KANSAS CITY, MO, October 21, 2005 - Kansas City Power & Light (KCP&L), a subsidiary of Great Plains Energy (NYSE: GXP), announced today that the Federal Energy Regulatory Commission (FERC) has agreed KCP&L has successfully rebutted a presumption of market power in KCP&L’s control area and the control area of the Kansas City, Kansas Board of Public Utilities (BPU). This was the first time FERC has accepted a rebuttal of the presumption of market power under its revised market-based rate program. The FERC terminated its proceeding regarding KCP&L’s market power on October 20, 2005. The FERC’s action removes the potential of KCP&L being required to refund a portion of its market-based wholesale sales. In addition, KCP&L can continue to make wholesale sales at market-based prices in these control areas.
"KCP&L’s successful rebuttal was based on a detailed economic analysis that took into account the obligation we have to serve our native load" said Bill Downey, president and CEO of KCP&L. "We are gratified that the FERC agreed with us that we do not have market power in these control areas."
Headquartered in Kansas City, MO., KCP&L (www.kcpl.com) is a leading regulated provider of electricity in the Midwest. KCP&L is a wholly owned subsidiary of Great Plains Energy Incorporated (NYSE: GXP), the holding company for KCP&L and Strategic Energy LLC, a competitive electricity supplier..
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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, quality and deliverability of fuel; ability to achieve generation planning goals and the occurrence and duration 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 factors.
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