KANSAS CITY, MO, June 1, 2004 - Kansas City Power & Light (NYSE: GXP) announced today a framework of initiatives as a starting point for discussions on how to meet the area’s growing need for electricity and cleaner air. The potential options include:
- Accelerated environmental investments of $300 million to $350 million for selected existing plants;
- Investment in up to 200 megawatts of wind generation;
- Ownership of up to 500 megawatts of an 800- to 900-megawatt regulated coal-fired plant at the Iatan site in Missouri;
- And technologies and programs to help customers conserve energy.
Mike Chesser, Chairman said, "We believe it will take a combination of investments to meet emerging electricity needs and increasingly stringent environmental standards. Our intent through this comprehensive approach is to keep rates affordable, maintain reliability and improve the environment while assuring a solid shareholder return."
Potential solutions will be discussed as part of regulatory proceedings at the Missouri Public Service Commission and the Kansas Corporation Commission. In addition, a series of public forums will be hosted by Kansas City Power & Light in Clay, Platte, Jackson counties in Missouri and Atchison and Johnson counties in Kansas.
The public forums will be held starting in mid-June. Dates and times will be announced in local newspapers and on the Kansas City Power & Light website, www.kcpl.com. Bill Downey, President & CEO said "We are voluntarily seeking public input because these are important decisions for the future of our region and for all of us who live and work here. Due to growing need for more electricity, we need to proactively identify ways to address environmental issues, conserve energy, and bring new sources of energy on line. Based on input we’ve already gathered from many stakeholders, we have a good starting point for discussions and more public input will be very important in shaping final decisions."
Great Plains Energy Incorporated (NYSE:GXP), headquartered in Kansas City, Missouri, is the holding company for Kansas City Power & Light Company, a leading regulated provider of electricity in the Midwest; and Strategic Energy LLC, an energy management company providing load aggregation and power supply coordination. The company’s web site is www.greatplainsenergy.com.
 |
CERTAIN FORWARD-LOOKING INFORMATION -- Statements made in this release that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company is providing a number of important factors that could cause actual results to differ materially from the provided forward-looking information. These important factors include: future economic conditions in the regional, national and international markets, including but not limited to regional and national wholesale electricity markets; market perception of the energy industry and the Company; changes in business strategy, operations or development plans; effects of current or proposed state and federal legislative and regulatory actions or developments, including, but not limited to, deregulation, re-regulation and restructuring of the electric utility industry and constraints placed on the Company's actions by the Public Utility Holding Company Act of 1935; adverse changes in applicable laws, regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not limited to, air quality; financial market conditions and performance including, but not limited to, changes in interest rates and in availability and cost of capital and the effects on the Company’s pension plan assets and costs; ability to maintain current credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of terrorist acts; increased competition including, but not limited to, retail choice in the electric utility industry and the entry of new competitors; ability to carry out marketing and sales plans; weather conditions including weather-related damage; cost, availability and deliverability of fuel; ability to achieve generation planning goals and the occurrence of unplanned generation outages; delays in the anticipated in-service dates of additional generating capacity; nuclear operations; ability to enter new markets successfully and capitalize on growth opportunities in non-regulated businesses; performance of projects undertaken by the Company’s non-regulated businesses and the success of efforts to invest in and develop new opportunities; and other risks and uncertainties. This list of factors is not all-inclusive because it is not possible to predict all possible factors.
|
### |
Contacts
|
Media: |
Tom Robinson, 816/556-2902 |
Investor Relations: |
Todd Kobayashi, 816/556-2904 |
