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Kansas City Power & Light Co Annual Rept 1994
	ML20081H163
Person / Time
Site:	Wolf Creek
Issue date:	12/31/1994
From:	Jennings D; KANSAS CITY POWER & LIGHT CO.
To:	;
Shared Package
ML20081H134	List: ML20081H130; ML20081H157; ML20081H163;
References
	NUDOCS 9503240116
	Download: ML20081H163 (43)
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I I L YEHH HT H GlHHEE l Ilourd increased quarterly comnum stock dividend to $0.38 per sharc. i EPS, reficcring a 50.22 charge for the early rctirement program, was $1.64, cmnpared to $1.66 in 1993. ii 0 12% of uvrk force accepecd voluntary carly retirement. i E Wolf Crcck's seventh refueling outage comp!cred in plant record 47% days. i liigh plant availability and knc fuel costs alhnted for record bulk power sales. 1 Distribution system to be automated with cc!! alar technology. I a KLT Inc. expands investments in unregulated businesses. l t Total rerum to annrrum sharehohlers in 1994 uns 9.0% compared to an c!cctric utility merage decline of 11.6%. 4 1 ] Company positioned for increased cmnpctition. i i i i i i R 11 0 H T THE C 0 Hi P R R Y Kansas City Power & Light Company provides electric power to a vibrant, growir3 id diversi6ed service terntory i encompassmg metropolitan Kansas City and parts of Kansas and hiissouri. lieadqu. red in downtown Kansas j City, hiissouri, the Company generates and distnbutes electricity to more than 424,000 customers in a 4,700%piare-mile area located in 23 counties in western hiissouri and eastern Kansas. Included in a diverse customer base are 372,000 residences, 50,000 commercial 6rms, and over 2,000 inJustrials, municipalities and ether electric utihties. Ahiut two-thirds of the total retail kilowatt-hour s. des and 1 revenue are from hiissouri customers and the remainder froin Kansas customers. KCPL is a low-cost pniJucer and leader in fuel ptucurement and plant technology. KLT Inc., a wholly-owned subsidiary, pursues opportunities in unregulated, energy.related businesses. 3 7v ) i '2 3 1

H ISH l1 SHTS 0 F TH E Y E 11 R m ll 2 x Year Ended December 31 Percent 506 increase 1994 1993 IDecreaSe} E 50 Total 0;wrating Revenues (000's) $ 868,272 $ 857,450 1.3

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Annual [ashlhtadends Net income (0&s) $ 104,775 $ 105,772 (0.9) Pet sha Earnings Available for Cornmon (000%) $ 101,318 $ 102,619 (1.3) Average Number of Shares 61,903,437 61,908,726 Per Conunon Share: un, Earnmes 1.64* 1.66 (1.2) g. Ihvidends 1.50 1.46 2.7 g Ih.L \\'alue 14.13 13.99 1.0 Year end Simk Pnce 23 % 23 1.6 -40 s, Retum on Year-end Conunon Equity (%) 11.6 11.8 (1.7) --:c s. Common lin idend Pavout (%) 91* SS 3.4 mn.m,,,, E Construction Expenditures (000's) 124,965 $ 129,199 (3.3) 51;rar Retunitn[cmmon Electric l'lant (005) $ 3,330,478 5 3,240,384 2.8 stockinuestment

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Selected Statistics (OM) Retad Kdowatt. hour Sales 11,559,980 11,303,655 2.3 Peak Load-Summer (Lw) 2,714 2,819 (3.7) Peak lead-Winter (Lw ) 1,810 1,713 5.7 _5.s Averace Nutnber of Retail Customers 424,262 419,244 1.2 y Number of Common Sharehollers 31,613 31,267 1.1 Capitah:ation (% of total) $A Conunon Equity 50 51 l' Prefened Stock 5 5 g,,y y. y, ,4 long-term llebt ** 45 44 !nne Term kht interest Expense Imdhans! Reflects a $0.22 per share (harge for tosts of a voluntar) carl) retirement program Excludes current maturities Nm k... c4 ro Od & N.is oral t 's.i, 10 4T.) ( hel (75 41.) futilths toTotal h3KCPE =- hata: 50 E pri mill:Dn Btu Ikt 17t7p lichltki lim Mrsn Systrir $D 70 prf milliur Stu 3

3 d .d i ) i 1 i i a Y l l .? i I a i I i 1 4 i l Iw Jenninc I I i l TETTER fRDm T 11 E PHESIDERT i i To Our ShareholJers: I We are pleased to report a year of conunucJ pn gress in unplementing our business plans aimed at retaining growth i 1 j inherent in our traJitional markets, and enhancmg growth by way of investments in new and unregulated business t opportunines. In aJJition to our 1994 total return to shareholders of 9.0%, our fiveqear average annual total ) G return of 13.6"4i compares l The IbarJ of threctors increased the quarterly JividenJ on common stock to 3Sv per share in 3 l August, a 2.7% increase, yieldmg an indicateJ annual level of $1,52 per share. That action retlected a I con 6Jence in our business plans, and the strength of our earnings which were $1.64 per share for the year, I I after the effect of a one-time charge of 22v per share for our voluntary early retirement program. t While we clearly recogni:e that we soll face considerable challenge in the near term, we are grati6ed by strong pedonnance in some Ley areas: i l I l The regional ccmmmy continued to shme signs of stability and modest grmeth, as it has consistently done. Our forecasts suggest annual retail clectric sulcs grmeth of about 2.5% oirr the next decade, compared to a national average of al+roximately 1.6% l l i l Fossil fueled generating plant availability achieted an atrsage ic<rl of 89% for the year, comparing quite fawrably to the 10 ycar industry average of 81% i System delivered fuct costs remained rematlably h,w-unne of the imccs: in the region-ot 76v per million 13ru. l i l Reflected in that average utse nuclear fuel costs of 35c per million litu, and fossil fuel costs of 90c per million lltu. j Aggicssive management of fucl procurement and transportation account for these scsults. l l f l The integrity and seliability of our delivery systems-both distribution and high voltage tsansmission-ed quite l high, despite some inodest storm activity during the year. i 1 i l i 4 + i t

Wolf Crcck Generating Station, our sole nacicar unit in customer classes that were traditionally bundled together which we have a 47% onnership share, cmnpleted its under common kuh rates. New technologies are being seventh refueling and maintenance outage in a plant introduced that offer not only cost sav ng opportunities, record 4Tb dayst Wolf Creck's best previous refueling but the prospects for an enhanced menu of services-thus perfonmmcc consumed 66 days. adding value-to all customers. For example, we are now testing and hope to soon deploy a cellular, or During the first half of the year, the Company offered a wireless, network of meter reading anJ voluntary early retirement program to smne 411 cligibic electric system automation equipment. l cmployces, 332 of whom, or 12% of our work force, The wireless system lends itself to c!cceed to accept the offer. After the one-time experuc of rapid derhiyment, and the avoidance that program, the Company expects to rculi:e estimated oflengthy and expensive construction annual payroll savings arcraging 13v per sharc during requirements. 1995 through 1998. Perhaps the clearest example of KCPL's response to change in our industry is KLT Inc., our l A combination of high generating plant availability with wholly-owned subsidiary first descnbed to you some two ime fuct costs enab!cd the sale of a record $76 million years ago. Formed to serve as a holJing company for other in bulk power sales to regional companics ami sysicms. unregulated ventures into energy related businesses, KLT Those sales accounted for orcr 28% of our total kwh Inc. now has over $90 million of consohdated assets sales. Bulk power sales arc expected to remain robust invested in independent piwer marketing and for the next several years. development, energy management services, affordable housing and venture capital opportunities. Negotiations By traditional utihiy measurement standards, contmue to denlop joint ventures in natural gas the Company is operating m excellent fashion. However, exploration and production. Two of the Company's most change resulting from passa,:e of the National Energy senior managers-Bernard J. Beaudoin and Ronald G. Policy Act of 1992 continues to sweep our industry. Wasson, both formerly senior vice presidents of the Movement toward deregulanon anJ market-based Compmy-have accepted full-time responsibilities with competition dominates the pilicies of the Federal Energy KLT Inc. commencing in January 1995. They uill be Regulatory Commission. Most of that commission's supported by other, experienced members of the recent activity has focused on electric transmission Companis professional staff, who will also transfer to full-facilities and related services, as the commission struggles time KLT Inc. employment. Our investment of significant to introduce free market concepts to that aspect of our capital and experienced management personnel in KLT busmess. Policy response by the various state regulatory Inc reflects the depth of our commitment commissions to these national policy changes has been to and our optimism for KLT Inc.'s quite diverse. For the most part, the Jivergence in federal prospects. and state policies is becotning increasingly pronounced. Our business plans are Dunng this time of transition, the Company has designed to enhance the value of your sought not only new ways to serve its traditional core investment in the Company by capturing growth beyond that offered in markets, but has intensified its search for new technologies, impnned methods and new business our traditional market, while not neglecting oppirtunities. Much more aggressis e marketing strategies the importance of high quality service to that market. Your and nograms have been developed to deal with the mvestment anJ your conidence are most appreciated. increasingly dn erse needs of traditional customers. For example, long-tenn supply contracts with major For the Board of Directors, industnal customers have been customi:ed to meet those individual customers' needs m retum for comnutted m _ " ~ ~ ~ energy purchases from KCPL. Long tenu contracts are in place or under negotianon for a sigmficant ponion of the ContpanyI Industrill sa!es. Analyses are underway to Drue Jennings separately otter and pnce services to customers anJ Chammm of the Board and President 5

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The stabihty and strength of the Company's fundamental business are clear advantages as we move forward to an increasingly competitive energy marketplace. This foundation has been developed over the past several years through business decisions that a have resulted in measurable benefits. While preparing for competition is one thing, the real challenge is to stay a step ahead of the competition. The Company continues to be an industry leader in fuel-cost management that includes leth transportation and direct fuel costs. Our Jelivered fuel costs continue to be among the lowest in the region at $0.76 per smilion Bru. These low fuel costs, coupled with stmerior plant perfonnance allow the Company to keep retail prices stable, and to sell large volumes of ] I energy into the bulk power market, more than 28% of l total kwh sales, without aJdmg new generating capacity. 1 Much effort has been placed on cost Oromi:auonal change uschm the eviJenced by the early retirement cmnpany has containment as i pnyram. We're not just looking for ways to remove d"#*Pd ' 'ClI#C' the pourrful i costs from the business, we are also huking to dynamics of l cmnperitwn m our i technology. For example, in 1994 we began deploying jyj l cellular technology in the form of a wireless network of I I remote metering and electric system automation f I equipment. When completed in 1996, this system will provide the basis for new and adJed value j ] retail services in an environment of growing 'i competition for customer loyahy. f More aggressive marketing strategies and programs are being implemented. Long term service l contracts are in place or under negotiation representing e l a sigtuficant portion of sales to industrial customers. f 1 These prograins are builling the foundation j l for us to progrr in the future anJ stay a step ahead of A 5 j the competition.

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J lrl9 )), g,,9 q q, 3 pp s 4 $ if0( l J ll,lll hlp i f f jJJllj $ bI hl ' j[ llj, j) j j ll , fi b li. U (j '. 11 l ' llf II!d ' 3,' ( f f ! i p u i.t. U ll' NIH il! $ hjf t M lt. l .l D f! p6'llp h' illi p, MD ilil, i u s i l fli l, 16 $ U lf i Uti I i rit bi' noin a n < s m # m.in m nens p,nium,nj an,w.no ,n n.,u u un g T<& a c<nnpentwe pha, ur must scck Business partnership is the model we know partnenhips and allances char J and use for enhanced growth and value. In some complement KCPL's cases we match our capital and expertise with expenise en cncrgy-businesses whose access to new and emerging i markets proviJes growth opportunity. In other cases, our capability to deploy and implement operating technology provides a unique benefit to our partners. In all cases the partnerships blend distinctive and complementary strengths of both to achieve a gteater benefit than either could accomplish alone. Our newly formed subsiJianes are examples of this malel in action. We expect as much as 30% of our conmlidated earnings to originate from these { companies within a decade. With over $90 mdhon invested so far in inJependent power marketing, 3 E energy management services, venture capital and ] = affordable housing mvestment projects, we are a t' B Strategic partartships and alliantes through our subsidiattes are gitiing us new opputunities for 8-

s committcJ to the future. All of these projects or businesses underway involve active or pn>spective partners. Negotiations continue to Jevelop joint ventures in natural gas exploration and rnduction. Deployment of the wireless commun-ication technology for Jistnbution automation and remote meter reading, mentioned earlier, is a partnership in our core business that provides g., g, sg,d, both operatmg efficiencies and growth oppor, trained anJ capable uurk force, accinnaced tunities through investment and Jevelopment of ro change and ready for a more comperitwe new services. niur-r. Ili toncally, our pannerships with other utilities in g:neration and transmission have offered both beneht and operating experience. Our l ability to leverage this experience into other, lucrative ventures is an opportunity presented by the new era of change and competition. l l l Ditt optimism about competition arid the sttrtgths cf out partnerships att f annded on a beltriin the capabilities of out emplogres. 9

_ _ _ _ ~. The steaJy growth and development of the Kansas City aiea economy is a strong foundation for the Company's forecasted growth and competitiveness in the future. Significant indicators of hical economic vitality are: a Kansas City area unemployment rate of 4.6%,1.5% below the national average; growth in luth Pubhc manufacturing and service sector employment; growth unpn n ement in real consumer income levels; robust construction l'rotech, c4unshin of nmirnthm and activities as demonstrated by the highest level of new emcrramment faahnes. awf resiantial construction since 1987. redewlogncm Kansas City's progress in economic mmarnrs are m.hcarne of cnic development and civic projects included the opening of and busmcu re:mvstment for a technical support center for Gateway 2000, the che fiaure. nation's leading direct seller of personal computers, adJmg 750 jobs to the area's economy. In aJJition, the expansion or relocation of 14 additional companies to O the area during the year added another 1,200 jobs. The new $130 million Bartle Hall Convention Center addition attracts lucrative convention business to the area. Strategic planning and development efforts launched by the city in 1994 offer y a framework for development and growth of the city in the coming decaJes. Entitled FOCUS Kansas City, the { broad based undertaking is receiving critical acclaim from urban planners nationally. ~ Generally free from wide swings in economic g g performance, Kansas City is a premier hication for those companies and people seeking steady, dependable ~ growth. As the maga:ine, Arca Dettlopnent stated in = ~ August 1994: " Kansas City's reality is the stuff of dreams for other Amencan cities." 1 ~b. = l

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Kansas Cny per & Light Gunrany lilanagentent's Discussion and Rnalysis of financial Candition and Results of Dperations Regulation and The electric utihty industry is currently undergoing fundamental changes in response to increasing competition. To Competitian achieve its desired market position in this changing environment, the Company continues to modify its business pocesses to operate more efficiently and cost effectively, and is devekymg energy related businesses through its subsidiary, i KLT Inc. In order to take advantage of opputunities gesented through increased competition, the Company may, from time to time, consider various business strategies including partnenhips, acquisitions, combinations, additions to or dispwitions of service territory, and restructuring of wholesale and retail businesses. The National Energy Policy Act of 1992 (NEPA) gave the Federal Energy Regulatory Commission (FERC) the authority to requtre electric utihties to provide wholesale transmission lme access (wholesale wheeling) to independent power pnducen (IPPs) and other unhties. Although NEPA pohibits FERC from ordering retail wheeling (allowing retail - customers to select a different power pnducer and use the transmission facihties of the host unhty to deliver the energy), it does not gerent the state commissions from doing so. The state commissions however, may be peempted by other pnnisions of the Federal Power Act or relevant povisions of state laws. Although the Missouri Public Senice Commission (MPSC) and the Kansas Corp > ration Commission (KCC) have not changed regulatory pobey relating to mandated wholesale or retail compention, certam other state commissions are actively planning the transition to a competitive environment. If retail wheeling were allowed or mandated, the compention would gesent growth opportunities for low cost energy poducen and rists for higher-cost poducers with large industnal customen able to select less expensiv. puviders. The loss of major customers could result in under utilized assets (stranded investment) placing a costly burden on the remaining customer base or shareholders. The Company beheves it is pwirioned well and has a diverse customer mix with less than 16% of total sales derived from industrial customen as compared to the utihty average of appoximately 35%. Its industrial rates are competitively priced compared to the regional average and its rate structure allows flexibdity m setting rates. In addition, long-term contracts are in place or under negotiation for a sigmficant ponion of the Company's industrial sales. r increased competition could aho force utihties to change accounting methods. Financial Accounting Standards Board (FASB) Statement No. 71 - Accounting for Certain Types of Regulation, applies to regulated entities whose rates are designed to recover the costs of povidmg senice. An ennty's operations could cease to meet the requirements of FASB 71 for various reasons, including a change in regulation or a change in the competitive environment for a company's regtdated senices. For those operations no longer meeting the requirements of regulatory accounting, regulatory assets would be wntren off and other asseis adjusted and evaluated for impairment. In a competitive environment, asset recoverabihty would be detennined using market-based rates which could be lower than traditional cost-based rates. The Company has not had direct competition for retail electric 3enice in its senice territory although there has been competition i in the bulk power market and between attemative fuels. See Note I to the Consolidated Financial Statements for a i discussion of the Company's regulatory assets which wdl be maintained as long as the Company continues to meet the requirements of FASB 71. A. I 1 !!an Regulated KLT Inc. was formed in 1992 as'a holdmg company to pursue non regulated, energy related business ventures to 2 Opportumties supplement the growth from electric utility operations. KLT Inc. has invested in the following sholly-owned, non regulated subsidiaries: KLT Power Inc. (non-regulated power pnduction), KLT Energy Services Inc. (energy senices including energy audits and efficient equipment), KLT Gas Inc. (oil and gas reserves), and KLT Investments Inc. (passive investment opportunities including atTordable housing limited partnership). As of December 21,1994, the consohdated assets of KLT Inc. totaled appoximately $90 million, including capital contributions from Kansas City Power & Light Company of $37 milhor. Management anticipates total subsidiary assets of up to $800 million within the next 10 years, consistmg of approximately $200 million in equity investment from Kansas City Power & Light Company and the remainder through subsidiary borrowings. 4 4 4

a ~~~ Kansas Gry Powet & Light Gunpany ' Ki!DWatt-l!Cui(HWh} Sales andDettricOperatmg Berenues Sales and revenue data: Increase (Decrease) from Prior Year 1994 1993 Kwh Revenues Kwh Revenues (millions) (millions) Retail sales: Residential 2% 1 13 % 30 Gnnmercial 3% 1 3% 9 Industrial 2% (5) 3% 3 Other (4)% 1% Totalretail 2% (3) 6 %. 42 Sales for resale: Bulk power sales 27 % 15 27 % 13 Other (20)% (1) 5% Totaloperating revenues 11 55 Effective January 1,1994, Missouri retail rates were reduced 2.66%, or approximately $12.5 million annually, resulting from the end of the Wolf Creek Generating Station (Wolf Creek) rate phase-in amonization. Other tanffs have not changed materially since 1988. However, the amorti:ation of the Regulatory Asset-Deferred Wolf Creek Costs ends in 1996 and may result in future rate adjustments. By agreement with the MPSC and public counsel, none of the panies can unilaterally file for a general increase or decrease in Missouri retad rates to be effective prior to January 1,1996. Approximately two-thirds of the Company's retail sales are to Missouri customers. Despite the Missouri rate reduction, residential and commercial revenues increased in 1994 reflecting kud growth and more normal weather patterns compared to 1993 and 1992. Based on cooling degree days above 65 degrees Fahrenheit, l summer temperatures remained below normal for the third consecutive year, although 1994 temperatures increased slightly over the mild temperatures of 1993 and significantly over the abnormally cool temperatures of 1992. While industrial kwh sales continued to increase,1994 industrial revenues decreased from 1993 reflecting the 2.66% Missouri rate reduction, customi:ed long-term sales contracts and additional load management cunailment credits. I ne Gwnpany has entered into long-term sales contracts with major industrial customers to respond to their needs in return for their commitment to purchase energy from the Company. Long term contracts are in P ace or under l negotiation for a significant ponion of the Company's industrial sales. Curtailment credits were granted to cenain industrial customers in exchange for reduced energy consumption during peak periods. Both programs have enhanced the Compamy's competitive position and improved overall power generating efficiencies and hiad factors, while boosting consumption and providmg short-tenn and long-term capacity savings. i increases in bulk power sales dunng 1994 and 1993 reflect higher unit availability and greater emphasis on new interchange markets. Total revenue per kwh sold varies with changes in the mix of kwh sales among customer classifications and the effect on certain classifications of declining price per kwh as usage increases. An automatic fuel adjustment provision applies to less than 1% of revenues. t Future kwh sales and revenues per kwh will be affected by national and kical economic conditions, weather conditions and customer conservation efforts. Competitive forces, including alternative sources of energy such as natural gas, cogeneration, IPPs and other electric utihties, may also affect future sales and revenue. The level of bulk power sales in the future will l depend upon system requirements, generating unit availability, fuel costs and the requirements of other electric systems. f I l f l

Kanecry rowr uela cunrany i heland Althcagh combined fuel and purchased pwer costs have increased since 1992 to suppn additional sales, the price of l l Purchased Power delivered coal has decreased more than 13% during that time. His decrease is due largely to reduced freight rates and - favorable spor market conditions durmg recent years. Spot market purchases have allowed the Company to acquire coal at prices bek>w long-term contract rates. However, due to increasing demand for low-sulfur coal, the Company is again securing a larger percentage of coal through medium-tenn agreements. The cost of nuclear fuel has increased more than 10% since 1992. Based on contract prices and projected future spor market prices, the cost of nuclear fuel is expected to increase from its current level of 40% to roughly 50% of the price of coal by 1996. Coal accounts for approximately 75% of generation and nuclear fuel about 25%. Increases in fuel costs during 1994 and 1993 were also parnally offset by lower replacement power expenses associated with Wolf Creek outages (includmg the ongoing accrual discussed in Note I to the Consolidated Financial Statements Wolf Creek Refueling Outage Cmts). Replacement power expenses for 1994 decreased $2 million fmm 1993 reflecting Wolf Creek's 47 day refueling and maintenance outage versus the 73 day refueling outage in 1993. The 1993 expenses decreased $6 million . from 1992 when the unit experienced unexpected outages. The Company has entered into capacity purchase contracts to provide a cost-effective ahernative to constructing new capacity. These purchases, included in purchased power, have increased fmm $7 million in 1992 to $13 million in 1994. Other Operationand Other operation expenses for 1994 increased over 1993 due primarily to the costs associated with a voluntary early !!1aintenance f.xpenses retirement program. He Company expensed $22.5 million ($0.22 per share) during 1994 representing total program costs. These costs were partially offset by the savings from reduced payroll and benefits after the June 30,1994 retirements. Savings are expected to offset the program costs in less than two years. Other operation expenses increased during 1993 reflecting increased generating plant production expenses and higher levels of administrative and general expenses. These increases are due mainly to increased wages and employee benefits, and the accrual of postretirement benefits which began in 1993 (see Note 2 to the Consolidated Financial Statements). The Company continues to place increased emphasis on new technologies, improved methods and cost control. l Processes are being changed to provide increased efficiencies and improved operations. Through the use of cellular technokigy, a majority of customer meters wdl be trad automatically by the end of 1996. These types of changes have allowed the Company to assimilate work performed by those who elected to participate in the early retireraent program. fieneralIaXcS Components of general taxes (in thousandsh 1994 1993 1992 Property taxes $ 46,895 $ 45,545 $ 44,300 Gross receipt 3 taxes 40,397 40,659 39,232 Other general taxes 9,070 9,455 8,929 Total general taxes $ 96,362_._- __$ 95,659. -. - -_ _ $ 92,461.- Increases in propeny taxes since 1992 reflect increases in state and kical tax levies and assessments. Gross receipts tax varies directly with Missouri billed revenues. l i OtherIncar and he 1994 income t x benefit includes amounts related to corporate owned hfe insurance contracts, and tax benefits ( Deductions resulting from affordable housing credits and interest deductions. Miscellaneous for 1992 incluJes gains fmm the sale of l property and other contract bettlements, l lHiereSt fhafgeS Dechnes in long-term interest expense since 1992 reflect kiwer average interest rates and the retirement, repay nent or refinancing of debt. Ac Cor pany'6 average interest rate on long-term debt,includmg current maturities, declined to 5.4% in 1994 compared to 6.0% in 1993 and 6.6% in 1992. Variances in short-term nterest expense reflect the changing levels of shon term debt outstandmg. The average daily outstandmg balance of shon. term debt was $23, $16 and $60 million in 1994,1993, and 1992, respectively. L

7; Kansas City Power & Light Company Iarmgs!)er Sls(EPSI EPS for 1994 decreased only $0.02 from 1993 despite the one-time $22.5 million ($0.22 pr chare) impact of the voluntary early retirement pmgram (see Note 2 to the Consolidated Financial Statements). Summer temperatures remained below normal in 1994 and 1993, despite an increase in both years over the abnormally cool summer temperatures of 1992. Based on a statistical relationship between kwh sales and the differences in actual and normal temperatures for the year, the effects of abnormal weather for the last three years were estimated as follows: 1994 1993 1992 Estimated decrease in EPS due to abnormal weather $ (0.07) $ (0.10) $ (0.35) Compared to the prior year, EPS for 1994 and 1993 also reflects increasing hdk power sales, decreasing delivered coal costs, and lower average interes rates resulting from the refinancing of a significant portion oflang-term debt. Ikith years reflect heavy emphasis on cost control, minimi:ing the effects of inflation on operating expenses. In addition, expenses associated with Wolf Creek outages decreased (mm 1992, positively affecting 1993 EPS by 50.06. Illall[rtfh Wolf Creek is one of the Company's principal generating facilities representing appmximately 18% of accredited generating capacity. The plant's operating performance has remained strong, contributing appmximately 25% of the Company's annual kwh generation while operating at an average capacity of 83% over the last three years. It has the lowest fuel cost of any of the Company's generating units. During 1904, Wolf Creek completed its seventh scheduled refueling and maintenance outage in 47 days, a plant record. The plant's next refueling and maintenance outage is scheduled for the spring of 1996. Wolf Creek's assets and operating expenses represent approximately 50% and 20% of the Company's total assets and operating expenses, respectively. Currently no major equipment replacements are anticipated, but an extended shut-down of the unit could have a substantial adverse effect on the Company's business, financial condition and results of operations. Higher replacement power and other costs would be incurred as a result. Although not expected, an unscheduled plant shut-down could be caused by actions of the Nuclear Regulatory Commission reacting to safety concerns at the plant or other similar nuclear facilities. If a long-term shut down occurred, the state regulatory commissions could consider reducing rates by excluding Wolf Creek investment from rate base. Ownership and operation of a nuclear generating unit exposes the Company to potential retmspective assessments and property losses in excess of insurance coverage. These risks are more fully discussed in Note 4 to the Consolidated Financial Statements Commitments and Contingencies-Nuclear Liability and Insurance. EnUlrDuentallitatters The Company's policy is to act in an environmentally responsible manner and utili:e the latest technok,gical pmcesses available to avoid and treat contamination. The Company continually conducts environmental audits designed to assure compliance with govemmental regulations and detect contamination. However, these regulations are constantly evolving; governmental bodies may impose additional or more rigid environmental regulations which could require substantial changes to operations or facilities. See Note 4 to the Consolidated Financial Statements-Commitments and Contingencies. Environmental Matters for a discussion of costs of compliance with environmental laws and regulations and a potentialliability (which management believes is not material to its financial condition or results of operations) for cleanup costs under the Federal Superfund law. Clean Air Act Amendments of 1990 contain two programs significantly affecting the utility industry. The Company has spent $3.6 million for the installation of continuous emission monitonng equipment to satisfy the requirements under the acid ram provision. Future acid rain program regulations may require further capital expenditeres, which cannot be estimated at this time. The other utihty-related program calls for a study of certain air toxic substances. Based on the outcome of this study, regulation of air toxic substances, includmg mercury, cadd be required. Management cannot predict the hLehhood of any such regtdations or compliance costs. O

f bac.rv pom & ucht comnny h Projettet!Constructica Owtruction expenditures, excludmg subsidiaries and allowance for funds used during construction, were $125 million hpenditures in 1994 and are pmjected for the next five years as folkiws: Construction Expenditures i; i 1995 1996 1997 1998 . 1999 Total (milhons) Generating facilities $ 47 $ 63 $ 52 $ 54 $ 134 $ 350 Nuclear fuel 21 5 23 20 9 78 Transmission facihties 9 10 6 15 19 59 Distribution and general facihties , 65 _ 56_ 47 48 49 265 = = 13[ _= $ R= $ 137_ $ 211 _$ 752 Tual $!42 This five year resource plan includes $146 million of forecasted costs for three new 136 megawatt gas-fired canbustion turbines scheduled to be completed from 1997 through 2000. The need for generating capacity additions has been delayed through fixed pice purchased capacity contracts (see Note 4 to the Consolidated Financial Statements-Gumitments and Contingencies-Iong-Term Coal Contracts). Management believes these contracts provide a more cost-effective approach to meeting uncertain levels of sales demand growth when compared to the long-term fixed costs associated with building new capacity, despre risks associated with market price fluctuations. This resource plan is subject to periodic review and modification. The next plan wdl be submitted to the MPSC in July 1997. CapitalRequirments Management believes it will be able to meet a significant portion of the projected construction expenditures with and1.iquittV intemally-generated funds. It is anticipated that funds for $208 million of maturing debt through 1999 will be povided from operations, refinancings or short-term debt. As of December 31,1994, the Company had $157 million of registered but unissued Medium Tenn Notes and $159 million of unused bank hnes of credit. Uncertainties affecting the Company's abihty to meet these requirements with internally-generated funds include such items as the effect of inflation on operating expenses, the level of kwh sales, regulatory actions, compliance wich future environmental regulations, and the availabihty of generating units. The Company might incur additional debt and/or issue additional equity to finance gmwth or take advantage of new opportunities. In January 1994, Mood 's Investon Service upgraded the credit ratings of the Company's lunds due to improved 3 financial pofile and low-cost operations. The G mpany's long-term debt was upgraded as follows: secured pollution control lunds to Al fnn A2; general mortgage bonds-medium-term notes to Al fmm A3: un3ecured pollution control bonds to A2 fmm Baal; and, preferred stock to a2 frorn a3. In addition, in 1993 Standard & Poor's Corporation and Duff j & Phelps upgraded the Company's general mortgage innds as follows: Standard & Poor's from A-to A; and Duff & Phelps fmm A to A+. Improved ratings will make it less costly to raise funds when needed and will contribute to continued strength while meeting the challenge of increased competition in the utihty industry. l The capital structure at December 31,1994 (includmg current maturities of king tena debt) consisted of approximately 50% common stock equity. 5% preferred stock and 45% long-term debt. Management's intent is to maintain a capital structure with appoximately equal percentages of cmnmon stock equity and long term debt. The Company currently uses an accelerated depeciation method for tax purposes. Application of this method on the Wolf Creek plant has red wed the Company's tax payments during the last three yean by approximately $30 million per year. Accelerated depeciation on Wolf Creek ended in 1994. Management is implementing various tax planning strategies, including investing in affordable housing partnerships and purchasing corporate-owned life insurance contracts, to minimi:e future tax payments resulting from the kw of this depreciation deduction. See Note 4 to the Consolidated Financial Statements Commitments and Contingencies-Tax Matters for a discussion of the Company's federal income tax retums for the years 1985 through 1992 which are presently under audit by the Internal Revenue Service. g 1

Kansas City power 66 Light Conrany CD H S ullD R TED STRTEM EHTS O f In C D ME Year EndedDecember31 1994 1993 1992 Imusamis! Electnc 0perating Ecitenues $ 868,272 $ 857,450 $ 802,668 Optratir!Q EEPEnSES Operation Fuel 135,106 130,117 130,032 Purchased power 33,929 31,403 21,868 Other 202,304 184,633 175,937 hiaintenance 72,468 78,550 81,163 Depreciation 94,361 91,110 88,768 Tnes Income (Note 3) 70,949 69,502 51,691 General %,362 95,659 92,461 Amorti:ation of: l hiPSC rate phase-in plan (Note 1) 7,072 7,072 Deferred Wolf Creek costs (Note 1) 13,102 13,102 13,102 l Total 718,581 701,148 662,094 OperatingInccme 149,691 156,302 140,574 Otherintcme Allowance for equiry funds and Dehctions used dunng construction 2,087 2,846 1,073 hiiscellaneous (4,159) (2,486) 2,595 Income taxes (Note 3) 4,572 1,549 (505) Total 2,500 1,909 3,163 inccme Before Interest [harGes 152,191 158.211 143,737 Interest [harges long-term debt 43,962 50,118 54,266 Short-tenn notes 1,170 750 2,749 hiiscellaneous 4,128 4,113 2,173 Allowance for borrowed funds used during construction (1,844) (2,542) (1,785) Total 47,416 52,439 57,403 Yearly Ecsults Net income 104,775 105,772 86,334 Preferred stock dividend requirements 3,457 3,153 3,062 Earnmgs available for common stock $ 101,318 $ 102,619 $ 83,272

== = - - Average number of common ahares outstandmg 61,903,437 61,908,726 61,908,726 Earnings per common share 1.64 1.66 1.35 Cash dividends per common share 1.50 1.46 1.43 j The accompanymg Notes to Consohdated Fmancial Statements are an integral part of these statements. s

Kansas Oty power 6t Light Company CO HS ullD RTED B AlR H E E S HEETS kcember31 ) Assets 19 % 1993 ) lthausads! ' i l lltihtyPlant,at Original [est Electric $ 3,330,478 $ 3,240,384 l lllates1.B.and W Less-Accumulated depreciation 1,092,436 1,019,714 Net utility plant in service 2,238,042 2,220,670 Construction work in progress 57,294 67,766 Nuclear fuel, net of amorti:ation of $66,773,000 and $76,722,000 40,806 29,862 Total 2,336,142 2,318,298 . Regulatory asset-Deterred lifolf Creth[0stS!!!cteIl 18,752 29,118 Regulatory Rsset-RecourrableTaxes!!! ate 11 120,000 122,000 levestments and lionutihtg Property 98,429 28,454 Current Assets Cash and cash equivalents 20,217 1,539 Special deposit for the retirement of debt 60,118 Receivables Customer accounts receivable (Note 5) 24,513 29,320 Other receivables 22,604 19,340 Fuel inventories, at average cost 16,570 14,550 Materials and supplies, at average cost 44,953 44,157 Prepayments 5,138 4,686 Ikferred income taxes (Note 3) 1,444 3,648 Total 135,439 177,358 Deferred [harges Regulatory assets (Note 1) Settlement of fuel contracts 16,625 20,634 KCC Wolf Creek carrying cc,sts 6,839 9,575 Other 27.909 31,899 Other deferred charges 10,262 17,732 Total 61,635 79,840 Totat $ 2,770,397 $ 2,755,068 i v t f P

Kansas City oner & Light Company p December 31: Liabilities 1994 1993 Ithusatsl bipitalizationllletes7and El Common stock-authorized 150,000,000 (See Statementsj. shares without par value-61,908,726 1, hares issued-stated value $ 449,697 $ 449,697 Retained earnings 426,738 418,201. Capital stock premium and expense (1,736) (1,747) Common stock equity 874,699 866.151 Cumulative preferred stock. 89,000 89,000 Cumulative redeemable preferred stock 1,5 % .1,756 Long-term debt 798,470 733,664 Total ' I,763,765 1,690,571 [urrentljabihties Notes payable to banks (Note 6) 1,000 4,000 Commercial paper (Note 6) 31,000 25,000-Current maturities oflong-term debt 33,419 134,488 Accounts payable 73,486 59,421 Dividends payable 423 -423 Accrued taxes 24,684 27,800 Accrued interest 12.209 15,575 Accrued payroll and vacations 19,594 20,127 Accrued refueling outage costs (Note 1) 2,120 7,262 Other 7,221 8,531 Total 205,156 302,627 Deterred Credits Deferred income taxes (Note 3) 644,139 627,819 cnd D!herliabilities Deferred investment tax credits - 82,840 87.185 Other 74,497 46,866 Total 801,476 761,870- [cmmitmentsand Contingencies (Itate 4) Total $ 2,770,397 $ 2,755,068 The accompanying Notes to Consohdated Financial Statements are an integral part of these statements. l l 0

Kanza.Ory power 66 Light 03mpany EDHSOLIDHTED STHTEMEHTS OF CHSH FLDBS YearEndedDecember31 1994 1993 1992 Ithausandil

~ [ashficmstram Net income $ 104,775 $ 105,772 $ 56,334 Optiati!!Q HCtlUlties Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 94.361 91,110 88,768 Amorti:ation of: Nuclear fuel 10,136 8,705 9,583 Deferred Wolf Creek costs 13,102 13,102 13,102 MPSC rate phase-in plan 7,072 7,072 Other 9,608 8,234 5,921 Deferred income tax-s (net) 20,524 25,502 23,979 Deferred investment tax mdats (net) (4,345) (4,345) (4,521) Allowance for equity funds used during construction (2,087) (2,846) (1,073) Cash flows affected by changes in: Receivables 1,543 (10,245) 2,848 Fuel inventories (2,020) 6,075 (859) [ Materials and supplies (7%) 1,106 654 Accounts payable 14,065 (17,741) 4,838 Accrued taxes (3,116) 7,936 2,404 Accrued interest (3,366) 2,626 488 Wolf Creek refueling outage accrual (5,142) (5,338) 12,600 Pension and postretirement I benefit obligations (Note 2) 32,203 1,905 (2,753) Other operating activities (2,860) 4,514 4,352 Net cash provided by operating activities 276,585 243,144 253,737 [csh flows from Construction expenditures (124,%5) (129,199) (129,559) 1 Investmg act!Ulties Allowance for borrowed funds used during construction (1,844) (2,542) (1,785) Purchases of investments (67,560) (7,351) (2,396) l Other investing activities 5,624 7,657 (2,193) [ Net cash used in investing activities (188,745) (131,435) (135,933) I [ashficwsfrom Issuance oflong-term debt 133,793 324,846 134,750 financing Ettluities issuance of preferred stock 50,000 Retirement of long-term debt (170,170) (271,480) (143,230) Retirement of preferred stock (13,000) Special deposit for the retirement of debt 60,118 (60,118) Premium on reacquired stock and long-term debt (4,077) (2,321) Increase (decrease) in short-term lurrowings 3,000 (4,000) (53,000) Dividends paid (%,238) (93,556) (91,277) Other financing activities 335 (1,913) 274 _ _.. _...._ _ Net cash used in financing activities (69,l62) (110,298) (117,804) Net increase in cash and cash equivalents 18,678 1,411 Cash and cash equivalents at beginning of year 1,539 128 128 Cash and cash equivalents at end of year $ 20,217 1,539 128

=

= _

== = 7 Cash paid during the year fon i Interest (net of amount capitah:ed) $ 48,246 $ 47,361 $ 55,223 Income taxes $ 53,720 $ 40,141 $ 32,995 The accompanying Notes to Consolidated Fmancial Statements are an integral part of these statements. I

Kansas City Power & Leht Company 0 0 H S 0llD HTED ST RTEM EH TS O F CH m UlRTIU E PB EFERR E D ST D E H H H D LD H S-TERE DEBI Decertber31 1994 1993 Eumulative PreferIed Stach IIlate ?) Imousands! $100 Pari!alue 3.80% - 100,000 shares issued $ 10,000 $ 10,000 4.50% - 100,000 shares issued 10,000 10,000 4.20% 70,000 shares issued 7,000 7,000 4.35% - 120,000 shares issued 12,000 12,000 !!cPar Dalue 4.80%* - 500,000 shares issued 50,000 50,000 Total $ 89,000 $ 89,000 Eumulative Redeemable Preferred Stack lllate ?) $100 Par Ualue 4.00% - 15,957 and 17,557 shares issued 1,596 1,756 1.angierm Debt (Excluding [urrent Illaturitiesl I!! ate 81 firstlilDItgage Bends 5.875% series due 2007 $ 21,940 Generallilertga;e Bcnds Medium-Term Notes due 1996-2008,6.82% and 6.78% weighted average rate at December 31 395,500 378,750 5.25%* EnvironmentalImprovement Revenue Refunding Bonds due 2012 23 158,768 122,846 Enaranty of Pollution EcntrclBonds 5.75% series due 2003 13,742 4.31%* due 201517 1 %,500 196,500 Subsidiarg Dblications Notes due 2000-04,8.38% weighted average rate at December 31 47,702 linamurtized Discount (114) Total $ 798,470 $ _733,664 i

Wriable rate securities, weighted average rate as of December 31,1994

[0 H S ullD R TED ST R T E M E HIS O F RETRIH E D E R R HIH S S ] 'learEnded December 31 1994 1993 1992 imausands! BeginningBalance $ 418,201 $ 405,985 $ 411,161 lletincome 104,775 105,772 86,334 522,976 511,757 497,495 f i Pretnjum on Reacquired Preferred Stoch 233 i Dimdends Declared Preferred stock-at required rates 3,384 3,169 2,747 Common stock- $1.50, $1.46 and $1.43 per share 92,854 90,387 88,530 Ending Balanteillote?! $ 426,738 $ 418,201 $ 405,985 The accompanying Notes to Consolidated Fmancial Statements are an integral part of these statements. i

~ Kasa. City power 61 Light Gmmany Il 0 T E S T O C a ll S 0 ll D H T E D f i ll R Il C I R L S T R T E ltl E H T S

1. Summary of Significant Recounting Policies The[ompany The consolidated financial statements include the accounts of Kansas City Power & Light Company and KLT Inc., a wholly-owned, nonutihty subsidiary. KLT Inc. was formed in 1992 as a holding company for various non-regulatedJ business ventures.

Intercompany balances and transactions have been eliminated. Kansas City Power & Light Company's equity investment in KLT inc. was $37 and $5 million at December 31,1994 and 1993, respectively. KLT Inc 's revenues and expenses have been classified under Other Income and Deductions and Interest Charges in the Consolidated Statements of income. Accounting records are maintained in accordance with the Uniform System of Accounts prescribed by the Federal l Energy Regulatory Gxnmission (FERC) and generally accepted accounting principles. .1 Cashand[ ash Equwalents Cash and cash equivalents consists of highly liquid investments with maturities of three months or less. fairllalue of The stated values of financial instruments at December 31,1994 and 1993 approximate fair market values. Ifquoted I Fincnciallnstruments market prices were not available, the Gimpany's incremental borrowing rate for similar types of debt was used to determine fair value. Investmentsin Through December 31,1994, KLT Investments Inc., a subsidiary of KLT Inc., had invested $54 million in liftadableIfausing affordable housing limited partnerships. The investments are recorded at cost and tax credits are recogni:cd in the year - i limited Partnmhips utili:cd. litihty Plani Urdity plant is stated at historical costs of construction. These costs include taxes, an allowance for funds used during construction (AFDC) and payroll-related costs including pensions and other fringe benefits. Additions of, and replacements and improvements to units of pnretty are capitali:ed. - Repairs of property and replacements of items not considered to be units of properry are expensed as incurred (except as discussed under Wolf Creek Refueling Outage Costs). When property units are retired or otherwise disposed, the original cost, including n moval charges, net of salvage is charged to accumulated depreciation. AFDC represents the cat of borrowed funds and a return on equity funds used to finance construction pr4ct. and is capitali:ed as a cmt of construction work in progress. The portion attributable to borrowed funds is reticerca as a reduction of interest charges while the portion airlicable to equity funds is shown as a non-cash item of other income. When a construction project is placed in service, the related AFDC, as well as other construction cats, is used to establish 5 rates under regulatory rate practices. The rates used to compute gross AFDC are compounded semi-annually and averaged 7.8% for 1994,8.3% for 1993 and 6.6% for 1992. Depreciation is computed on a straight.line basis over the estimated hves of depreciable property based on rates approved i by state regulatory authorities. Average annual composite rates approximated 2.9% during the last three years. l IUcIl[rech Rdueling Forecasted incremental costs to be incurred during scheduled Wolf Creek Generating Station (Wolf Creek) refueling Dutzge Costs outages are accrued evenly (monthly) over the unit's operating cycle, normally about 18 months. These incremental costs include operating, maintenance and replacement power expenses. !!uticar Plant Estimated decommissioning costs for Wolf Creek were revised in 1994 by the Missouri Public Senice Commission Decommissioning [asts (MPSC) and the Kansas Corporation Commission (KCC). The estimates for decontamination, dismantlement and site restoration costs were based on the immediate dismantlement method. Decommissioning of the plant is not expected to start before 2025. The following table shows each commission's estimated costs and assumptions (in 1993 dollars): KCC MPSC Undiscounted decommusionmg costs: Total Station $ 1.3 billion $ 1.8 billion 47bhare $ 595 million $ 859million i Discounted decommissioning costs: I Total Station $ 370 million $ 370 million 47bhare . $ 174 million $ 174 million Annual escalation factor 3.45% 4.50 % Annual return on trust assets 6.48% 7.66 % h [

1 Kane City power & bght Comr>any These estimated costs are higher than prior estimates primarily due to significant increases in assumed dispsal costs R for low level radioactive waste. Previously, total discounted decommissioning costs were estimated by the KCC in 1989 to be $206 million (in 1988 dollars) and, by the MPSC in 1992 to be $347 million (in 1990 dollars). l he Company contributes to a tax-qualified decommissioning trust fund (approximately $3 million for each of the last three years) to be used to decommission the unit. Rese cats are charged to other operation expenses and recovered i over the expected life of the plant. Recent tax law changes regarding nuclear decommissioning trust funds allow for i investments in higher yielding securities. Increases in annual contributions are not anticipated during the next two years. As of December 31,1994 and 1993, the trust fund balance, including reinvested earnings, was $19 and $14 million, respectively. These amounts are refle:ted in the Consolidated Balance Sheets under investments and Nonutility I Property with the related liabilities fm decommissioning included in Deferred Credits and Other Liabilities-Other. The Financial Accounting Standards Board (FASB) is currently reviewing the accounting for nuclear plant I decommissioning obligations including the balance sheet presentation of estimated decommissioning costs and the accounting treatment of trust fund earnings. !!utlearfurl Nuclear fuel is amortized to fuel expense based on the quantity of h:at produced for the generation of electricity. Under .l the Nuclear Waste Policy Act d 1982, the Department of Energy (DOE) is responsible for the permanent dispsal of spent 1 nuclear fuel. Currently, the Company pays a quarterly fee of one mill per kilowatt-hour of net nuclear generation to the DOE for future disposal of spent nuclear fuel. These disposal costs are charged to fuel expense and recovered through rates. A permanent disposal site may not be available for the industry until 2010 or later, although an interim facihty may be available earlier. Once a permanent site is available, the DOE will require spent nuclear fuel to be accepted on a priority basis with the owners of the oldest spent fuel given the highest priority. As a result, dispwal riervices for Wolf Creek may not be available prior to 2027. Wolf Creek has an on-site, temporary storage facdity for spent nuclear fuel which, under current regulatory guidelines, can provide storage space until approximately 2006. Management believes additional temporary storage space can be constructed or obtained as necessary. Regulatorglissets FASB Statement No. 71 - Accounting for Cenain Types of Regulation applies to regulated entities whose rates are designed to recover the cost of providing service. FASB 71 allows certain items that would normally be reflected in net income to be deferred on the balance sheet. Rese items are then amorti:ed as the related amounts are reflected in rates. The Company recogni:es regulatory assets when authorized by a commission's rate order or when it is probable, based I on historical regulatory precedent, that future rates will recover amorti:ation of the costs. If subsequent recovery is no longer probable, any unamorti:ed balance, net of tax, would reduce net income. Deferredit!alf Creek Costs KCC and MPSC orders povided for continued construction accounting for ratemaking purposes after Wolf Creek's September 3,1985 commercial in service date through September 30, 1985 and May 5,1986, respectively. Le commissions also authorized the deferral of certain other carrying costs. These deferrals are being amortized and recovered in rates over an approximate 10 year pericxl. i Recoverable Taxes See Income Taxes below for discussion. Settlement of fueltentracts he Company deferred the cost incurred to terminate certain coal purchase contracts. These costs are being amorti:ed over various periods ending in 2002. E[lliclf CreekCarrying Ecsts As ordered by the KCC, certain Wolf Creek carrying costs were deferred through June 199L The recovery and corresponding amorti:ation of this deferral over six years began in July 1991. ItPSERate Phase-InFlan Under the MPSC's 1986 Wolf Creek rate phase-in plan, the Company deferred a cash recovery of a portion of the cost of equity plus carrying costs on the deferral. The amorti:ation and recovery were completed in December 1993 resulting in a 2.66% rate reduction effective January 1,1994 (approximately $12.5 million annually) applied evenly to tl.e Company's Missouri retail customer classes. By agreement with the MPSC and public counsel, none of the parties can i unilaterally file for a general increase or decrease in Missouri retail electric rates prior to January 1,1996. Approximately two-thirds of total retail sales are to Missa A customers. ] Other Other regulatory assets include premium on redeemed debt, deferred flood costs, the deferral of costs to decommission and decontaminate federal uranium enrichment facihties and other cats. Rese deferrals are amorti:ed over various pernis extending to 2023.

Kansas City ower & Light Comrany p Rennue Recognition The Company utili ca cycle bilhng and accrues an estimate for unbilled revenue at the end of each reporting period. IncomeTms FASB Statement No.109. Accounting for income Taxes requires deferred tax liabilities and assets be established for all temporary differences caused when the tax basis of an asset or liability differs from that reponed in the financial statements. Rese defened tax assets and liabihties are determined using the tax rates scheduled by the tax law to be in effect when the temporary differences reverse. Regulatory Asset-Recoverable Taxes primarily reflects the future revenue requirements necessarf to recover the tax benefits of existing temporary differences flowed through to ratepayers in the past. During 1993, the net change in Regulatory Asset Recoverable Taxes and Deferred income taxes included a $40 million increase resulting from the changes in the federal and Missouri state income tax laws effective January 1,1993 and January 1,1994, respectively. Although the Company calculates its defened tax assets and liabilities pursuant to FASB 109, operating income tax expense is recorded in accordance with ratemaking principles. However, if FASB 109 were reflected in the Consolidated Statements ofIncome, net income would remain the same. Investment tax credits are deferred when utiti:ed and amorti:ed to income over the remaining service lives of the related propenies. InuironmentalIllatters Environmental costs are accrued when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated. Management believes it has n corded all appropriate costs related to environmental matters.

2. Pension Plans and Other EmplolJee Benefits Iarig RetirementProgram in March 1994, the Company offered a voluntary early retirement program to 411 eligible management and union employees. On June 30,1994,332 employees, or 81%, of eligible employees retired under the program. The Company expensed estimated program costs of $14 million ($0.14 per share) during the first quaner of 1994 and $10.2 million

($0.10 per share) during the second quaner. Based on a final actuarial valuation, a $1.7 million ($0.02 per share) reduction in expense was recorded during the founh quaner resulting in total pension and posnetirement program costs to the Company of $16.5 and $6.0 million, respectively ($0.22 per sha e). Pension Plans The Company has defined benefit pension plans for all its regular employees, including officers, providing benefits upon retirement. In accordance with the Empkyee Retirement income Security Act of 1974, the Company has satisfied its minimum funding requirements. Benefits under these plans reflect the employee's compensation, years of senice and age at retirement. Funded status of the plans: _ 1994 _ _.1993_ (thousands) Accumulated Benefit Obligation: Vested $ 219,111 $ 209,193 Non vested 4,595 6,296 Total $ 223,706 _ $ 215,489 Detennination of Plan Assets less Obligations: Fair value of plan assets (a) $ 301,245 $ 315,179 Projected benefit obligation (b) _ 269,124 _ _ _ _ 279,525 Difference $_ 32,121... $ 35,654 Reconciliation of Difference: Contributions to trusts j Prepaid $ 10,677 Accrued liability (18,401) (6,304) Unrecogni:ed transition obligation 14,684 16,756 Unrecogni:ed net gain 39,570 18,197 . _3,732). _ _ _ 3,672) ( ( Unrecogni:ed prior service cost Difference $ 32,121_ . $ 35,654 (a) Plan assets are invested in insurance contracts, corporate bonds, equity securities, U.S. Govemment securities, notes, mongages and short term investments. (b) Based on discount rates of 8.5% in 1994 and 7% in 1993; and increases in future salary levels of 4% to 5% in 1994 and 1993. 1

Kansas, Cry Power 6t Light Company Cornpnents of provisions for psions (excluding early retirement program costs): 1994 1993 1992 (thousands) Service cost $ 8,193 $ 8,671 $ 7,301 Interest cost on projected benefit obligation 20,759 19,521 17,903 Actual return on plan assets (1,143) (49,875) (24,541) Other J22,297)___27,715 _ _ 3,653 Net periodic pension cost $_5,S12 _._ $ _6,032 _ _$ 4,31_6 tong-term rates of retum on plan assets of 8% to 8.5% were used. Pastretirernent Benehts in addition to providmg pension benefits, certain postretirement health care and life insurance benefits are provided for OtherThanPensians substantially all retired employees. FASB Statement No.106 Employers' Accounting for Postretirement Benefits Other Than Pensions requires companies to accrue the cost of postretirement health care and life insurance benefits during an employee's active years of service. Until 1993, these costs were expensed as paid (pay-as-you-go). The Company currently recovers these costs through rates on a pay as you-go basis. Net periodic pmtretirement Etnefit cost (excluding early retirement program costs): 1994 1993 (thousands) Service cost $ 645 $ 616 Interest cost on accumulated postretirement benefit obligation (APBO) 2,305 1,893 Amorti:ation of unrecogni:ed transition obligation 1,175 1,175 Other _ 75 Net periodic postretirement cost 4,200 3,684 Less: Pay-as-you-go costs 1,097 _ _ _ l,109 Net increase in cost due to FASB 106 $ 3,103 $ _2_,575 Actuarial assumptions include an increase in the annual health care cost trend rate for 1995 of 12%, decreasing gradually over a six year period to its ultimate level of 6% The health care plan requires retirees to parti:ipate in the ca,t when premiums exceed a certain amount. Because of this provision, an increase in the assumed health care cost trend rate by 1% per year would only increase the APBO as of December 31,1994 by approximately $575,000 and the aggregate service and interest cost components of net periodic postretirement benefit cost for 1994 by approximately $65,000. Reconciliation of postretirement benefits to amounts recorded in the Consolidated Balance Sheets: __ December 31 1994 1993 (thousands) APBO (a): Retirees $ 20,813 $ 10,672 Fully eligible active plan participants 1,304 6,405 Other active plan participants . 7,159 __ _10,50_1 Unfunded APBO 29,276 27,578 Unrecogni:ed transition obligation (21,139) (22,314) Unrecogni:ed net gain (kws) 5,220 (2,689) Unrecogni:ed pnor service cost (863) Accrued postretirement benefit obligation (included in Deferred Credits and Other Liabilities Other) $_12,494_ __ $_ 2,575 (a) Based on weighted average discount rates of 8.5% in 1994 and 7% in 1993; and increases in future salary levels of 4% to 5% in 1994 and 1993. !h

n-y - Kerm ory heer 6 Light onnpany E = 1.ong Tmnluentitre Plan The shareholders adopted a 1.ong-Term incentive Plan in 1992 for officen and key employees. Awaals imued under the Plan cannot exceed three million common stock shares. Under the stock (ption provision of the Plan, recipients are entitled to receive shares of stock, and accumulated dividerwis as though reinvested if the granted (prions are exercised within 10 years and the market price at the time of exercise equals 6 or exceeds the grant price. Because of the dividend provision, the Company was required to expense $0.4, $0.1 and $0.2 million for 1994,1993, and 1992, respectively. The expense represents accumulated and reinvested dividends in addition to the appreciation in stock price since the date of grant. If the stock price falls below the grant price, the . cumulative expense associated with those options is reversed. Summari:ed information regarding the stock (ption shares granted and outstanding: 1994 1993 1992 (shares under option) r Outstanding at January 1 145,125 86,000 Granted 69,125 63,125 86,000 Exercised (6,000) Canceled _ 10,875)__ 4,000)_ _ _. ( ( Outstanding at December 31 197,375 _145.,1. 25,.m=_86,00_0 = =,. .m Exercisable at December 31 102,125 41,000 l Weighted average grant price of .sharcs outstanding $ 21.870 $ 22.604 $ 21.625 Option price of shares exercised $ 21.625 3 IllC 01112 Ia X 2 S 1 Income tax expense consists of: [ f _1994 1993 1992_ (thousands) i Current income taxes: Federal $ 42,736 $ 41,207 $ 28,081 State _ 7,462_ _ _ 5,589 _ _ 4,657 Total 50,198 46,796 32,738 Deferred income taxes, net: i Federal 17,005 22,274 20,488 State 3,519 _ _ 3,228_ _ 3,491_ Total 20,524 25,502 23,979 ~ Investment tax credits, net (4,345)_ _ 4,345)__(4,521) ( Totalincome tax expense $ 66,377.. $ 67,953._ $ 52,196 The following table shows a reconciliation of the federal statutory income tax rate to the effective rate reflected in the Consolidated Statements of Income. See Note I to the Consolidated Financial Statements for a discussion of the Company's income tax policies. 1994 1993 1992 Federal statutory income tax rate 35.0 % 35.0 % 34.0 % Differences between book and tax depreciation not nonnali:ed 1.2 1.3 1.7 Amorti:ation ofinvestment tax credits (2.5) (2.5) (3.3) i State income taxes 4.2 3.3 3.9 l Other 0.9 2.0 1.4 Effective income tax rate 38.8 % 39.1 % 37.7 % I i h

Kamas City power & Light Gunpany The significant temporary differences resulting in deferred tax assets and liabilities in the Consolidated Balance Sheets are as follows: December 31 1994 1993 (thousands) Depreciation differences $ 507,964 $ 476,637 Recoverable taxes 120,000 122,000 Other 14,731 25,534 Net deferred income tax liability $ 642,695 _ _ $ 624,171_ _ _ _ _ _. _.. [' The net deferred income tax liability consists of the following: L-; December 31 1994 1993 (thousands) Gross deferred income tax assets $ (61,623) $ (63,187) Gnns deferred income tax liabilities 704,318 687,358 Net deferred income tax liability $ 642,695 $ 624,17] (i. Commitments anti Contingencies !!uclearI. lability liabilityinsurance andInsurance The Price-Anderson Act currently limits the combined public liability of nuclear reactor owners to $8.9 billion for claims that could arise from a single nuclear incident. The owners of Wolf Creek (the Owners) car:y the maximum available commercial insurance of $200 million. The balance is provided by Secondary Financial Protection (SFP), an assessment plan mandated by the Nuclear Regulatory Commission. Under SFP, if there were a catastrophic nuclear incident involving any of the nation's licensed reactors, the Owners would be subject to a maximum retrospective assessment per incident of up to $79.3 million ($37.3 million, Company's share). The Owners are jointly and severally liable for these charges, payable at a rate not to exceed $10 million ($4.7 million. Company's share) per incident per year, excluding applicable premium taxes. He assessment, most recently revised in 1993, is subject to an inflation adjustment every five years based on the Consumer Price Index. Propertg. Decontamination and Premature Decommissicumg Insurance The Owners also carry $2.8 billion ($1.3 billion, Company's share) of property damage, decontamination and premature decommissioning insurance for kus resulting from damage to the Wolf Creek facilities. Nuclear insurance pools provide $0.5 billion of coverage, while Nuclear Electric Insurance Limited (NEIL) piovides $2.3 billion. In the event of an accident, insurance proceeds must first be used for reactor stabilization and site decontamination. The Company's share of any remaining proceeds can be used for up to $ 1.2 billion of property damage and up to $118 million in premature decommissioning costs to cover a trust fund shortfall (see Note 1 - Nuclear Plant Decommissioning Costs). However, premature decommissioning coverage applies only if an accident at Wolf Creek exceeds $500 million in property damage and decontamination expenses. Extra Expense Insurance including Replacement Potver The Owners also carry additional insurance from NEIL to cover costs of replacement power and other extra expenses incurred in the event of a prolonged outage resulting from accidental property damage at Wolf Creek. 1 Under both NEIL policies, the Company is subject to retrospective assessment if NEIL kmses, with respect to each policy year, exceed the accumulated funds available to the insurer under that policy. The estimated maximum f retrospective assessments for the Company's share under the policies total approximately $13 million per year. In the event of a catastrophic loss at Wolf Creek, the amount of insurance available may not be adequate to cover f property damage and extra expenses incurred. Uninsured losses, to the extent not recovered through rates, would be l assumed by the Company and could have a material, adverse etTect on its financial condition and results of operations. F-

Gnw City Power 6 Light Company lluclearfuel[cmitdtments As of December 31,1994, the Company's portion of Wolf Creek nuclear fuel commitments incicled $180 million for enrichment and fabrication through 2014 and $12 million for uranium concentrates through 1997, Taxlilatters The Company's federal income tax returns for 1985 through 1992 are presently under examination by the Intemal Revenue Service (IRS). The IRS has issued Revenue Agent's Reports for the years 1985 through 1990. The Reports include proposed adjustments that would reduce the Company's Wolf Creek investment tax credit (ITC) by 25% or approximately $20 million and tax depreciation by 23% or approximately $210 million. These amounts include the continuing effect d the adjustments through December 31,1994. These adjustments, princip.dly, are based upon the IRS's contention that (i) certain start-up and testing costs considered to be costs of the plant, should be treated as licensing costs, which do not quahfy fix ITC or accelerated dern ciation, and (ii) certain cooling and generating facihties should not quahfy for ITC or accelerated depeciation. If the IRS were to prevail on all of these proposed adjustments, the Company would be obligated to make cash payments, calculated through December 31,1994, d approximately $105 million for additional federal and state income taxes and $60 million for corresponding interest. After offsets for deferred income taxes, these payments would reduce net income by appoximately $35 million. The Company has filed a protest and is currently negotiating with the appeals division d the IRS. Based upon their interg-tation d applicable tax pinciples, the tax treatment of similar costs and facihties with respect to other plants, and discussions to date with the IRS appeals division, it is the opinion of management and outside tax counsel that the IRS's proposed Wolf Creek adjustments are substantially overstated. Management believes any additional taxes and interest resulting from the final resolution of the matter will not be material to the Company's financial condition or resuhs doperations. l Envirtinmentallilatters The Company's operations must comply with federal, state and local envimnmental laws and regulations. The generation of electricity utilizes, produces and requires disposal of certain products and by-poducts including polychlorinated biphenyl (PCB's), asbestos and other potentially ha:ardous materials. The Federal Compehensive Environmental Response, Compensation and Liabihty Act (the Superfund law) imposes strict joint and several liability for those who generate, transport or deposit ha:ardous waste as well as the current poperty owner and pedecessor owner at the time of contamination. The Company continually conducts environmental audits duigned to detect contamination and assure compliance with govemmental regulations. However, compliance programs necessary to meet future environmental laws and regulations goveming water and cir quality, including carbon dioxide emissions, hatardous I waste handling and disposal, toxic substances and the effects of electromagnetic fields, could require substantial changes to operations or facihties. Interstate Power Company f Dubuque, Iowa (Intentate) filed a lawsuit in 1989 against the Cornpany in the Federal District Court for the District of Iowa seeking contribution and indemnity under the Superfund law for cleanup costs of hazardous substances at the site of a demolished gas manufacturing plant in Mason City, Iowa. The plant was operated by the Company for very brief periods of time before it was demolished in 1952. The site and all other pmperties owned in Iowa were sold to Interstate in 1957. Management estimates that the cleanup could cost up to $8 million. This estimate is based upon an evaluation d available information from on going site investigation and assessment activities, including the costs of such activities. l In 1993, the Company, along with other parties to the lawsuit, received a letter from the Environmental Protection Agency (EPA) notifying each such party that it was considered a potentially responsible party for cleanup costs at the site. In December 1994, the EPA listed the site on the National Priorities List. Management believes it has several vahd defenses to this action. Even if unsuccessful on the liability issue, management does not beheve its alkicated share of the cleanup costs will be material to its financial condition or resuhs of operations. l.cnglerm Coaltantracts The Company's share d coal purchased under long-term contractual arrangements was $21, $17, and $21 million in 1994,1993 and 1992, respectively. Under existing coal contracts, the Company's remaining share of purchase commitments totals $152 milhon with obligations for the years 1995 through 1999 totaling $41, $30, $26, $9 and $9 million, respectively. Coal is also purchased on the spot market. leases The Company has a transmission hne lease with another utility whereby, with FERC appoval, the rental payments can be increased by the lessor, after which the Company is entitled to cancel the lease if able to secure an alternative transmission path. Total commitments under this lease are $2 million per year and $58 million over the remaining life of the lease if the lease is not canceled. Rental expense for other leases includmg railcars, computer equipment, buildings, a transmission line and similar items was $16 to $19 milhon per year during the last three years. Rental commitments under these lea 3es total $134 million over the remaining hfe d the leases with obligations for the years 1995 though 1999 averaging $12 million per year. Capital leases are not material and are included in these amounts. g

-1 Kansas Cny power & Light Company PurchasedCapacits As of December 31,1994, contracts to purchase capacity thraagh 2016 from other utilities totaled $262 million. During i Icmmitntents 1994,1993 and 1992, capacity purchases were $13, $10 and $7 million, respectively. For each of the next five years these obligations include: Cost Megawatts (millions) l 1995 $ 16 520 1996 25 530 1997 24 530 1998 24 530 1999 24 530 For the years 2000 through 2009, the Company has purchase capacity contracts for approximately 179 megawatts per i year at an average annual cost of $13 million. i fther As of December 31,1994, KLT investments Inc. has subscribed to an additional $19 million investment in affordable housing partnerships and intends to fund these investments through long-term borrowings. (

5. Sale of Rccounts Receivable As of December 31,1994 and 1993, an undivided interest in $60 million of designated customer accounts receivable was sold with limited recourse. Costs of $2.8, $2.2 and $2.6 million for 1994,1993 and 1992, respectively, associated with the sale are included in Other Income and Deductions. Miscellaneous.

5. Short-Term Borrowings Shon. term borrowings consist of funds borrowed from banks or through the sale of commercial paper as needed. The weighted average interest rate on short. term debt outstanding at December 31,1994 and 1993 was 6.2% and 4.0%,

respectively. As of December 31,1994, under minimal fee arrangements, unused bank lines of credit totaled $159 million. ?, Common Stock EquittJ, Preferred Stock and Redeemable Preferred Stock femman Stock Eqttity In 1994,2,000,000 shares of common stock were registered with the Securities and Exchange Commission for a Dividend Reinvestment and Stock Purchase Plan (the Plan). Under the Plan, common shareholders, directors and employees have the opportunity to purchase shares of the common stock by reinvesting dividends and/or making optional cash payments. The Company is currently purchasing shares for the Plan on the open market. At December 31,1994, the Company held approximately 6,600 shares of its common stock to be used for future disti;bution. The reacquired shares are included in Investments and Nanutility Property on the Consolidated Balance Sheets. The Restated Articles of Consolidation contain a restriction relating to the payment of dividends in the event common equiry falls to 25% of total capitali:ation. If preferred stock dividends are not declared and paid when scheduled, the Company cannot declare or pay its common stock dividends or purchase any common shares. If the unpaid preferred stock dividends equal four or more full quarterly dividends, the holders of preferred stock, voting as a single class, could elect representatives to the Board of Directors. Pre!med Stoch During 1992, the 130,000 shares of 7.72% Cumulative Preferred Stock ($13 million par value) were redeemed and retired. and liedeemable The 50.3 million premium paid to redeem this stock was charged against retained eamings. Also, in 1992, $50 million Pretmed Stock Cumulative No Par Preferred Stock, Auction Series A ($100 per share stated value) was issued. The $0.9 million in costs associated with this issue were charged to capital stock premium and expense. Scheduled mandatory sinking fund requirements for the outstanding redeemable 4% Cumulative Preferred Stock are $160,000 per year. The Company has the option to redeem the $91 million Cumulative Preferred Stock at prices approximating par or stated value. As of December 31,1994,405,957 shares of $100 par Cumulative Prefened Stock, 1,572,000 shares of Cumulative No Par Prefened Stock and 11,000,000 shares of no par Preference Stock were authori:ed.

Kanw Qty power & Light Gavany 8.1,ang-Ternt Debt luartgage Bcnds in 1994, the remaining First Engage Bonds were retired resulting in the retirement of the Indenture of Mongage and Deed of Trust dated December 1,1946. The Company is now authori:cd to issue mongage lunds under the General Mortgage Indenture and Deed of Trust dated December 1,1986, as supplemented. The Indenture constitutes a mongage lien on substantially all utility plant. As of December 31,1994,$582 million of General Mongage Bonds were pledged under the Indenture to secure outstandmg and unissued Medium Term Notes of $425 and $157 million, respectively. Scheduledlaatunties Long-term debt matunties for the years 1995 thmugh 1999 are $33, $74, $24, $69, and $8 million, respectively. InterestRate Stuap and As of December 31,1994, the Company had entered into eight interest rate swap contracts and one cap agreement with kpligreements financial institutions to limit the interest rate on $110 million of long-term debt. The swap agreements mature from 1996 thmugh 1998 and effectively fix interest rates on $90 million of variable rate debt to a weighted average rate of 3.7% through 1996. The cap agreement limits the interest rate on $20 million of variable rate debt to 4.5% in 1995, increasing to 5.5% thmugh 1997. Had these agreements been terminated at December 31,1994, the Company would - have reali:ed a gain.

9. Jointly-0wned Electric litility Plants joint ownership agreements with other utilities provide undivided interests in utility plants at December 31,1994 as follows (in millions ofdollars):

WolfCreek LaCygne latan _ Unit _ __ Uni _ts_ _ _ _,_ Unit._ Company's share 47% 50 % 70 % l Unhty plant in service $1,337 $ 286 $ 248 Estimated accumulated depreciation (Production plant only) $ 299 $ 157 $ 119 i Nuclear fuel, net $ 41 [ Company's accredited capacity-megawatts 545 678 459 l Each participant must fund their own ponion of the plant's operating expenses and capital expenditures. The Company's share of direct expenses is included in the conespondmg operating expenses in the Consolidated Statements i ofIncome. i

10. Quarterly Operating Results Illnaudited) 1st 2nd 3rd 4th Quarter _ Quaner_ _Quaner __Quaner (thousands) 1994

[ Operating revenues $ 199,295 $ 223,108 $ 253,771 $ 192,098 Operating income $ 20.603 $ 36,121 $ 61,458 $ 31,509 Net income $ 9,891 $ 24,776 $ 50,099 $ 20,009 Eamings per common share 0.15 0.38 0.80 0.31 l 1993, f Operating revenues $ 191,380 $ 208,323 $ 256,919 $ 200,828 Operating income $ 29,624 $ 38,878 $ 57,865 $ 29,935 Net income $ 15,800 $ 25,731 $ 44,920 $ 19,321 r Eamings per common share 0.24 0.40 0.72 0.30 The quanerly data is subject to acasonal fluctuations with peak periods occurring during the summer months. See Note 2 ( o the Consolidated Financial Statements Pension Plans and Other Employee Benefits for a discussion of quanerly costs associated with the 1994 carly retirement program. i h

Kansas Cny Power & Light Company Report of Independent accountants To the %rcholders and Board of Directors Kansas City Pmeer & Light Comymy: Te have audited the accompanying con +1idated balance sheets and statements of cumulative preferred stock and hmg-tenn debt of Kansas City Power & Light Company as of December 31,194 and 1993, and the related consolidated statements ofincome, retained earnings, and cash flows for each of the three years in the period ended December 31,1994 The3e financial statements are the responsihhty of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Tiure standards require that we plan an3 perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disckisures in the financial statements. An audit also includes assessing the accounting princirles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the (mancial statements referred to above present fairly, in all material respects, the consolidated financial position of Kansas City Power 6t Light Company as of December 31,1994 and 1993, and the consolidated results of its operations and its cash flows for each of the three yean in the period en& d December 31,1994 in conformity with generally accepted accounting principles. $$k 4 Kansas City, Missouri january 30,1995 4

ll V' %c,v ro.aushicw mv-l Slim m R RY O F_ O P E R A TID E S R H D FIH R H EIR L D HT H Siimmary of f.arnings 1994 1993-1992 1991 1990 1984 Ograting Revenues (000's) $ 868,272 $ 857,450 $ 802,668 $ 825,101 $ 815,570 $ 620,165 Operating Expenses (000's) 718,581 70114_8 662,094 653,793 631,243 _ 507 53_7 1 - Operating income (000's) 149,691 156,302 '140,574 171,308 184,327 112,628 Other Income and Deductions (000's) 2,500 1,909 3,163 - L906) (6,359) 74122 Income before Interest Charges (000's) 152,191 158,211 143,737 170,402 177,968 186,750 Interest Charges (000's) 4L416 52,439 57_A03 66,509 75,236 35,309 Net income (000's) 104,775 105,772 86,334 103,893 102,732 151,441 Preferred and Preference Stock 1 Dividend Requirements (000's) 3,457 3,153 3,062 - 6,023_ 6,360 21,917 Applicable to Common Stock (000's) $ _101,318 $._102_,619 $_83,272 $.__97,870 96,3_7.2 $_.129,524 Average Shares Outstanding 61,903,437 61,908,726 61,908,726 61,908,726 61,899,526 57,774,814 Earnings per Common Share 1.64 $ 1.66 $ 1.35 $ 1,58 $ 1.56 2.24 Return on Year-end Common Equity 11.6 % 11.8 % 9.8% 11.4% 11.3 % 17.2% ' Cash Dividends per Share 1.50 $ 1.46 $ 1.43 $ 1.37- $ 131 1.16 Espitalization1000'sl* Common Stock Equity $ 874,699 $ 866,151 $ 853,924 $ S60,229 $ 851,282 $ 751,734 Preferred Stock 89,000 $ 89,000 $ 89,000 $ 52,000 $ 92,000 $ 112,000 Redeemable Preferred Stock 1,596 $ 1,756 $ 1,916 $ 2,076 $ 2,236 65,996 I Redeemable Preference Stock 41,667 long-term Debt $ 831,889 $ 868,152 $ 814,709 $ 822,680 $ 850,409 $ 1,048,117 OtherDataand Ratios __7 Construction Expenditures (000's) $ 124,965 $ 129,199 $ 129,559 $ 122,447 $ 92,558. $ 277,072 ' Total Assets (000's) $ 2,770,397 $ 2,755,068 $ 2,646,923 $ 2,615,039 $ 2,598,859 $ 2,424,602 Ikmk Value per Sh. re 14.13 $ 13.99- $ 13.79 $ 13.90 $ 13.75 12.64 Common Stock Equiry Ratio 49.6 % 51.2 % 49.3 % - 49.9% 0.2% 37.5 % '/ Common Stock Price 24h - $ ' 23 % $ 18 10% High - 23 % $ 26 % $ low 18% 21 % $ 19 % $ 17 % 14 % 7% Ratio of Earnings to Fixed Charges 4.07 3.80 3.12 3.22 2.96 337 oCapitah:ation includes amounts to be odeemed or purchawd and current maturities. 9

r Kansas City power Ea Light Cunpany - E l. E C T R I C S T R T I S T I E S DectricSalesStatistics 1994 1993 1992 1991 1990 1 1984 Revenuesl000'sl l Residential $ 288,872 $ 287,862 $ 258,124 $ 291,579 $ 273,080 l $ 196,625 Commercial 361,254 360,219 351,024 355,750 347,087 j 241,003 Industrial 116,271 121,515 118,389 114,979 112,999 l 105,816 Other 14,223 13,514 14,316 14,193 14,0M ! 11J01 Totai retail 780,620 784,110 741,853 776,501 747,201 555,145 Bulk power 76,180 60,636 48,058 35,839 52,862 36,751 Other sales for resale 3A59 4,445 4,319 4,535 4 156 11 151 Total 860,259 849,191 794,230 816,875 804,819 ! 603,650 Other electric revenues 8,013 8,259 8d38 8,22_6 8,0_93 l 3,65_9 Total $ J 68,32 J g { $ 802,668 $ 825,101_ Ml_2,912 {60],30g SalesinKilamatt-hoursIDEsl i Residential 3,644,789 3,582,925 3,172,611 3,613,751 3,334,828 { 2,625,440 - Commercial 5,283,884 5,141,169 4,984,285 5,072,586 4,871,569 l 3,579,710 Industrial 2,561,695 2,507,205 2,429,883 2,294,734 2,213,465 l 2,27?,457 Other 69,612 _ ]2 556 72,129 71 198 71,694 l _ _o9,391 1 1 Total retail 11,559,980 11,303,855 10,658,908 11,052,269 10,491,556 ! 8,547.%: Bulk power 4,733,951 3,725,115 2,940,905 1,945,182 3,187,751 l 1,721,313 Other sales for resale 87,333 108,581 102,9I1 109,327 113J99, __.2605M 2

3. '*I

.. _ -. a 16,381,2{ =15,13J,55{,]=3,102y8{jl,{06,]78]3 793;}06JjQ528,Q 1 , l Rutragehmber of Custcmers Residential 372,098 367,792 365,069 362,878 359,875 4 ?'5,287 Commercial 49,763 49,004 48,522 48,042 47,551 ! 40,826 Industrial 2,271 2,317 2,328 2,372 2,400 I 2,528 Other 130 131 133 133 132 134 Total retail 424,262 419,244 416,052 413,426 409,958 358,775 Bulk power 32 25 24 23 23l 20 Other sales for resale 12 l_2 1.2 12 13 l 17 Total _424,306 _ 419,281 _ 416,088 4_13,461 409,994 { 358,812 ResidentialSales Average kwh per customer 9,795 9,742 8,690 9,959 9,267 { 8,327 Average revenue per kwh 7.9e 8.0c 8.le 8.le 8.2e; 7.5e I. cad Statistles Net generation-kwh (000's) 16,158,937 14,558,295 13,416,669 12,922,963 13,836,091 l 10,156,804 Purchased-kwh (000's) 980,306 _ l,206,5_14 924,107 880,545 675,50_.7 ; _ 1,082 5]9 1 Total-kwh (000's) 17 139,243 _15J64,809 J4,340,M6 4 3,803,508 _14,511,598 l.11,239J83 = 3 Maximum net hourly demand in megawatts-winter 1,810 1,713 1,687 1,674 1,680 1,388 -summer 2,714 2,819 2,624 2,751 2,711 2,297 l Net generating capability in megawatts (summer) 3,098 3,085 3,089 3,090 3,048 2,477 Net capacity in megawatts i purchased-summer 453 380 306 231 186j 151 Bru per kw;h generated 10,553 10,641 10,632 10,637 hmber of Employees 10,774} 10,756 December 31 2,362 2,735 2,782 2,881 2,857 2,838 December 31 adjusted

2,738 3,130 3,181 3,276 3,243 ;

2,633 I

Excledes employees alkrated to other panicipating companies at LaCygne and latan stations and includes employees allocated from Wolf Creek.

h

= S : 11 ' A R E II O. L 11 E R I H F 0 R El R T I O H T D.E - E. ID-H Copies of the Company's 1994 annual report filed with the Securities and Exchange Commission on Form 10-K will be provided at no charge to any shareholder or beneficial owner of shares in the Company's stock'upon written request to: Corporate Secretary Kansas City Power & Light Company P.O. Box 418679 Kansas City, Missouri 64141- % 79 TmD VERR [DENDH SIDEE HISTDEY The Company's common stock price range and dividends paid per share were as follows: 1994 1993 Dividends Paid Quarter _ _ Hjgh ._ Low, _. _ _ High _ _ Low._,_ _.1995 199_4 _ 1993 First $231/4 $20 5/8 $251/8 $22 $038 $037 $036 Second 23 18 5/8 25 1/4 23 1/2 037 036 l Third 22 1/2 19 1/4 26 1/4 24 3/8 038 037 Fourth 23 7/8 21 1/8 25 21 3/4 038 037 I 1 I i EHCHHDGI !!S TI R S RHD PHEFERRED STDCH DIDIDEBDS -r STDER SYMBOL l Quarterly dividends on preferred stock were declared in Common stock is listed on the New York Stock each quarter of 1994 and 1993 as follows: Exchange (NYSE) and the Chicago Stock Exchange._ l Cumulative Preferred Stock j . Ticker Symbol: KLT Series Amount ? ' Number of common i.hareholders: 31,613 at 3.80 % $0.95 December 31,1994 4.00 % 1.00 4.20T 1.05 All dividends paid by the Company in 1994 were 435% 1.0875 determined to be dividend income and no portion was 4.50 % 1.125 .I considered a return of capital. f I l i

CDRP0RHTE Dffl[ES BlUIDERD REIRUE5TMERT HHD Kansas City Power 6t Light Company STOER P 11 R 0 H H S I PIBH A Dividend Reinvestment and Stock Purchase Plan is 1201 Walnut Kansas City, Missouri 64106 2124 available to all common stock shareholders of record. Quarterly common stock dividends may be automatically reinvested in common stock. Optional cash investments inR1LIHE HDDRESS may also be made monthly for the purchase of additional shares. For more information, contact Investor Relations P. O. Box 418679 Kansas City, Missouri 64141 9679 or UMB Bank. IRHHSFER HSEDI HHD STD[K DIRE [T DEP0 SIT Uf DlHIDERDS REG 1STRHR Convenient direct deposit of dividends is available to shareholders who wish to have dividends deposited UMB Bank, n.a. Securities Transfer Division directly to personal checking, savings or other accounts. Electing direct deposit will change only the mailing of P.O. Box 410064 Kansas City, Missouri 64141-0064 dividends. Annual and quarterly reports and proxy materials will not be affected. For an enrollment form, 816-860-7786 please contact Investor Relations or UMB Bank. 5HHREHDLDER IHOUIRIES For account information or assistance, including change 1995 HHHHHL HiEEIIHS 0F of address, stock transfer, dividend payments, duplicate S H H R E II D L D E R S accounts or to report a lost certificate, please contact Date: Tuesday, May 2,1995 Investor Relations at 1-800-245-5275 (out-of-state) or Time: 10:00 am 816-556-2053. Location: Nelson-Atkins Museum of Art 4525 Oak Street Kansas City, Missouri fln a H[lH L IHOUIRIES Security analysts and investment professionals seeking Shareholders of record on February 28,1995, are eligible to 6nancial information about the Company may contact vote at the meeting and will be mailed a notice of meeting, investor Relations at 816-556 2312. proxy statements and form of proxy. S E 11 E R R T I 11 S [ RPREITY H Il D T II E 111 0 K R 11 P00L The Company's 1994 total available capacity was 3,551 megawatts, including 3,098 mw ofinstalled generating capacity plus 453 mw of net capacity purchases. Its 1994 system peak load was 2,714 and resulted in a capacity margin of about 24% the equivalent of a reserve margin of about 31E in addition to being a member of the Southwest Power Pool, a regional reliability council, KCPL is one of 11 members of the MOKAN Pool formed in 1962 to share reserve capacity, coordinate planning for additional generating units and expand transmission lines. Transmission connections with numerous utilities in Missouri, Kansas, Nebraska, Iowa and Minnesota enhance the Company's system reliability. Kansas City is a key center in the mterconnected system which enables regional and inter-regional bulk power transactions among electric utility sysems.

EEPL Dfil[ERS HlT ID E. D f fl[E B 5' BDHHD DF DIRECTDRS Drue Jennings,48 Bernard J. Beaudoin,54 Drue Jennings "* Chairman of the Board and President President Chairman of the Ibard and President 1980 1993 David L. BoJJe Marcus lackson,43 Ronald G. Wasson, 50 Vice President, Senior bce President - Power Supply Executive Vice President Midwest Research Institute 1989 1995 research laboratories emphasitingin energy and enemmmental technologies Turner White,45 Floyd R. Pendleton, 51 President' MRI-Ventures Senior Vice President - Retail Services Vice President - Business Development 1990 1995 for-pmfit subsidaary of Midwest Research Inseirute Frank L. Branca,47 Mark G. English,43 Vice President - Wholesale anJ Vice President and General Counsel William 11. Clark

Transmission Services 1995 President, 1989 Urban League of Greater Kansas City community service agency Jan6e C. Rosenthal,33 Steve W. Cattron, 39 Corporate Secretary and Treasurer Vite President - Marketing and Regulatory 199)

Robert J. Dineen *** Affairs

Chairman, Lavne,Inc.

" bww mdu,h name, mk and year mmwd Unblmg services company KLT inc. of&rr Charles R. Cole,48 Mce President - Customer Services Arthur J. Doyle

1990 Retired Chairman of the Board John J. DeStefano,45 W. Thomas Grant 11 Mce President - Finance, Treasurer and Chairman of the Ibard and Chief Chief Financial Of6cer Executive Of6cer, i989 Seafield Capital Corporation diversified insurance, f ancial and laboratory m

senices company Jeanie Sell Latz,43 Vice PresiJent - Law, Corporate Secretary and Chief Legal Of6cer George E. Nettels, Jr. 1991 Chairman of the Board, Midwest Minerals, Inc. consnucthm mineral processing aniquany Doug M. Morgan, 52 operations %cc President - Technical Services President 1994 Yam a Resource Associates,Inc. mined land reclamation operation Richard A. Spring,40 Vice President - Power Production Dr. Linda Hood Talbott 1994 President, Talbott & Associates Bailus M. Tate Jr.,48 consultants in strategic planning, philanthropic Vice President liuman Resources management and deret ment to foundanons t Robert H. West

Neil Roadman. 49 Chairman of the Board and Chief Controller Executive Of6cer, 1980 Butler Manufacturing Company supplier of non-residential buildmg systems Mark C. Sholander,49 General Counsel

~* Member, Execume commmec 1986

liew mdwb anc, adr. and yea, sm=>wd m o/An Samuel P. Cowley, former Senior Vice President - Corporate Affairs and Chief Legal Of6cer and James L Hogan, former %ce President -

Environmental and Research Services retired in July 1994. Bernard J. Beaudoin, former Senior Vice President - Finance and Chief Financial Officer and Ronald G. Wasson, former Senior Vice President - Administrative anJ Technical Services transferred to KLT Inc. effective January 1995.

HEPL Offl[ERS* Hlf IDE O f f l 0 E R S ** BDHRD Of DIREETDRS Drue Jennings,48 Bernard J. Beaudoin, 54 Drue Jennings *** Chairman of the Ikiard and President President Chairman of the Board and President 1980 1993 David L. Bodde Marcus Jackson,43 Ronald G. Wasson,50 Vice President, Senior Vice President Power Supply Executive Vice President Midwest Research Institute 1989 1995 research laboratories emphasizing in energy and ensironmental technologies President' Turner White,45 Floyd R. Pendleton,51 MRI-Ventures Senior Vice President - Retail Services Vice President - Business Development for-profit subsidiary of Midurst Research 1990 1995 Institute Frank L.Branca 47 Mark G. English,43 Will am H. Clark "* Vice President - Wholesale and Vice President and General Counsel PcesiJent, Transmission Services 1995 Urt.an League of Greater Kansas City 1989 community sernce agency j Janee C. Rosenthal,33 Steve W. Cattron,39 Corporate Secretary and Treasurer Robert J. Dineen "* Vice President - Marketing and Regulatory 1995

Chairman, Affairs Layne,Inc.

3 drilling senices company

- Usvag mchles name, sule and year named KLT Inc. ofker Charles R. Cole,48 Arthur J. Doyle "*

Vice President - Customer Services Retired Chairman of the Board 1990 W. Thomas Grant 11 John J. DeStefano,45 Chairman of the Board and Chief Vice President - Finance, Treasurer and Executive Officer, Chief Financial Officer Seafield Capital Corporation 1989 diversified insurance, fmancial and laboratory sertices company Jeanie Sell Latz,43 Vice President - Law, Corporate Secretarv George E. Nettels, Jr. and Chief Legal Officer Chairman of the Ik>ard, 1991 Midwest Minerals, Inc, construction mineral processing ard quarry Doug M. Morgan,52 [sid Vice President - Technical Services 1994 YamP Resource Associates,Inc. mined land reclamation operation 'ic$e Pres den'o e Production Dr. Linda Hood Talbott President, 1994 Talbott & Associates consultants in strategic planning, philanthropic Bailus M. Tate Jr. 48 management and derciopment to foundations Vice President - Human Resources Robert H. West *" Chairman of the Ikiard and Chief Neil Roadman,49 Executiv: Officer. Controller Butle: Manufacturing Company 1980 supplier of non-residential bmldmg sysrems Mark C. Sholander,49

Member Execunw Commawe General Counsel 1986
Duma mchies age. tide, and year pror=> red to ofker Samuel P. Cowley, former Senior Vice President - Corporate Affairs and Chief Legal Of6cer and James L. Hogan, former Vice PresiJent -

Environmental and Research Services retired in July 1994 Bernard J. Beaudoin, former Senior Vice President - Finance and Chief Financial Officer and Ronald G. Wasson, former Senior Vice President - Administrative and Technical Services transferred to KLT Inc. effective January 1995. I

s7 a ylL EDRPORHTE DfflCES D i ll l D E D D R E l ll U E S T lH E ll i BRD Kansas City Power & Light Company STDfH P D R 0 H H S E -PlB H 1201. Walnut _ A Dividend Reinvestment and Stock Purchase Plan is Kansas City, Missouri 64106 2124 available to all common stock shareholders of record. Quanerly common stock divide ~nds may be automatically ll reinvested in common stock. Optional cash investments ' ~

ID 91 l i 11 f> - R D D R E S S may also be made monthly for the purchase of additional P. O. Box 418679 shares. For more information, contact Investor Relations

} Kansas City, Missouri 64141-9679 or UMB Bank. i J TRRHSFER H S E ll T. H D D STD[H DIRECT DEPOSIT Of DIDIDERDS REG 15TRHR Convenient direct deposit of dividends is available to UMB Bank, n.a. shareholders who wish to have dividends deposited l Se'curities Transfer Division directly to personal checking, savings or other accounts. P.O. Box 410064 . Electing direct deposit will change only the mailing of. l Kansas City, Missouri 64141-0064 dividends. Annual and quarterly reports and proxy 816 860-7786 materials will not be affected. For an enrollment form, i please contact Investor Relations or UMB Bank. 5HRREHDlDER IHQHIRIES For account information or assistance, including change 1995 A B 11 H H L HI E E T 111 S OF of address, stock transfer, dividend payments, duplicare SHHREHDLDERS j accounts or to report a lost certificate, please contact Date: Tuesday, May 2,1995 Investor Relations at 1-800-245-5275 (out-of-state) or Time: 10:00 am 816-556-2053. Location: Nelson-Atkins Museum of Art 4525 Oak Street Kansas City, Missouri i flDRHCIHL IRQHIRIES i Security analysts and investment professionals seeking Shareholders of record on February 28,1995, are eligible to fmancial information about the Company may contact vote at the meeting and will be mailed a notice of meeting, I investor Relations at 816-556-2312. proxy statements and form of proxy. t i SEHEHRTIHS E H P R C'I T Y HHD l THE lH0KHH P00L j The Company's 1994 total available capacity was 3,551 megawatts, including 3,098 raw of installed generating capacity l plus 453 mw of net capacity purchases. Its 1994 system peak load was 2,714 and resulted in a capacity margin of about 24%, the equivalent of a reserve margin of about 31% in addition to being a member of the Southwest Power Pool, a . regional reliability council, KCPL is one of 11 members of the MOKAN Pool formed in 1962 to share reserve capacity, j coordinate planning for additional generating units and expand transmission lines. Transmission connections with numerous utilities in Missouri, Kansas, Nebraska, Iowa and Minnesota enhance the Company's system reliability. Kansas City is a key center in the interconnected system which enables regional and inter-regional bulk power transactions l among electric utility systems. e v

l KCPE 11e Errrgy Mand htur kicas i [redits Desigrr Muller + Company Pnnting: Rosse Lithography Photography: Michael Regnier Hank Young Chuck Kncyse Photo Retomhing: Ehw Ray A specul tkmLs to those KCPL cmpl<9ces and buuness Arrners uh maled for clus,cprrt. (p Pnnred on recycled paper

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