ML20217G371
| ML20217G371 | |
| Person / Time | |
|---|---|
| Site: | Wolf Creek  |
| Issue date: | 12/31/1997 |
| From: | Jennings D KANSAS CITY POWER & LIGHT CO. |
| To: | |
| Shared Package | |
| ML20217G327 | List: |
| References | |
| NUDOCS 9804290119 | |
| Download: ML20217G371 (56) | |
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WE'RE KANSAS CITY power & LIGHT COMPANY, l A LEADING PROVIDER OF ENERGY AND RELATED PRODUCTS AND SERVICES TO OVER 445,000 RETAIL i CUSTOMERS, CITIES AND ELECTRIC UTILITl!!S IN l l l MISSOURI AND KANSAS. THROUGH KLT INC., OUR l WHOLLY-OWNED, NONREGULATED SUllSIDI ARY, l WE*RE PURSUING ENERGY-RIiLATED VENTURES NATIONALLY, CAPTURING GROWTH OPPORTUNITIES IN M ARKETS OUTSIDE OUR REGULATED CORE l UTILITY 15USIN ESS. _L m 3 C 2 F l l l
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KCPUs new customer information system, will enable the company to bill for services other than just electricity and offer customers additional pricing options in bill payment when it goes on-line di. ing the first halfof 1998. In addition, success with KCPUs pilot bill-paying program via the internet last year was encouraging. Plant availability, usually well above industry average, was impacted in 1997 by the extend-ed plant outages at Wolf Creek and La Cygne Generating Stations. However, availability at the remaining plants remained exceptionally high, allowing this indicator of our perfor-mance to be very near the industry average. A comprehensive re-engineering process followed a thorough review ofour plants' processes and [ procedures in 1997, with steps taken to ensure i availability remains high and performance C exceeds expectations. m; Total return to shareholders in 1997 -cal-culated as stock appreciation plus reinvested dividends - was below last year's, but KCPI's [ive-year Cumulative total return of 77% .i_ 1xsov41:ON% iN KCPL's ti.tcTnic nusistss remained higher still than the industry average Innovations in fuel procurement, technology of 66%, maintaining its historic tradition of and customer service continue to raise KCPUs providing strong returns to our owners. standards of excellence, differentiating the Company from many other utilities in the cdantry and increasing value to shareholders. KCPL remains one of the lowest-cost power producers in the region. Our fuel procurement practices enable us to manage fuel costs to among the lowest in the region while still maintaining and even exceeding environmental standards in this area. Our total system fuel costs in 1997 were 79t per million BTU, still far below others'in the region. Automation within KCPUs distribution system through the deployment of CellNet, KCPL's wireless telecommunication system, continues to reduce costs, monitor transmission service and offer our customers more service options, increasing customer satisfaction. Innovr. ions in KCPUs information technol-ogy area won six national awards in 1997 for use of technology in offering expanded and value-added customer service. CellNet and its role in the automation of KCPL's distribution system earned several of t bese awards. CIS PLUS,
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l Expectations for KCPUs electric business in 1998 are high. Kansas City's vibrant local l economy means KCPUs customer and load l growth in 1998 are anticipated to match 1997's l two percent customer growth and three percent load growth. Missouri rate reductions imple-mented in 1996 and 1997 and the recently announced K;msas rate reductions taking effect in 1998 are expected to be offset somewhat by increased sales in the area. In January 1998, j KCPL reached a favorable agreement with the l Kansas Corporation Commission effectively l reducing customers' rates by $14 million in 1998. These rate reductions in Missouri and KCPL,s energy-related products and services Kansas further increased KCPL,s competitive continued to help residential customers manage their energy-related needs in 1997. Monitored position in the area. home security services were int roduced to resi-eroocti, smicn, satis action dential customers through a partnership with At KCPL, we recognize the importance ofcus-Protection One, one of the largest security alarm tomer satisfaction to our business and its strong monitoring companies in the ration. Partner-link to customer loyalty. That's why, in 1997, we ships with electric contractors bring Worry Free expanded our Promise ofCustomer Satisfaction to services to customers, enabling them to install include commercial and industrial customers. and maintain state-of-the-art heating, ventila-JL l This Promise guarantees that KCPL will meet tion and air conditioning equipment (HVAC). 7 l stated energy-related service standards or the Meter-based and point of use surge protection l customer will be compensated. KCPL's Promise devices are available to help customers protect to residential customers was one of t he first ofits costly electric equipment and appliances. l kind in the nation and the Promise to commercial For commercial and industrial customers, and industrial customers appears to be one of KCPL's Custom Commercial Scrtices provides the first as well. comprehensive energy management and related services. Creatite Lighting Concepts designs, I installs and maintains exterior lighting projects. l A new initiative in 1997 was implemented to l allow KCPL to sell natural gas to its customers, providing complete bundled energy services to lar ;er customers. Results from these products and services are very encouraging and plans to i expand these product lines and develop new partner hips are part of KCPI's strategy. KCPL has capitalized on ocher opportunities to form strategic partnerships with major cus-tomers in its service territory, offering enhanced services and helping KCPL expand its own opportunities. One such opportunity creates a broad regional partnership with a growing Kansas City company which includes the con-struction of a new substation and introduces natural gas energy and electric energy within and outside KCPUs regulated service territory. \\
KCPL will be participating in the project in a variety of ways. We are pleased with the early development of the Power & Light District, scheduled to begin construction in 1998, and look forward to the opportunities it may bring for KCPL. This entertainment district is being designed to revitalize the downtown Kansas City area, and will include many family entertain ment options and jobs and revenues that come with them. Our skill, expertise and community commitment was also put to use in the renova-tion of the historic jazz district near downtown Kansas City. The 18th & Vine district, home to such great jazz artists as Count Ilasie, Dizzie [ Gillespie, and Charlie "Ilird" Parker from the [ 1920s to the 1960s, shines once again with the help ofKCPL. We were honored to be the exclu- ~ 5_ sive sponsor of t he grand opening celebration of t he Neg ro Iragues Ilaseball M useum. Currently, [ we are sponsoring cultural events at the Gem Theater, another historic landmark. 12 Agreement was reached in 1997 with the Ever see a koala bear close up, or a legendary City of Kansas City, Missouri, for the owner-Komodo dragon, indigenous to Indonesia? ship transfer of the streetlight system from Last summer Kansas Citians got the opportunity KCPL to the City. KCPL is contracting with to meet a pair of sleepy koalas, visiting from the Custom Lighting Services, L.L.C., a business San Diego Zoo, when KCPL formed a partner-venture of KLT Inc., to continue to maintain ship with the Kansas City Zoo. This summer, the 40,000 lighrs, and add approximately that same partnership will bring an 8-foot long, 33,000 more over four years. This $71 million 150 pound male Komodo dragon to the Zoo. construction project brings more light to in 1997, another KCPL-led project was Kansas City neighborhoods, helping to make unveiled. This one benefits not only the people in them safer, and positions KCPL to deliver the community, but some very important vege-enhanced lighting services throughout the ration and wildlife as well. KCPL led the initia-Kansas City area. It also establishes a new busi-tive to create the area's first manmade wetland. ness for KCPL to provide these same lighting services in ather parts of the country. Partnership with our community KCPL is committed to developing strong partnerships within the community aimed at promoting and growing the vital, urban Kansas City area, drawing people to key destination spots. Science City, designed to educate and promote learning within the community, is in the early stages ofdevelopment. Located near downtown Kansas City in historic Union Sta-tion, its addition will help people of all ages understand and appreciate science in their lives.
i communication company, and unveiled a new company positioning. This positioning is l designed to enhance the loyalty of existing customers and move KCPL into new markets as electric energy moves into a competitive environment. Increased innovation, strategic partnerships and a strong vision guiding all we do provide the backdrop for KCPL's pteparations toward a future competitive market. Though our region of the country is still several years away from full deregulation and customer choice, KCPL is determined to continue to treat customers now as ifit were already competing for their energy basiness. Aligning KCPL's needs with the needs of its larger customers enables the Company to develop and maintain strategic partnerships with these customers, providing complete energy services to current and future customers well beyond its traditional service territory. Alliances with other companies will continue to allow I)rawing support from partners throughout the KCPL to bring to customers enhanced services 21 area, this effort provides a comraunity-wide such as monitored home security, consumer l benefit, creating educational opportunities for HVAC products and bundled energy services. [ students in the area and providing a safe home Strengthening KCPI's position as a neighbor l l for a variety ofwetlands inhabitants just south of and energy product and services provider is a l Kansas City. The Kansas Chapter of the Sierra crucial first step toward the future. We will not 3 l Clubawarded KCPLitsCorporateCaring Award forget where we came from as we move forward l for environmental efforts in this project, with a wider vision. KCPL has always been a l Concerned with the environmental impact good neighbor in the Kansas City area, working ofits business, KCPL works to remove negative to make things better for the people and busi-environmental impact by integrating state-of-nesses of this community. We will continue to l the-art environmental technoh>gy into its gener-create and develop these opportunities as we ation system, ensuring we meet and exceed move toward our vision. I l current environmental standards. Positioning f or the f uture KCPL continues to implement a strategy of providing exemplary customer service while meeting and beating the competition where choices exist for energy-related products and services. By strengthening our core business market within our service territory, we solidify KCPL's foundation ofm(eting the needs ofour customers effectively and becoming the region's energy supplierofchoice. KCPL also developed a partnership with Kirshenbaum, Bond and Partners, a strategic i l
Gas & Dil Emploration and Development KLT Gas pursues opportunities in the explo-ration and development ofgas and oil properties. Strategies include using advanced 3D seismic technology, horizontal drilling techniques to evaluate and develop potential gas and oil reserves, acquiring properties during periods of lower gas prices, and partnering with experi-enced operators to capitalize on their knowledge and skill. KLT Gas, in partnership with other businesses in the gas and oil industry, continued to explore opportunities in 1997. The Apache Canyon project in Colorado, ofwhich KLT Gas owns a significant portion, was principally responsible for a 66% increase during 1997 in KLT Gas' proved reserves to 168 billion cubic }' feet. Expansion plans for 1998 include addi-tional wells at that site and the pursuit ofother projects in the Raton Basin as well as new sites exhibiting reserve potential. By partnering with Lyco Energy Corporation, I a Dallas-based firm engaged in the expansion of commercial gas and oil reserves, KLT Gas 31 K LT I s( Gnowin is participates in specific exploration projects. NoscLuriaTinMA9Ai is KLT Inc., KCPUs nonregulated subsidiary, works cannsmim primarily to aggressively develop energy-related KLT Energy Services, through its ownership in business ventures which will provide significant Custom Energy, offers a comprehensive menu of growth in value over that realized by KCPI's services providing energy management and sav-regulated utility. Strategically investing in and ings to commercial, industrial ana.nunicipal managing businesses that capitalize on KCPUs customers. Its vision: to build the power demonstrated experience and expertise help us provider of the future through the delivery of achieve our goals. superior customer value today. In 1997, KUr Inc. made its first significant KLT Energy Services is positioned to pro-positive contribution to KCPUs financial perfor-vide complete solutions to customers' energy mance with $6 million consolidated net income. needs, from comprehensive energy manage-Investments in affordable housing, gas and oil ment to interior and exterior lighting design exploration, energy services, telecommunica-and implementation. Rising costs of electric tions, economic development, and power pro-energy combined with our expertise in the jects drove KLT Inc.'s growth. KCPL had a total market provide attractive opportunities for KLT equity investment in KLT Inc. of $ 119 million at Energy Services. Offices in several larger metro-the end of1997and assets totaling $346 million. politan cities competitively serve customers' We are very excited about KLT Inc.'s oppor-energy needsin 40 states. tunities in 1998. These businesses are beginning to make a real contribution to KCPUs bottom line and we anticipate they will contribute 10% to 15% of KCPUs total earnings in 1998. Following is a summary ofsome of the businesses in which KLTInc. participates.
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Economic Deeelopment investments in regional venture capital funds, renovations to a historic downtown Kansas City hotel and CellNet wireless technology stock drive these community and economic development projects and provide opportunities I Af f ordable Housing for exp ansion ofKCPL's core business. A strong Estimates show that the demand for both urban need for convention facilities in Kansas City and and suburban affordable housing units in the U.S. their necessary surrounding infrastructure makes far outweighs the supply. Federal and state gov-the renovation projects a viable means of bring-ernments provide tax credits to private industry ing increased value to shareholders. as an incentive to ease this disparity. KLT Invest-Power Projects ments has invested in twenty-four affordable Global energy markets have emerged as many housing h.mited partnership fiinds, with prop-developing and established nations turn to erties located throughout the U.S. and Puerto private power to meet growing world energy Rico. In Kansas City, these investments include needs. KLT Power is taking advantage of these the National Equity Fund, which benefits people opportunities through the development and
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acquisition of thermal power generation pro-ies communications jects. Focusing on North and South American The proliferation ofinternet use, fax machines and Asian markets, KLT Power's development and data transmission has increased the need and investment in independent power projects for additional telecommunications capacity to capitalizes on the competencies of KCPL and 11 carry these larger amounts ofdara. Utilities are local joint venture partners. 7 naturally attracted to this industry because In 1997, KLT Power's investment in Cen-they already own significant internal commu-tral Costanera, an electric generating plant in nication networks. KLT Telecom's investment Argentina, exceeded expectations. KLT Power's in Digital Teleport Inc. (DTI) of St. Louis ownership in Costanera, an aggressively com. 3 places it at the center of that company's largest petitive energy company, is creating additional i project - building a midwest regional fiber opportunities for growth throughout South i optic network. America. DTI's unique business strategy led KLT Telecom to realize its growth potential. DTI builds networks in geographic clusters and links j them with a fiber connection, providing it with a significant competitive advantage. By the end of 1997, DTI had over 1,400 route miles offiber optics network, including the completion of downtown networks in St. Louis and Kansas City. These kical networks will interconnect wit h DTI's larger system and access all local and long-distance telephone providers. Currently, DTI is constructing their network in Missouri, Arkansas and Illinois, with planned growth into another ek ven states within five years. KLT Telecom is also pursuing investment opportunities involving wireless communication including storage tank monitoring and "intelli-gent ' parking meters.
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1 I M A N A G I M I: N 1 " S DI5CUS5lON AND A N A 1. v S i s O l' _21. F i N A N c A I. C O N Dil lO N AND R E$ Ul.T s 01 O P L li A T I O N S 7 'e status et meroer the statement, companies must demonstrate that i See Note 13 to the Consolidated Financial State-their merger does not adversely affect competition y ments as to the current status of the merger or wholesale rates. As remedies, FERC may con-agreement with Western Resources Inc. (Western sider a range of conditions including transmis- ] Resources). In December 1996 the Federal Energy sion upgrades, divestitures ofgenerating assets Regulatory Commission (FERC) issued a state-or formation ofindependent system operators. ment concerning electric utility mergers. Under j Regulation and Competition Was one of the first utilities to receive FERC's 2 As competition develops throughout the electric approval of an open-access tariff for wholesale utility industry, we are positioning Kansas City wheeling transactions. In April 1996 FERC issued Power & Light Company (KCPL) to excel in an an order requiring all owners of transmission open market. We are improving the efficiency of facilities to adopt open-access tariffs and partic-KCPL's core utility operations, lowering prices and ipate in wholesale wheeling. We have made the offering new services. We now offer customized necessary filings to comply with that order. energy packages to larger customers, including FERC's April 1996 order has encouraged options offering natural gas contracts. more movement toward retail competition at the Competition in the electric utility industry state level. An increasing number ofstates have was accelerated with the National Energy Policy already adopted open access requirements for Act of1992. This Act gives FERC the authority utilities' retail electric service, allowing com-to require electric utilities to provide transmission pering suppliers access to their retail customers line access to independent power producers (IPPs) (retail wheeling). Many orher states are actively and or her utilities (wholesale wheeling). KCPL, considering retail wheeling. In Kansas, the retail already active in the wholesale wheeling market, wheeling task force has proposed a restructuring
\\ \\ bill that would implement retail competition on About 21% of KCPL's retail mwh sales are to 3 July 1,2001. Some of the key points included in industrial customers which is below the utility the proposed bill are: 1) the Kansas Corporation industry average. KCPL has a flexible rate struc-Commission (KCC) will determine the amount ture with industrial rates that are competitively of under-utilized assets (stranded costs) each priced with other companies in the region. In utility is allowed to recover and 2) a unit charge addition, long-term contracts are in place or under prr kwh will be assessed to all customers for recov-negotiation for a large portion of KCPL's indus-ery of competitive transition costs (these costs trial sales. There has not been direct competition j include stranded casts, other regulatory assets, for retail electric service in KCPL's service rerritory j nuclear decommissioning, etc.). In Missouri, a although there has been competition in the bulk legislative committee has been formed to study power market and between alternative fuels. the issue while the Missouri Public Service Com-Increased competition could also force util- [ mission (MPSC) has established a task force to ities to change accounting methods. Financial plan for implementation of tail wheeling if Accounting Standards Board (FASB) Statement j authorized by law. No. 71 - Accounting for Certain Types of Regu-Competition through retail wheeling could lation, applies to regulated entities whose rates i resultin market-based rates below current cost-are designed to recover the costs of providing I based rates. This would provide growth oppor-service. An entity's operations could stop meeting j tunities for low-cost producers and risks for the requirements ofFASB 71 for various reasons, higher-cost producers, especially those with including a change in regulation or a change in I g large industrial customers. Lower rates and the the competitive environment for a company's loss of major customers could result in stranded regulated services. For those operations no longer costs and place an unfair burden on the remaining meeting the requirements ofregulatory account-customer base or shareholders. Testimony filed in ing, regulatory assets would be written off. the merger case in Kansas for KCPL indicated that KCPL's regulatory assets, totaling $ 153 million at stranded costs are approximately $1 billion. An December 31,1997, will be maintained as long independent study prepared at the request of as FASB 71 requirements are met. the KCC concluded that there are no stranded It is possible that competition could eventu-costs. We cannot predict the extent that stranded ally have a materially adverse affect on KCPL's costs will be recoverable in future rates. If an results of operations and financial position. adequate and fair provision for recovery of these Should competition eventually result in a signif-lost revenues is not provided, certain generating icant charge to equity, capital costs and require-assets may have to be evaluated for impairment ments could increase significantly. and appropriate charges recorded against earn-ings. In addition to lower profir margins, market-based rates could also require generating assets to le depreciated over shorter useful lives, increasing operating expenses. Although Missouri and Kansas have not yet authorized retail wheeling, we believe KCPL is positioned well to compete in an open market with its diverse customer mix and pricing strategies.
Nonregulated Opportunities consolidated assets at December 31, 1997, KLT Inc. (KLT) is a wholly-owned subsidiary totaled $346 million. The growth of KLT pursuing nonregulated business ventures. Exist-accounts for most of the increase in KCPL's con-ing ventures include investments in domestic and solidated investments and nonutility property international nonregulated power production, (see Capital Requirements and Liquidity section). energy services, oil and gas development and pro-The February 7,1997, Agreement and Plan of duction, telecommunications, telemetry technol-Merger with Western Resources includes a provi-ogy and affordable housing limited partnerships. sion that requires Western Resources
- approval KCPL had a total equity investment in KLT ofinvestments beyond a certain limit excluding of $ 119 million as of December 31,1997, and the cost ofroutine regulated utility capital expen-KLT's net income for the year totaled $6 million ditures. In 1997 new investments were restricted compared to a $1.4 million loss in 1996. KLT's under this agreement.
Earnings Overview offsetting these decreases are continued load Earnings per share (EPS) for 1997 of $1 I H growth, lower deferred Wolf Creek amortization decreased $0.51 from 1996. KCPUs pursun 4 and an increase in subsidiary income. Addition-its strategic options resulted in the September ally, merger-related costs reduced EPS in the 1996 termination of a merger agreement with prior year by $0.31. UtiliCorp United Inc. (UtiliCorp)and the Feb-EPS for 1996 of$ 1.69 decreased $0.23 from ruary 1997 announcement of KCPL's agreement 1995. Terminating the merger agreement in Sep-to combine with Western Resources after nine tember 1996 with UtiliCorp and defending 23_ months of defending against an unsolicited against Western Resources' unsolicited exchange z exchange offer. These actions triggered KCPUs offer reduced 1996 EPS by $0.31. Other factors j payment of $53 million in February 1997 to contributing to the decrease included mild j UtiliCorp under provisions of the UtiliCorp summer temperatures and the effects ofa new merger agreement, lowering EPS for 1997 by stipulation and agreement with the Missouri $0.52. In 1997 $7 million ($0.07 per share)of commission. In addition, EPS for 1995 included [ merger-related expenses were incurred (see Note a $0.05 per share gain on the sale of rail cars. 13). The net effect ofthe rate reductions approved Despite the unfavorable weather and merger-l{ by the MPSC lowered EPS for the year by an related charges, continued load growth con-estimated $0.17 Increased depreciation expense tributed favorably to 1996 EPS. also negatively affected EPS for the year. Partially I
Megawatt hour (Mwh) Sales and Electric Operating Revenues Sales and revenue data: Incresse (Detresse) from Prior Year 1997 1996 Mwh Revenues Mah Revenues IRennue s hssp in narilkes) Retail: Residential 5% 9 1% Cornrnercial 44 (1) 4% 10 Industrial (4)% (3) 6W 5 Oyher ___ ______.___1W _ _ _ 3) _ (4)T _ ( 5 Total retail 3W 2 4% 15 I Sales for resale: [ 11ulk power sales (22)% (12) 1% 6 Other _t __9% 2 19 % 3 Total (9) 21 j Other revenues.__ _ _ _ _ _ 1__ _ __ _ 3) ( Total electric operating revenues 5 (8) 18 / During 1996 the M PSC approved a stipula-Summer temperatures were very mild in j tion and agreement authorizing a $20 million 1997 and 1996 compared with 1995, remaining i revenue reduction in two phases and an increase below normal for the fifth consecutive year. in depreciation and amortization expense by $9 Despite this mild weather pattern, retail mwh 3 mdlion per year. InJuly 1996 we implemented sales increased in each of the last five years due phase one of the revenue reduction designed to to load growth. Load growth consists of higher reduce revenues from commercial and industrial usage-per-customer as well as the addition of customers by an estimated $9 million per year. new customers. Thic decrease is achieved with an increase in Retail mwh sales for 1997 increased 3% over summer revenues offset by a larger decrease in 1996 while retail revenues remained relatively winter revenues. This design more closely follows flat due largely to the Missouri revenue reduc-KCPI's increased costs ofgenerating electricity in tions discussed above. Industrial sales and rev-the summer. The second phase of this stipulation, enues declined primarily because of reduced implemenred January 1,1997, further reduced sales to a major industrial customer as a result of Missouri residential, commercial and industrial a strike by its employees. revenues by an estimated $11 million per year. Retail mwh sales for 1996 increased 4% over The decreases in revenues as a result of this stip-1995 while retail revenues increased only 2%. ulation and agreement were about $20 million Similar to 1997, the Missouri revenue reductions for 1997 and $3 million for 1996. are the main reason for this difference. Addition-EffectiveJanuary 1,1998, the KCC approved ally,long-term contracts with major industrial a settlement agreement authorizing a $14.2 customers contributed to the decline in retail million revenue reduction and an increase in revenue per mwh. These contracts are tailored to depreciation expense of $2.8 million. When the meet customers' needs in exchange for their long-KCC approves a new rat e design, which is antic-term commitment to purchase energy. Long-ipated by year-end 1998, KCPL will refund the term contracts are in place or under negotiation portion of the $14.2 million that has accrued for a large portion of KCPL's industrial sales. betweenJanuary 1,1998 and the implementa-tion date of the new rare design.
1 Bulk power sales vary with system require-declining price per mwh as usage increases. An ments, generating unit and purchased power automatic fuel adjustment provision is only availability, fuel costs and the requirements of included in sales for resale tariffs, which apply ot her electric systems. Outages at the LaCygne 1 to less than 1 % ofrevenues. and 2 generating units in the second quarter of Future mwh sales and revenues per mwh will 1997 contributed to lower bulk power mwh also be affected by national and local economies, sales in the current year (see Fuel and Purchased weather and customer conservation efTorts. Com-Power section). petition, including alternative sources ofenergy Total revenue per mwh sold varies with such as natural gas, co-generation, IPPs and changes in rate tariffs, the mix of mwh sales other electric utilities, may also affect future among customer classifications and the effect of sales and revenue. Fuel and Porthased Pewer generation and the nuclear plant about 26%. Combined fuel and purchased power expenses The price ofcoal burned declined slightly in for 1997 remained consistent with 1996 levels 1997 compared to 1996 and declined 4% during while total mwh sales (total of retail and sales 1996. KCPI's coal procurement strategies con-for resale) decreased by 3%. This difference is tinue to provide coal costs below the regional largely attributable to an increase in purchased average. We expect coal costs to remain fairly power expenses. The cost per kwh for purchased consistent with 1997 levels through 2001. power is significantly higher than the cost per Combined fuel and purchased power expenses kwh of generation. Purchased power expense for 1996 increased 8% or $15 million from 1995, 35_ increased by about $7 million in 1997 over 1996 while total mwh sales increased only 3%. Items as additional replacement power expenses were contributing to this increase include increases in i j incurred during outages at the LaCygne gener-capacity purchase contracts, increases in replace-j ating units in 1997. ment power expenses for Wolf Creek's spring Nuclear fuel costs per MMBTU remain sub-1996 refueling outage, and increases in the cost stantially less than the MMBTU price of coal. ofnuclear fuel. Partially offsetting these increased l Nuclear fuel costs per MMBTU increased 1 % dur-expenses was a $2 million decrease in expense 3 ing 1997 and 26% during 1996. Nuclear fuel costs from coal inventory adjustments. [ per MMBTU averaged 60%,59% and 45% ofthe Capacity purchase contracts provide a cost-MM BTU price ofcoal during 1997,1996 and 1995, effective alternative to constructing new capacity respectively. We expect the current relationship and contributed to increased purchased power [ and the price ofnuclear fuel to remain fairly con-expenses in 1996. Additional capacity purchases I stant through the year 2001. During 1997 and increased purchased power expenses about $9 1996 fossil plants represented about 74% of million in 1996. Other Operat'on and Maintenance Espenses timing ofscheduled maintenance programs. Combined other operation and maintenance We continue to emphasize new techr' ologies, expenses for 1997 increased from 1996 due largely improved work methodology and cost control. to increases in system dispatch, customer accounts We are improving system processes to provide expenses and WolfCreek non-fuel operations. increased efficiencies and improved operations. Combined other operation and maintenance Through the use ofcellular technology, a majority expenses for 1996 decreased from 1995 due to the ofcustomer meters are read automatically.
Depretiation and Amortiration 1996.This amortization toraled about $9 million The increase in depreciation expense from 1996 per year. to 1997 and from 1995 to 1996 reflects the imple-The Kansas portion of Deferred WolfCreek mentation of the MPSC stipulation and agree-costs became fully amortized in the second quar-ment discussed in the revenue sections as well as terof1997. Amortization of the Kansas portion normal increases in depreciation from capital of this asset totaled about $3 million per year. additions. The stipulation and agreement, effec-The Kansas retail revenue agreement riveJuly 1,1996, authorized a $9 million annual approved by the KCC inJanuary 1998 autho-j increase in depreciation expense at about the rized an annual increase in depreciation expense j same time the Missouri portion of Deferred Wolf by about $3 millior.effectiveJanuary 1,1998. Creek costs became fully amortized in December j income T nei the lnternal Revenue Service regarding tax issues { Operating income taxes decreased $9 million in included in the 1985 through 1990 tax returns. j 1996 from 1995. The decrease was primarily Operating income taxes increased by $3 million due to adjustments necessary to reflect the filing in 1997 from this lower than normal 1996 level. of the 1995 tax returns and the settlement with General Tames x Components ofgeneral taxes: 26_ 3- -- 3,,7 1996 1995 Property $ 43,529 $ 45,519 $ 46,019 Gross receipts 40,848 42,554 41,416 Other --9,386 8,920 9.175 Total 5 93,297 97,248 96,821 Property taxes decreased from 1996 to 1997 as a result of changes in Kansas tax law which reduced the mill levy rates. l l
Other Income and (Deductions) and inclusion of three small companies in uin e n.ne.vi inc o me which KLT obtained controlling interests Miscellaneous income increased in 1997 from during 1997 are the primary activities that 1996 due primarily to increased revenues from contributed to the increased expenses, non-utility and subsidiary operations. Divi-Miscellaneous deductions increased in dends on t he investment in a fossil-fuel genera-1996 from 1995 due priraarily to the termi-tor in Argentina (see Capital Requirements and nation of the UtiliCorp merger agreement Liquidity section), revenues from a subsidiary and defense against Western Resources' unso-in which KLT obtained a controlling interest licited exchange offer. During the third quarter during 1997 and increased revenues from oil of 1996, $13 million in previously deferred and gas exploration contributed to the increase merger cons and $5 million of the termination in miscellaneous income from subsidiary fee were expensed. In addition, costs incurred operations. to defend against the unsolicited exchange offer Miscellaneous income for 1995 included a increased 1996 expenses by $13 million. Also, $5 million gain from the sale ofsteel railcars, subsidiary expenses increased about $9 million. which were replaced by leased aluminum Total subsidiary expenses, including interest cars. Aluminum cars are lighter-weight and charges discussed lxiow, are substantially ofTset offer more coal capacity per car, contributing by related tax benefits. to lower delivered coal prices. income tani misc.nane.ui neauctions income taxes reflect the tax impact of the excess Miscellaneous deductions increased in 1997 of miscellaneous deduct ions over miscellaneous n_ from 1996 due primarily to a $53 million income. Additionally, we accrued tax credits in payment to UtiliCorp in February 1997. The 1997 of $23 million related to KLT's invest-September 1996 termination of the UtiliCorp ments in affordable housing limited partner- [ merger agreement and the February 1997 ships and oil and gas investments. In 1996 and j announcement of the agreement to combine 1995 we accrued tax credits of$12 million and with Western Resources, triggered the pay- $5 million, respectively, related primarily to y ment to UtiliCorp under provisions of the KLT's investments in affordable housing limited [ UtiliCorp merger agreement. Miscellaneous partnerships. The increase in tax credits accrued i deductions for 1997 also include $7 million in 1997 from 1996 is due to an increase of $8 of merger-related expenses (see Note 13). million in tax credits related ro oil and gas invest-5 Miscellaneous deductions for 1996 included ments.This increase in tax credits and reduced [ $31 million in merger-related costs. net income resulted in a significant impact on i The increase in Miscellaneous deductions the effective income tax rate. Accrued taxes on in 1997 from 1996 also reflects increased the balance sheet decreased primarily because non-utility expenses and subsidiary operating $9 million of these tax credits did not reduce costs. Subsidiary expenses included in Miscel-estimated tax payments because such amounts laneous deductions increased by $29 million can only be refunded by the IRS after the tax in 1997 from 1996. The primary subsidiary return is filed in 1998. Non-taxable increases expenses t har increased are cost ofsales, admin-in the cash surrender value of corporate-istrative and general labor and benefits, incen-owned life insurance contracts also affected the tives for gas prodoction, external consulting relationship hetween miscellaneous deductions services and provision for uncollectible notes and income taxes. receivable. Expansion into new projects for the power subsidiaries, increased gas operatmns l I l
interest curoes We use interest rate swap and cap agreements long-term debt interest expense increased during to linut the interest expense on a portion of 1997 reflecting higher average levels oflong-term KCPI's variable-rate long-term debt. We do not debt outstanding compared with the previous use derivative financial instruments for trading year. The higher average levels of debt resulted or other speculative purposes. Although these mainly from financing by KLT to support expand-agreements are an integral part of KCPI's interest ing subsidiary operations and funding ofother rate management, their incremental effect on corporate capital requimments. interest expense and cash flows is not significant, j The average interest rate on long-term debt, The increase in miscellaneous interest charges j including current maturities, was 6.1 % in 1997 in 1997 compared to 1996 is primarily due to compared with 6.0% in 1996 and 1995. interest charges incurred on the $150 million of 5 8.3% preferred securities. l weit creek the increases in WolfCreek related replacement j} WolfCred is one of KCPUs principal generating power and operating and maintenance expenses units representing about 17% ofits accredited in 1997 and 1996 over 1995. Costs of the 1997 { generating capacity. The plant's operating perfor-and 1996 outages were $6 million and $2 million mance has remained strong, contributing about in excess of the costs estimated and accrued for the i 26% ofthe annual mwh generation while operat-outages. WolfCreek's tenth refueling and mainte-ing at an average capacity of 87% over the last nance outage is scheduled for the spring of1999 38_ three years. It has the lowest fuel cost per MMBTU and is estimated to be a 40 day outage. of any of KCPI's generating units. Wolf Creek's assets and operating expenses The incremental operating, maintenance and represent about 42% and 19% of utility total replacernent power costs for planned outages are assets and operating expenses, respectively, accrued evenly over the unit's operating cycle, Currently, no major equipment replacements normally 18 months. As actual outage expenses are expected, but an extended shut-down of are incurred, the refueling liability and related Wolf Creek could have a substantial adverse deferred tax asset are reduced. effect on KCPI's business, financial condition WolfCreek's ninth refueling and maintenance and results of operations. Higher replacement outage, budgeted for 35 days, began in early power and other costs would be incurred as a October 1997 and was completed in December result. Although not expected, an unscheduled 1997 (58 days). The extended lengt h of the ninth plant shut-down could be caused by actions of outage was caused by several equipment prob-the Nuclear Regulatory Commission reacting to lems, the most significant of which included: safety concerns at the plant or other similar failure of the fuel assembly gripper, failure of a nuclear units. Ifa long-term shut-down occurred, residual heat removal pump to start on demand, the state regulatory commissions could consider difficulties in declaring operable an essential ser-reducing rates by excluding the Wolf Creek vice water system and a reactor trip during startup. investment from rate base. WolfCreek's eighth scheduled refueling and main-Ownership and operation ofa nuclear gener-tenance outage, budgeted for 45 days, began in ating unit exposes KCPL to risks regarding the early February 1996 and was completed in April cost ofdecommissioning the unit at the end ofits 1996 (64 days). The eighth outage started one life and to potential retrospective assessments month early when the plant was shut down after and property kisses in excess ofinsurance coverage. water flow from the cooling lake was restricted by These risks are more fully discussed in the related ice buildup on an intake screen. The extended sections of Notes 12nd 4 to the Consolidated lengths of the outages were the primary reasons for Financial Staronents.
Endronmental Matters he determined. liowever, the impact on KCPL KCPUs policy is to act in an environmentally and other utilities who use fossil fuels could be responsible manner and use the latest technolo-substantial. Under the new fine particulate regu-gy available to avoid and treat contamination, lations EPA will begin a 6ve-year study offine We continually conduct environmental audits particulate emissions. Until this testing and designed to ensure compliance with governmen-review period has been completed, KCPL cannot tal regulations and detect contamination. liow-determine additional compliance costs, if any, ever, these regulations are constantly evolving; associated with the new particulate regulations. governmental bodies may impose additional or In 1997 EPA also issued new proposed reg-more rigid environmental regulations that could ulations on reducing Nitrogen Oxide (NOx) require substantial changes to operations or emissions. Under the new regulations 22 states, facilities. including Missouri but not Kansas, would be The Clean Air Act Amendments of 1990 required to develop plans to reduce NOx emis-contain two programs significantly affecting the sions. The new limits would go into effect in utility industry. KCPL has spent about $$ mil-either 2002 or 2004. The cost ofequipment to lion for the installation ofcontinuous emission reduce NOx emissions could be substantial, monitoring equipment to satisfy the require-however, until studies are completed on the actual ments under the acid rain provision. The other impact of the new regulations on KCPL the costs utility-related program calls for a study ofcertain cannot be determined. air toxic substances. Based on the outcome ofthis At a December 1997 meeting in Kyoto, study, regulation of these substances, including Japan, the Clinton Administration supported ,q mercury, could be required. We cannot predict changes to the International Global Climate the likelihood of any such regulations or com-Change treaty which would require a seven per-f pliance costs. cent reduction in United States Carbon Dioxide In July 1997 the United States Environ-(CO2) emissions below 1990 levels. President mental Protection Agency (EPA) published new Clinton has stated that this change in the treaty air quality stanJ for ozone nd particulate will not be submitted to the U.S. Senate at this E matter. Additional regulations implementing time where rati6 cation is uncertain. If future these new standards are expected to be 6nalized in national restrictions on electric utility CO2 l 1998. Without the implementation regulations, emissions are eventually required, the Gnancial the real impact of the standards on KCPL cannot impact upon KCPL could be substantial. 7: Impact of the Year 2000 Issue conversions of KCPL's software, the Year 2000 i The Year 2000 issue is the result ofcomputer Issuecan be mitigated. We will utilize both inter. programs using two digits instead of four digits nal and external resources to address t he Year 2000 to define t he applicable year. Computer programs issue. We plan to complete the Year 2000 project with date-sensitive software may recognize a date by December 31,1998. This will allow time for using "00" as the year 1900 rather than the year additional compliance testing of the systems. ~ 2000. This could result in a system failure or mis-The cost of the Year 2000 project is being calculations causing disruptions ofoperations. expensed as incurred and is not material to KCPI's Through ongoing assessment of t he Year 2000 results ofoperations. However, there is no guar-Issue, we have determined that it is necessary to antee that current cost estimates ofthe Year 2000 modify or replace some of KCPUs internal soft-project will not be exceeded. For the past several ware so that its computer systems will properly years, we have been replacing older systems with utilize dates beyond December 31,1999. We new and innovative technologies that place us in believe that with the planned modi 6 cations and a stronger competitive position for the future.
As a result, the cost of the Year 2000 project has to evaluate KCPUs vulnerability to those third been lessened. Specific factors that might cause parties' failure to remediate their own Year 2000 costs to exceed estimates include, but are not Issue. However, there is no guarantee that third limited to, the availability and cost of appropri-party systems on which KCPUs systems rely will ately t rained personnel, the ability to locate and be timely converted, or that a failure to convert, correct all relevant computer codes, and similar or a conversion that is incompatible with KCPUs uncertainties. systems, would not have a material adverse effect We have initiated formal communications on KCPL. j with all of KCPUs large suppliers and customers W Prejected Construction Espenditures term fixed costs of building new capacity, these f We are fully exploring alternatives to new con-contracts provide a cost-effective way of meet-struction. During 1995 we entered into an operat-ing uncertain levels of demand growth, even [ ing lease for a new 142 mw combustion turbine, though there are risks associated with market j now scheduled to be placed in service during 1998. price fluctuations. We have also contracted to purchase capacity Total utility capital expenditures, excluding through fixed-price agreements (see Note 4 to the allowance for funds used during construction, j Consolidated Financial Statements - Capacity were $125 million in 1997. The utility construc-Purchase Commitments). Compared to the long-tion expenditures are projected for the next five years as follows: JO Construction Espenditures _ _ _ _ @9f _. _ 1999. _ 2910 _ 2901 ___ 3002 _ _ _ ysi Generating facilities 27 34 34 13 40 $ 148 Nuclear fuel 19 2 21 25 1 68 Transmission facilities 6 4 4 8 18 40 Distribution and general facili_ ties _. _ _ _ _54 _ __ 53_ _ _ 5_3_______49 _ 45 _ 254 Total $ 106 93 $ 112 95 $ 104 $ 510 This construction expenditure plan is subject to continual review and change. Capit.l Requirements and Liquidity to the Consolidated Financial Statements) and As of December 31,1997, liquid resources of because expenditures during 1997 for certain KCPL included cash flows from operations, investments were restricted under the Western $300 million ofregistered but unissued unse-Resources merger agreement. cured medium-term notes and $343 million of KCPL continues to generate positive cash unused bank lines of credit. The unused lines flows from operating activities, although indi-consisted of KCPL's short-term bank lines of vidual components of working capital will vary credit of $300 million and KLT's long-term with normal business cycles and operations ~ revolving line ofcredit of $43 million. Cash and including the timing of receipts and payments. cash equivalents increased by $51 million from Cash required to meet current tax liabilities December 31,1996 to December 31,1997, has increased as KCPL no longer receives the primarily due to $21.5 million of proceeds from benefits of accelerated tax depreciation on any the sale of streetlights to the City of Kansas significant generating plant assets. Accelerated City, Missouri at a minimal gain; the issuance of depreciation lowers tax payments in the earlier $150 million ofpreferred securities (see Note 10 years of an asset's life while increasing deferred
tax liabilities; this relationship reverses in the Cash provided by financing activities later years ofan asset's life. KCPUs last significant increased from December 1996 to December generating plant addition was the completion of 1997 due to additional long-term borrowings. l WolfCreek in 1985. Long-term debt, including current maturities, At December 31,1997 coal inventory levels increased by $37 million from December 31, were at 75% of targeted levels. This shortfall was 1996 to December 31,1997, primarily due to d ue mainly to poor railroad delivery performance additional borrowings by KLT on its long-term throughout 1997. Such railroad related problems revolving line ofcredit. As discussed in Note 10 are expected to continue at least through 1998. to the Consolidated Financial Statements, We are working with KCPUs rail carriers to easure KCPL Financing I, a wholly-owned subsidiary an adequate coal supply and allow recovery to of KCPL, issued $150 million ofpreferred secu-targeted coalinventory levels. rities in April 1997. The $53 million payment Deferred debt issuance expenses and good-to UtiliCorp, recorded as an expense, and KLT's will resulting from KLT's acquisitions contributed purchases ofinvestments and nonutility prop-to the increase in Other deferred charges on the erties were financed mostly by the preferred Consolidated Balance Sheets from December 31, securities and additional long-term borrowings. 1996 to December 31,1997. Other deferred Cash used in Other financing activities increased credits increased due to an increase in WolfCreek from 1996 to 1997 due primarily to the costs of decommissioning liabilities. Also, minority issuing the preferred securities which are being interests included in Other deferred credits amortized over 40 years. increased as KLT obtained controlling interests in KCPCs common dividend payout ratio was n new companies in 1997. 137% in 1997,94% in 1996 and 80% in 1995. r Cash used in investing activities varies with The increase in the payout ratios for 1997 and the timing of utility capital expenditures and 1996 from 1995 is due mainly to the significant KLT's purchases ofinvestments and nonutility merger-related costs expensed in both periods. j properties. KLT completed several investments The last time the common dividend payout ratio during 1997 increasing Investments and Non-was greater than 100% was 1992. The summer = utility Property on the Consolidated Balance of 1992 was the second coolest on record. I Sheet by approximately $100 million. These We expect to meet day-to-day operations, [ include a 12% ownership interest in the largest utility construction requirements and dividends fossil-fuel generator in Argentina and a signifi-with internally-generated funds. Uncertainties ? cant ownership interest in Digital Teleport,Inc. affecting KCPUs ability to meet these require- [ (DTI), a St. Louis, Missouri, facilities-based ments with internally-generated funds include i provider oflong-haul and local telecommunica-the effect ofinflation on operating expenses, the tions services. As part of the DTI transaction, level ofmwh sales, regulatory actions, the avail-KLT converted a note receivable, with a balance ability ofgenerating units and compliance with at December 31,1996, of $9 million, to the future environmental regulations (see Environ-investment in DTI. mental Matters section). The funds needed for Construction work in progress increased by the retirement of$462 million ofmaturing debt $24 million from December 31,1996 to through the year 2002 will be provided from December 31,1997, due to continued con-operations, refinancings or short-term debt. struction on production projects and system KCPL might issue additional debt and/or addi-software upgrades. tional equity to finance growth or take advan-tage ofnew opportunities. i
C O N 5 0 !. I D A T E D S 'I A 'I E M E N T S OE INCOMi Year Ended December 31 1997 1996 1995 (theasandal Electric Operating Revenues $ 895.943 $ 903,919 $ 885,955 Operating Expenses 0 wration 1 Fuel 134,509 140,505 139,371 Purchased power 59,247 52,455 38,783 Other 191,897 180,719 178.599 Maintenance 70,892 71,495 78,439 Depreciativ I10,898 103,912 97,225 [ Income taxes 71,113 68,155 77,062 i General taxes 93,297 97,248 96,821 Deferred Wolf Creek costs amortization 1,368 11,617 12,607 L __. _ Total _ _ _ _ _ _ _ _ _ _ _ _. _ _ _. 733_.2_21 _. __726,106_ _ 71_8,9']7 Operating income 162,722 177,813 167,048 Other income and (Deductions) E Allowance for equity funds used during construction 2,407 2,368 2,279 E Miscellaneous income 39,021 4,843 8,623 T Miscellaneous deductions (118,442) (55,172) (11,101) { income taxes 63,034 36,402 10,259 _ l1,559) _ _ 10.060 _ __ To t a l.__,_ __ -. _ _ _ _. _ _ _. _ _ _ _ _ _ ___. _ _ _ _. 13,980) ( ( 32 income Bef ore Interest Charges 148,742 166,254 177,108 Interest Charges long-term debt 60,298 53,939 52,184 Short-term debt 1,382 1,251 1,189 Miscellaneous 12,843 4.840 3,112 .1,947) (1,963) Allowance for borrowed funds used during construction (2,341) ( Total 72,192 58,083 54,522 Net income 76,560 108,171 122,586 Preferred Stock D_ividend_Re,quirements _ _ __ _ 3,7 89 __. _ _3,790 4,011 Earnings Available for Common Stock 72,771 $ 104,381 $ 118,575 Average Number of Common Shares Outstanding 61,895 61,902 61,902 Basic and Diluted Earnings per Common Share 1,18 1.69 1.92 Cash Div6dends per Common Share 1.62 3 1.59 1.54 CONSOIIDATED STATIMENTsOE RETAINED EARNINGS Year Ended December 31 1997 1996 1995 (themundd Beginning Balance $ 455,934 $ 449,966 $ 426,738 Net Income 76,560 108,171 122,586 532,494 558,137 549,324 Dividends Declared Preferred stock - at required rates 3,773 3,782 4,029 Common stock __ _ 100_,269 98,421 . _ _ 95,329 Ending Balance $ 428,452 $ 455,934 $ 449,966 7'he aaompanyng Notes to Conschdated FinanaalStatewnts are an integralpart of these,tatements.
C o N s o 1. I 1) A T i: n 11 A 1. A N C F S 111-: L T S _I__. Assete Utility Plant, at Original Cost Electric $ 3,502,796 $ 3,472,607 _le_spacSymp{ated depfeciation 1,314,154 1,238,187 Net utility plant in service 2,188,642 2,234,420 Construction work in progress 93,264 69,577 _SU'_ lear fu_el net ofamorgyatip_n of $%,51{agdM,5p_. _ _ _____ _ 41,@9 ___ __39f 97 t .... _ota.l. _-....__ -.- -._.. -. _._._. _...... T - _..-. 3.,5 5 5.- -.-_2,34 3,4 94 . 2,32 - Regulatory Asset. Recoverable Taxes 123,000 126,000 investments and Nonutility Property 345,126 231,874 Current Assets Cash and cash equivalents 74,098 23,571 Electric customer accounts receivable, net ofallowance for doubtful accounts of $ 1,941 and $ 1,644 28,741 27,093 Other receivables 33,492 36,113 Fuel inventories, at average cost 13,824 19,077 Materials and supplies, at average cost 46,579 47,334 Deferred income taxes 648 2,737 __ Orher.___- _, _ _ _ _. _ _ _ _ _ _ _ - _ _ _ 7,15 5 _ _ _ _5_,05 5 Total 204,537 160,980 Deferred Charges _33 R egulatory assets 30,017 37,747 Other deferred charges 31,798 14.417 [ .- _tal -. To - _1,815. - - - _ -. _ 5_2_,164 3 6 Total $ 3,058,033 $ 2,914,512 f Capitallration and Liabilities { CapitMiration (ser statenemis) $ 2,051,489 $ 1,943,647 Current Liabilities [ Notes payable to banks 1,243 Current maturities oflong-term debt 74,180 26,591 Accounts payable 57,568 55,618 Accrued taxes 1,672 18,443 Accrued interest 22,360 21.054 5 Accrued payroll and vacations 23,409 25,558 Accrued refueling outage costs 1,664 7,181 Other 15,068 11,980 Total 197,164._ 166,425 Deferred Credits and Other Liabihties Deferred income taxes 638,679 643,189 Deferred investment tax credits 63,257 67,107 Other 107,444 94,144 Total 809,380 _. 804,440 Commitments and Contingencies (Noir 4) Total $ 3,058,033 $ 2,914,512 The naampanyiog Notr> o Consohlsted FinansialStatements are an integralpart of these statements.
l C O N $ 01. I D A T l~ f) S T A T E M I: N T % 0F C A S la F L 0 W 5 Ynt, {n(eggynhr,,H ___ yp___ _ _,, ., _ _ - _ _ _yQ Cash Flows from 0perating Activities Net income $ 76,560 $ 108,171 $ 122,586 Adjustments to reconcile net income to net cash from operating activities: Depreciation 110,898 103,912 97,225 Amortization of: Nuclear fuel 16,836 16,094 14,679 Deferred WolfCreek costs 1,368 11,617 12,607 7 Other 8,223 5,507 8,152 [ Deferred income taxes (net) 4,780 (8,662) (3,268) O Investment tax credit amortization and reversals (3,850) (4,163) (11,570) Deferred storm costs (8.885) .5 Allowance for equity funds used during construction (2,407) (2,368) (2,279) Other operating activities Wen n (3,924) (4,314) (14,955) f __ _ _.. Net cash from operating activities 208,484 216,909 223,177 Cash Flows from investing Activities Utility capital expenditures (124,734) (100,947) (134,070) j Allowance for borrowed funds used during construction (2,341) (1,947) (1,963) Purchases ofinvestments (107,603) (35,362) (56,759) Purchases ofnonutility property (15,733) (20,395) 24_ Sale ofstreetlights 21,500 Other investing activities (8,902) (931) 9,046 Net cash from investing activities (237,813) (159,582) (183,746) Cash flows from Financing Activities Issuance of mandatorily redeemable Preferred Securities 150,000 Issuance oflung-term 6ebt 66,292 135,441 111,055 Repayment oflong-term debt (28,832) (74,230) (33,428) Net change in short-term borrowings 1,243 (19,000) (13,000) Dividends paid (104,042) (102,203) (99,358) Other financing activities (4,805) (2.154) 3,473 Net cash from financing activities 79,856 (62,146) (31,258) Net Change in Cash and Cash Equivalents 50,527 (4,819) 8,173 Cash and Cash Equivalents at Beginnmg of Year 23,571 28,390 20,217 Cash and Cash Equivalents at End of Year 74,098 23,571 28,390 Cash Paid During the Year for: Interest (net of amount capitalized) $ 71,272 52,457 48,200 Income taxes 22,385 58,344 $ 67,053 1 The saampanying Notes to ConsolidateJ Finam-ial5tatements are ne integraltart of these statements.
P C O N S O 1. I D A T f: 1) S T A T I M 1: N T S O l' C A P 1 T A 1.1/ A T i O N December 31 3,97 g996 tuhouunda Common Stock Equity Common stock-150,000,000 shares authorized without par value 61,908,726 shares issued, stated value $ 449,697 $ 449,697 Retained earnings fue state-,.in 428,452 455,934 Unrealized gain on securities available for sale 1,935 6,484 Capital stock premium and, expense (1,664) (1,666) _. _ Total _ 878,420__ _ _ _ _9_i_0.4 49 Cumulative Preferred Stock $100 Par Value 3.80% - 100,000 shares issued 10,000 10,000 4.50% - 100,000 shares issued 10,000 10,000 4.200 70,000 shares issued 7,000 7,000 4.35% - 120,000 shares issued 12,000 12,000 No Par Value 4.75 % ' - 500,000 shares issued 50,000 50,000 $100 Par Wlue - Redeemable .._ jp0%, _ __,2. _ _ _ _ _ _62 s - 6 ___.__. Total _ 89,062_ 8_9,0(32 Company-obligated Mandatorily Redeemable Preferred Securities 33 of subsidiary trust holding solely KCPL Subordinated Debentures _ _ _ _ 150,000 Long-term Debt (excluding Cure ent maturities) General Mortgage Bonds f Medium-Term Notes due 1997-.2008,6.92% and 6.81% weighted-average rate at December 31 407,500 468,500 3 4.24%' Environmental Improvement Revenue Refunding Bonds due 2012-23 158,768 158,768 7 Guaranty of Pollution Control Bonds 4.31 W ' due 2015-17 196,500 196,500 [ Subsidiary Obligations [ Affordable liousing Notes due 2000-06,8.48'; I and 8.51 % weighted-average rate at December 31 61,207 65,368 Bank Credit Agreement due 1999,6.67% and j f 6.78% weighted-average rate at December 31 107,500 55,000 I __ _Other Long-Term Notes. 2,532 Total 934,007 944,136 Total $ 2,051,489 $ 1,943,647 ' Variable rate securities, u eigbird-average rate as ofDecember 31,1997 The saampanyng Notes so Conwlidated Finanaal$tatements arran integralp.srt ofthese statewirnts. l
7 2 .e ? 2 A NOTisto C O N s o t i n a r t o I: l N A N L I A L STATIMFNTN
- 1. Summary of Significant Accounting Policies The Company and expenses have been classified as Other Income Kansas City Power & Light Company is a medium-and (Deductions) and Interest Charges in the income sized electric utility with more than 445,000 cus-statement.
tomers at year-end in western Missouri and eastern The accounting records conform to the account-Kansas. About 95 % of KCPUs retail revenues are from ing standards prescribed by the Federal Energy Reg-the Kansas City metropolitan area, an agribusiness ulatory Commission (FERC) and generally accepted center and major ret;ional center for wholesale, retail accounting principles. These standards require the and service companies. About two thirds of KCPUs use ofestimates and assumptions that affect amounts retail sales are to Missouri customers, the remainder to reported in the financial statements and the disclosure Kansas customers. ofcommitments and contingencies. The consolidated financial statements include Cash and Cash Equivalents the accc unts of Kansas City Power & Light Company Cash and cash equivalents consists of highly liquid and KLT Inc. (KLT), a wholly-owned, nonutility sub-investments with original maturities of three sidiary. The consolidated entity is referred to as KCPL. months or less. KLT was formed in 1992 as a holding company for var-Derivative FinancialInstruments ious nonregulated business ventures. Existing vent'.res We use interest rate swap and cap agreements to include investments in domestic and international reduce the impact of changes in interest rates on nonregulated power production, energy services, oil variable-rate debt. and gas development and production, telecommu-Interest rate swap agreements effectively fix the nications, telemetry technology and affordable interest rates on a portion of KCPL's variable-rate housing limited partnerships. Currently, the electric debt. Interest rate caps limit the interest rate on a utility accounts for about 89% ofconsolidated assets portion of KCPUs variable-rate debt by setting a and about 92% of net income. Intercompany balances maxiinum rate. The costs of rate caps are paid annually and transactions have been elim'nated. KLTs revenues and included in interest expense. Any difference paid
or received due to these agreements is recorded as an AFDC represents the cost of borrowed funds and adjustment to interest expense. a return on equity funds used to finance construction These agreements are not marked to market value projects. It is capitalized as a cost of construction as they are used only to manage interest expense and work in progress. AFDC on borrowed funds reduces the intent is to hold them uneil their termination interest charges. AFDC on equity funds is shown as a date. We do not use derivative financial instruments noncash item ofother income. When a construction fcir trading or other speculative purposes. project is placed in service, the related AFDC, as Fair Value of FinancialInstruments well as other construction costs, is used to establish The stated values of financial instruments as of rates under regulatory rate practices. The rates used to December 31,1997 and 1996, approximated fair compute gross AFDC are compounded semi-annually market values. KCPI's incremental borrowing rate and averaged 8.6% for 1997,8.5% for 1996 and for similar debt was used to determine fair value if 8.7% for 1995. quoted market prices were not available. Depreciation is computed using the straight-Securilles Available for Sale line method over the estimated lives of depreciable Certain investments in njuity securities are accounted property based on rates approved by state regulatory for as securities available for sale in accordance with authorities. Average annual composite rates were Financial Accounting Standards Board (FASB)Sta:e-about 3.2% in 1997 compared with 3.1% in 1996 ment No. I 15 - Accounting for Certain Investments and 2.9% in 1995. in Debt and Equity Securities. This requires adjusting Wolf Creek Refueling Outage Costs the securities to market value with unrealized gains Forecasted incremental costs to be incurred during (or losses), net ofdeferred income taxes, reported as a scheduled Wolf Creek Generating Starion (Wolf separate component of shareholders' equity. Creek) refueling outages are accrued monthly over the 1 3 Inwestments in Atfordable Housing Limited Partnerships unit's operating cycle, normally about 18 months. Esti-Through December 31,1997, KLT had invested $ 100 mated incremental costs, which include operating, y million in affordable housing limited partnerships. maintenance and replacement power expenses, are i About $79 million of these investments were recorded based on budgeted outage costs and the estimated [ at cost; the equity method was used for the remainder. outage duration. Changes to or variances from those Tax credits are recognized in the year generated. A estimates are recorded when known or probable. } change in accounting principle relating to invest-Nuclear Plant Decommissioning Costs ments made after Afay 19,1995, requires limited The Missouri Public Service Commission (MPSC) partnership investments ofmore than 5% to use the and the Kansas Corporation Commission (KCC) equity method. Of the investments recorded at cost, require the owners ofWolf Creek to submit an updat-i $69 million exceed this 5% level but were made prior ed decommissioning cost study every three years. [ to May 19,1995. The following table shows the decommissioning cost j Utility Plant estimates and the escalation rates and earnings Utility plant is stated at historical costs ofconstruction. assumptions approved by the MPSC inJanuary 1998 [ These costs include taxes, an allowance for funds used and the KCC in 1997. The decommissioning cost I during construction (AFDC) and payroll-related estimates are based on the immediate dismantlement I costs including pensions and other fringe benefits. method and include the costs of decontamination, Additions of, and replacements and improvements to dismantlement and site restoration. Plant decom-units ofproperty are capitalized. Repairs ofproperty missioning is not expected to start before 2025. and replacements ofitems not considered to be units of property are expensed as incurred (except as dis-cussed under Wolf Creek Refueling Outage Costs). When property units are retired or otherwise dis-posed, the original cost, net of salvage and removal, is charged to accumulated depreciation.
- 1. Summary of Significant Accounting Policies (continued)
KCC _ _ M PsC Future cost ofdecommissioning: Total Station tes//wo) 1.3 1.8 47% share (m//wo; 624 5 832 Current cost ofdecommissioning (in 1996 dollars): j Tota! Station (m//wo) 409 409 47% share rm//wo) 192 192 i Annual escalation factor 3.60"4 4.509f Annual return on trust assets _ 7.66% 6.80 % j KCPL contributes about $3 million annually to a Nucleat Fuel j tax-qualified trust fund to be used to decommission Nuclear fuel is amortired to fuel expense based on Wolf Creek. These costs are charged to other opera-the quantity of heat produced for the generation of j tion expenses and recovered in rates. Contributions electricity. Under the Nuclear Waste Policy Act of g to the trust will remain consistent through 1999 1982, the Department ofEnergy (DOE)is responsible i and are expected to increase slightly beginning in for the permanent disposal of spent nuclear fuel. j 2000. These funding levels assume a certain return on KCPL pays the DOE a quarterly fee ofone-tenth of a trust assets. If the actual return on trust assets is below cent for each kilowatt-hour ofnet nuclear generation the anticipated level, we believe a rate increase will delivered and sold for future disposal ofspent nuclear j be allowed ensuring full recovery ofdecommission-fuel. These disposal costs are charged to fuel expense ing costs over the remaining life of the unit. This and recovered through rates. 38-assumes KCPL continues to be regulated. In 1996 a U.S. Court ofAppeals issued a decision As ofDecember 31,1997 and 1996, the trust fund that the Nuclear Waste Policy Act unconditionally balance, including reinvested earnings, was $40 and obligated the DOE to begin accepting spent fuel for $31 million, respectively. These amounts are reflectal disposal in 1998. In late 1997 the same court issued in Investments and Nonutility Property. The related another decision precluding the DOE from conclud-liabilities for decommissioning are included in ing that its delay in accepting spent fuel is "unavoid-Deferred Credits and Other Liabilities - Other. able" under its contracts with utilit ies due to lack of a In 1996 FASB issued an Exposure Draft ofa pro-repository or interim storage authority. By year-end posed Statement of Financial Accounting Standards, 1997 KCPL and other utilities had petitioned the Accounting for Certain Liabilities Related to Closure DOE for authority to suspend payments of their or Removal of Long-Lived Assets, that addressed quarterly fees until such time as the DOE begins the accounting for obligations arising from disman-accepting spent fuel. InJanuary 1998 the IX)E denied j tiement, removal, site reclamation, and decontami-the utilities' petition. The utilities intend to appeal l nation ofcertain long-lived assets. In November 1997 that decision. l FASB decided to reconsider the scope of the staument. A permanent disposal site rnay not be available The effective date of the statement is undecided. If for the industry until 2010 or later, although an current electric utility industry accounting practices interim facility may be available earlier. Under current for such decommissioning costs are changed: 1) DOE policy, once a permanent site is available, the annual decommissioning expenses could increase, DOE will accept spent nuclear fuel on a priority and 2) trust fund income from the external decom-basis; the owners of the oldest spent fuel will be given missioning trusts could be reported as investment the highest priority. As a result, disposal services for income. We are not able to predict what affect those Wolf Creek may not be available prior to 2016. changes would have on results ofoperations, financial WolfCreek has an on-site, temporary storage facility position. or related regulatory practices until the fmal for spent nuclear fuel. Under current regulatory issuance ofa revised accounting guidance. Ilowever, guidelines, this facility can provide storage space we do not anticipate results ofoperations to be sig-until about 2005. Wolf Creek has started plans to nificantly affected as long as KCPL is regulated. increase its on-site storage capacity for all spent fuel expected to be generated by WolfCreek tbrough the end ofits licensed life in 2025.
Regulatory Assets and consider the effects of any changes in assessing FASB Statement No. 71 - Accounting for Certain the continued applicability of FASB 71. Ifwe were Types of Regulation, applies to regulated entities unable to apply FASB 71, the unamortized balance of whose rates are designed to recover the costs ofprovid- $ 153 million of KCPI's regulatory assets, net of the ing service. In accordance with this statement, certain related tax beneSc, would be written off. items that would normally be reDected in the income Deferred Woff Creek Cests statement are deferred on the balance sheet. These The KCC and MPSC allowed continued const ruction items are then amortized as the related amounts are accounting for ratemaking purposes after WolfCreek's recovered from customers through rates. 1985 commercial in-service date. Certain other car-We recognize regulatory assets when allowed by a rying costs were also deferred. The deferrals were commission's rate order or when it is probable, based amortized and recovered in rates from 1987 through on regulatory precedent, that future rates will recover June 1997. the amonization of the deferred costs. We conrinuously Recoyerable Taaes monitor changes in market and regulatory conditions See the following Income Taxes section. Deferred Charges-Regulatory Assets Amernzanon _. Dn e_mber31,1997 _End ng pertod i (nuhna ^ ~ Coal contract termination costs S 8.1 2002 1996 snowstorm costs 7.0 2001 Decommission and decontaminate federal uranium enrichment facilities 6.0 2007 Premium on redeemed debt 6.9 2014 Other 2.0 2006 39 Total 30.0 i Revenue Recognition Investment tax credits are deferred when utilized We use cycle billing and accrue estimated unbilled and amortized to income over the remaining service i revenue at the end of each reporting period. lives of the related properties. 3 Income Taxes Environmental Matters { The balance sheet includes deferred income taxes for Environmental costs are accrued when it is probable [ all temporary differences between the tax basis ofan a liability has been incurred and the amount of the asset or liability and that reported in the Gnancial liability can be reasonably estimated. We believe all J statements. These deferred tax assets and liabilities appropriate costs related to environmental matters are determined using the tax rates scheduled by the have been recorded. tax law to be in effect when the differences reverse. Basic and Diluted Earnings per Common Share Calculation Regulatory Asset-Recoverable Taxes mainly Basic and diluted earnings per common share of g redects the future revenue requirements necessary to $ 1.18, $ 1.69, and $ 1.92 for 1997,1996 and 1995 5 recover the tax benefits ofexisting temporary differences were determined by dividing earnings available for previously passed through to customers. Operating common stock of $72,771,000, $ 104,381,000 and income tax expense is recorded based on ratemaking $ 118,575,000 by the average number ofshares out-principles. However, if t he method used for the balance standing of 61.9 million. Derivation of earnings sheet were reDected in the income statement, net available for common stock is reDected on the Con-income would remain the same. solidated Statements ofIncome.
- 1. Summary of Significant Accounting Policies (continued)
C=asolidated Statements of Cash Flows - Other Operating Activities .. _ _ _ -l] 99 199 Cash flows affected by changes in: Receivables 973 1,462 $ (17,551) Fuelinventories 5,253 3,026 (5,533) { Materials and supplies 755 (159) (2,222) Accounts payable 1,950 3,112 (20,980) j Accrued taxes (16,771) (21,283) 15,042 Accrued interest 1,306 4,148 4,697 3 WolfCreek refueling outage accrual (5,517) (6,382) 11,443 j Pension and postretirement benefit obligations (2,245) (84) (4,176) i Other 10.372 11,846 4,325 5 Total (3,924) $ (4.314) $ (14,955) ? E {
- 2. Pension Plans and Other Employee Benefits Pension Plans and age at retirement. KCPL has satisfied the mini-KCPL has defined benefit pension plans for its employ-mum funding requirements under the Employee h
ees, including officers. Benefits under these plans Retirement Income Security Act ofl974. reflect t he employees' compensation, years ofservice E Funded status ofthe plans: Du n ayr{l _ _ _p 199,p Accumulated benefit obligation: Vested $ 264,974 $ 247,264 Nonvested 7,978 6,526 Total $ 272.952 $ 253.790 Determination ofplan assets less obligations: Fair value ofplan assets ' $ 423,331 $ 363,285 , Projected benefit obligation ' 334,017 307,050 DifTerence $ 89.314 $ 56.235 Reconciliationofdifference: Accrued trust liability $ (11,349) $ (13,645) Unrecognized transition obligation 8,469 10,541 Unrecognized net gain 96,662 63,022 _ynrecpggized prior service cost (4,468) (3,683) l Difference $ 89,314 56.235 ' Plan assess are tatsstedin insurance contracts corporate houds. egsity seinvities, U.S. Gonrnment securities, notes, mortgages andshort-term estestments.
- Basedon usighted-aterage discount rates of 7.5 % in 1997 and8.0% in 1996; andincreases unfatsre salary imls of4% to 5% in i997 and 1996.
I L
{ Components of provisions for pensions: 1997 1996 1995 l (thoss.unds } Service cost 8,427 8,164 6,414 Interest cost on projected benefit obligation 24,258 23,379 22,593 Actual return on plan assets (75,435) (40,831) (50,108) Other __ 4,8,()90 _ 15,34_7_ _ _ _25,656 Net periodic pension cost 5,340 6,059 4,555 Long-terns rates ofretarn onf an assets of8. 5% to 9.25% urre ased d Postretitement Benefits Other Than Penslens of service. These costs are currently recovered through In addition to providing pension benefits, certain rates on an accrual basis. In 1995 we began funding postretirement health care and life insurance benefits the year's overall net perkxiic postretirement benefit are provided for substantially all retired employees. cost, subject to maximum deductible limits for We accrue the cost ofpostretirement health care income tax purposes. and life insurance benefits during an employee's years Reconciliation ofpostretirement benefits to amounts recorded in the balance sheets: December y _ 1997 19_96 Accumulated postretirement benefit obligation (APHO)': 1 Retirees $ 20,464 20,582 Fully eligible active plan participants 3,820 3,149 _Other active plan _ participants _ _ __ _ _ 8,914 8,459 7 Total APBO 33,198 32,190 i Fair value ofplan assets' (4,970) (3,620) { Unrecognized transition obligation (17,616) (18,791) Unrecognized ner gain 2,424 3,255 j Unrecognized prior service cost (632) .p09) j Accrued postretirement benefit obligation [ (included in Def:rred Credits and Or her Liabilities - Ot her) 12,404 12.325 ? ? ' Basedon u eighteJ-asvrage Jouvant rates of 7.5% su 1997 a.rJ8 oW in i996;andien eases tufstare salary lends of49E in I997 and I996. r ' Plan assets are smested on certifisarcs of Jqosit. Net periodic postretirement benefit cost: ? 5 ~~ ~~ 1997 1996 1995 ishussands) h Service cost 514 574 435 { Interest cost on APBO 2,518 2,520 2,423 Amortization ofunrecognized transition obligation 1,174 1,174 1,175 Other (66) 6 (60) Net periodic postretirement benefit cost 4,140 4.274 3,973 Actuarial assumptions include an increase in the in the assumed health care cost trend rate by 1 % per annual health care cost trend rate for 1998 of 9%, year would only increase the APBO as ofDecember 31, decreasing gradually over a three-year period to its 1997, by about $554,000 and the combined service ultimate level of 6%. The health care plan requires and interest costs of the net periodic postretirement retirees to share in the cost when premiums exceed a benefit cost for 1997 by about $57,000. (enain amount. Because of this provision, an increase
- 2. Pension Plans and Other Employee Benefits (continued)
Stock Options respectively. The expense includes accumulated and The exercise price ofstock options granted equaled the reinvested dividends plus the appreciation in stock market price of KCPI's common stock on the grant price since the grant date. If the stock price decreases date. One-halfof all options granted vest one year after below the exercise price, the cumulative expense the grant date, the other halfvest two years after the related to those options is reversed. 3 grant date. An amount equivalent to the quarterly FASB Statement No.123-Accounting for Stock. dividends paid on KCPI's common stock shares Based Compensation requires certain disclosures ~ (dividend equivalents) accrues on the options for the regarding expense and value ofoptions granted using I benefit of option holders. The option holders are the fair-value method even though KCPL follows APB i entitled to stock for their accumulated dividend Opinion 25.The disclosures have not been made since i equivalents only if they exercise their option vehen the we have expensed approximately the same amount market price is above the exercise price. Unexercised as required by FASB 123. For options outstanding i options expire ten years after the grant date. at December 31,1997, exercise prices range from [ KCPL follows Accounting Principles Board Opin- $20.625 to $26.188 and the weighted-average i ion 25 - Accounting for Stock Issued to Employees remaining contractual life :s 6.6 years. { and related Interpretations in accounting for this plan. Stock option activity over the last three years is Because of the dividend provision, we expensed $1.2, summarized below: $1 A and $1.0 million for 1997,1996 and 1995, 1997 1996 1995 _ shares _ _, _. pme' shares prge' shares prne' Outstanding atJanuary 1 298,875 22.96 266,125 22.14 197,375 21.87 Granted 59,000 26.19 68,750 23.06 Exercised (33,625) 21.94 (26,250) 22.27 Outstanding at December 31 _ _ __ 26_5,2 5_0__ $ 23.12._ 298,875_, $ _ 22.96 _ _266,125_ _ $ _ 22 18 Exercisable as of Decemler 31 235,750 22.73 206.5(X) 22.02 162.813 22.14 ' wrighted-surregr exermerrwe
- 3. Income Taxes Income tax expense consisted of the following:
_____.______1"?__ 19 1995 Current income taxes: Federal 5 2,801 35,816 69,697 State _ _ _ _ _____ 4,348 8,762 11,944 Tgral__ _ 7,149 _44,578, _ 81.641 Deferred income taxes, net: Federal 4,108 (7,441) (3,152) State 672 (1,221) (116) Total 4,780 (8.662) (3,268) _ 4,163) (11.570) Investment tax credit amortization and reversals _ _ _ ___ _ (3,850) ( Total income tax expense 8,079 31,753 66.803
9 KCPUs effective income tax rates differed from the statutory federal rates mainly due to the following: 1997 1996 1995 Federal sratutory income tax rate 35.0% 35.0 % 35.0 % Differences between book and tax depreciation not normalized 3.7 (0.4) 1.2 Amortization ofinvestment tax credits (4.5) (3.0) (2.5) Income tax credits (26.0) (9.1) (2.3) State income taxes 3.9 3.5 4.1 Other (2.6) (3.3) (0.2) Effective income tax rate 9.5W 22.7 % 35.3W The tax efTects of major temporary differences resulting in deferred tax assets and liabilities in the balance sheets are as follows: D"' @'Ol.__. _ _ __ _ _ _1 t_996 Plant related $ 558,629 $ 562,287 Recoverable taxes 48,000 49,(x)0 Other 31,402 29,165 Net deferred income tax liability $ 638,031 $ 640,452 The net deferred income tax liability consisted of the following: D"id!! R "7 8999 Gross deferred income tax assets $ (61,358) $ (60,979) Gross deferred income tax liabilities 699,389 701,431 4_3 Net deferred income tax liability $ 638,031 $ 640,452 4, Commitments and Contingencies { Nuclear Liability and Insurance Property, Decontamination and j Liability Insurance Premature Decommissioning insurance The Price-Anderson Act currentlylimits the com-The Owners also carry $2.8 billion ($1.3 billion, bined public liability of nuclear reactor owners to KCPUs share) ofproperty damage, decontamina-i $8.9 billion for claims t har could arise from a single tion and premature decommissioning insurance nuclear incident. The owners of Wolf Creek (the for loss resulting from damage to the Wolf Creek i Owners) carry the maximum available commercial facilities. This insurance is provided by Nuclear insurance of $0.2 billion. The remaining $8.7 bil-ElectricInsurance Limited (NEIL). lion balance is provided by Secondary Financial in the event ofan accident, insurance proceeds [ Protectinn (SFP), an assessment plan mandated by must first be used for reactor stabilization and site j the Nuclear Regulatory Commission. decontamination. KCPUs i hare of any remaining Under SFP, if there were a catastrophic nuclear proceeds can be used for property damage restoration incident involving any of the nation's licensed reac-and premature decommissioning costs. Premature cors, the Owners would be subject to a maximum decommissioning coverage applies only if an acci-retrospective assessment per incident of up to $79 dent at WolfCreek exceeds $ 500 million in property million ($37 million, KCPUs share). The Owners damage and decontamination expenses, and only are jointly and severally liable for these charges, after trust funds have been exhausted (see Note 1 - payable at a rate not to exceed $10 million ($5 Nuclear Plant Decommissioning Costs). million, KCPUs share)per incident per year, exclud-ing applicable premium taxes. The assessment, most recently revised in 1993, is subject to an inflation adjustment every five years based on the Consumer Price Index.
f
- 4. Commitments and Contingencies (continued)
Extra Espense Insurance -Including Replacement Power We continually conduct environmental audits The Owners also carry additional insurance from designed to detect contamination and ensure com-NEIL to cover costs of replacement power and pliance with governmental regulations. However, ather extra expenses incurred in the event of a pro-compliance programs needed to meet new and future longed outage resulting from accidental property environmental laws and regulations governing water o j damage at WolfCreek. and air quality, including carbon dioxide emissions, Retrospective Assessments hazardous waste handling and disposal, toxic sub-i Under all NEIL policies, KCPL is subject to retro-stances and the effects ofelectromagnetic fields, could spective assessments if N EIL losses, for each policy require substantial changes to operations or faciht es. ( [ year, exceed the accumulated funds available to che coar contracts insurer under that policy. The estimated maximum KCPUs share ofcoal purchased under existing con-amount cf retrospective assessments to KCPL under tracts was $38, $36 and $42 million in 1997,1996 i the current policies could total about $9 million. and 1995, respectively. Under these coal contracts, niher KCPUs remaining share of purchase commitments i ? In the event of a catastrophic loss at WolfCreek, the totals $91 million. Obligations for the years 1998 { insurance coverage may not be adequate to cover through 2002 total $33, $20, $9, $9 and $9 million, l 7 property damage and extra expenses incurred. Unin-respectively. The remainder of KCPUs coal require-f.1 sured losses, to the extent not recovered through ments will be fulfilled through spot market purchases. j rates, would be assumed by KCPL and could have a KCPL has freight commitments for delivery ofcoal material, adverse effect on KCPUs financial con-for the next five years of approximately $ 20 million g dition and results ofoperations. per year. Nuclear Fuel Commitments Leases ~ As of December 31,1997, KCPUs portion of Wolf KCPL has a transmission line lease with another Creek nuclear fuel commit ments included $35 million utility whereby, wit h FE RC approval, the rental pay-g for enric hment tbrough 2003, $68 million for fabri-ments can be increased by t he lessor. If this occurs, we cation through 2025 and $10 million for uranium can cancel the lease if we are able to secure an alter-and conversion through 2001. native transmission path. Commitments under this Environmental Matters lease total $2 million per year and $52 million over KCPUs operations must comply with federal, state the remaining life of the lease ifit is not canceled. and local environmental laws and regulations. The Rental expense for other leases including railcars, generation and transmission of electricity uses, pro-computer equipment, buildings, transmission line duces and requires disposal ofcertain prodacts and by-and other items was $20 to $22 million per year during prtxlucts, including polychlorinated biphenyl(PCBs), the last three years. The remaining rental commit-asbestos and other potentially hazardous materials. ments under these leases total $167 million. Obliga. } - : The Federal Comprehensive Environmental Response, tions for the years 1998 tbrough 2002 average $15 -4A Compensation and Liability Act (the Superfund law) million per year. Capital leases are not material and imposes strict joint and several liability for those who are included in these amounts. generate, transport or deposit hazardous waste. This As the managing partner of three jointly-owned liability extends to the current property owner as well generating units, we have entered into leases for as prior owners since the time of contamination. railcars to serve those units. The entire lease com-mitment is reflected in the above amounts although about $2 million per year ($29 million total) will be f reimbursed by the other owners. L d
KCPL has a lease agreement for a combustion tility suppliers. Purchased capacity gives us the turbine. The lease term expires in 1999. The lease is option to purchase energy if needed or when market not included in the lease commit ments disck> sed above prices are favorable. This provides a cost-effective alter-as lease payments will not begin until construction native to new construction. As ofDecember 31,1997, of the turbine is completed and accepted by KCPL. contracts to purchase capacity total $248 million Rental payments will be based on a variable london through 2016. During 1997,1996 and 1995, capacity InterDank Offered Rate (LIBOR) and will depend purchases were $26, $26 and $17 million, respec-on the final capitalized cost. The operating lease will tively. For the years 1998 through 2002, these com-be up to a $50 million commitment. mitments average $22 million per year. For each of Purchased Capatity Cemmitmenis che next five years, net capacity purchases represent We purchase capacity from other utilities and nonu-about 8% of KCPI's 1997 total available capacity.
- 5. Securities Available for Sale KLT held a $5.0 million investment in convertible lion. The $ 10.2 million increase in market value over preferred stock of CellNet Data Systems,Inc. (Cell-original cost resulted in an unrealized gain at Decem-Net). In September 1996 CellNet completed a public ber 31,1996, of$6.5 million (net ofdeferred taxes of offering triggering conversion of the preferred stock
$3.7 million). At December 31,1997, the market into common stock. As a result of the conversion, the value of the investment was $8.0 million resulting in carrying value of the investment at December 31, a decrease in the unrealized gain to $ 1.9 million (ner of 1996 was adjusted to its market value of $ 15.2 mil-deferred taxes of $ 1.1 million).
- 6. Costanera Investment g
in 1997 KLT invested $46 million for a 12 percent consortium and stockholders contract requiring the ownership in the largest fossil-fueled generator in Class A shareholders to authorize the maximum [ Argentina. The investment is not adjusted to fair value dividend distribution, KLT accrued $3.4 million of because the fair value of the acquired Class A stock is estimated dividends prior to actual declaration. { not readily determinable. Ikause ofa legally binding 3 t
- 7. Intangible Assets j
The application of purchase accounting for certain in Other deferred charges on the balance sheet and j KLTinvestments during 1997 resulted in $ 12 million are being amortized over 10 to 15 years. J ofgoodwill recognitior.. These amounts are included r: / 9 w ~
- 8. Sale of Accounts Receivable As of December 31,1997 and 1996, an undivided Related costs of $3.6, $3.5 and $3.8 million for 1997, interest in $60 million of designated customer 1996 and 1995, respectively, were included in Other accounts receivable was sold with limited recourse.
Income and (Ded uctions)- Miscellaneous deduct ions.
- 9. Short term Bank Lines of Credit h
As of December 31,1997 and 1996, under minimal of credit totaled $300 million and $280 million, fee arrangements, unused short-tercn bank lines respectively.
- 10. Common Stock Equity, Preferred Stock, Redeem 1ble Preferred Stocit j
and Mandatority Redeemable Preferred Securities [ Cemmon Stock Equity As of December 31,1997,0.4 million shares of I KCPL has shares ofcommon stoc k registered with the $ 100 par Cumulative Preferred Stock,1.6 million i Securities and Exchange Commission for a Dividend shares ofCumulative No Par Preferred Stock and 11 5 Reinvestment and Stock Purchase Plan (the Plan). million shares of no par Preference Stock were autho- } The Plan allows common shareholders, directors and rized. We have the option to redeem the $89 million 2 employees to purchase shares of he common stock Cumulative Preferred Stock at prices approximating i by reinvesting dividends or making optional cash par or stated value. { payments. We are currently purchasing shares for the MandatorHy Redeemable Preferred Securities j Plan on the open market. In April 1997 KCPL Financing I(Trust), a wholly-As of December 31,1997 and 1996, KCPL held owned subsidiary of KCPL, issued $ 150,000,000 of ,- 35,811 and 12,907 shares ofits common stock to be 8.3% preferred securities. The sole asset of the Trust is used for future distribution, respectively. The cost of the $154,640,000 principal amount of 8.3% Junior these sharer is included in Investments and Nonutility Subordinated Deferrable Interest Debentures, due Property. 2037, issued by KCPL. The terms and interest pay. The Restated Articles of Consolidation contain a ments on these debentures correspond to the terms restriction related to the payment ofdividends in the and dividend payments on the preferred securities. event common equity falls to 25% of total capital. These payments are reflected as Miscellaneous Inter-ization. If preferred stock dividends are not declared est Charges in the Consolidated Statement ofIncome and paid when scheduled, KCPL could not declare or and are tax deductible by KCPL. We may ek ct to defer pay common stock dividends or purchase any com-interest payments on the debentures for a period up l mon shares. If the unpaid preferred stock dividends to 20 cotuecutive quarters, causing dividend payments equal four or more full quarterly dividends, the pre-on the preferred securities to be deferred as well. In ferred shareholders, voting as a single class, could elect case of a deferral, interest and dividends will continue members to the Board of Directors. to accrue, along with quarterly compounding interest Preferred Stach and Redeemable Prefetred Stoek on the deferred amounts. We may redeem all or a por-Scheduled mandatory sinking fund requirements for tion of the debentures after March 31,2002, requiring the redeemable 4% Cumulative Preferred Stock are an equal amount ofpreferred securities to be redeemed 1,600 shares per year. Shares issued as of December 31 at face value plus accrued and unpaid distributions. totaled 11,157 in 1997 and 12,757 in 1996. Shares The back-up undertakings in the aggregate provide held by KCPL, at December 31, to meet future sinking a full and unconditional guarantee of amounts due fund requirements totaled 10,534 in 1997 and 12,134 on the preferred securities. in 1996. The cost of the shares held is reflected as a reductionof hecapitalaccount.
- 11. Long terrn Debt General Mortgage Bonds and Unsecured Notes
$60 million ofvariable-rate debt to a weighted-average KCPL is authorized to issue mortgage bonds under rate of 3.84% as ofDecc mber 31,1996. The cap agree-l the General Mortgage Indenture and Deed of Trust ments limited the interest rate on $60 million of I dawd December 1,1986, as supplemental The Inden-variable-rate debt to 5.07 expiring tbrough 1998, ture creates a mortgage lien on substantially all utility These swap and cap agreements are with several
- plant, highly rated 6nancial institutions and simply limit As ofDecember 31,1997, $627 million general KCPL's exposure to increases in interest rates. They mortgage bonds were pledged under the Indenture Jo not subject KCPL to any material credit or mar-to secure the outstanding medium-term notes and ket risks. The fair value of t bese agreements is imma-revenue refunding bonds.
terial and is not reRected in the financial statements. KCPL is also authorized to issue up to $300 Although derivatives are an integral part of KCPI's million in unsecured medium-term notes under an interest rate management, their incremental efTect on indenture dated December 1,1996. This indenture interest expense for 1997 and 1996 was insigni6 cant. prohibits KCPL from issuing additional general subsidiary obligations mortgage bonds while any unsecured notes are out-KLT has a long-term revolving line of credit agree-standing. As of December 31,1996 and 1997, no ment for $ 150 million collateralized by the capital unsecured notes had been issued. stock of KLT's direct subsidiaries. The affordable Interest Rate Swap and Cap Agreements housing notes are collateralized by the affordable As of December 31,1997, we had entered into four housing investments. At December 31,1997, KLT interest rate swap agreements and two cap agreements has approximately $3.5 million of notes related to the to limit the interest rate on $90 million oflong-1997 acquisition of Simmons of which $950,000 g term debt. The swap agreements mature in 1998 and are classi6ed as current maturities. The Simmons effectively 6x the interest rates on $50 million of notes are collateralized by the Simmons stock. l variable-rate debt to a weighted-average rate of 3.63% scheduled Maturities 5 as of December 31,1997. The cap agreements limit Long-term debt maturities for the years 1998 the interest rate on $40 million ofvariable-rate debt through 2002 are $74, $192, $67, $92 and $37 7 to 5.07 expiring in 1998. million, respectively. j As of December 31,1996, we had entered into E Gve interest rate swap agreements and three cap 5 agreements limiting the interest rate on $ 120 million ~,. oflong-term debt. The swap agreements mature from i 1997 to 1998 and effectively Gxed the interest rates on I i
- 12. Jointly owned Electric Utility Plants joint ownership agreements with other utilities provide undivided interests in utility pLnts as of December 31, 1997, as follows (in millions ofdollars):
Wolf Creek Unn I.aCygne Unas luan Unit KCPUs share 47% 50% 70% Utility plant in service 1,344 296 244 Estimated accumulated depreciation (production plant only) 391 180 137 [ Nuclear fuel, net 42 j KCPI's accredited capacity - megawatts 547 677 469 j Each owner must fund its own portion of the plant's ment. Western Resources,Inc. (Western Resources) j operating expenses and capital expenditures. KCPL's also owns a 47% share of the Wolf Creek unit and a 3 share ofdirect expenses is included in the appropriate 50% share of the LaCygne units (see Note 13). operating expense classifications in the income state-
- 13. Agreement and Plan of Merger with Western Resources On February 7,1997, KCPL and Western Resources transaction could be based. It is impossible to predict entered into an Agreement and Plan of Merger (the the outcome of these efforts at the present time, i
Merger Agreement) to form a strategic business In 1997 KCPL incurred and deferred $7 million combination. Western Resources first delive red an of merger-related costs. The majority of these costs 48 unsolicited exchange offer to KCPUs Board of Direc-were for advisors who will opine on the fairness of any tors during the second quarter of 1996. This initial transaction. Because of the December 1997 announce-offer, subject to numerous conditions, proposed the ment, generally accepted accounting principles exchange of $28 (later increased to $31) of Western required these deferred merger costs to be expensed Resources stock for each share of KCPL stock. After even though discussions and negotiations of the trans-careful consideration, KCPL's Board of Directors action continue. rejected both offers. InJuly 1996 Western Resources The current Merger Agreement does not allow commenced an exchange offer for KCPL common KCPL to increase its common stock dividend. It also stock. In late 1996 KCPL began discussing a possible requires KCPL to redeem all outstanding shares of merger with Western Resources leading to the Merger cumulative preferred stock prior to completion ofany Agreement. merger. The current Merger Agreement can be termi-In December 1997 KCPL canceled a previously nated onJune 30,1998, under certain circumstances, scheduled special meeting of shareholders to vote on ifshareholder approval has not been obtained. Ilow-the transaction because Western Resources advised ever,if the current Merger Agreement is terminated KCPL that its investment bankers, Salomon Smith under certain other circumstances, a payment of $50 Barney, had indicated that it was unlikely that million will be due Western Resources if, within Salomon would be in a position to issue a fairness two and one-halfyears following termination, KCPL opinion for the merger transaction on the basis of agrees to consummate a business combination with the previously announced terms. The companies are a third party that made a proposal to combine prior currently exploring other alternatives on which a to termination.
- 14. Quarterly Operating Results (Unaudited)
Quarter hr 2nd 3rd 4th (milum) 1997 Operating revenues 195 215 290 196 Operating income 28 37 73 25 Net income (15) 24 58 10 Earnings per common share (0.26) 0.37 0.92 0.14 w>6 Operating revenues 207 226 270 201 Operating income 35 42 68 33 Net income 25 27 36 20 ~ Earnings per common share 0.38 0.43 0.57 0.31 The quarterly data is subject to seasonal fluctua-of merger-related costs were expensed in December tions with peak periods occurring during the summer 1997 (see Note 13). months. As a result ofterminating the merger agreement In February 1997 KCPL paid UtiliCorp United with UtiliCorp, $13 million in previously deferred Inc. (UtiliCorp) $ 53 million for agreeing to combine merger costs and a $5 million termination fee were with Western Resources within two and one-half expensed lowering 1996 third quarter earnings. years from the termination of KCPI's agreement to During 1996 about $ 13 million in costs to defend merge with UtiliCorp. This agreement was terminated against Western Resources' unsolicited exchange 43 due to failure of KCPL shareholders to approve the offer were expensed ($5 million during the second transaction with UtiliCorp. Additionally, $7 million quarter and $8 million during the third quarter). 2
- 15. Subsequent Event OnJanuary 6,1998 the KCC approved a settlement reduction and an increase in depreciation expense of j
agreement authorizing a $14.2 million revenue $2.8 mi. lion effectiveJanuary 1,1998. = I ?: f: ~ c; .m
r,i 3 I 3 l f I 2 50 R l: PORT OF I N D l: P l: N D l: N T ACLOUNTANTS To the Shareholders and Board of Directors ments. An audit also includes assessing the accounting Kansas City Power & Light Company' principles used and significant estimates made by management, as well as evaluating the overall 6 nan-We have audited the accompanying consolidated cial statement presentation. We believe that our balance sheets and statements of capitalization of audits provide a reasonable basis for our opinion. Kansas City Power & Light Company and Subsidiary In our opinion, the Gnancial statements referred to as of December 31,1997 and 1996, and the related above present fairly, in all material respects, the consol-consolidated statements ofincome, retained earnings, idated Gnancial position of Kansas City Power & Light and cash Hows for each of t he three years in the period Company and Subsidiary as of December 31,1997 ended December 31,1997. These Gnancial statements and 1996, and the consolidated results of their oper-are the responsibility of the Company's management. ations and their cash Hows for each of the tbree years Z Our responsibility is to express an opinion on these in the period ended December 31,1997, in confor-Gnancial statements based on our audits. mity with generally accepted accounting principles. We conducted our audits in accordance with gen-erally accepted auditing standards. Those standards require that we plan and perform the audit to obtain gg g reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence support. Kansas City, Missouri ing the amounts and disclosures in the Gnancial state-Juuuary 30,1998 i
SUMMAny orOrrRATIONS AND FINANClAL DATA Summary of Earnings (thamw.dd 1997 1996 1995 1994 1995 1987 Operating Revenues S 895,943 $ 903,919 $ 885,955 $ 868,272 $ 857,450 l $ 764,200 Operating Expenses _ _ 733,221 _,_ 726,106 7 _ _ 18,907 _ 718,58I _._701.,148J._ 589,538 Operating Income 162,722 177,813 167,068 149,691 156,302 174,662 Ocher Income . and(Deducti.ons)___ (13,980) _ _ 11,559) _ _ _ _10,060 _ _2,500 _ _1,909 { _ 24,062 ( Income liefore l Interest Charges 148,742 166,254 177,108 152,191 158,211 ! 198,724 Interest Charges 72.182 58,083 54,522 47.416 52,439 l 94,742 Net Income 76,560 108,171 122,586 104,775 105,772 103,982 Preferred and Preference Stock Dividend l _ R_eguirements _ _ _ _ _ _ 3,789 _ _ 3,790 .. _4,01 1 Available for _ 3,4 57_ _, __ 3,153 { _ _ 10,882 l Common Stock 72,771 $ 101,381 $ 118.575 $ 101,318 $ 102,619 i $ 93,100 Capitallration l tshouando' l Common Stock Equiry 5 878,420 $ 910,449 $ 897,938 $ 874,699 $ 866,151 I $ 784,119 Preferred Stock 89,000 89,000 89,000 89,000 89,000 92,(XX) Preferred Sto<. k' 62 62 1,436 1,596 1,756 2,716 j Preference Stock' 4,166 g Preferred Securities' 150,000 long-term Debt $ 1,008,187 $ 970,727 $ 909,516 $ 831,889 $ 868,152 $ 1,079.505 z; Common Stock Data g Average Shares Outstanding (te..w=Jo 61,895 61,902 61,902 61,903 61,909 61,909 Earnings per { Common Share 1.18 1.69 1.92 l.64 1.66 1.50 Return on Year-end a Common Equity 8.3% 11.5 7 13.29 11.64 11.8 7 11.9'x i Cash Dividoids per Share $ l.62 1.59 1.54 1.50 1.46 1.06 5 Ik>ok Value per Share 14.19 14.71 14.50 14.13 13.99 12.67 7 Common Stock i Equity Rario 42.8% 46.8 % 49.2% 49.6% 51.2 % 41.2 % Common Stock Price liigh 29'W 29 % 26 % 23% 264l$ 15% Ih*' _ 27% 23% 21% $ _ _18% 21% { $ 10Z l Other_ Da_ta and Ratles _ q Utility Capital Expenditurestro..w Jo $ 124,734 $ 100,917 $ 134,070 $ 124,965 $ 129,199 l $ 78,648 Total Assets (thunu=Ja $ 3,058,033 $ 2,914,512 $ 2,882,506 $ 2,770,397 $ 2,755,068 ! $ 2,654,371 Ratio ofEarnings j to Fixed Charges 2.03 3.06 3.94 4.07 3,80 2.77 I Indader amannes to be vrJarmedorprshanedandsarrrut matarttaes 2 RoJawahle 4
F.1. i: c T a i c S T A T i s T s c s Electric Sales Statistics 1997 1996 1995 1994 1993 1987 i Re ve nues (samurdd Residential $ 315,240 $ 306,340 $ 306,171 5 288,872 $ 287,862,$ 252,217 Commercial 379,307 379,824 370,467 361,254 360,219 ' 309,003 Industrial 116,269 119,395 114,539 116.271 121,515 113,M9 Other 11,583 14,488 14,303 14,223 14,514 13,345 Totai retail 822,399 820,047 805,480 780,620 784,110 l 688,214 Bulk power 59,647 71,894 65,749 76,180 60,636 1 59,361 Other sales for resale 4,055 3,549 3,143 3,459 4,445 ! 4,r>9 i 752,574 2 Total 886,10: 895,490 874,372 860,259 849,191 Other electric revenues 9,842 8,429 11,583 8.013 8,259 i 3,452 Total $ 895,943 $ 903.919 $ 885,955 $ 868,272 $ 857,450 I$ 756,026 i l Cegawatt Hour Sales l Residential 4,087,618 3,906,196 3,879,975 3,644,789 3,582,925 ! 3,050,543 Commercial 5,897,781 5,659,237 5,422,077 5,283,884 5,141,169 4,282,779 7 Industrial 2,640,294 2,737,464 2,573,883 2,561,695 2,507,205 2,315,898 j Ot}ie[_ _ __ _ J3,481_ _ _. _ 62,700 _ _ 65,492 _ _ _69,612 .__ 72,556 j _ 70,752 Total retail 12,689,173 12,365,597 11,941,427 11,559,980 11,303,855 l 9,719,972 { Bulk power 3,177,576 4,071,222 4,045,225 4,733,951 3,725,115 I 3,264,004 107,952 Other sales for resale 119,926 100,809 78,127 87,334 108,581 J2 Total 15.986,675 16,537,628 16,0 M,779 16,381,265 15,137,551 ' 13.091,928 Average Number of Customers Residential 388,547 381,389 377,302 372,098 367,792 342,098 Commercial 51,655 50,677 49,797 49,763 49,004 i 44,974 Industrial 2,716 2,814 2,677 2,271 2,317 l 2,486 Other 120 123 131 130 131 l 132 Total retail 443,038 435,003 429,907 424,262 419,244 j 389,690 Bulk power 27 28 22 32 25, 22 Oyjigsales for r_ saje_ _ ___ _[1_ __ _. 12 __ __11_ _ _ _. l_2_ _ __ _ _ 12 __ _1 1_ e Total 443,076 435,043 429,940 424,306 419,281 l 389,723 1 j
l 1997 1996 1995 1994 1993 1987 Residential Sales Average mwh per customer 10.5 10.2 10.3 9.8 9.7 8.9 Average revenue per kwh 7.7v 7.8c 7.9r 7.9r 8.0c 8.3< Lead Statistics Net generation-mwh 15,415,784 16,128,325 15,852.834 16,158,937 14,558,295 12,965,948 Purchased-mwh 1,397.130 1,218,715 969,525 980,306 1,206,514 785,797 Total-mwh 16,812,914 17,347,040 16,822,359 17,139,243 15,764,809 l 13,751,745 Maximum net hourly demand in megawatts-winter 2,002 2,012 1,864 1,810 1,713 1,514 megawatts-summer 3,044 2,987 2,909 2,714 2,819 2,531 Net generating capability in megawatts ream-r) 3,297 3,134 3,103 3,098 3.085 2,937 Net capacity (sold) purchased summer (=p= arto 399 408 426 453 380 (44) lltu per kwh generated 10,594 10,669 10,619 10,553 10,641 10,676 Number of Employees g December 31 2,298 2,297 2,330 2,362 2,735 2,799 ~- December 31-adjusted t 2,594 2/iO2 2,643 2,738 3,130 3,154 [ L Exdsda rmployen allmacedte otherparrkipating companin at LaCygne andlatan nations andandudn employen allmatedfrom %IfCreek. l P ? .i. i
i Two Year Common $tock History KCPI's common stock price range was as follows: 1997 8996' Quarter H yth
- Low, H yth Low il irst
$ 29% $ 28 $ 27% $ 24 Second 29 % 27 % 27% 23% Third 29 % 28M. 28 % 26% Fourth 29 % 27 % 29% 26% Annual RAeeting of Shareholders All shareholders will receive in April proxy materials and information about KCPUs annual shareholders' meeting. Any questions may be directed to Investor Relations at 800-245-5275. S World Wide Web Site Information available includes Company news releases, O{ stock quotes, customer accoun: information and infor-E mation about KCPUs products and services. You can visit the site at www.kcpl.com. e b H A R li H O L D 1: R l N l' O R M A T I O N Dividend seinvestment and Stock Purchase Plan e f KCPL offers its common stock shareholders the opporru-I Fstm 10-K nity to increase their investment through a Dividend Copies of KCPUs 1997 annual report filed with the Reinvestment and Stock Purchase Plan. Quarterly com-Securities and Exchange Commission on Form 10-K mon stock dividends may be automatically reinvested to j will be provided at no charge to any shareholder or purchase common stock. Optional cash amounts, ranging beneficial owner of shares in KCPUs stock upon from $100 to $5,000, may also be invested monthly written request to: toward the purchase of additional shares. Shareholders J1 Corporate Secretary may choose to surrender their stock certificates to the Kansas City Power & Light Company transfer agent for deposit (safekeeping)in their Dividend P.O.Hox 418679 Reinvestment accounts. For more information or an Kansas City, Missouri 64141-9679 authorization form, contact Investor Relations or UMB Bank, n.a. Eschange Listing and Stock Symbol Common stock is listed on the.New York Stock Exchange nirect peposit of olvidends (NYSE) and the Chicago Stock Exchange. Convenient direct deposit of dividends is available to shareholders who wish to have dividends deposited Ticker Symbol: KLT directly to personal c hec king, savings or other accounts. Number ofcommon shareholders: ec g ect eposit wiH c ange y the maHing d 24,300 on December 31,1997. dividends. Annual reports and proxy materials will not All dividends paid by KCPL in 1997 were determined to be affected. For an enrollment form, please contact be dividend income and no portion was considered a investor Relations or UMB Bank, n.a. return ofcapital. Shareholder Inquiries For account informat ion or assistance, including c hange of Cemmon Steck D1vidends Paie address, stock transfers, dividend payments, duplicate Quarter 1998 1997 1996 First $0.405 $0.405 $ 0.390 investor Relations at 800-245-5275. Second 0.405 0.390 Third 0.405 0.405 Financianneutries Fpurth odo5__RdO5 Security analysts and investment professionals seeking financial information about KCPL may contact investor ea ns at nWrDR Preferred Stock Dividends Q.narterly dividends on preferred stock were declared in Transtn Aunt and stock negistrar each quarter of1997 and 1996 as follows: UMB Bank, n.a. u es ander Msion Camolative Preferred Stock P.O. Box 410064 3,,;,, 3,,,, I' 3.80% $ 0.95 816-860-7786 400% l.00 4.20% l.05 4.35 % 1.0875 4.50 % 1.125
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