Plains Energy letters of credit to GMO counterparties totaling $11.6 million, which expire in 2012, and
|
·
|
Great Plains Energy guarantee of GMO long-term debt totaling $613.7 million, which includes debt with maturity dates ranging from 2012-2023.
|
17.
|
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS
|
December 31
|
||||||
2011
|
2010
|
|||||
(millions)
|
||||||
Net receivable from GMO
|
$ | 24.1 | $ | 29.9 | ||
Net receivable from Great Plains Energy
|
9.5 | 13.3 | ||||
18.
|
DERIVATIVE INSTRUMENTS
|
December 31
|
December 31
|
||||||||||||
2011
|
2010
|
||||||||||||
Notional
|
Notional
|
||||||||||||
Contract
|
Fair
|
Contract
|
Fair
|
||||||||||
Amount
|
Value
|
Amount
|
Value
|
||||||||||
Great Plains Energy
|
(millions)
|
||||||||||||
Futures contracts
|
|||||||||||||
Cash flow hedges
|
$ | 2.0 | $ | (0.5 | ) | $ | 4.0 | $ | - | ||||
Non-hedging derivatives
|
23.6 | (5.0 | ) | 59.5 | (2.5 | ) | |||||||
Forward contracts
|
|||||||||||||
Non-hedging derivatives
|
97.3 | 7.8 | 202.8 | 8.9 | |||||||||
Option contracts
|
|||||||||||||
Non-hedging derivatives
|
0.4 | - | 0.2 | - | |||||||||
Anticipated debt issuance
|
|||||||||||||
Forward starting swaps
|
- | - | 350.0 | (20.8 | ) | ||||||||
KCP&L
|
|||||||||||||
Futures contracts
|
|||||||||||||
Cash flow hedges
|
2.0 | (0.5 | ) | 4.0 | - | ||||||||
Great Plains Energy
|
|||||||
Balance Sheet |
Asset Derivatives
|
Liability Derivatives
|
|||||
December 31, 2011
|
Classification
|
Fair Value
|
Fair Value
|
||||
Derivatives Designated as Hedging Instruments
|
(millions)
|
||||||
Commodity contracts
|
Derivative instruments
|
$ | - | $ | 0.5 | ||
Derivatives Not Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
7.8 | 5.0 | ||||
Total Derivatives
|
$ | 7.8 | $ | 5.5 | |||
December 31, 2010
|
|||||||
Derivatives Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
$ | 0.1 | $ | 0.1 | ||
Interest rate contracts
|
Derivative instruments
|
- | 20.8 | ||||
Derivatives Not Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
9.4 | 3.0 | ||||
Total Derivatives
|
$ | 9.5 | $ | 23.9 | |||
KCP&L
|
|||||||
Balance Sheet |
Asset Derivatives
|
Liability Derivatives
|
|||||
December 31, 2011
|
Classification
|
Fair Value
|
Fair Value
|
||||
Derivatives Designated as Hedging Instruments
|
(millions)
|
||||||
Commodity contracts
|
Derivative instruments
|
$ | - | $ | 0.5 | ||
December 31, 2010
|
|||||||
Derivatives Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
$ | 0.1 | $ | 0.1 | ||
Great Plains Energy
|
|||||||
Derivatives in Cash Flow Hedging Relationship
|
|||||||
Gain (Loss) Reclassified from
|
|||||||
Accumulated OCI into Income
|
|||||||
(Effective Portion)
|
|||||||
Amount of Gain | |||||||
(Loss) Recognized | |||||||
in OCI on Derivatives | Income Statement | ||||||
(Effective Portion)
|
Classification
|
Amount
|
|||||
2011
|
(millions) | (millions) | |||||
Interest rate contracts
|
$ |
(5.3
|
) |
Interest charges
|
$ |
(16.9
|
) |
Commodity contracts
|
(0.6
|
) |
Fuel
|
(0.1
|
) | ||
Income tax benefit
|
2.3
|
Income tax benefit
|
6.6
|
||||
Total
|
$ |
(3.6
|
) |
Total
|
$ |
(10.4
|
) |
2010
|
|||||||
Interest rate contracts
|
$ |
(27.1
|
) |
Interest charges
|
$ |
(10.1
|
) |
Commodity contracts
|
(0.9
|
) |
Fuel
|
(0.5
|
) | ||
Income tax benefit
|
10.8
|
Income tax benefit
|
4.0
|
||||
Total
|
$ |
(17.2
|
) |
Total
|
$ |
(6.6
|
) |
Great Plains Energy
|
|||||||
Derivatives in Regulatory Account Relationship
|
|||||||
Gain (Loss) Reclassified from
|
|||||||
Regulatory Account
|
|||||||
Amount of Gain (Loss) | |||||||
Recognized on Regulatory | |||||||
Account on Derivatives | Income Statement | ||||||
(Effective Portion)
|
Classification |
Amount
|
|||||
(millions)
|
(millions)
|
||||||
2011
|
|||||||
Commodity contracts
|
$ | (8.3 | ) |
Fuel
|
$ | (3.8 | ) |
Total
|
$ | (8.3 | ) |
Total
|
$ | (3.8 | ) |
2010
|
|||||||
Commodity contracts
|
$ | (8.2 | ) |
Fuel
|
$ | (7.2 | ) |
Total
|
$ | (8.2 | ) |
Total
|
$ | (7.2 | ) |
Great Plains Energy
|
KCP&L
|
|||||||||||
December 31
|
December 31
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Current assets
|
$ | 11.3 | $ | 12.0 | $ | 11.3 | $ | 12.0 | ||||
Current liabilities
|
(89.5 | ) | (101.5 | ) | (62.5 | ) | (71.6 | ) | ||||
Noncurrent liabilities
|
(0.2 | ) | - | (0.2 | ) | - | ||||||
Deferred income taxes
|
30.5 | 34.8 | 20.0 | 23.2 | ||||||||
Total
|
$ | (47.9 | ) | $ | (54.7 | ) | $ | (31.4 | ) | $ | (36.4 | ) |
19.
|
FAIR VALUE MEASUREMENTS
|
Fair Value Measurements Using
|
|||||||||||||||
Description
|
December 31
2011
|
Netting
(d)
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
KCP&L
|
(millions)
|
||||||||||||||
Assets
|
|||||||||||||||
Nuclear decommissioning trust
(b)
|
|||||||||||||||
Equity securities
|
$ | 84.3 | $ | - | $ | 84.3 | $ | - | $ | - | |||||
Debt securities
|
|||||||||||||||
U.S. Treasury
|
15.3 | - | 15.3 | - | - | ||||||||||
U.S. Agency
|
3.6 | - | - | 3.6 | - | ||||||||||
State and local obligations
|
2.6 | - | - | 2.6 | - | ||||||||||
Corporate bonds
|
26.4 | - | - | 26.4 | - | ||||||||||
Foreign governments
|
0.7 | - | - | 0.7 | - | ||||||||||
Other
|
(0.6 | ) | - | - | (0.6 | ) | - | ||||||||
Total nuclear decommissioning trust
|
132.3 | - | 99.6 | 32.7 | - | ||||||||||
Total
|
132.3 | - | 99.6 | 32.7 | - | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments
(a)
|
- | (0.5 | ) | 0.5 | - | - | |||||||||
Total
|
$ | - | $ | (0.5 | ) | $ | 0.5 | $ | - | $ | - | ||||
Other Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments
(a)
|
$ | 7.8 | $ | - | $ | - | $ | 4.7 | $ | 3.1 | |||||
SERP rabbi trust
(c)
|
|||||||||||||||
Equity securities
|
0.2 | - | 0.2 | - | - | ||||||||||
Debt securities
|
0.1 | - | - | 0.1 | - | ||||||||||
Total SERP rabbi trust
|
0.3 | - | 0.2 | 0.1 | - | ||||||||||
Total
|
8.1 | - | 0.2 | 4.8 | 3.1 | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments
(a)
|
- | (5.0 | ) | 5.0 | - | - | |||||||||
Total
|
$ | - | $ | (5.0 | ) | $ | 5.0 | $ | - | $ | - | ||||
Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments
(a)
|
$ | 7.8 | $ | - | $ | - | $ | 4.7 | $ | 3.1 | |||||
Nuclear decommissioning trust
(b)
|
132.3 | - | 99.6 | 32.7 | - | ||||||||||
SERP rabbi trust
(c)
|
0.3 | - | 0.2 | 0.1 | - | ||||||||||
Total
|
140.4 | - | 99.8 | 37.5 | 3.1 | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments
(a)
|
- | (5.5 | ) | 5.5 | - | - | |||||||||
Total
|
$ | - | $ | (5.5 | ) | $ | 5.5 | $ | - | $ | - | ||||
Fair Value Measurements Using
|
|||||||||||||||
Description
|
December 31
2010
|
Netting
(d)
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
KCP&L
|
(millions)
|
||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments
(a)
|
$ | - | $ | (0.1 | ) | $ | 0.1 | $ | - | $ | - | ||||
Nuclear decommissioning trust
(b)
|
|||||||||||||||
Equity securities
|
85.5 | - | 85.5 | - | - | ||||||||||
Debt securities
|
|||||||||||||||
U.S. Treasury
|
8.9 | - | 8.9 | - | - | ||||||||||
U.S. Agency
|
4.8 | - | - | 4.8 | - | ||||||||||
State and local obligations
|
2.5 | - | - | 2.5 | - | ||||||||||
Corporate bonds
|
23.7 | - | - | 23.7 | - | ||||||||||
Foreign governments
|
0.7 | - | - | 0.7 | - | ||||||||||
Other
|
0.4 | - | - | 0.4 | - | ||||||||||
Total nuclear decommissioning trust
|
126.5 | - | 94.4 | 32.1 | - | ||||||||||
Total
|
126.5 | (0.1 | ) | 94.5 | 32.1 | - | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments
(a)
|
- | (0.1 | ) | 0.1 | - | - | |||||||||
Total
|
$ | - | $ | (0.1 | ) | $ | 0.1 | $ | - | $ | - | ||||
Other Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments
(a)
|
$ | 8.9 | $ | (0.5 | ) | $ | 0.5 | $ | 5.2 | $ | 3.7 | ||||
SERP rabbi trust
(c)
|
|||||||||||||||
Equity securities
|
0.2 | - | 0.2 | - | - | ||||||||||
Debt securities
|
7.0 | - | - | 7.0 | - | ||||||||||
Total SERP rabbi trust
|
7.2 | - | 0.2 | 7.0 | - | ||||||||||
Total
|
16.1 | (0.5 | ) | 0.7 | 12.2 | 3.7 | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments
(a)
|
20.8 | (3.0 | ) | 3.0 | 20.8 | - | |||||||||
Total
|
$ | 20.8 | $ | (3.0 | ) | $ | 3.0 | $ | 20.8 | $ | - | ||||
Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments
(a)
|
$ | 8.9 | $ | (0.6 | ) | $ | 0.6 | $ | 5.2 | $ | 3.7 | ||||
Nuclear decommissioning trust
(b)
|
126.5 | - | 94.4 | 32.1 | - | ||||||||||
SERP rabbi trust
(c)
|
7.2 | - | 0.2 | 7.0 | - | ||||||||||
Total
|
142.6 | (0.6 | ) | 95.2 | 44.3 | 3.7 | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments
(a)
|
20.8 | (3.1 | ) | 3.1 | 20.8 | - | |||||||||
Total
|
$ | 20.8 | $ | (3.1 | ) | $ | 3.1 | $ | 20.8 | $ | - | ||||
(a)
|
The fair value of derivative instruments is estimated using market quotes, over-the-counter forward price and volatility curves and correlations among fuel prices, net of estimated credit risk.
|
(b)
|
Fair value is based on quoted market prices of the investments held by the fund and/or valuation models. The total does not include $3.0 million and $2.7 million at December 31, 2011 and 2010, respectively, of cash and cash equivalents, which are not subject to the fair value requirements.
|
(c)
|
Fair value is based on quoted market prices of the investments held by the fund and/or valuation models. The total does not include $20.3 million and $14.6 million at December 31, 2011 and 2010, respectively, of cash and cash equivalents, which are not subject to the fair value requirements.
|
(d)
|
Represents the difference between derivative contracts in an asset or liability position presented on a net basis by counterparty on the consolidated balance sheet where a master netting agreement exists between the Company and the counterparty. At December 31, 2011 and 2010, Great Plains Energy netted $5.5 million and $2.5 million, respectively, of cash collateral posted with counterparties.
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||||||||
Other
|
|||||||||
Great
|
Great
|
||||||||
Plains
|
Plains
|
||||||||
KCP&L
|
Energy
|
Energy
|
|||||||
State & Local
|
Derivative
|
||||||||
Obligations
|
Instruments
|
Total
|
|||||||
(millions)
|
|||||||||
Balance January 1, 2010
|
$ | 0.2 | $ | 4.1 | $ | 4.3 | |||
Total realized/unrealized losses
|
|||||||||
included in non-operating income
|
- | (12.5 | ) | (12.5 | ) | ||||
Sales
|
(0.2 | ) | - | (0.2 | ) | ||||
Settlements
|
- | 12.1 | 12.1 | ||||||
Balance December 31, 2010
|
$ | - | $ | 3.7 | $ | 3.7 | |||
Total unrealized gains included in non-operating
|
|||||||||
income relating to assets and liabilities still
|
|||||||||
on the consolidated balance sheet at December 31, 2010
|
$ | - | $ | 0.1 | $ | 0.1 | |||
20.
|
TAXES
|
Great Plains Energy
|
2011
|
2010
|
2009
|
||||||
Current income taxes
|
(millions)
|
||||||||
Federal
|
$ | 2.9 | $ | (7.4 | ) | $ | (11.1 | ) | |
State
|
(6.0 | ) | (4.3 | ) | (0.9 | ) | |||
Foreign
|
(0.4 | ) | 0.1 | 1.3 | |||||
Total
|
(3.5 | ) | (11.6 | ) | (10.7 | ) | |||
Deferred income taxes
|
|||||||||
Federal
|
90.5 | 99.8 | (13.6 | ) | |||||
State
|
20.7 | 24.0 | 10.0 | ||||||
Total
|
111.2 | 123.8 | (3.6 | ) | |||||
Noncurrent income taxes
|
|||||||||
Federal
|
(18.0 | ) | (4.8 | ) | 8.3 | ||||
State
|
(2.1 | ) | (1.8 | ) | 1.1 | ||||
Foreign
|
(0.6 | ) | 0.5 | (1.5 | ) | ||||
Total
|
(20.7 | ) | (6.1 | ) | 7.9 | ||||
Investment tax credit
|
|||||||||
Deferral
|
- | (4.2 | ) | 37.2 | |||||
Amortization
|
(2.2 | ) | (2.9 | ) | (2.2 | ) | |||
Total
|
(2.2 | ) | (7.1 | ) | 35.0 | ||||
Total income tax expense
|
84.8 | 99.0 | 28.6 | ||||||
Less: taxes on discontinued operations
|
|||||||||
Current tax benefit
|
- | - | (1.1 | ) | |||||
Deferred tax expense
|
- | - | 0.2 | ||||||
Income tax expense on continuing operations
|
$ | 84.8 | $ | 99.0 | $ | 29.5 | |||
KCP&L
|
2011
|
2010
|
2009
|
||||||
Current income taxes
|
(millions)
|
||||||||
Federal
|
$ | 1.0 | $ | 5.5 | $ | 41.2 | |||
State
|
(0.6 | ) | 1.1 | 4.8 | |||||
Total
|
0.4 | 6.6 | 46.0 | ||||||
Deferred income taxes
|
|||||||||
Federal
|
66.0 | 69.8 | (41.7 | ) | |||||
State
|
14.6 | 13.4 | 3.5 | ||||||
Total
|
80.6 | 83.2 | (38.2 | ) | |||||
Noncurrent income taxes
|
|||||||||
Federal
|
(9.3 | ) | (1.6 | ) | 3.4 | ||||
State
|
(1.1 | ) | (0.3 | ) | (0.1 | ) | |||
Total
|
(10.4 | ) | (1.9 | ) | 3.3 | ||||
Investment tax credit
|
|||||||||
Deferral
|
- | (4.2 | ) | 37.2 | |||||
Amortization
|
(1.5 | ) | (2.1 | ) | (1.4 | ) | |||
Total
|
(1.5 | ) | (6.3 | ) | 35.8 | ||||
Total
|
$ | 69.1 | $ | 81.6 | $ | 46.9 | |||
Income Tax Expense | Income Tax Rate | |||||||||||||||||
Great Plains Energy
|
2011
|
2010
|
2009
|
2011 | 2010 | 2009 | ||||||||||||
(millions)
|
||||||||||||||||||
Federal statutory income tax
|
$ | 90.7 | $ | 108.7 | $ | 63.4 | 35.0 | % | 35.0 | % | 35.0 | % | ||||||
Differences between book and tax
|
||||||||||||||||||
depreciation not normalized
|
4.0 | (5.2 | ) | (9.9 | ) | 1.5 | (1.7 | ) | (5.5 | ) | ||||||||
Amortization of investment tax credits
|
(2.2 | ) | (2.9 | ) | (2.2 | ) | (0.8 | ) | (0.9 | ) | (1.2 | ) | ||||||
Federal income tax credits
|
(13.1 | ) | (12.5 | ) | (8.0 | ) | (5.0 | ) | (4.1 | ) | (4.4 | ) | ||||||
State income taxes
|
10.5 | 11.4 | 7.9 | 4.0 | 3.7 | 4.4 | ||||||||||||
Medicare Part D subsidy legislation
|
- | 2.8 | - | - | 0.9 | - | ||||||||||||
Changes in uncertain tax positions, net
|
(4.4 | ) | 0.3 | (72.1 | ) | (1.7 | ) | 0.1 | (39.8 | ) | ||||||||
Valuation allowance
|
(2.2 | ) | (2.7 | ) | 55.8 | (0.8 | ) | (0.9 | ) | 30.8 | ||||||||
Other
|
1.5 | (0.9 | ) | (5.4 | ) | 0.5 | (0.3 | ) | (3.0 | ) | ||||||||
Total
|
$ | 84.8 | $ | 99.0 | $ | 29.5 | 32.7 | % | 31.8 | % | 16.3 | % | ||||||
Income Tax Expense
|
Income Tax Rate
|
|||||||||||||||||
KCP&L
|
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
||||||||||||
(millions)
|
||||||||||||||||||
Federal statutory income tax
|
$ | 71.6 | $ | 85.7 | $ | 61.5 | 35.0 | % | 35.0 | % | 35.0 | % | ||||||
Differences between book and tax
|
||||||||||||||||||
depreciation not normalized
|
3.4 | (4.5 | ) | (7.7 | ) | 1.6 | (1.8 | ) | (4.4 | ) | ||||||||
Amortization of investment tax credits
|
(1.5 | ) | (2.1 | ) | (1.4 | ) | (0.7 | ) | (0.9 | ) | (0.8 | ) | ||||||
Federal income tax credits
|
(13.0 | ) | (8.5 | ) | (7.8 | ) | (6.3 | ) | (3.5 | ) | (4.4 | ) | ||||||
State income taxes
|
8.1 | 8.9 | 5.8 | 3.9 | 3.6 | 3.3 | ||||||||||||
Medicare Part D subsidy legislation
|
- | 2.8 | - | - | 1.1 | - | ||||||||||||
Changes in uncertain tax positions, net
|
0.3 | - | (0.5 | ) | 0.1 | - | (0.3 | ) | ||||||||||
Other
|
0.2 | (0.7 | ) | (3.0 | ) | 0.2 | (0.2 | ) | (1.7 | ) | ||||||||
Total
|
$ | 69.1 | $ | 81.6 | $ | 46.9 | 33.8 | % | 33.3 | % | 26.7 | % | ||||||
Great Plains Energy
|
KCP&L
|
|||||||||||
December 31
|
2011
|
2010
|
2011
|
2010
|
||||||||
Current deferred income tax asset (liability)
|
(millions)
|
|||||||||||
Other
|
$ | 7.9 | $ | 14.7 | $ | (0.1 | ) | $ | 5.6 | |||
Net current deferred income tax asset (liability) before
|
||||||||||||
valuation allowance
|
7.9 | 14.7 | (0.1 | ) | 5.6 | |||||||
Valuation allowance
|
(0.4 | ) | (0.4 | ) | - | - | ||||||
Net current deferred income tax asset (liability)
|
7.5 | 14.3 | (0.1 | ) | 5.6 | |||||||
Noncurrent deferred income taxes
|
||||||||||||
Plant related
|
(1,193.6 | ) | (975.5 | ) | (861.6 | ) | (711.5 | ) | ||||
Income taxes on future regulatory recoveries
|
(144.3 | ) | (142.6 | ) | (119.6 | ) | (117.2 | ) | ||||
Derivative instruments
|
43.3 | 46.0 | 31.1 | 34.4 | ||||||||
Pension and postretirement benefits
|
(34.2 | ) | (16.3 | ) | (11.7 | ) | 2.0 | |||||
SO
2
emission allowance sales
|
31.1 | 30.8 | 31.9 | 33.4 | ||||||||
Fuel clause adjustments
|
(17.2 | ) | (16.6 | ) | (5.4 | ) | (3.2 | ) | ||||
Transition costs
|
(17.4 | ) | (20.0 | ) | (9.6 | ) | (11.4 | ) | ||||
Tax credit carryforwards
|
213.7 | 204.3 | 116.8 | 101.5 | ||||||||
Long-term debt fair value adjustment
|
6.3 | 19.2 | - | - | ||||||||
Customer demand programs
|
(26.4 | ) | (23.3 | ) | (18.6 | ) | (17.3 | ) | ||||
Net operating loss carryforward
|
543.7 | 409.2 | 77.9 | 1.1 | ||||||||
Other
|
(10.1 | ) | (7.3 | ) | (3.9 | ) | (3.8 | ) | ||||
Net noncurrent deferred income tax liability before
|
||||||||||||
valuation allowance
|
(605.1 | ) | (492.1 | ) | (772.7 | ) | (692.0 | ) | ||||
Valuation allowance
|
(23.5 | ) | (26.2 | ) | - | - | ||||||
Net noncurrent deferred income tax liability
|
(628.6 | ) | (518.3 | ) | (772.7 | ) | (692.0 | ) | ||||
Net deferred income tax liability
|
$ | (621.1 | ) | $ | (504.0 | ) | $ | (772.8 | ) | $ | (686.4 | ) |
Great Plains Energy
|
KCP&L
|
|||||||||||
December 31
|
2011
|
2010
|
2011
|
2010
|
||||||||
(millions)
|
||||||||||||
Gross deferred income tax assets
|
$ | 1,203.6 | $ | 1,140.7 | $ | 618.7 | $ | 602.4 | ||||
Gross deferred income tax liabilities
|
(1,824.7 | ) | (1,644.7 | ) | (1,391.5 | ) | (1,288.8 | ) | ||||
Net deferred income tax liability
|
$ | (621.1 | ) | $ | (504.0 | ) | $ | (772.8 | ) | $ | (686.4 | ) |
Great Plains Energy
|
KCP&L
|
|||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||
(millions)
|
||||||||||||||||||
Balance at January 1
|
$ | 42.0 | $ | 51.4 | $ | 97.3 | $ | 19.1 | $ | 20.9 | $ | 17.6 | ||||||
Additions for current year tax positions
|
1.4 | 2.7 | 13.2 | - | 1.3 | 3.9 | ||||||||||||
Additions for prior year tax positions
|
2.4 | 2.1 | 8.2 | 2.3 | 1.5 | 3.0 | ||||||||||||
Additions for GMO prior year tax positions
|
- | - | 11.6 | - | - | - | ||||||||||||
Reductions for prior year tax positions
|
(20.9 | ) | (10.6 | ) | (1.3 | ) | (12.6 | ) | (1.6 | ) | (0.8 | ) | ||||||
Settlements
|
- | (3.8 | ) | (76.7 | ) | - | (2.9 | ) | (2.2 | ) | ||||||||
Statute expirations
|
(0.7 | ) | (0.3 | ) | (0.7 | ) | (0.1 | ) | (0.1 | ) | (0.6 | ) | ||||||
Foreign currency translation adjustments
|
(0.2 | ) | 0.5 | (0.2 | ) | - | - | - | ||||||||||
Balance at December 31
|
$ | 24.0 | $ | 42.0 | $ | 51.4 | $ | 8.7 | $ | 19.1 | $ | 20.9 | ||||||
21.
|
SEGMENTS AND RELATED INFORMATION
|
Electric
|
Great Plains
|
||||||||
2011
|
Utility
|
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 2,318.0 | $ | - | $ | 2,318.0 | |||
Depreciation and amortization
|
(273.1 | ) | - | (273.1 | ) | ||||
Interest charges
|
(176.9 | ) | (41.5 | ) | (218.4 | ) | |||
Income tax (expense) benefit
|
(109.3 | ) | 24.5 | (84.8 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
199.9 | (25.5 | ) | 174.4 | |||||
Electric
|
Great Plains
|
||||||||
2010
|
Utility
|
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 2,255.5 | $ | - | $ | 2,255.5 | |||
Depreciation and amortization
|
(331.6 | ) | - | (331.6 | ) | ||||
Interest charges
|
(143.1 | ) | (41.7 | ) | (184.8 | ) | |||
Income tax (expense) benefit
|
(123.3 | ) | 24.3 | (99.0 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
235.3 | (23.6 | ) | 211.7 | |||||
Electric
|
Great Plains
|
||||||||
2009
|
Utility
|
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 1,965.0 | $ | - | $ | 1,965.0 | |||
Depreciation and amortization
|
(302.2 | ) | - | (302.2 | ) | ||||
Interest charges
|
(151.0 | ) | (29.9 | ) | (180.9 | ) | |||
Income tax (expense) benefit
|
(63.6 | ) | 34.1 | (29.5 | ) | ||||
Discontinued operations | - | (1.5 | ) | (1.5 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
157.8 | (7.7 | ) | 150.1 | |||||
Electric | Great Plains | |||||||||||
Utility |
Other
|
Eliminations
|
Energy
|
|||||||||
2011
|
(millions)
|
|||||||||||
Assets
|
$ | 9,483.4 | $ | 51.9 | $ | (417.3 | ) | $ | 9,118.0 | |||
Capital expenditures
|
456.6 | - | - | 456.6 | ||||||||
2010
|
||||||||||||
Assets
|
$ | 9,152.7 | $ | 66.3 | $ | (400.8 | ) | $ | 8,818.2 | |||
Capital expenditures
|
618.1 | - | - | 618.1 | ||||||||
2009
|
||||||||||||
Assets
|
$ | 8,765.3 | $ | 152.5 | $ | (435.0 | ) | $ | 8,482.8 | |||
Capital expenditures
|
841.3 | - | - | 841.3 | ||||||||
22.
|
DISCONTINUED OPERATIONS
|
23.
|
JOINTLY-OWNED ELECTRIC UTILITY PLANTS
|
Great Plains Energy
|
||||||||||||||||||
Wolf Creek
|
La Cygne
|
Iatan No. 1
|
Iatan No. 2
|
Iatan
|
Jeffrey
|
|||||||||||||
Unit
|
Units
|
Unit
|
Unit
|
Common
|
Energy Center
|
|||||||||||||
(millions, except MW amounts)
|
||||||||||||||||||
Great Plains Energy's share
|
47 | % | 50 | % | 88 | % | 73 | % | 79 | % | 8 | % | ||||||
Utility plant in service
|
$ | 1,473.8 | $ | 493.6 | $ | 667.9 | $ | 1,293.0 | $ | 364.4 | $ | 158.4 | ||||||
Accumulated depreciation
|
776.3 | 303.1 | 252.8 | 270.0 | 30.4 | 75.5 | ||||||||||||
Nuclear fuel, net
|
76.6 | - | - | - | - | - | ||||||||||||
Construction work in progress
|
39.4 | 79.1 | 6.5 | 5.9 | 30.2 | 5.3 | ||||||||||||
2012 accredited capacity-MWs
|
547 | 711 | 620 | 641 |
NA
|
174 | ||||||||||||
KCP&L
|
|||||||||||||||
Wolf Creek
|
La Cygne
|
Iatan No. 1
|
Iatan No. 2
|
Iatan
|
|||||||||||
Unit
|
Units
|
Unit
|
Unit
|
Common
|
|||||||||||
(millions, except MW amounts)
|
|||||||||||||||
KCP&L's share
|
47 | % | 50 | % | 70 | % | 55 | % | 61 | % | |||||
Utility plant in service
|
$ | 1,473.8 | $ | 493.6 | $ | 542.3 | $ | 985.1 | $ | 287.5 | |||||
Accumulated depreciation
|
776.3 | 303.1 | 207.9 | 261.3 | 26.0 | ||||||||||
Nuclear fuel, net
|
76.6 | - | - | - | - | ||||||||||
Construction work in progress
|
39.4 | 79.1 | 2.6 | 4.4 | 9.3 | ||||||||||
2012 accredited capacity-MWs
|
547 | 711 | 493 | 482 |
NA
|
||||||||||
24.
|
QUARTERLY OPERATING RESULTS (UNAUDITED)
|
Quarter
|
||||||||||||
Great Plains Energy
|
1st
|
2nd
|
3rd
|
4th
|
||||||||
2011
|
(millions, except per share amounts)
|
|||||||||||
Operating revenue
|
$ | 492.9 | $ | 565.1 | $ | 773.7 | $ | 486.3 | ||||
Operating income
|
41.2 | 115.6 | 262.7 | 60.3 | ||||||||
Net income
|
2.3 | 43.4 | 126.6 | 1.9 | ||||||||
Net income attributable to Great Plains Energy
|
2.4 | 43.4 | 126.5 | 2.1 | ||||||||
Basic earnings per common share
|
0.02 | 0.32 | 0.93 | 0.01 | ||||||||
Diluted earnings per common share
|
0.01 | 0.31 | 0.91 | 0.01 | ||||||||
2010
|
||||||||||||
Operating revenue
|
$ | 506.9 | $ | 552.0 | $ | 728.8 | $ | 467.8 | ||||
Operating income
|
62.0 | 134.9 | 243.8 | 31.6 | ||||||||
Net income (loss)
|
20.3 | 64.4 | 132.0 | (4.8 | ) | |||||||
Net income (loss) attributable to Great Plains Energy
|
20.3 | 64.3 | 132.0 | (4.9 | ) | |||||||
Basic earnings (loss) per common share
|
0.15 | 0.47 | 0.97 | (0.04 | ) | |||||||
Diluted earnings (loss) per common share
|
0.15 | 0.47 | 0.96 | (0.04 | ) | |||||||
Quarter
|
||||||||||||
KCP&L
|
1st
|
2nd
|
3rd
|
4th
|
||||||||
2011
|
(millions)
|
|||||||||||
Operating revenue
|
$ | 330.8 | $ | 383.4 | $ | 506.3 | $ | 337.8 | ||||
Operating income
|
26.5 | 77.8 | 169.2 | 47.7 | ||||||||
Net income
|
4.0 | 33.4 | 85.4 | 12.7 | ||||||||
2010
|
||||||||||||
Operating revenue
|
$ | 335.6 | $ | 372.6 | $ | 486.5 | $ | 322.4 | ||||
Operating income
|
40.5 | 84.7 | 163.6 | 22.6 | ||||||||
Net income
|
19.2 | 48.2 | 92.6 | 3.2 | ||||||||
·
|
Information regarding the directors of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Election of Directors.”
|
·
|
Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 required by this item is contained in the Proxy Statement section titled “Security Ownership of Certain Beneficial Owners, Directors and Officers - Section 16(a) Beneficial Ownership Reporting Compliance.”
|
·
|
Information regarding the Audit Committee of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Corporate Governance – Committees of the Board.”
|
Fee Category
|
2011
|
2010
|
||||
Audit Fees
|
$ | 1,125,215 | $ | 1,098,722 | ||
Audit-Related Fees
|
70,750 | 104,169 | ||||
Tax Fees
|
231,643 | 112,058 | ||||
All Other Fees
|
91,975 | - | ||||
Total Fees
|
$ | 1,519,583 | $ | 1,314,949 |
Financial Statements
|
||
Great Plains Energy
|
Page No.
|
|
a.
|
Consolidated Statements of Income for the years ended December 31, 2011, 2010 and 2009
|
56
|
b.
|
Consolidated Balance Sheets - December 31, 2011 and 2010
|
57
|
c.
|
Consolidated Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009
|
59
|
d.
|
Consolidated Statements of Common Shareholders’ Equity and Noncontrolling Interest for the years ended December 31, 2011, 2010 and 2009
|
60
|
e.
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2011, 2010 and 2009
|
61
|
f.
|
Notes to Consolidated Financial Statements
|
68
|
g.
|
Report of Independent Registered Public Accounting Firm
|
132
|
KCP&L
|
||
h.
|
Consolidated Statements of Income for the years ended December 31, 2011, 2010 and 2009
|
62
|
i.
|
Consolidated Balance Sheets - December 31, 2011 and 2010
|
63
|
j.
|
Consolidated Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009
|
65
|
k.
|
Consolidated Statements of Common Shareholder’s Equity for the years ended December 31, 2011, 2010 and 2009
|
66
|
l.
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2011, 2010 and 2009
|
67
|
m.
|
Notes to Consolidated Financial Statements
|
68
|
n.
|
Report of Independent Registered Public Accounting Firm
|
133
|
Financial Statement Schedules
|
||
Great Plains Energy
|
||
a.
|
Schedule I – Parent Company Financial Statements
|
157
|
b.
|
Schedule II – Valuation and Qualifying Accounts and Reserves
|
160
|
KCP&L
|
||
c.
|
Schedule II – Valuation and Qualifying Accounts and Reserves
|
161
|
Exhibit
Number
|
Description of Document
|
Registrant
|
|
2.1
|
*
|
Agreement and Plan of Merger among Aquila, Inc., Great Plains Energy Incorporated, Gregory Acquisition Corp., and Black Hills Corporation dated as of February 6, 2007 (Exhibit 2.1 to Form 8-K filed on February 8, 2007).
|
Great Plains Energy
|
2.2
|
*
|
Mutual Notice of Extension among Aquila, Inc., Great Plains Energy Incorporated, Gregory Acquisition Corp., and Black Hills Corporation dated as of January 31, 2008 (Exhibit 2.1.2 to Form 10-K for the year ended December 31, 2007).
|
Great Plains Energy
|
2.3
|
*
|
Mutual Notice of Extension among Aquila, Inc., Great Plains Energy Incorporated, Gregory Acquisition Corp., and Black Hills Corporation dated as of April 29, 2008 (Exhibit 10.1 to Form 8-K filed on April 30, 2008).
|
Great Plains Energy
|
3.1
|
*
|
Articles of Incorporation of Great Plains Energy Incorporated, as amended effective May 7, 2009 (Exhibit 3.1.1 to Form 10-Q for the quarter ended March 31, 2009).
|
Great Plains Energy
|
3.2
|
*
|
By-laws of Great Plains Energy Incorporated, as amended May 4, 2010 (Exhibit 3.1 to Form 8-K filed on May 5, 2010).
|
Great Plains Energy
|
3.3
|
*
|
Restated Articles of Consolidation of Kansas City Power & Light Company, restated as of October 26, 2010. (Exhibit 3.3 to Form 10-K for the year ended December 31, 2010)
|
KCP&L
|
3.4
|
*
|
By-laws of Kansas City Power & Light Company, as amended April 1, 2008 (Exhibit 3.2 to Form 8-K filed on April 7, 2008).
|
KCP&L
|
4.1
|
*
|
Indenture, dated June 1, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as Trustee (Exhibit 4.4 to Form 8-A/A filed on June 14, 2004).
|
Great Plains Energy
|
4.2
|
*
|
First Supplemental Indenture, dated June 14, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as Trustee (Exhibit 4.5 to Form 8-A/A filed on June 14, 2004).
|
Great Plains Energy
|
4.3
|
*
|
Second Supplemental Indenture dated as of September 25, 2007, between Great Plains Energy Incorporated and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on September 26, 2007).
|
Great Plains Energy
|
4.14
|
*
|
Eighth Supplemental Indenture dated as of December 1, 1993, to Indenture dated as of December 1, 1986 (Exhibit 4 to Registration Statement, Registration No. 33-51799).
|
Great Plains Energy
KCP&L
|
4.15
|
*
|
Eleventh Supplemental Indenture dated as of August 15, 2005, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.2 to Form 10-Q for the quarter ended September 30, 2005).
|
Great Plains Energy
KCP&L
|
4.16
|
*
|
Twelfth Supplemental Indenture, dated as of March 1, 2009, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.2 to Form 8-K filed on March 24, 2009).
|
Great Plains Energy
KCP&L
|
4.17
|
*
|
Thirteenth Supplemental Indenture, dated as of March 1, 2009, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.3 to Form 8-K filed on March 24, 2009).
|
Great Plains Energy
KCP&L
|
4.18
|
*
|
Fourteenth Supplemental Indenture, dated as of March 1, 2009, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.4 to Form 8-K filed on March 24, 2009).
|
Great Plains Energy
KCP&L
|
4.19
|
*
|
Fifteenth Supplemental Indenture, dated as of June 30, 2011, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.1 to Form 10-Q for the quarter ended June 30, 2011).
|
Great Plains Energy
KCP&L
|
4.20
|
*
|
Indenture dated as of December 1, 2000, between Kansas City Power & Light Company and The Bank of New York (Exhibit 4-a to Form 8-K filed on December 18, 2000).
|
Great Plains Energy
KCP&L
|
4.21
|
*
|
Term sheet for $150 million aggregate principal amount of 6.50% Senior Notes due November 15, 2011 (Exhibit 4-b to Form 8-K filed on November 19, 2001).
|
Great Plains Energy
KCP&L
|
4.22
|
*
|
Indenture dated March 1, 2002 between The Bank of New York and Kansas City Power & Light Company (Exhibit 4.1.b. to Form 10-Q for the quarter ended March 31, 2002).
|
Great Plains Energy
KCP&L
|
4.23
|
*
|
Supplemental Indenture No. 1 dated as of November 15, 2005, to Indenture dated March 1, 2002 between The Bank of New York and Kansas City Power & Light Company (Exhibit 4.2.j to Form 10-K for the year ended December 31, 2005).
|
Great Plains Energy
KCP&L
|
10.35
|
*+
|
Bonus Agreement dated as of May 5, 2009 between Great Plains Energy Incorporated and Michael J. Chesser (Exhibit 10.1.10 to Form 10-Q for the quarter ended June 30, 2009).
|
Great Plains Energy
KCP&L
|
10.36
|
*+
|
Discretionary Bonus Agreement dated as of May 5, 2009 between Great Plains Energy Incorporated and Terry Bassham (Exhibit 10.1.11 to Form 10-Q for the quarter ended June 30, 2009).
|
Great Plains Energy
KCP&L
|
10.37
|
*+
|
Retirement and Consulting Agreement among Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and John R. Marshall (Exhibit 10.1 to Form 8-K filed on May 5, 2010).
|
Great Plains Energy
KCP&L
|
10.38
|
*+
|
Consulting Services Assignment and Assumption Agreement between John R. Marshall and Coastal Partners Inc. (Exhibit 10.2 to Form 10-Q for the quarter ended June 30, 2010).
|
Great Plains Energy
KCP&L
|
10.39
|
*+
|
Retirement and Consulting Agreement among Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and Barbara B. Curry (Exhibit 10.1 to Form 8-K filed on May 5, 2010).
|
Great Plains Energy
KCP&L
|
10.40
|
*+
|
Retirement and Consulting Agreement dated May 20, 2011 between Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and William H. Downey (Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2011).
|
Great Plains Energy
KCP&L
|
10.41
|
*+
|
Agreement among Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and William G. Riggins dated as of October 26, 2010. (Exhibit 10.45 to Form 10-K for the year ended December 31, 2010)
|
Great Plains Energy
KCP&L
|
10.42
|
*
|
Asset Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated, and Gregory Acquisition Corp., dated February 6, 2007 (Exhibit 10.1 to Form 8-K filed on February 8, 2007).
|
Great Plains Energy
|
10.43
|
*
|
Partnership Interests Purchase Agreement by and among Aquila, Inc., Aquila Colorado, LLC, Black Hills Corporation, Great Plains Energy Incorporated, and Gregory Acquisition Corp., dated February 6, 2007 (Exhibit 10.2 to Form 8-K filed on February 8, 2007).
|
Great Plains Energy
|
10.44
|
*
|
Letter Agreement dated as of June 29, 2007 to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated, and Gregory Acquisition Corp., dated February 6, 2007 (Exhibit 10.1.1 to Form 10-Q for the quarter ended June 30, 2007).
|
Great Plains Energy
|
10.53
|
*
|
Letter Agreement dated as of May 29, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.5 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
|
10.54
|
*
|
Letter Agreement dated as of June 19, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.6 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
|
10.55
|
*
|
Letter Agreement dated as of June 27, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.7 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
|
10.56
|
*
|
Joint Motion and Settlement Agreement dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens’ Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008).
|
Great Plains Energy
KCP&L
|
10.57
|
*
|
Purchase Agreement, dated as of April 1, 2008, by and among Custom Energy Holdings, L.L.C., Direct Energy Services, LLC and Great Plains Energy Incorporated (Exhibit 10.1 to Form 8-K filed on April 2, 2008).
|
Great Plains Energy
|
10.58
|
*
|
Credit Agreement dated as of August 9, 2010 among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2010).
|
Great Plains Energy
|
10.59
|
First Amendment to Credit Agreement dated as of December 9, 2011 among Great Plains Energy Incorporated, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers.
|
Great Plains Energy
|
10.60
|
*
|
Credit Agreement dated as of August 9, 2010 among Kansas City Power & Light Company, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, The Royal Bank of Scotland PLC and BNP Paribas , as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2010).
|
Great Plains Energy
KCP&L
|
10.61
|
First Amendment to Credit Agreement dated as of December 9, 2011 among Kansas City Power & Light Company, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers.
|
Great Plains Energy
KCP&L
|
|
10.62
|
*
|
Credit Agreement dated as of August 9, 2010 among KCP&L Greater Missouri Operations Company, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, The Royal Bank of Scotland PLC and BNP Paribas , as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2010).
|
Great Plains Energy
|
10.63
|
First Amendment to Credit Agreement dated as of December 9, 2011 among KCP&L Greater Missouri Operations Company, Great Plains Energy Incorporated, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, The Royal Bank of Scotland PLC and BNP Paribas, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers.
|
Great Plains Energy
|
|
10.64
|
*
|
Guaranty dated as of July 15, 2008, issued by Great Plains Energy Incorporated in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Aquila, Inc., 7.75% Senior Notes due June 15, 2011 (Exhibit 10.4 to Form 8-K filed on July 18, 2008).
|
Great Plains Energy
|
10.65
|
*
|
Guaranty dated as of July 15, 2008, issued by Great Plains Energy Incorporated in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Aquila, Inc., 7.95% Senior Notes due February 1, 2011 (Exhibit 10.5 to Form 8-K filed on July 18, 2008).
|
Great Plains Energy
|
10.66
|
*
|
Guaranty dated as of July 15, 2008, issued by Great Plains Energy Incorporated in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Aquila, Inc., 8.27% Senior Notes due November 15, 2021 (Exhibit 10.6 to Form 8-K filed on July 18, 2008).
|
Great Plains Energy
|
10.67
|
*
|
Sales Agency Financing Agreement dated August 14, 2008 between Great Plains Energy Incorporated and BNY Mellon Capital Markets, LLC (Exhibit 1.1 to Form 8-K filed on August 14, 2008).
|
Great Plains Energy
|
10.68
|
*
|
Insurance agreement between Kansas City Power & Light Company and XL Capital Assurance Inc., dated December 5, 2002 (Exhibit 10.2.f to Form 10-K for the year ended December 31, 2002).
|
Great Plains Energy
KCP&L
|
10.69
|
*
|
Insurance Agreement dated as of August 1, 2004, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2004).
|
Great Plains Energy
KCP&L
|
10.70
|
*
|
Insurance Agreement dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.e to Form 10-K for the year ended December 31, 2005).
|
Great Plains Energy
KCP&L
|
10.71
|
*
|
Insurance Agreement dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.f to Form 10-K for the year ended December 31, 2005).
|
Great Plains Energy
KCP&L
|
10.72
|
*
|
Insurance Agreement dated as of September 19, 2007, by and between Financial Guaranty Insurance Company and Kansas City Power & Light Company (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2007).
|
Great Plains Energy
KCP&L
|
10.73
|
*
|
Purchase and Sale Agreement dated as of July 1, 2005, between Kansas City Power & Light Company, as Originator, and Kansas City Power & Light Receivables Company, as Buyer (Exhibit 10.2.b to Form 10-Q for the quarter ended June 30, 2005).
|
Great Plains Energy
KCP&L
|
10.74
|
*
|
Receivables Sale Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent, and Victory Receivables Corporation (Exhibit 10.2.c to Form 10-Q for the quarter ended June 30, 2005).
|
Great Plains Energy
KCP&L
|
10.75
|
*
|
Amendment No. 1 dated as of April 2, 2007, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended March 31, 2007).
|
Great Plains Energy
KCP&L
|
10.76
|
*
|
Amendment No. 2 dated as of July 11, 2008, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
KCP&L
|
10.77
|
*
|
Amendment dated as of July 9, 2009 to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.4 to Form 8-K filed on July 13, 2009).
|
Great Plains Energy
KCP&L
|
10.78
|
*
|
Amendment and Waiver dated as of September 25, 2009 to the Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2009).
|
Great Plains Energy
KCP&L
|
10.79
|
*
|
Amendment dated as of May 5, 2010 to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.2.2 to Form 10-Q for the quarter ended March 31, 2010).
|
Great Plains Energy
KCP&L
|
10.80
|
*
|
Amendment dated as of February 23, 2011 to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation. (Exhibit 10.5 to Form 10-Q for the quarter ended March 31, 2011).
|
Great Plains Energy
KCP&L
|
10.81
|
*
|
Amendment dated as of September 9, 2011 to Receivables Sale Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.1 to Form 8-K filed on September 13, 2011).
|
Great Plains Energy
KCP&L
|
10.82
|
*
|
Iatan Unit 2 and Common Facilities Ownership Agreement, dated as of May 19, 2006, among Kansas City Power & Light Company, Aquila, Inc., The Empire District Electric Company, Kansas Electric Power Cooperative, Inc., and Missouri Joint Municipal Electric Utility Commission (Exhibit 10.2.a to Form 10-Q for the quarter ended June 30, 2006).
|
Great Plains Energy
KCP&L
|
10.83
|
*
|
Stipulation and Agreement dated March 28, 2005, among Kansas City Power & Light Company, Staff of the Missouri Public Service Commission, Office of the Public Counsel, Missouri Department of Natural Resources, Praxair, Inc., Missouri Independent Energy Consumers, Ford Motor Company, Aquila, Inc., The Empire District Electric Company, and Missouri Joint Municipal Electric Utility Commission (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2005).
|
Great Plains Energy
KCP&L
|
10.84
|
*
|
Stipulation and Agreement filed April 27, 2005, among Kansas City Power & Light Company, the Staff of the State Corporation Commission of the State of Kansas, Sprint, Inc., and the Kansas Hospital Association (Exhibit 10.2.a to Form 10-Q for the quarter ended June 30, 2005).
|
Great Plains Energy
KCP&L
|
10.85
|
*
|
Joint Motion and Settlement Agreement dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens’ Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008).
|
Great Plains Energy
KCP&L
|
10.86
|
*
|
Stipulation and Agreement dated April 24, 2009, among Kansas City Power & Light Company, Staff of the Missouri Public Service Commission, Office of Public Counsel, Praxair, Inc., Midwest Energy Users Association, U.S. Department of Energy and the U.S. Nuclear Security Administration, Ford Motor Company, Missouri Industrial Energy Consumers and Missouri Department of Natural Resources (Exhibit 10.1 to Form 8-K filed April 30, 2009).
|
Great Plains Energy
KCP&L
|
10.87
|
*
|
Non-Unanimous Stipulation and Agreement dated May 22, 2009 among KCP&L Greater Missouri Operations Company, the Staff of the Missouri Public Service Commission, the Office of the Public Counsel, Missouri Department of Natural Resources and Dogwood
Energy, LLC (Exhibit 10.1 to Form 8-K filed on May 27, 2009).
|
Great Plains Energy
|
10.88
|
*
|
Collaboration Agreement dated as of March 19, 2007, among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.1 to Form 8-K filed on March 20, 2007).
|
Great Plains Energy
KCP&L
|
10.89
|
*
|
Amendment to the Collaboration Agreement effective as of September 5, 2008 among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.2.20 to Form 10-K for the year ended December 31, 2009).
|
Great Plains Energy
KCP&L
|
10.90
|
*
|
Joint Operating Agreement between Kansas City Power & Light Company and Aquila, Inc., dated as of October 10, 2008 (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2008).
|
Great Plains Energy
KCP&L
|
12.1
|
Computation of Ratio of Earnings to Fixed Charges.
|
Great Plains Energy
|
|
12.2
|
Computation of Ratio of Earnings to Fixed Charges.
|
KCP&L
|
|
21.1
|
List of Subsidiaries of Great Plains Energy Incorporated.
|
Great Plains Energy
|
|
23.1
|
Consent of Independent Registered Public Accounting Firm.
|
Great Plains Energy
|
|
23.2
|
Consent of Independent Registered Public Accounting Firm.
|
KCP&L
|
|
24.1
|
Powers of Attorney.
|
Great Plains Energy
|
|
24.2
|
Powers of Attorney.
|
KCP&L
|
|
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of Michael J. Chesser.
|
Great Plains Energy
|
|
31.2
|
Rule 13a-14(a)/15d-14(a) Certification of James C. Shay.
|
Great Plains Energy
|
|
31.3
|
Rule 13a-14(a)/15d-14(a) Certification of Michael J. Chesser.
|
KCP&L
|
|
31.4
|
Rule 13a-14(a)/15d-14(a) Certification of James C. Shay.
|
KCP&L
|
32.1
|
**
|
Section 1350 Certifications.
|
Great Plains Energy
|
32.2
|
**
|
Section 1350 Certifications.
|
KCP&L
|
101.INS
|
**
|
XBRL Instance Document.
|
Great Plains Energy
KCP&L
|
101.SCH
|
**
|
XBRL Taxonomy Extension Schema Document.
|
Great Plains Energy
KCP&L
|
101.CAL
|
**
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
Great Plains Energy
KCP&L
|
101.DEF
|
**
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
Great Plains Energy
KCP&L
|
101.LAB
|
**
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
Great Plains Energy
KCP&L
|
101.PRE
|
**
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
Great Plains Energy
KCP&L
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||
Income Statements of Parent Company
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Operating Expenses
|
(millions, except per share amounts)
|
||||||||
Selling, general and administrative
|
$ | 0.8 | $ | 1.2 | $ | 8.8 | |||
Maintenance
|
- | - | 0.2 | ||||||
General taxes
|
0.9 | 0.9 | 1.1 | ||||||
Total
|
1.7 | 2.1 | 10.1 | ||||||
Operating loss
|
(1.7 | ) | (2.1 | ) | (10.1 | ) | |||
Equity in earnings from subsidiaries
|
200.8 | 239.3 | 174.7 | ||||||
Non-operating income
|
24.7 | 3.4 | - | ||||||
Interest charges
|
(66.5 | ) | (44.7 | ) | (28.2 | ) | |||
Income from continuing operations before income taxes
|
157.3 | 195.9 | 136.4 | ||||||
Income tax benefit
|
17.1 | 15.8 | 15.2 | ||||||
Income from continuing operations
|
174.4 | 211.7 | 151.6 | ||||||
Equity in loss from discontinued subsidiary
|
- | - | (1.5 | ) | |||||
Net income
|
174.4 | 211.7 | 150.1 | ||||||
Preferred stock dividend requirements
|
1.6 | 1.6 | 1.6 | ||||||
Earnings available for common shareholders
|
$ | 172.8 | $ | 210.1 | $ | 148.5 | |||
Average number of basic common shares outstanding
|
135.6 | 135.1 | 129.3 | ||||||
Average number of diluted common shares outstanding
|
138.7 | 136.9 | 129.8 | ||||||
Basic earnings (loss) per common share
|
|||||||||
Continuing operations
|
$ | 1.27 | $ | 1.55 | $ | 1.16 | |||
Discontinued operations
|
- | - | (0.01 | ) | |||||
Basic earnings per common share
|
$ | 1.27 | $ | 1.55 | $ | 1.15 | |||
Diluted earnings (loss) per common share
|
|||||||||
Continuing operations
|
$ | 1.25 | $ | 1.53 | $ | 1.15 | |||
Discontinued operations
|
- | - | (0.01 | ) | |||||
Diluted earnings per common share
|
$ | 1.25 | $ | 1.53 | $ | 1.14 | |||
Cash dividends per common share
|
$ | 0.835 | $ | 0.83 | $ | 0.83 | |||
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
|
Great Plains Energy Incorporated
|
||||||||||||||||||
Valuation and Qualifying Accounts
|
||||||||||||||||||
Years Ended December 31, 2011, 2010 and 2009
|
||||||||||||||||||
Additions
|
||||||||||||||||||
Charged
|
||||||||||||||||||
Balance At
|
To Costs
|
Charged
|
Balance
|
|||||||||||||||
Beginning
|
And
|
To Other
|
At End
|
|||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
|||||||||||||
Year Ended December 31, 2011
|
(millions)
|
|||||||||||||||||
Allowance for uncollectible accounts
|
$ | 7.0 | $ | 13.7 | $ | 6.9 |
(a)
|
$ | 20.8 |
(b)
|
$ | 6.8 | ||||||
Legal reserves
|
10.2 | (0.1 | ) | - | 3.4 |
(c)
|
6.7 | |||||||||||
Environmental reserves
|
2.5 | - | - | - | 2.5 | |||||||||||||
Tax valuation allowance
|
26.6 | 0.1 | - | 2.8 |
(d)
|
23.9 | ||||||||||||
Year Ended December 31, 2010
|
||||||||||||||||||
Allowance for uncollectible accounts
|
$ | 7.1 | $ | 9.7 | $ | 6.9 |
(a)
|
$ | 16.7 |
(b)
|
$ | 7.0 | ||||||
Legal reserves
|
5.1 | 7.0 | - | 1.9 |
(c)
|
10.2 | ||||||||||||
Environmental reserves
|
2.4 | 0.1 | - | - | 2.5 | |||||||||||||
Tax valuation allowance
|
29.8 | 0.2 | - | 3.4 |
(d)
|
26.6 | ||||||||||||
Year Ended December 31, 2009
|
||||||||||||||||||
Allowance for uncollectible accounts
|
$ | 6.8 | $ | 8.7 | $ | 6.0 |
(a)
|
$ | 14.4 |
(b)
|
$ | 7.1 | ||||||
Legal reserves
|
10.2 | 2.6 | - | 7.7 |
(c)
|
5.1 | ||||||||||||
Environmental reserves
|
0.5 | 2.0 | - | 0.1 | 2.4 | |||||||||||||
Tax valuation allowance
|
75.8 | 57.0 | - | 103.0 |
(d)
|
29.8 | ||||||||||||
(a)
|
Recoveries.
|
|||||||||||||||||
(b)
|
Uncollectible accounts charged off.
|
|||||||||||||||||
(c)
|
Payment of claims.
|
|||||||||||||||||
(d)
|
Reversal of tax valuation allowance.
|
Kansas City Power & Light Company
|
||||||||||||||||||
Valuation and Qualifying Accounts
|
||||||||||||||||||
Years Ended December 31, 2011, 2010 and 2009
|
||||||||||||||||||
Additions
|
||||||||||||||||||
Charged
|
||||||||||||||||||
Balance At
|
To Costs
|
Charged
|
Balance
|
|||||||||||||||
Beginning
|
And
|
To Other
|
At End
|
|||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
|||||||||||||
Year Ended December 31, 2011
|
(millions)
|
|||||||||||||||||
Allowance for uncollectible accounts
|
$ | 1.5 | $ | 8.8 | $ | 4.5 |
(a)
|
$ | 13.4 |
(b)
|
$ | 1.4 | ||||||
Legal reserves
|
3.0 | 1.3 | - | 0.4 |
(c)
|
3.9 | ||||||||||||
Environmental reserves
|
0.3 | - | - | - | 0.3 | |||||||||||||
Year Ended December 31, 2010
|
||||||||||||||||||
Allowance for uncollectible accounts
|
$ | 1.7 | $ | 6.2 | $ | 4.3 |
(a)
|
$ | 10.7 |
(b)
|
$ | 1.5 | ||||||
Legal reserves
|
2.3 | 1.9 | - | 1.2 |
(c)
|
3.0 | ||||||||||||
Environmental reserves
|
0.3 | - | - | - | 0.3 | |||||||||||||
Year Ended December 31, 2009
|
||||||||||||||||||
Allowance for uncollectible accounts
|
$ | 1.2 | $ | 5.5 | $ | 3.9 |
(a)
|
$ | 8.9 |
(b)
|
$ | 1.7 | ||||||
Legal reserves
|
2.4 | 1.2 | - | 1.3 |
(c)
|
2.3 | ||||||||||||
Environmental reserves
|
0.3 | - | - | - | 0.3 | |||||||||||||
(a)
|
Recoveries.
|
|||||||||||||||||
(b)
|
Uncollectible accounts charged off.
|
|||||||||||||||||
(c)
|
Payment of claims.
|
Signature
|
Title
|
Date
|
/s/Michael J. Chesser
Michael J. Chesser
|
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
|
)
)
)
|
)
|
||
/s/James C. Shay
James C. Shay
|
Senior Vice President – Finance and Strategic Development and
Chief Financial Officer
(Principal Financial Officer)
|
)
)
)
)
|
)
|
||
/s/Lori A. Wright
Lori A. Wright
|
Vice President – Business Planning and Controller
(Principal Accounting Officer)
|
)
)
)
|
)
|
||
/s/Terry Bassham
Terry Bassham
|
Director, President and Chief Operating Officer
|
)
)
)
|
)
|
||
David L. Bodde*
|
Director
|
) February 28, 2012
|
)
|
||
Randall C. Ferguson, Jr.*
|
Director
|
)
|
)
|
||
Gary D. Forsee*
|
Director
|
)
|
)
|
||
Thomas D. Hyde*
|
Director
|
)
|
)
|
||
James A. Mitchell*
|
Director
|
)
|
)
|
||
William C. Nelson*
|
Director
|
)
|
)
|
||
John J. Sherman*
|
Director
|
)
|
)
|
||
Linda H. Talbott*
|
Director
|
)
|
)
|
||
Robert H. West*
|
Director
|
)
|
Signature
|
Title
|
Date
|
/s/Michael J. Chesser
Michael J. Chesser
|
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
|
)
)
)
|
)
|
||
/s/James C. Shay
James C. Shay
|
Senior Vice President – Finance and Strategic Development and
Chief Financial Officer
(Principal Financial Officer)
|
)
)
)
)
|
)
|
||
/s/Lori A. Wright
Lori A. Wright
|
Vice President – Business Planning and Controller
(Principal Accounting Officer)
|
)
)
)
|
)
|
||
/s/Terry Bassham
Terry Bassham
|
Director, President and Chief Operating Officer
|
)
)
)
|
)
|
||
David L. Bodde*
|
Director
|
) February 28, 2012
|
)
|
||
Randall C. Ferguson, Jr.*
|
Director
|
)
|
)
|
||
Gary D. Forsee*
|
Director
|
)
|
)
|
||
Thomas D. Hyde*
|
Director
|
)
|
)
|
||
James A. Mitchell*
|
Director
|
)
|
)
|
||
William C. Nelson*
|
Director
|
)
|
)
|
||
John J. Sherman*
|
Director
|
)
|
)
|
||
Linda H. Talbott*
|
Director
|
)
|
)
|
>
A-/A3
|
BBB+/
Baa1
|
BBB/
Baa2
|
BBB-/
Baa3
|
BB+/B
a1
|
<
BB/
Ba2
|
|
Pricing
|
Level I Status
|
Level II Status
|
Level III Status
|
Level IV Status
|
Level V
Status
|
Level VI Status
|
Applicable Margin for Eurodollar Advances and Letter of Credit Fee Rate
|
1.125%
|
1.25%
|
1.50%
|
1.75%
|
2.00%
|
2.25%
|
Commitment Fee Rate
|
0.125%
|
0.175%
|
0.225%
|
0.275%
|
0.375%
|
0.50%
|
Applicable Margin for Floating Rate Advances
|
0.125%
|
0.25%
|
0.50%
|
0.75%
|
1.00%
|
1.25%
|
BORROWER:
|
GREAT PLAINS ENERGY INCORPORATED,
a Missouri corporation
By:
/s/ Kevin E. Bryant
Name:
Kevin E. Bryant
Title:
Vice President – Investor Relations and Treasurer
|
ADMINISTRATIVE AGENT
|
BANK OF AMERICA, N.A.,
as Administrative Agent
By:
/s/ Kelly Weaver
Name:
Kelly Weaver
Title:
Assistant Vice President
|
LENDERS
:
|
BANK OF AMERICA, N.A.,
as a Lender, an Issuer and Swing Line Lender
By:
/s/ Patrick Martin
Name:
Patrick Martin
Title:
Director
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender, Syndication Agent and an Issuer
By:
/s/ Allison Newman
Name:
Allison Newman
Title:
Director
THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.,
as a Lender and as an Issuer
By:
/s/ Chi-Cheng Chen
Name:
Chi-Cheng Chen
Title: Vice
President
UNION BANK, N.A.,
as a Lender and Syndication Agent
By:
/s/ Susan K. Johnson
Name:
Susan K. Johnson
Title:
Vice President
BARCLAYS BANK PLC,
as a Lender
By:
/s/ David Barton
Name:
David Barton
Title:
Director
BNP PARIBAS,
as a Lender
By:
/s/ Francis DeLaney
Name:
Francis DeLaney
Title:
Managing Director
By:
/s/ Pasquale Perraglia
Name:
Pasquale Perraglia
Title:
Vice President
GOLDMAN SACHS BANK USA.
as a Lender
By:
/s/ Mark Walton
Name:
Mark Walton
Title:
Authorized Signatory
|
JPMORGAN CHASE BANK, N.A
as a Lender
By:
/s/ John E. Zur
Name:
John E. Zur
Title:
Authorized Officer
|
|
THE BANK OF NOVA SCOTIA
as a Lender
By:
/s/ Thane Rattew
Name:
Thane Rattew
Title:
Managing Director
|
|
THE ROYAL BANK OF SCOTLAND plc,
as a Lender
By:
/s/ Andrew N. Taylor
Name:
Andrew N. Taylor
Title:
Vice President
|
|
U.S. Bank National Association,
as a Lender
By:
/s/ Eric J. Cosgrove
Name:
Eric J. Cosgrove
Title:
Vice President
|
|
SUNTRUST BANK,
as a Lender
By:
/s/ Andrew Johnson
Name:
Andrew Johnson
Title:
Director
|
|
KeyBank National Association
as a Lender
By:
/s/ Craig A. Hanselman
Name:
Craig A. Hanselman
Title:
Vice President
|
|
The Bank of New York Mellon
as a Lender
By:
/s/ Hussam S. Alsahlani
Name:
Hussam S. Alsahlani
Title:
Vice President
|
|
UMB BANK, N.A.
As a Lender
By:
/s/ Robert P. Elbert
Name:
Robert P. Elbert
Title:
Senior Vice President
|
|
COMMERCE BANK
as a Lender
By:
/s/ Aaron M. Siders
Name:
Aaron M. Siders
Title:
Vice President
|
Lender
|
Commitment
|
Bank of America, N.A.
|
$18,400,000
|
Wells Fargo Bank, National Association
|
$18,400,000
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$9,200,000
|
Union Bank, N.A.
|
$9,200,000
|
Barclays Bank PLC
|
$13,600,000
|
BNP Paribas
|
$13,600,000
|
Goldman Sachs Bank USA
|
$13,600,000
|
JPMorgan Chase Bank, N.A.
|
$13,600,000
|
The Bank of Nova Scotia
|
$13,600,000
|
The Royal Bank of Scotland plc
|
$13,600,000
|
U.S. Bank National Association
|
$13,600,000
|
SunTrust Bank
|
$12,800,000
|
KeyBank National Association
|
$12,000,000
|
The Bank of New York Mellon
|
$12,000,000
|
UMB Bank, N.A.
|
$8,000,000
|
Commerce Bank
|
$4,800,000
|
Total
|
$200,000,000
|
Issuer
|
Letter of Credit Commitment
|
Bank of America, N.A.
|
$16,666,666.67
|
Wells Fargo Bank, National Association
|
$16,666,666.67
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$16,666,666.66
|
Total
|
$50,000,000.00
|
>
A-/A3
|
BBB+/
Baa1
|
BBB/
Baa2
|
BBB-/
Baa3
|
BB+/B
a1
|
<
BB/
Ba2
|
|
Pricing
|
Level I Status
|
Level II Status
|
Level III Status
|
Level IV Status
|
Level V
Status
|
Level VI Status
|
Applicable Margin for Eurodollar Advances and Letter of Credit Fee Rate
|
1.125%
|
1.25%
|
1.50%
|
1.75%
|
2.00%
|
2.25%
|
Commitment Fee Rate
|
0.125%
|
0.175%
|
0.225%
|
0.275%
|
0.375%
|
0.50%
|
Applicable Margin for Floating Rate Advances
|
0.125%
|
0.25%
|
0.50%
|
0.75%
|
1.00%
|
1.25%
|
BORROWER
:
|
KANSAS CITY POWER & LIGHT COMPANY, a Missouri corporation
By:
/s/ Kevin E. Bryant
Name:
Kevin E. Bryant
Title:
Vice President – Investor Relations and Treasurer
|
ADMINISTRATIVE AGENT
|
BANK OF AMERICA, N.A.,
as Administrative Agent
By:
/s/ Kelly Weaver
Name:
Kelly Weaver
Title:
Assistant Vice President
|
LENDERS
:
|
BANK OF AMERICA, N.A.,
as a Lender, an Issuer and Swing Line Lender
By:
/s/ Patrick Martin
Name:
Patrick Martin
Title:
Director
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender, Syndication Agent and an Issuer
By:
/s/ Allison Newman
Name:
Allison Newman
Title:
Director
THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.,
as a Lender and as an Issuer
By:
/s/ Chi-Cheng Chen
Name:
Chi-Cheng Chen
Title: Vice
President
UNION BANK, N.A.,
as a Lender and Syndication Agent
By:
/s/ Susan K. Johnson
Name:
Susan K. Johnson
Title:
Vice President
BARCLAYS BANK PLC,
as a Lender
By:
/s/ David Barton
Name:
David Barton
Title:
Director
BNP PARIBAS,
as a Lender
By:
/s/ Francis DeLaney
Name:
Francis DeLaney
Title:
Managing Director
By:
/s/ Pasquale Perraglia
Name:
Pasquale Perraglia
Title:
Vice President
GOLDMAN SACHS BANK USA.
as a Lender
By:
/s/ Mark Walton
Name:
Mark Walton
Title:
Authorized Signatory
|
JPMORGAN CHASE BANK, N.A
as a Lender
By:
/s/ John E. Zur
Name:
John E. Zur
Title:
Authorized Officer
|
|
THE BANK OF NOVA SCOTIA
as a Lender
By:
/s/ Thane Rattew
Name:
Thane Rattew
Title:
Managing Director
|
|
THE ROYAL BANK OF SCOTLAND plc,
as a Lender
By:
/s/ Andrew N. Taylor
Name:
Andrew N. Taylor
Title:
Vice President
|
|
U.S. Bank National Association,
as a Lender
By:
/s/ Eric J. Cosgrove
Name:
Eric J. Cosgrove
Title:
Vice President
|
|
SUNTRUST BANK,
as a Lender
By:
/s/ Andrew Johnson
Name:
Andrew Johnson
Title:
Director
|
|
KeyBank National Association
as a Lender
By:
/s/ Craig A. Hanselman
Name:
Craig A. Hanselman
Title:
Vice President
|
|
The Bank of New York Mellon
as a Lender
By:
/s/ Hussam S. Alsahlani
Name:
Hussam S. Alsahlani
Title:
Vice President
|
|
UMB BANK, N.A.
As a Lender
By:
/s/ Robert P. Elbert
Name:
Robert P. Elbert
Title:
Senior Vice President
|
|
COMMERCE BANK
as a Lender
By:
/s/ Aaron M. Siders
Name:
Aaron M. Siders
Title:
Vice President
|
Lender
|
Commitment
|
Bank of America, N.A.
|
$55,200,000
|
Wells Fargo Bank, National Association
|
$55,200,000
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$27,600,000
|
Union Bank, N.A.
|
$27,600,000
|
Barclays Bank PLC
|
$40,800,000
|
BNP Paribas
|
$40,800,000
|
Goldman Sachs Bank USA
|
$40,800,000
|
JPMorgan Chase Bank, N.A.
|
$40,800,000
|
The Bank of Nova Scotia
|
$40,800,000
|
The Royal Bank of Scotland plc
|
$40,800,000
|
U.S. Bank National Association
|
$40,800,000
|
SunTrust Bank
|
$38,400,000
|
KeyBank National Association
|
$36,000,000
|
The Bank of New York Mellon
|
$36,000,000
|
UMB Bank, N.A.
|
$24,000,000
|
Commerce Bank
|
$14,400,000
|
Total
|
$600,000,000
|
Issuer
|
Letter of Credit Commitment
|
Bank of America, N.A.
|
$25,000,000.00
|
Wells Fargo Bank, National Association
|
$25,000,000.00
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$25,000,000.00
|
Total
|
$75,000,000.00
|
>
A-/A3
|
BBB+/
Baa1
|
BBB/
Baa2
|
BBB-/
Baa3
|
BB+/B
a1
|
<
BB/
Ba2
|
|
Pricing
|
Level I Status
|
Level II Status
|
Level III Status
|
Level IV Status
|
Level V
Status
|
Level VI Status
|
Applicable Margin for Eurodollar Advances and Letter of Credit Fee Rate
|
1.125%
|
1.25%
|
1.50%
|
1.75%
|
2.00%
|
2.25%
|
Commitment Fee Rate
|
0.125%
|
0.175%
|
0.225%
|
0.275%
|
0.375%
|
0.50%
|
Applicable Margin for Floating Rate Advances
|
0.125%
|
0.25%
|
0.50%
|
0.75%
|
1.00%
|
1.25%
|
BORROWER
:
|
KCP&L GREATER MISSOURI OPERATIONS COMPANY, a Delaware corporation
By:
/s/ Kevin E. Bryant
Name:
Kevin E. Bryant
Title:
Vice President – Investor Relations and Treasurer
|
GUARANTOR
:
|
GREAT PLAINS ENERGY INCORPORATED,
a Missouri corporation
By:
/s/ Kevin E. Bryant
Name:
Kevin E. Bryant
Title:
Vice President – Investor Relations and Treasurer
|
ADMINISTRATIVE AGENT
|
BANK OF AMERICA, N.A.,
as Administrative Agent
By:
/s/ Kelly Weaver
Name:
Kelly Weaver
Title:
Assistant Vice President
|
LENDERS
:
|
BANK OF AMERICA, N.A.,
as a Lender, an Issuer and Swing Line Lender
By:
/s/ Patrick Martin
Name:
Patrick Martin
Title:
Director
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender, Syndication Agent and an Issuer
By:
/s/ Allison Newman
Name:
Allison Newman
Title:
Director
THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.,
as a Lender and as an Issuer
By:
/s/ Chi-Cheng Chen
Name:
Chi-Cheng Chen
Title: Vice
President
UNION BANK, N.A.,
as a Lender and Syndication Agent
By:
/s/ Susan K. Johnson
Name:
Susan K. Johnson
Title:
Vice President
BARCLAYS BANK PLC,
as a Lender
By:
/s/ David Barton
Name:
David Barton
Title:
Director
BNP PARIBAS,
as a Lender
By:
/s/ Francis DeLaney
Name:
Francis DeLaney
Title:
Managing Director
By:
/s/ Pasquale Perraglia
Name:
Pasquale Perraglia
Title:
Vice President
GOLDMAN SACHS BANK USA.
as a Lender
By:
/s/ Mark Walton
Name:
Mark Walton
Title:
Authorized Signatory
|
JPMORGAN CHASE BANK, N.A
as a Lender
By:
/s/ John E. Zur
Name:
John E. Zur
Title:
Authorized Officer
|
|
THE BANK OF NOVA SCOTIA
as a Lender
By:
/s/ Thane Rattew
Name:
Thane Rattew
Title:
Managing Director
|
|
THE ROYAL BANK OF SCOTLAND plc,
as a Lender
By:
/s/ Andrew N. Taylor
Name:
Andrew N. Taylor
Title:
Vice President
|
|
U.S. Bank National Association,
as a Lender
By:
/s/ Eric J. Cosgrove
Name:
Eric J. Cosgrove
Title:
Vice President
|
|
SUNTRUST BANK,
as a Lender
By:
/s/ Andrew Johnson
Name:
Andrew Johnson
Title:
Director
|
|
KeyBank National Association
as a Lender
By:
/s/ Craig A. Hanselman
Name:
Craig A. Hanselman
Title:
Vice President
|
|
The Bank of New York Mellon
as a Lender
By:
/s/ Hussam S. Alsahlani
Name:
Hussam S. Alsahlani
Title:
Vice President
|
|
UMB BANK, N.A.
As a Lender
By:
/s/ Robert P. Elbert
Name:
Robert P. Elbert
Title:
Senior Vice President
|
|
COMMERCE BANK
as a Lender
By:
/s/ Aaron M. Siders
Name:
Aaron M. Siders
Title:
Vice President
|
Lender
|
Commitment
|
Bank of America, N.A.
|
$41,400,000
|
Wells Fargo Bank, National Association
|
$41,400,000
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$20,700,000
|
Union Bank, N.A.
|
$20,700,000
|
Barclays Bank PLC
|
$30,600,000
|
BNP Paribas
|
$30,600,000
|
Goldman Sachs Bank USA
|
$30,600,000
|
JPMorgan Chase Bank, N.A.
|
$30,600,000
|
The Bank of Nova Scotia
|
$30,600,000
|
The Royal Bank of Scotland plc
|
$30,600,000
|
U.S. Bank National Association
|
$30,600,000
|
SunTrust Bank
|
$28,800,000
|
KeyBank National Association
|
$27,000,000
|
The Bank of New York Mellon
|
$27,000,000
|
UMB Bank, N.A.
|
$18,000,000
|
Commerce Bank
|
$10,800,000
|
Total
|
$450,000,000
|
Issuer
|
Letter of Credit Commitment
|
Bank of America, N.A.
|
$16,666,666.67
|
Wells Fargo Bank, National Association
|
$16,666,666.67
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$16,666,666.66
|
Total
|
$50,000,000.00
|
Name of Company
|
State of Incorporation
|
Kansas City Power & Light Company
|
Missouri
|
KCP&L Greater Missouri Operations Company
|
Delaware
|
/s/ David. L. Bodde
David L. Bodde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Gary D. Forsee
Gary D. Forsee
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Randall C. Ferguson, Jr.
Randall C. Ferguson, Jr.
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ John J. Sherman
John J. Sherman
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ James A. Mitchell
James A. Mitchell
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ William C. Nelson
William C. Nelson
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Linda H. Talbott
Linda H. Talbott
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Robert H. West
Robert H. West
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Thomas D. Hyde
Thomas D. Hyde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ David L. Bodde
David L. Bodde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Randall C. Ferguson, Jr.
Randall C. Ferguson, Jr.
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Gary D. Forsee
Gary D. Forsee
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ John J. Sherman
John J. Sherman
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ James A. Mitchell
James A. Mitchell
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ William C. Nelson
William C. Nelson
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Linda H. Talbott
Linda H. Talbott
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Thomas D. Hyde
Thomas D. Hyde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
1.
|
I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report:
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 28, 2012
|
/s/ Michael J. Chesser
|
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report:
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 28, 2012
|
/s/ James C. Shay
|
|
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report:
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 28, 2012
|
/s/ Michael J. Chesser
|
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report:
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 28, 2012
|
/s/ James C. Shay
|
|
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
/s/ Michael J. Chesser
|
|
Name:
Title:
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
Date:
|
February 28, 2012
|
/s/
James C. Shay
|
|
Name:
Title:
|
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
Date:
|
February 28, 2012
|
/s/ Michael J. Chesser
|
|
Name:
Title:
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
Date:
|
February 28, 2012
|
/s/
James C. Shay
|
|
Name:
Title:
|
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
Date:
|
February 28, 2012
|