Components of income tax expense are detailed in the following tables.

Three Months Ended
September 30 Year to Date
September 30
Great Plains Energy 2017 2016 2017 2016
Current income taxes (millions)
Federal $ (1.1 ) $ —
$ (1.1 ) $ (0.1 )
State (0.3 ) —
(0.3 ) 0.3
Total (1.4 ) —
(1.4 ) 0.2
Deferred income taxes

Federal 86.6
70.1
74.7
91.5
State 17.5
13.0
15.0
18.4
Total 104.1
83.1
89.7
109.9
Investment tax credit
Deferral —
—
—
2.5
Amortization (0.4 ) (0.4 ) (1.1 ) (1.1 )
Total (0.4 ) (0.4 ) (1.1 ) 1.4
Income tax expense $ 102.3
$ 82.7
$ 87.2
$ 111.5

Three Months Ended
September 30 Year to Date
September 30
KCP&L 2017 2016 2017 2016
Current income taxes (millions)
Federal $ 41.8
$ 35.4
$ 56.2
$ 36.6
State 7.6
6.4
10.2
6.7
Total 49.4
41.8
66.4
43.3
Deferred income taxes

Federal 10.3
22.5
27.2
61.5
State 2.8
4.5
6.2
12.5
Total 13.1
27.0
33.4
74.0
Investment tax credit amortization (0.3 ) (0.3 ) (0.8 ) (0.8 )
Income tax expense $ 62.2
$ 68.5
$ 99.0
$ 116.5



Evergy
	Three Months Ended June 30						Year to Date June 30
	2019			2018			2019			2018
Current income taxes	(millions)
Federal	$	8.7		$	8.6		$	20.6		$	8.8
State	(0.2		)	0.4			(0.8		)	0.4
Total	8.5			9.0			19.8			9.2
Deferred income taxes
Federal	9.8			9.5			2.5			15.4
State	7.2			(62.7		)	13.5			(59.0		)
Total	17.0			(53.2		)	16.0			(43.6		)
Investment tax credit amortization	(1.1		)	(0.8		)	(2.1		)	(1.4		)
Income tax expense (benefit)	$	24.4		$	(45.0	)	$	33.7		$	(35.8	)

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Westar Energy
	Three Months Ended June 30						Year to Date June 30
	2019			2018			2019			2018
Current income taxes	(millions)
Federal	$	17.5		$	10.7		$	27.9		$	10.9
State	(1.6		)	2.5			(1.2		)	2.5
Total	15.9			13.2			26.7			13.4
Deferred income taxes
Federal	(10.7		)	(2.8		)	(13.9		)	3.1
State	5.5			(63.3		)	9.1			(59.6		)
Total	(5.2		)	(66.1		)	(4.8		)	(56.5		)
Investment tax credit amortization	(0.8		)	(0.7		)	(1.5		)	(1.3		)
Income tax expense (benefit)	$	9.9		$	(53.6	)	$	20.4		$	(44.4	)



KCP&L^(a)
	Three Months Ended June 30						Year to Date June 30
	2019			2018			2019			2018
Current income taxes	(millions)
Federal	$	26.4		$	24.1		$	34.3		$	22.8
State	4.6			5.3			5.4			4.8
Total	31.0			29.4			39.7			27.6
Deferred income taxes
Federal	(19.7		)	(25.1		)	(24.9		)	(21.5		)
State	(3.0		)	44.7			(2.6		)	46.7
Total	(22.7		)	19.6			(27.5		)	25.2
Investment tax credit amortization	(0.3		)	(0.2		)	(0.5		)	(0.5		)
Income tax expense	$	8.0		$	48.8		$	11.7		$	52.3

^(a)KCP&L amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter.

Table of Contents

Effective Income Tax Rates

Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables.



Evergy
	Three Months Ended June 30				Year to Date June 30
	2019		2018		2019		2018
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%	21.0	%
Effect of:
COLI policies	(1.8	)	(1.9	)	(1.8	)	(2.5	)
State income taxes	2.9		6.2		3.6		5.1
Flow through depreciation for plant-related differences	(2.7	)	(5.5	)	(3.4	)	(2.0	)
Federal tax credits	(4.0	)	(5.5	)	(3.9	)	(7.7	)
Non-controlling interest	(0.5	)	(0.3	)	(0.4	)	(0.4	)
AFUDC equity	(0.1	)	0.1		—		(0.1	)
Amortization of federal investment tax credits	(0.5	)	(0.6	)	(0.5	)	(0.6	)
State tax rate change	—		(89.1	)	—		(40.3	)
Valuation allowance	—		1.1		(2.8	)	1.6
Stock compensation	(0.3	)	(2.9	)	(0.1	)	(1.9	)
Officer compensation limitation	0.1		—		0.1		—
Other	0.4		1.8		0.2		0.6
Effective income tax rate	14.5	%	(75.6	)%	12.0	%	(27.2	)%

Three Months Ended
September 30 Year to Date
September 30
Great Plains Energy 2017 2016 2017 2016
Federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 %
Differences between book and tax depreciation not normalized (0.6 ) (0.3 ) (0.9 ) (0.2 )
Amortization of investment tax credits (1.5 ) (0.2 ) (1.9 ) (0.4 )
Federal income tax credits (7.8 ) (1.1 ) (10.0 ) (2.7 )
State income taxes 9.8
3.9
11.5
4.0
Transaction-related costs 54.1
1.0
70.8
1.0
Valuation allowance 1.7
—
2.4
—
Other (0.1 ) (0.1 ) 0.5
—
Effective income tax rate 90.6 % 38.2 % 107.4 % 36.7 %

Three Months Ended
September 30 Year to Date
September 30
KCP&L 2017 2016 2017 2016
Federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 %
Differences between book and tax depreciation not normalized (0.6 ) (0.5 ) (0.5 ) (0.3 )
Amortization of investment tax credits (0.4 ) (0.1 ) (0.4 ) (0.2 )
Federal income tax credits (3.1 ) (1.2 ) (2.6 ) (2.3 )
State income taxes 3.8
3.8
3.8
3.8
Valuation allowance 0.7
—
0.4
—
Other (0.1 ) (0.2 ) 0.1
(0.1 )
Effective income tax rate 35.3 % 36.8 % 35.8 % 35.9 %

~~The increase in Great Plains Energy's effective income~~Evergy's state tax rate change for the three months ended and year to date, ~~September~~June 30, ~~2017, compared~~2018, is due to the ~~same periods~~revaluation of Westar Energy's state deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger.

Table of Contents



Westar Energy
	Three Months Ended June 30				Year to Date June 30
	2019		2018		2019		2018
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%	21.0	%
Effect of:
COLI policies	(3.3	)	(6.9	)	(3.3	)	(4.0	)
State income taxes	3.0		18.8		4.0		7.8
Flow through depreciation for plant-related differences	0.3		(11.2	)	0.1		(2.1	)
Federal tax credits	(6.1	)	(18.1	)	(6.1	)	(11.6	)
Non-controlling interest	(1.0	)	(1.1	)	(0.8	)	(0.7	)
AFUDC equity	(0.1	)	—		(0.1	)	(0.1	)
Amortization of federal investment tax credits	(0.7	)	(1.3	)	(0.7	)	(0.8	)
State tax rate change	—		(219.6	)	—		(54.8	)
Valuation allowance	—		0.6		(1.0	)	1.7
Stock compensation	(0.5	)	(7.2	)	(0.3	)	(2.6	)
Other	0.3		1.2		0.3		(0.1	)
Effective income tax rate	12.9	%	(223.8	)%	13.1	%	(46.3	)%

Westar Energy's state tax rate change for the three months ended and year to date, June 30, 2018, is due to the revaluation of Westar Energy's state deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger.



KCP&L
	Three Months Ended June 30				Year to Date June 30
	2019		2018		2019		2018
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%	21.0	%
Effect of:
COLI policies	(0.1	)	(0.2	)	(0.1	)	(0.2	)
State income taxes	1.8		5.4		2.5		5.3
Flow through depreciation for plant-related differences	(5.7	)	(4.2	)	(6.0	)	(4.9	)
Federal tax credits	(1.5	)	(1.8	)	(1.5	)	(1.8	)
AFUDC equity	—		(0.1	)	—		(0.2	)
Amortization of federal investment tax credits	(0.3	)	(0.4	)	(0.3	)	(0.4	)
State tax rate change	—		48.5		—		36.6
Stock compensation	(0.2	)	—		0.1		—
Officer compensation limitation	0.3		—		0.3		—
Other	(3.3	)	(1.8	)	(2.5	)	(1.6	)
Effective income tax rate	12.0	%	66.4	%	13.5	%	53.8	%

KCP&L's state tax rate change for the three months ended and year to date, June 30, 2018, is due to the revaluation of KCP&L's state deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger, partially offset by a revaluation of KCP&L's state deferred income tax assets and liabilities as a result of the enactment of Missouri state income tax reform in 2016, is primarily driven by significant transaction-related costs incurred in connection with the anticipated merger with Westar and the previous plan to acquire Westar that are not deductible for tax purposes.June 2018.

~~19. SEGMENTS AND RELATED INFORMATION~~15. LEASES

~~Great Plains~~The Evergy Companies lease office buildings, computer equipment, vehicles, rail cars, generating plant and other property and equipment, including rail cars to serve jointly-owned generating units where Westar Energy has one reportable segment based on its method of internal reporting, which segregates reportable segments based on products and services, management responsibility and regulation. The one reportable business segment is electric utility, consisting ofor KCP&L ~~GMO's regulated utility operations~~is the managing partner and ~~GMO Receivables Company. Other includes GMO activity~~is reimbursed by other ~~than~~joint-owners for its ~~regulated utility operations, GPETHC and unallocated corporate charges including certain costs to achieve~~proportionate share of the ~~anticipated merger with Westar. The summary of significant accounting policies applies to the reportable segment. Segment performance is evaluated based on net income (loss).~~costs.

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Under GAAP, a contract is or contains a lease if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The ~~following tables reflect summarized financial information concerning Great Plains Energy's reportable segment.~~Evergy Companies assess a contract as being or containing a lease if the contract identifies property, plant and equipment, provides the lessee the right to obtain substantially all of the economic benefits from use of the property, plant and equipment and provides the lessee the right to direct the use of the property, plant and equipment.

The Evergy Companies have entered several agreements to purchase energy through renewable purchase power agreements accounted for as leases that commenced prior to the application of Topic 842.Due to the intermittent nature of renewable generation, these leases have significant variable lease payments not included in the initial and subsequent measurement of the lease liability. Variable lease payments are expensed as incurred. In addition, certain other contracts contain payment for activity that transfers a separate good or service such as utilities or common area maintenance. The Evergy Companies have elected a practical expedient permitted by GAAP to not separate such components of the lease from other lease components for all leases.

Three Months Ended September 30, 2017
Electric
Utility
Other Eliminations
Great Plains
Energy
(millions)
Operating revenues $ 857.2
$ —
$ —
$ 857.2

Depreciation and amortization (92.7 ) —
—
(92.7 )
Interest (charges) income (49.1 ) 10.1
8.1
(30.9 )
Income tax expense (92.7 ) (9.6 ) —
(102.3 )
Net income (loss) 162.9
(152.4 ) —
10.5

��
Year to Date September 30, 2017
Electric
Utility
Other Eliminations
Great Plains
Energy
(millions)
Operating revenues $ 2,110.5
$ —
$ —
$ 2,110.5

Depreciation and amortization (277.7 ) —
—
(277.7 )
Interest (charges) income (149.3 ) (117.6 ) 24.1
(242.8 )
Income tax (expense) benefit (142.6 ) 55.4
—
(87.2 )
Net income (loss) 247.4
(253.5 ) —
(6.1 )

Three Months Ended September 30, 2016
Electric
Utility
Other Eliminations
Great Plains
Energy
(millions)
Operating revenues $ 856.8
$ —
$ —
$ 856.8

Depreciation and amortization (86.4 ) —
—
(86.4 )
Interest (charges) income (49.3 ) (26.4 ) 8.1
(67.6 )
Income tax (expense) benefit (95.9 ) 13.2
—
(82.7 )
Net income (loss) 161.1
(27.5 ) —
133.6

Year to Date September 30, 2016
Electric
Utility
Other Eliminations
Great Plains
Energy
(millions)
Operating revenues $ 2,099.7
$ —
$ —
$ 2,099.7

Depreciation and amortization (256.9 ) —
—
(256.9 )
Interest (charges) income (147.4 ) (128.4 ) 24.1
(251.7 )
Income tax (expense) benefit (160.2 ) 48.7
—
(111.5 )
Net income (loss) 278.4
(86.4 ) —
192.0

Electric
Utility
Other Eliminations
Great Plains
Energy
September 30, 2017 (millions)
Assets $ 11,586.7
$ 1,244.0
$ (401.8 ) $ 12,428.9

Capital expenditures ^(a)
392.5
—
—
392.5

December 31, 2016

Assets $ 11,444.2
$ 2,461.3
$ (335.5 ) $ 13,570.0

Capital expenditures ^(a)
609.4
—
—
609.4

^(a)~~Capital expenditures reflect year to date amounts for the periods presented.~~

~~20. PLANT TO BE RETIRED, NET~~

~~When Great Plains~~The Evergy, Westar Energy and KCP&L ~~retire utility plant,~~leases have remaining terms ranging from 1 to 20 years, 1 to 20 years and 2 to 27 years, respectively. Leases that have original lease terms of twelve months or less are not recognized on the ~~original cost, net~~Evergy Companies’ balance sheets. Some leases have options to renew the lease or terminate early at the election of ~~salvage,~~the Evergy Companies. Judgment is ~~charged~~applied at lease commencement to ~~accumulated depreciation. However, when it becomes probable an~~determine the reasonably certain lease term based on then-current assumptions about use of the leased asset, ~~will be retired significantly in advance of its original expected useful life~~market conditions and terms in the ~~near~~contract. The judgment applied to determine the lease term can significantly impact the ~~cost~~measurement of the lease liability and right-of-use asset and ~~related accumulated depreciation~~lease classification.

The Evergy Companies typically discount lease payments over the term of the lease using their incremental borrowing rates at lease commencement to measure its initial and subsequent lease liability. For leases that existed at the initial application of Topic 842, the Evergy Companies used the incremental borrowing rates that corresponded to the remaining lease term as of January 1, 2019.

Leases may be classified as either operating leases or finance leases. The lease classification is based on assumptions of the lease term and discount rate, as discussed above, and the fair market value and economic life of the leased asset. Operating leases recognize a consistent expense each period over the lease term, while finance leases will result in the separate presentation of interest expense on the lease liability and amortization of the right-of-use asset. Finance leases are treated as operating leases for rate-making purposes and as such, the Evergy Companies defer to a regulatory asset or liability any material differences between expense recognition and the timing of payments in order to match what is being recovered in customer rates.

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~~recognized as a separate asset as a probable abandonment. If~~The Evergy Companies’ lease expense is detailed in the ~~asset~~following table.



Three Months Ended June 30, 2019	Evergy		Westar Energy		KCP&L
Finance lease costs	(millions)
Amortization of right-of-use assets	$	0.6	$	0.5	$	0.1
Interest on lease liabilities	0.6		0.6		0.1
Operating lease costs	6.7		4.1		2.2
Short-term lease costs	0.7		0.2		0.4
Variable lease costs for renewable purchase power agreements	76.9		31.8		32.9
Total lease costs	$	85.5	$	37.2	$	35.7

Year to Date June 30, 2019	Evergy		Westar Energy		KCP&L
Finance lease costs	(millions)
Amortization of right-of-use assets	$	1.7	$	1.5	$	0.1
Interest on lease liabilities	1.3		1.2		0.1
Operating lease costs	13.1		7.9		4.5
Short-term lease costs	1.5		0.3		1.1
Variable lease costs for renewable purchase power agreements	150.8		64.0		62.0
Total lease costs	$	168.4	$	74.9	$	67.8

Supplemental cash flow information related to the Evergy Companies' leases is ~~still~~detailed in ~~service,~~ the ~~net amount is classified as~~following table.



Year to Date June 30, 2019	Evergy		Westar Energy		KCP&L
Cash paid for amounts included in the measurement of lease liabilities:	(millions)
Operating cash flows from operating leases	$	12.9	$	8.1	$	4.8
Operating cash flows from finance leases	1.4		1.3		0.1
Financing cash flows from finance leases	2.2		2.1		0.1
Right-of-use assets obtained in exchange for new operating lease liabilities	2.2		—		2.2
Right-of-use assets obtained in exchange for new finance lease liabilities	2.3		2.3		—

Table of Contents

Finance Leases

Right-of-use assets for finance leases are included in property, plant ~~to be retired, net~~and equipment on the ~~consolidated~~Evergy Companies’ balance sheets. IfLease liabilities for finance leases are included in other current and other long-term liabilities.Payments for finance leases as of June 30, 2019, are detailed in the ~~asset is no longer~~following table.



	Evergy			Westar Energy			KCP&L
	(millions)
July 2019 through December 2019	$	3.5		$	3.3		$	0.1
2020	7.0			6.6			0.2
2021	6.5			6.0			0.2
2022	5.7			5.2			0.2
2023	4.8			4.4			0.2
After 2023	48.4			46.4			1.0
Total finance lease payments	75.9			71.9			1.9
Amounts representing imputed interest	(26.5		)	(25.4		)	(0.5		)
Present value of lease payments	49.4			46.5			1.4
Less: current portion	(4.8		)	(4.5		)	(0.1		)
Total long-term obligations under finance leases	$	44.6		$	42.0		$	1.3

Weighted-average remaining lease term (years)	15.3			15.6			9.2
Weighted-average discount rate	5.8		%	5.7		%	7.6		%

Estimated future commitments under finance leases as of December 31, 2018, are detailed in ~~service,~~ the ~~net amount is classified~~following table.



	Evergy			Westar Energy			KCP&L
	(millions)
2019	$	6.4		$	6.0		$	0.2
2020	5.8			5.4			0.2
2021	5.3			4.9			0.2
2022	4.7			4.3			0.2
2023	4.0			3.6			0.2
After 2023	48.6			46.4			1.1
Total finance lease payments	74.8			70.6			2.1
Amounts representing imputed interest	(25.8		)	(24.6		)	(0.6		)
Present value of net minimum lease payments under finance leases	49.0			46.0			1.5
Less: current portion	(3.9		)	(3.7		)	(0.1		)
Total long-term obligations under finance leases	$	45.1		$	42.3		$	1.4

Table of Contents

Operating Leases

Right-of-use assets for operating leases are included in ~~regulatory~~other long-term assets on the ~~consolidated~~Evergy Companies’ balance sheets.

~~Great Plains Energy~~ Lease liabilities for operating leases are included in other current and ~~KCP&L must also assess the probability of full recovery of the remaining net book value of the abandonment. The net book value that may be retained as an asset on the balance sheet~~other long-term liabilities.Lease payments for the abandonment is dependent upon amounts that may be recovered through regulated rates, including any return. An impairment charge, if any, would equal the difference between the remaining net book value of the asset and the present value of the future revenues expected from the asset.

In June 2017, Great Plains Energy and KCP&L announced the expected retirement of certain older generating units, including GMO's Sibley No. 3 Unit, over the next several years. As of September 30, 2017, Great Plains Energy has determined that Sibley No. 3 Unit meets the criteria to be considered probable of abandonment and has classified its remaining net book value of $146.3 million within plant to be retired, net on its consolidated balance sheet. The Company is currently allowed a full recovery of and a full return on Sibley No. 3 Unit in rates and has concluded that no impairment is requiredoperating leases as of ~~September~~June 30, ~~2017.~~

2019, are detailed in the following table.



	Evergy			Westar Energy			KCP&L
	(millions)
July 2019 through December 2019	$	8.9		$	4.8		$	5.1
2020	18.7			10.2			10.6
2021	15.3			7.3			10.1
2022	12.4			5.1			9.3
2023	9.4			2.6			8.8
After 2023	52.4			2.8			91.3
Total operating lease payments	117.1			32.8			135.2
Amounts representing imputed interest	(20.4		)	(2.8		)	(37.4		)
Present value of lease payments	96.7			30.0			97.8
Less: current portion	(14.4		)	(8.7		)	(6.5		)
Total long-term obligations under operating leases	$	82.3		$	21.3		$	91.3

Weighted-average remaining lease term (years)	9.3			3.9			16.1
Weighted-average discount rate	3.9		%	3.4		%	4.1		%

Estimated future commitments under operating leases as of December 31, 2018, are detailed in the following table.



	Evergy		Westar Energy		KCP&L
	(millions)
2019	$	24.2	$	14.0	$	10.2
2020	20.7		10.1		10.6
2021	18.4		8.1		10.3
2022	15.2		5.2		10.0
2023	12.4		2.8		9.6
After 2023	95.0		3.1		91.8
Total operating lease payments	$	185.9	$	43.3	$	142.5

~~Table of Contents~~

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following combined Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated financial statements and accompanying notes in this combined Quarterly Report on Form 10-Q and the Evergy Companies' combined 2018 Form 10-K. None of the registrants make any representation as to information related solely to Evergy, Westar Energy or KCP&L other than itself.

~~GREAT PLAINS ENERGY INCORPORATED~~

Table of Contents

EVERGY, INC.

EXECUTIVE SUMMARY

~~Description of Business~~

~~Great Plains Energy~~Evergy, Inc. is a public utility holding company incorporated in 2017 and ~~does not own or operate any~~headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries:

Westar Energy is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Westar Energy has one active wholly-owned subsidiary with significant ~~assets other than the stock of its subsidiaries and cash and cash equivalents.~~operations, KGE.

~~Great Plains Energy's sole reportable business segment is electric utility. Electric utility consists of~~ KCP&L is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.

GMO is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.

GPETHC owns 13.5% of Transource with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a ~~regulated utility, GMO's regulated utility operations~~subsidiary of AEP. Transource is focused on the development of competitive electric transmission projects. GPETHC accounts for its investment in Transource under the equity method.

Westar Energy also owns a 50% interest in Prairie Wind, which is a joint venture between Westar Energy and affiliates of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the SPP. Westar Energy accounts for its investment in Prairie Wind under the equity method.

Westar Energy and KGE conduct business in their respective service territories using the name Westar Energy. KCP&L and GMO ~~Receivables Company. Electric utility has~~ conduct business in their respective service territories using the name KCP&L. Collectively, the Evergy Companies have approximately ~~6,500~~14,500 MWs of owned generating capacity and ~~engages~~renewable purchased power agreements and engage in the generation, transmission, distribution and sale of electricity to approximately ~~864,400~~1.6 million customers in the states of ~~Missouri~~Kansas and ~~Kansas. Electric utility's retail electricity rates are comparable to the national average of investor-owned utilities.~~Missouri. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).

Great Plains ~~Energy's corporate~~Energy and ~~other~~Westar Energy Merger

Evergy was incorporated in 2017 as Monarch Energy, a wholly-owned subsidiary of Great Plains Energy. Prior to the closing of the merger transactions, Monarch Energy changed its name to Evergy and did not conduct any business activities ~~not included in the sole reportable business segment includes GMO activity~~ other than those required for its ~~regulated utility operations, GPETHC~~formation and ~~unallocated corporate charges including certain costs to achieve the anticipated merger with Westar.~~

~~Anticipated Merger with Westar Energy, Inc.~~

~~On July 9, 2017, Great Plains Energy entered into an Amended Merger Agreement~~matters contemplated by ~~and among Great Plains Energy, Westar, Holdco, and Merger Sub. Pursuant to~~ the Amended Merger ~~Agreement, subject to the satisfaction or waiver of certain conditions, Great Plains Energy will merge~~Agreement. On June 4, 2018, in accordance with and into Holdco, with Holdco surviving such merger, and Merger Sub will merge with and into Westar, with Westar surviving such merger. Upon closing, pursuant to the Amended Merger Agreement, each outstanding share of Great Plains Energy's and Westar's common stock will be converted into the right to receive 0.5981 and 1.0, respectively, of validly issued, fully paid and nonassessable shares of common stock, no par value, of Holdco. Following the mergers, Holdco, with a new name that has yet to be established, will be the parent of Great Plains Energy's direct subsidiaries, including KCP&L, and Westar.

The anticipated merger has been structured as a merger of equals in a tax-free exchange of shares that involves no premium paid or received with respect to either Great Plains Energy or Westar. Following the completion of the anticipated merger, Westar shareholders will own approximately 52.5 percent and Great Plains Energy shareholders will own approximately 47.5 percent of the combined company.

~~In the third quarter of 2017, as a result of~~ the Amended Merger Agreement, Great Plains Energy ~~redeemed~~merged into Evergy, with Evergy surviving the merger and King Energy merged into Westar Energy, with Westar Energy surviving the merger. These merger transactions resulted in Evergy becoming the parent entity of Westar Energy and the direct subsidiaries of Great Plains Energy, including KCP&L and GMO. As a result of the closing of the merger transactions, each outstanding share of Great Plains Energy common stock was converted into 0.5981 shares of Evergy common stock, resulting in the issuance of 128.9 million shares. Additionally, each outstanding share of Westar Energy common stock was converted into 1 share of Evergy common stock.

Westar Energy was determined to be the accounting acquirer and thus, the predecessor of Evergy. Evergy had separate operations for the period beginning with the quarter ended June 30, 2018, and references to amounts for periods after the closing of the merger relate to Evergy. The results of Great Plains Energy's direct subsidiaries have been included in Evergy's results of operations from June 4, 2018, the date of the closing of the merger, and thereafter.

Common Stock Repurchase Program

In July 2018, the Evergy Board authorized the repurchase of up to 60 million shares of Evergy's common stock. Although this repurchase authorization has no expiration date, Evergy expects to repurchase approximately 60 million shares by mid-2020. Evergy is utilizing and plans to continue to utilize various methods to effectuate the share repurchase program, including but not limited to a series of transactions that may include ASRs, open market

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transactions or other means, subject to market conditions and applicable legal requirements. The repurchase program may be suspended, discontinued or resumed at any time. Year to date June 30, 2019, Evergy had total repurchases of common stock of $1,128.7 million and had repurchased 20.0 million shares under the repurchase program. Since its ~~$4.3~~inception, Evergy has made total repurchases of common stock of approximately $2.2 billion and has repurchased 36.3 million shares under the repurchase program. These repurchase totals include shares repurchased under ASR agreements, one of ~~unsecured senior notes issued in March 2017 and its Series B Preferred Stock issued in October 2016.~~which had not reached final settlement as of June 30, 2019.

See Note 213 to the consolidated financial statements for more information regarding ~~the anticipated merger and redemption of acquisition financing.~~

~~Expected Plant Retirements~~

In June 2017, Great Plains Energy and KCP&L announced plans to retire KCP&L's Montrose Station and GMO's Sibley Station by December 31, 2018 and GMO's Lake Road Unit 4/6 by December 31, 2019. The decision to retire these generating units was primarily driven by the age of the plants, expected environmental compliance costs and expected future generation capacity needs. See Note 20 to the consolidated financial statements for more information regarding the retirement of Sibley No. 3 Unit.

~~Earnings Overview~~

Great Plains Energy had earnings available for common shareholders of $3.4 million or $0.02 per share for the three months ended September 30, 2017, compared to $132.7 million or $0.86 per share for the same period in 2016 driven by higher depreciation expense; a write-off of deferred offering fees related to Series A Preferred

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Stock; a loss on the settlement of the Series B Preferred Stock dividend make-whole provisions; a loss on extinguishment of debt related to the redemption of Great Plains Energy's $4.3 billion senior notes; higher income tax expense and increased preferred stock dividend requirements and redemption premium; partially offset by a decrease in utility operating and maintenance expense; a decrease in costs to achieve the anticipated merger with Westar; an increase in interest income and a decrease in interest charges.

~~In addition, a higher number of average shares outstanding due to Great Plains Energy's registered public offering of 60.5 million shares of~~Evergy's common stock ~~in October 2016 diluted earnings per share by $0.01 for the three months ended September 30, 2017.~~repurchase program.

Great Plains Energy had a loss available for common shareholders of $43.4 million or $0.20 per share year to date September 30, 2017, compared to earnings of $190.3 million or $1.23 per share for the same period in 2016 driven by lower gross margin; an increase in costs to achieve the anticipated merger with Westar; higher depreciation expense; a write-off of deferred offering fees related to Series A Preferred Stock; a loss on the settlement of the Series B Preferred Stock dividend make-whole provisions; a loss on extinguishment of debt related to the redemption of Great Plains Energy's $4.3 billion senior notes and increased preferred stock dividend requirements and redemption premium; partially offset by an increase in interest income; a decrease in interest charges and lower income tax expense.

In addition, a higher number of average shares outstanding due to Great Plains Energy's registered public offering of 60.5 million shares of common stock in October 2016 diluted the loss per share by $0.08 year to date September 30, 2017.

For additional information regarding the change in earnings (loss), refer to the Great Plains Energy Results of Operations and the Electric Utility Results of Operations sections within this Management's Discussion and Analysis of Financial Condition and Results of Operations. Gross margin is a non-GAAP financial measure. See the explanation of gross margin under Great Plains Energy's Results of Operations.

~~Adjusted Earnings (Non-GAAP) and Adjusted Earnings Per Share (Non-GAAP)~~

Great Plains Energy's adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) for the three months ended and year to date September 30, 2017, were $162.9 million or $1.05 per share and $249.8 million or $1.61 per share, respectively. Great Plains Energy's adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) for the three months ended and year to date September 30, 2016, were $154.2 million or $1.00 per share and $265.8 million or $1.72 per share, respectively. In addition to earnings (loss) available for common shareholders and diluted earnings (loss) per common share, Great Plains Energy's management uses adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) to evaluate earnings and earnings per share without the impact of the anticipated merger with Westar. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) excludes certain costs, expenses, gains, losses and the per share dilutive effect of equity issuances resulting from the anticipated merger and the previous plan to acquire Westar. This information is intended to enhance an investor's overall understanding of results. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are used internally to measure performance against budget and in reports for management and the Great Plains Energy Board. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

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The following tables provide a reconciliation between earnings (loss) available for common shareholders and diluted earnings (loss) per common share as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP):

Reconciliation of GAAP to Non-GAAP Earnings Earnings per diluted share
Three Months Ended September 30 2017 2016 2017 2016
(millions, except per share amounts)
Earnings available for common shareholders $ 3.4
$ 132.7
$ 0.02
$ 0.86
Costs to achieve the anticipated merger with Westar:
Operating expense, pre-tax ^(a)
(2.4 ) 14.4
(0.02 ) 0.09
Financing, pre-tax ^(b)
8.2
14.3
0.05
0.09
Mark-to-market impacts of interest rate swaps, pre-tax ^(c)
(28.2 ) 1.8
(0.18 ) 0.01
Interest income, pre-tax ^(d)
(4.9 ) —
(0.03 ) —
Loss on Series B Preferred Stock dividend make-whole provisions, pre-tax ^(e)
67.7
—
0.44
—
Loss on extinguishment of debt, pre-tax ^(f)
82.8
—
0.53
—
Write-off of Series A deferred offering expenses, pre-tax ^(g)
15.0
—
0.10
—
Income tax expense (benefit) ^(h)
14.2
(9.6 ) 0.08
(0.05 )
Preferred stock ⁽ⁱ⁾
7.1
0.6
0.05
—
Impact of October 2016 share issuance ^(j)
N/A
N/A
0.01
—
Adjusted earnings (non-GAAP) $ 162.9
$ 154.2
$ 1.05
$ 1.00
Average Shares Outstanding
Shares used in calculating diluted earnings per common share 215.7
154.9
Adjustment for October 2016 share issuance ^(j)
(60.5 ) —
Shares used in calculating adjusted earnings per share (non-GAAP) 155.2
154.9

^(a)Reflects legal, advisory and consulting fees, certain severance expenses and a fair value adjustment to the forward contract to issue Series A Preferred Stock and are included in Costs to achieve the anticipated merger with Westar on the consolidated statements of comprehensive income (loss).

^(b)Reflects fees and interest incurred to finance the acquisition of Westar under the Original Merger Agreement, including fees for a bridge term loan facility and interest on Great Plains Energy's $4.3 billion senior notes issued in March 2017 and are included in Interest charges on the consolidated statements of comprehensive income (loss).

^(c)Reflects the mark-to-market impacts of interest rate swaps entered into in connection with financing the acquisition of Westar under the Original Merger Agreement and is included in Interest charges on the consolidated statements of comprehensive income (loss).

^(d) Reflects interest income earned on the proceeds from Great Plains Energy's October 2016 equity offerings and March 2017 issuance of senior notes to fund the majority of the cash consideration for the acquisition of Westar under the Original Merger Agreement and is included in Non-operating income on the consolidated statements of comprehensive income (loss).

^(e) Reflects the loss on the settlement of the Series B Preferred Stock dividend make-whole provisions in connection with the redemption of Great Plains Energy's Series B Preferred Stock in August 2017 and is included within Loss on Series B Preferred Stock dividend make-whole provisions on the consolidated statements of comprehensive income (loss).

^(f)Reflects the loss on extinguishment of debt due to Great Plains Energy's redemption of its $4.3 billion senior notes in July 2017 and is included within Loss on extinguishment of debt on the consolidated statements of comprehensive income (loss).

^(g) Reflects the write-off of deferred offering fees as a result of the termination of the stock purchase agreement for $750 million of Series A Preferred Stock between Great Plains Energy and OMERS and is included within Non-operating expenses on the consolidated statements of comprehensive income (loss).

^(h) ~~Reflects an income tax effect calculated at a 38.9% statutory rate, with the exception of certain non-deductible legal and financing fees.~~

⁽ⁱ⁾ Reflects reductions to earnings available for common shareholders related to preferred stock dividend requirements for Great Plains Energy's Series B Preferred Stock issued in October 2016 and the redemption premiums associated with the redemption of the Series B Preferred Stock in August 2017 and cumulative preferred stock in August 2016 and are included in Preferred stock dividend requirements and redemption premium on the consolidated statements of comprehensive income (loss).

^(j) ~~Reflects the average share impact of Great Plains Energy's issuance of 60.5 million shares of common stock in October 2016.~~

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Reconciliation of GAAP to Non-GAAP Earnings (loss) Earnings (loss) per diluted share
Year to Date September 30 2017 2016 2017 2016
(millions, except per share amounts)
Earnings (loss) available for common shareholders $ (43.4 ) $ 190.3
$ (0.20 ) $ 1.23
Costs to achieve the anticipated merger with Westar:
Operating expense, pre-tax ^(a)
24.4
19.4
0.16
0.13
Financing, pre-tax ^(b)
85.5
19.0
0.55
0.12
Mark-to-market impacts of interest rate swaps, pre-tax ^(c)
1.9
78.8
0.01
0.51
Interest income, pre-tax ^(d)
(20.1 ) —
(0.13 ) —
Loss on Series B Preferred Stock dividend make-whole provisions, pre-tax ^(e)
124.8
—
0.80
—
Loss on extinguishment of debt, pre-tax ^(f)
82.8
—
0.54
—
Write-off of Series A deferred offering expenses, pre-tax ^(g)
15.0
—
0.10
—
Income tax benefit ^(h)
(58.4 ) (42.3 ) (0.38 ) (0.27 )
Preferred stock ⁽ⁱ⁾
37.3
0.6
0.24
—
Impact of October 2016 share issuance ^(j)
N/A
N/A
(0.08 ) —
Adjusted earnings (non-GAAP) $ 249.8
$ 265.8
$ 1.61
$ 1.72
Average Shares Outstanding
Shares used in calculating diluted earnings (loss) per common share 215.5 154.9
Adjustment for October 2016 share issuance ^(j)
(60.5) —
Shares used in calculating adjusted earnings per share (non-GAAP) 155.0 154.9

^(a)Reflects legal, advisory and consulting fees and certain severance expenses and are included in Costs to achieve the anticipated merger with Westar on the consolidated statements of comprehensive income (loss).

^(f) Reflects the loss on extinguishment of debt due to Great Plains Energy's redemption of its $4.3 billion senior notes in July 2017 and is included within Loss on extinguishment of debt on the consolidated statements of comprehensive income (loss).

^(h) ~~Reflects an income tax effect calculated at a 38.9% statutory rate, with the exception of certain non-deductible legal and financing fees.~~

^(j) ~~Reflects the average share impact of Great Plains Energy's issuance of 60.5 million shares of common stock in October 2016.~~

Regulatory Proceedings

See Note 65 to the consolidated financial statements for information regarding regulatory proceedings.

~~Impact of Recently Issued Accounting Standards~~Earnings Overview

~~See Note 1~~The following table summarizes Evergy's net income and diluted EPS.



	Three Months Ended June 30						Year to Date June 30
	2019		2018		Change		2019		2018		Change
	(millions, except per share amounts)
Net income attributable to Evergy, Inc.	$	139.7	$	101.8	$	37.9	$	239.2	$	162.3	$	76.9
Earnings per common share, diluted	0.57		0.56		0.01		0.96		1.00		(0.04		)

Net income attributable to Evergy, Inc. increased for the three months ended June 30, 2019, compared to the ~~consolidated financial statements~~same period in 2018, primarily due to the inclusion of KCP&L's and GMO's earnings in April and May of 2019 and merger-related costs and reductions of revenue for customer bill credits incurred in June 2018 following the consummation of the merger, partially offset by lower Westar Energy retail sales driven by unfavorable weather.

Diluted EPS increased for the three months ended June 30, 2019, compared to the same period in 2018, primarily due to the increase in net income attributable to Evergy, Inc. discussed above, largely offset by a higher number of diluted weighted average common shares outstanding in 2019, which diluted EPS by $0.20 for the three months ended June 30, 2019. The higher number of diluted weighted average common shares in 2019 was due to the issuance of common shares to shareholders as a result of the merger in June 2018, partially offset by shares repurchased under Evergy's common stock repurchase program.

Net income attributable to Evergy, Inc. increased for year to date June 30, 2019, compared to the same period in 2018, primarily due to the inclusion of KCP&L's and GMO's earnings in the first five months of 2019 and merger-related costs and reductions of revenue for customer bill credits incurred in June 2018 following the consummation of the merger, partially offset by lower Westar Energy retail sales driven by unfavorable weather.

Diluted EPS decreased for year to date June 30, 2019, compared to the same period in 2018, primarily due to a higher number of diluted weighted average common shares outstanding in 2019, which diluted EPS by $0.51 for year to date June 30, 2019, partially offset by the increase to net income attributable to Evergy, Inc. discussed above. The higher number of diluted weighted average common shares in 2019 was due to the issuance of common shares to shareholders as a result of the merger in June 2018, partially offset by shares repurchased under Evergy's common stock repurchase program.

For additional information regarding the ~~impact~~change in net income, refer to the Evergy Results of ~~recently issued accounting standards.~~Operations section within this MD&A.

Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)

Evergy's adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) for the three months ended and year to date June 30, 2019, were $140.3 million or $0.58 per share and $251.4 million or $1.01 per share,

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respectively. For the three months ended and year to date June 30, 2018, Evergy's adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $179.1 million and $0.67 per share and $271.0 million or $1.00 per share, respectively. In addition to net income attributable to Evergy, Inc., diluted earnings per common share, pro forma net income attributable to Evergy, Inc. and pro forma diluted earnings per common share as prepared in accordance with GAAP, Evergy's management uses adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) to evaluate earnings and earnings per share without the non-recurring costs and/or benefits resulting from rebranding, voluntary severance and significant items related to the Great Plains Energy and Westar Energy merger.

Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) exclude certain costs and/or benefits resulting from rebranding, voluntary severance and the Great Plains Energy and Westar Energy merger. This information is intended to enhance an investor's overall understanding of results. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

The following tables provide a reconciliation between net income attributable to Evergy, Inc., diluted earnings per common share, pro forma net income attributable to Evergy, Inc. and pro forma diluted earnings per common share as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP).



	Earnings (Loss)			Earnings (Loss) per Diluted Share		Earnings (Loss)			Earnings (Loss) per Diluted Share
Three Months Ended June 30	2019					2018
	(millions, except per share amounts)
Net income attributable to Evergy, Inc.	$	139.7		$	0.57	$	101.8		$	0.56
Pro forma adjustments^(a):
Great Plains Energy earnings prior to merger	—			—		59.4			0.22
Great Plains Energy shares prior to merger	n/a			—		n/a			(0.19		)
Non-recurring merger costs and other	—			—		82.5			0.31
Pro forma net income attributable to Evergy, Inc.	$	139.7		$	0.57	$	243.7		$	0.90
Non-GAAP reconciling items:
Rebranding costs, pre-tax^(b)	0.9			0.01		—			—
Voluntary severance costs, pre tax^(c)	(0.1		)	—		—			—
Composite tax rate change^(d)	—			—		(52.6		)	(0.19		)
Deferral of merger transition costs, pre-tax^(e)	—			—		(28.5		)	(0.10		)
Inventory write-off at retiring generating units, pre-tax^(f)	—			—		12.3			0.04
Income tax expense (benefit)^(g)	(0.2		)	—		4.2			0.02
Adjusted earnings (non-GAAP)	$	140.3		$	0.58	$	179.1		$	0.67

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	Earnings (Loss)			Earnings (Loss) per Diluted Share			Earnings (Loss)			Earnings (Loss) per Diluted Share
Year to Date June 30	2019						2018
	(millions, except per share amounts)
Net income attributable to Evergy, Inc.	$	239.2		$	0.96		$	162.3		$	1.00
Pro forma adjustments^(a):
Great Plains Energy earnings prior to merger	—			—			94.4			0.35
Great Plains Energy shares prior to merger	n/a			—			n/a			(0.40		)
Non-recurring merger costs and other	—			—			78.9			0.28
Pro forma net income attributable to Evergy, Inc.	$	239.2		$	0.96		$	335.6		$	1.23
Non-GAAP reconciling items:
Rebranding costs, pre-tax^(b)	1.1			—			—			—
Voluntary severance costs, pre tax^(c)	14.7			0.06			—			—
Composite tax rate change^(d)	—			—			(52.6		)	(0.19		)
Deferral of merger transition costs, pre-tax^(e)	—			—			(28.5		)	(0.10		)
Inventory write-off at retiring generating units, pre-tax^(f)	—			—			12.3			0.04
Income tax expense (benefit)^(g)	(3.6		)	(0.01		)	4.2			0.02
Adjusted earnings (non-GAAP)	$	251.4		$	1.01		$	271.0		$	1.00


^(a)	Reflects pro forma adjustments made in accordance with Article 11 of Regulation S-X and Accounting Standards Codification (ASC) 805 - Business Combinations. See Note 2 to the consolidated financial statements in the Evergy Companies' Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 for further information regarding these adjustments.


^(b)	Reflects external costs incurred to rebrand the legacy Westar Energy and KCP&L utility brands to Evergy and are included in operating and maintenance expense on the consolidated statements of comprehensive income.


^(c)	Reflects voluntary severance costs incurred associated with certain severance programs at the Evergy Companies and are included in operating and maintenance expense on the consolidated statements of comprehensive income.


^(d)	Reflects the revaluation of Westar Energy's deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger in June 2018 and are included in income tax expense on the consolidated statements of comprehensive income.

^(e)

Reflects the portion of the $47.8 million deferral of merger transition costs to a regulatory asset in June 2018 that related to costs incurred prior to 2018. The remaining merger transition costs included within the $47.8 million deferral were both incurred and deferred in 2018 and did not impact earnings. This item is included in operating and maintenance expense on the consolidated statements of comprehensive income.


^(f)	Reflects obsolete inventory write-offs for Westar Energy's Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center and Units 1 and 2 at Gordon Evans Energy Center, which were committed to be retired upon the consummation of the merger, and are included in operating and maintenance expense on the consolidated statements of comprehensive income.


^(g)	Reflects an income tax effect calculated at a 26.1% statutory rate, with the exception of certain non-deductible items.

Wolf Creek Refueling Outage

Wolf Creek's ~~latest~~most recent refueling outage began ~~on September 10, 2016~~in March 2018 and ~~ended on November 21, 2016.~~the unit returned to service in May 2018. Wolf Creek's next refueling outage is planned to begin in the ~~first~~third quarter of ~~2018.~~2019.

ENVIRONMENTAL MATTERS

See Note 1311 to the consolidated financial statements for information regarding environmental matters.

RELATED PARTY TRANSACTIONS

See Note 1512 to the consolidated financial statements for information regarding related party transactions.

~~GREAT PLAINS ENERGY~~

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EVERGY RESULTS OF OPERATIONS

The following table summarizes ~~Great Plains Energy's~~Evergy's comparative results of operations.

Three Months Ended
September 30

Year to Date
September 30
2017 2016 2017 2016
(millions)
Operating revenues $ 857.2
$ 856.8
$ 2,110.5
$ 2,099.7
Fuel and purchased power (180.0 ) (184.1 ) (464.0 ) (462.2 )
Transmission (29.1 ) (23.8 ) (80.4 ) (64.5 )
Other operating expenses (251.9 ) (266.2 ) (734.2 ) (742.6 )
Costs to achieve the anticipated merger with Westar 2.4
(14.4 ) (24.4 ) (19.4 )
Depreciation and amortization (92.7 ) (86.4 ) (277.7 ) (256.9 )
Operating income 305.9
281.9
529.8
554.1
Non-operating income and expenses (12.2 ) 1.3
(0.3 ) (1.0 )
Loss on Series B Preferred Stock dividend make-whole provisions (67.7 ) —
(124.8 ) —
Loss on extinguishment of debt (82.8 ) —
(82.8 ) —
Interest charges (30.9 ) (67.6 ) (242.8 ) (251.7 )
Income tax expense (102.3 ) (82.7 ) (87.2 ) (111.5 )
Income from equity investments 0.5
0.7
2.0
2.1
Net income (loss) 10.5
133.6
(6.1 ) 192.0
Preferred dividends and redemption premium (7.1 ) (0.9 ) (37.3 ) (1.7 )
Earnings (loss) available for common shareholders $ 3.4
$ 132.7
$ (43.4 ) $ 190.3
Reconciliation of gross margin to operating revenues:
Operating revenues $ 857.2
$ 856.8
$ 2,110.5
$ 2,099.7
Fuel and purchased power (180.0 ) (184.1 ) (464.0 ) (462.2 )
Transmission (29.1 ) (23.8 ) (80.4 ) (64.5 )
Gross margin ^(a)
$ 648.1
$ 648.9
$ 1,566.1
$ 1,573.0



	Three Months Ended June 30									Year to Date June 30
	2019			Change			2018			2019			Change			2018
	(millions)
Operating revenues	$	1,221.7		$	328.3		$	893.4		$	2,438.6		$	945.0		$	1,493.6
Fuel and purchased power	291.6			61.9			229.7			621.6			256.4			365.2
SPP network transmission costs	62.8			(5.6		)	68.4			126.3			(9.7		)	136.0
Other operating expenses	380.2			39.8			340.4			780.4			256.1			524.3
Depreciation and amortization	215.4			87.4			128.0			429.0			211.3			217.7
Income from operations	271.7			144.8			126.9			481.3			230.9			250.4
Other expense, net	(9.4		)	1.1			(10.5		)	(17.4		)	2.0			(19.4		)
Interest expense	95.4			37.0			58.4			186.5			84.3			102.2
Income tax expense (benefit)	24.4			69.4			(45.0		)	33.7			69.5			(35.8		)
Equity in earnings of equity method investees, net of income taxes	2.1			0.7			1.4			4.3			1.6			2.7
Net income	144.6			40.2			104.4			248.0			80.7			167.3
Less: Net income attributable to noncontrolling interests	4.9			2.3			2.6			8.8			3.8			5.0
Net income attributable to Evergy, Inc.	$	139.7		$	37.9		$	101.8		$	239.2		$	76.9		$	162.3


^(a)	~~Gross margin is a non-GAAP financial measure. See explanation of gross margin below.~~

~~Electric~~

Evergy Utility ~~Segment~~

~~Electric utility's net income increased $1.8 million for the three months ended September 30, 2017, compared to the same period in 2016 primarily due to:~~

a $0.8 million decrease in gross margin driven by cooler weather; partially offset by an increase in weather-normalized retail demand, new retail rates, an increase in Missouri Energy Efficiency Investment Act (MEEIA) throughput disincentive and an increase in other margin items;

~~a $7.3 million decrease in other operating expenses primarily driven by a decrease in plant operating and maintenance expenses; and~~

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~~a $6.3 million increase in depreciation and amortization expense primarily driven by capital additions.~~

~~Electric utility's net income decreased $31.0 million year to date September 30, 2017, compared to the same period in 2016 primarily due to:~~

a $6.9 million decrease in gross margin driven by milder weather and a decrease in MEEIA throughput disincentive; partially offset by an increase in weather-normalized retail demand, new retail rates, an increase in the recovery of program costs for energy efficiency programs under MEEIA and an increase in other margin items;

a $0.8 million decrease in other operating expenses primarily driven by a decrease in plant operating and maintenance expenses; partially offset by an increase in program costs for energy efficiency programs under MEEIA;

~~$15.4 million of costs to achieve the anticipated merger with Westar;~~

~~a $20.8 million increase in depreciation and amortization expense primarily driven by capital additions; and~~

~~a $17.6 million decrease in income tax expense primarily due to decreased pre-tax income.~~

~~Corporate and Other Activities~~

~~Great Plains Energy's corporate and other activities loss increased $131.1 million for the three months ended September 30, 2017, compared to the same period in 2016 primarily due to:~~

~~a $14.9 million decrease in operating expenses for costs to achieve the anticipated merger with Westar;~~

~~a $36.1 million decrease in interest charges due to:~~


◦	a $6.1 million decrease in costs incurred to finance the acquisition of Westar under the Original Merger Agreement including $13.9 million of fees and expenses for a bridge term loan facility incurred in the third quarter of 2016; partially offset by $8.2 million of interest on Great Plains Energy's $4.3 billion senior notes issued in March 2017 and redeemed in July 2017; and


◦	a $30.0 million increase in the mark-to-market gain on deal contingent interest rate swaps entered into in June 2016 to hedge against interest rate fluctuations prior to Great Plains Energy's issuance of $4.3 billion senior notes in March 2017;

a $4.9 million increase in non-operating income due to interest income earned on increased cash and cash equivalents at Great Plains Energy in 2017 related to the proceeds from Great Plains Energy's October 2016 common stock and Series B Preferred Stock offerings and March 2017 issuance of senior notes;

a $15.0 million increase in non-operating expenses due to the write-off of previously deferred offering fees as a result of the termination of the stock purchase agreement for $750 million of Series A Preferred Stock between Great Plains Energy and OMERS;

a $67.7 million loss on the settlement of the Series B Preferred Stock dividend make-whole provisions in connection with the redemption of Great Plains Energy's Series B Preferred Stock in August 2017;

~~an $82.8 million loss on extinguishment of debt due to Great Plains Energy's redemption of its $4.3 billion senior notes in July 2017;~~

~~a $23.2 million increase in income tax expense related to these items; and~~

a $6.5 million increase in reductions to earnings available for common shareholders primarily due to preferred stock dividend requirements and the redemption premium for Great Plains Energy's Series B Preferred Stock issued in October 2016 and redeemed in August 2017.

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~~Great Plains Energy's corporate and other activities loss increased $202.7 million year to date September 30, 2017, compared to the same period in 2016 primarily due to:~~

~~a $10.5 million decrease in operating expenses for costs to achieve the anticipated merger with Westar;~~

~~a $10.4 million decrease in interest charges due to:~~


◦	a $76.9 million increase in the mark-to-market gain on deal contingent interest rate swaps entered into in June 2016 to hedge against interest rate fluctuations prior to Great Plains Energy's issuance of $4.3 billion senior notes in March 2017; partially offset by


◦	a $66.5 million increase in costs incurred to finance the acquisition of Westar under the Original Merger Agreement including $59.1 million of interest on Great Plains Energy's $4.3 billion senior notes issued in March 2017 and redeemed in July 2017 and an increase of $7.9 million of fees and expenses for a bridge term loan facility;

a $20.1 million increase in non-operating income due to interest income earned on increased cash and cash equivalents at Great Plains Energy in 2017 related to the proceeds from Great Plains Energy's October 2016 common stock and Series B Preferred Stock offerings and March 2017 issuance of senior notes;

a $124.8 million loss on the settlement of the Series B Preferred Stock dividend make-whole provisions in connection with the redemption of Great Plains Energy's Series B Preferred Stock in August 2017;

~~an $82.8 million loss on extinguishment of debt due to Great Plains Energy's redemption of its $4.3 billion senior notes in July 2017;~~

~~a $10.1 million decrease in income tax expense related to these items; and~~

a $36.7 million increase in reductions to earnings available for common shareholders primarily due to preferred stock dividend requirements and the redemption premium for Great Plains Energy's Series B Preferred Stock issued in October 2016 and redeemed in August 2017.

Gross Margin and MWh Sales

~~Gross~~Utility gross margin is a financial measure that is not calculated in accordance with GAAP. ~~Gross~~Utility gross margin, as used by ~~Great Plains Energy and KCP&L,~~the Evergy Companies, is defined as operating revenues less fuel and purchased power costs and ~~transmission.~~amounts billed by the SPP for network transmission costs. Expenses for fuel and purchased power ~~and certain transmission~~ costs, offset by wholesale sales margin, are subject to recovery through cost adjustment mechanisms. As a result, changes in fuel and purchased power costs are offset in operating revenues ~~increase or decrease~~with minimal impact on net income. In addition, SPP network transmission costs fluctuate primarily due to investments by SPP members for upgrades to the transmission grid within the SPP Regional Transmission Organization (RTO). As with fuel and purchased power costs, changes in ~~relation~~SPP network transmission costs are mostly reflected in the prices charged to ~~a significant portion of these expenses.~~ customers with minimal impact on net income.

Management believes that utility gross margin provides a meaningful basis for evaluating ~~electric utility's~~the Evergy Companies' operations across periods compared with operating revenues because utility gross margin excludes the revenue effect of fluctuations in these expenses. ~~Gross~~Utility gross margin is used internally to measure performance against budget and in reports for management and the ~~Great Plains Energy~~Evergy Board. The Evergy Companies' definition of utility gross margin may differ from similar terms used by other companies.

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~~ELECTRIC UTILITY RESULTS OF OPERATIONS~~

~~The following table summarizes the electric utility segment results of operations.~~

Three Months Ended
September 30
Year to Date
September 30
2017 2016 2017 2016
(millions)
Operating revenues $ 857.2
$ 856.8
$ 2,110.5
$ 2,099.7
Fuel and purchased power (180.0 ) (184.1 ) (464.0 ) (462.2 )
Transmission (29.1 ) (23.8 ) (80.4 ) (64.5 )
Other operating expenses (250.5 ) (257.8 ) (730.1 ) (730.9 )
Costs to achieve the anticipated merger with Westar 2.0
—
(15.4 ) —
Depreciation and amortization (92.7 ) (86.4 ) (277.7 ) (256.9 )
Operating income 306.9
304.7
542.9
585.2
Non-operating income and expenses (2.2 ) 1.6
(3.6 ) 0.8
Interest charges (49.1 ) (49.3 ) (149.3 ) (147.4 )
Income tax expense (92.7 ) (95.9 ) (142.6 ) (160.2 )
Net income $ 162.9
$ 161.1
$ 247.4
$ 278.4
Reconciliation of gross margin to operating revenues
Operating revenues $ 857.2
$ 856.8
$ 2,110.5
$ 2,099.7
Fuel and purchased power (180.0 ) (184.1 ) (464.0 ) (462.2 )
Transmission (29.1 ) (23.8 ) (80.4 ) (64.5 )
Gross margin ^(a)
$ 648.1
$ 648.9
$ 1,566.1
$ 1,573.0


^(a)	~~Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.~~

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~~Electric Utility Gross Margin and MWh Sales~~

The following tables summarize ~~electric utility's~~Evergy's utility gross margin and MWhs sold.

Revenues and Costs % MWhs Sold %
Three Months Ended September 30 2017 2016
Change ^(c)
2017 2016 Change
Retail revenues (millions) (thousands)
Residential $ 380.3
$ 380.4
—
2,661
2,786
(5 )
Commercial 332.9
327.4
2
3,023
3,069
(2 )
Industrial 67.6
66.4
2
820
842
(3 )
Other retail revenues 4.5
5.3
(13 ) 23
29
(22 )
Provision for rate refund 3.2
1.5
N/M
N/A
N/A
N/A
Energy efficiency (MEEIA)^(a)
20.4
17.0
20
N/A
N/A
N/A
Total retail 808.9
798.0
1
6,527
6,726
(3 )
Wholesale revenues 33.4
48.0
(30 ) 1,572
1,878
(16 )
Other revenues 14.9
10.8
39
N/A
N/A
N/A
Operating revenues 857.2
856.8
—
8,099
8,604
(6 )
Fuel and purchased power (180.0 ) (184.1 ) (2 )
Transmission (29.1 ) (23.8 ) 23

Gross margin ^(b)
$ 648.1
$ 648.9
—

^(a)Consists of recovery of program costs of $15.8 million and $16.3 million for the three months ended September 30, 2017, and 2016, respectively, that have a direct offset in utility operating and maintenance expenses and recovery of throughput disincentive of $4.6 million and $0.7 million for the three months ended September 30, 2017, and 2016, respectively.
^(b) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
^(c) N/M - not meaningful

Revenues and Costs % MWhs Sold %
Year to Date September 30 2017 2016
Change ^(c)
2017 2016 Change
Retail revenues (millions) (thousands)
Residential $ 862.1
$ 877.3
(2 ) 6,621
6,878
(4 )
Commercial 842.4
828.8
2
8,190
8,231
(1 )
Industrial 178.5
178.2
—
2,317
2,394
(3 )
Other retail revenues 13.7
15.9
(13 ) 76
87
(13 )
Provision for rate refund 10.5
(13.2 ) N/M
N/A
N/A
N/A
Energy efficiency (MEEIA)^(a)
48.6
47.6
2
N/A
N/A
N/A
Total retail 1,955.8
1,934.6
1
17,204
17,590
(2 )
Wholesale revenues 108.9
124.5
(13 ) 5,483
6,279
(13 )
Other revenues 45.8
40.6
13
N/A
N/A
N/A
Operating revenues 2,110.5
2,099.7
1
22,687
23,869
(5 )
Fuel and purchased power (464.0 ) (462.2 ) —

Transmission (80.4 ) (64.5 ) 25

Gross margin ^(b)
$ 1,566.1
$ 1,573.0
—

^(a)Consists of recovery of program costs of $39.9 million and $33.3 million year to date September 30, 2017, and 2016, respectively, that have a direct offset in utility operating and maintenance expenses, recovery of throughput disincentive of $8.5 million and $14.3 million year to date September 30, 2017, and 2016, respectively, and an earnings opportunity of $0.2 million year to date September 30, 2017.
^(b) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
^(c) N/M - not meaningful

~~Electric utility's~~



	Revenues and Expenses									MWhs Sold
Three Months Ended June 30	2019			Change			2018			2019	Change		2018
Retail revenues	(millions)									(thousands)
Residential	$	431.6		$	89.6		$	342.0		3,262	(64	)	3,326
Commercial	438.6			179.5			259.1			4,334	639		3,695
Industrial	156.6			48.0			108.6			2,145	293		1,852
Other retail revenues	9.5			3.1			6.4			35	6		29
Total electric retail	1,036.3			320.2			716.1			9,776	874		8,902
Wholesale revenues	72.3			(17.4		)	89.7			3,159	155		3,004
Transmission revenues	76.4			1.3			75.1			N/A	N/A		N/A
Other revenues	36.7			24.2			12.5			N/A	N/A		N/A
Operating revenues	1,221.7			328.3			893.4			12,935	1,029		11,906
Fuel and purchased power	(291.6		)	(61.9		)	(229.7		)
SPP network transmission costs	(62.8		)	5.6			(68.4		)
Utility gross margin ^(a)	$	867.3		$	272.0		$	595.3
^(a) Utility gross margin is a non-GAAP financial measure. See explanation of utility gross margin above.

	Revenues and Expenses									MWhs Sold
Year to Date June 30	2019			Change			2018			2019	Change		2018
Retail revenues	(millions)									(thousands)
Residential	$	883.3		$	361.0		$	522.3		7,226	2,428		4,798
Commercial	852.1			437.6			414.5			8,758	3,366		5,392
Industrial	303.6			101.5			202.1			4,156	945		3,211
Other retail revenues	19.3			8.7			10.6			71	28		43
Total electric retail	2,058.3			908.8			1,149.5			20,211	6,767		13,444
Wholesale revenues	155.4			(28.5		)	183.9			7,188	1,283		5,905
Transmission revenues	153.1			6.1			147.0			N/A	N/A		N/A
Other revenues	71.8			58.6			13.2			N/A	N/A		N/A
Operating revenues	2,438.6			945.0			1,493.6			27,399	8,050		19,349
Fuel and purchased power	(621.6		)	(256.4		)	(365.2		)
SPP network transmission costs	(126.3		)	9.7			(136.0		)
Utility gross margin ^(a)	$	1,690.7		$	698.3		$	992.4
^(a)Utilitygross margin is a non-GAAP financial measure. See explanation of utility gross margin above.

Evergy's utility gross margin ~~decreased $0.8~~increased $272.0 million for the three months ended ~~September~~June 30, ~~2017,~~2019, compared to the same period in ~~2016~~2018 driven by:

~~an estimated $35 million decrease due to cooler weather driven by~~ a ~~15% decrease in cooling degree days;~~

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~~an estimated $13~~$261.6 million increase due to ~~weather-normalized retail demand;~~

~~an estimated $10 million increase due to new retail rates for~~the inclusion of KCP&L&L's and GMO's utility gross margin in ~~Missouri effective June 8, 2017~~April and ~~GMO effective February 22, 2017;~~May of 2019;

a ~~$3.9~~$60.0 million increase in ~~MEEIA throughput disincentive;~~revenue primarily due to one-time bill credits recorded by Westar Energy, KCP&L and GMO in June 2018 as a result of conditions in the KCC and MPSC merger orders; and

an ~~estimated $8~~$8.5 million increase from new Westar Energy retail rates effective in ~~other margin items.~~September 2018, net of a $19.1 million provision for rate refund recorded at Westar Energy in the second quarter of 2018 for the change in the corporate income tax rate caused by the Tax Cuts and Jobs Act (TCJA); partially offset by

~~Electric utility's gross margin decreased $6.9~~a $58.1 million ~~year~~decrease primarily due to ~~date September~~lower Westar Energy retail sales driven by cooler weather. For the three months ended June 30, ~~2017,~~2019, compared to the same period in ~~2016~~2018, cooling degree days decreased 45%.

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Evergy's utility gross margin increased $698.3 million year to date June 30, 2019, compared to the same period in 2018 driven by:

~~an estimated $59 million decrease due to weather driven by~~ a ~~16% decrease in cooling degree days in the second and third quarters of 2017 and a 7% decrease in heating degree days in the first quarter of 2017;~~

~~a $5.8 million decrease in MEEIA throughput disincentive;~~

~~an estimated $31~~$674.4 million increase due to ~~weather-normalized retail demand;~~the inclusion of KCP&L's and GMO's utility gross margin in the first five months of 2019;

~~an estimated $13~~a $60.0 million increase in revenue primarily due to one-time bill credits recorded by Westar Energy, KCP&L and GMO in June 2018 as a result of conditions in the KCC and MPSC merger orders; and

a $12.4 million increase from new Westar Energy retail rates effective in September 2018, net of a $38.2 million provision for ~~KCP&L~~rate refund recorded at Westar Energy for year to date June 30, 2018 for the change in ~~Missouri effective June 8, 2017 and GMO effective February 22, 2017;~~the corporate income tax rate caused by the TCJA; partially offset by

a ~~$6.6~~$48.5 million ~~increase for recovery~~decrease primarily due to lower Westar Energy retail sales driven by cooler weather in the second quarter of ~~program costs for energy efficiency programs under MEEIA, which have a direct offset~~2019. Year to date June 30, 2019, compared to the same period in ~~utility~~2018, cooling degree days decreased 45%.

Other Operating Expenses (including operating and maintenance ~~expense;~~expense and taxes other than income tax)

~~an estimated $7 million increase in other margin items.~~

~~Electric Utility Other Operating Expenses~~ ~~(including utility operating and maintenance expenses, general taxes and other)~~

~~Electric utility's~~Evergy's other operating expenses ~~decreased $7.3~~increased $39.8 million for the three months ended ~~September~~June 30, ~~2017,~~2019, compared to the same period in ~~2016~~2018 primarily driven by:

a $104.6 million increase in operating and maintenance expense due to the inclusion of KCP&L's and GMO's operating and maintenance expenses in April and May of 2019;

a $30.4 million increase in taxes other than income taxes due to the inclusion of KCP&L and GMO amounts in April and May of 2019; and

a $6.8 million increase in Westar Energy taxes other than income taxes primarily due to increased property taxes; partially offset by

$57.5 million of merger-related costs incurred in June 2018, consisting of:


◦	$24.7 million of unconditional charitable contributions and community support recorded by Evergy in accordance with conditions in the KCC and MPSC merger orders;


◦	$39.9 million of Westar Energy change in control payments, voluntary severance and the recording of unrecognized equity compensation costs and the incremental fair value associated with the vesting of outstanding Westar Energy equity compensation awards in accordance with the Amended Merger Agreement; and


◦	$40.7 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees; partially offset by


◦	a $47.8 million decrease in operating and maintenance expense due to the deferral of merger transition costs to a regulatory asset in June 2018 for future recovery by Westar Energy, KCP&L and GMO in accordance with the KCC and MPSC merger orders;

a $19.9 million decrease in Westar Energy plant operating and maintenance expense primarily due to obsolete inventory write-offs at retiring coal-fired units in June 2018; and

a $10.6 million decrease in Westar Energy transmission and distribution operating and maintenance expense primarily due to a ~~$5.8 million decrease~~higher level of vegetation management activity in ~~plant operating and maintenance expenses.~~2018.

~~Electric utility's~~Evergy's other operating expenses ~~decreased $0.8~~increased $256.1 million ~~for~~ year to date ~~September~~June 30, ~~2017,~~2019, compared to the same period in ~~2016~~2018 primarily driven by:

a $279.9 million increase in operating and maintenance expense due to the inclusion of KCP&L's and GMO's operating and maintenance expenses in the first five months of 2019;

a $75.7 million increase in taxes other than income taxes due to the inclusion of KCP&L and GMO amounts in the first five months of 2019;

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a $10.7 million increase in Westar Energy taxes other than income taxes primarily due to increased property taxes; and

$7.4 million of Westar Energy voluntary severance expenses incurred in the first quarter of 2019; partially offset by

$57.5 million of merger-related costs incurred in June 2018, consisting of:


◦	$24.7 million of unconditional charitable contributions and community support recorded by Evergy in accordance with conditions in the KCC and MPSC merger orders;


◦	$39.9 million of Westar Energy change in control payments, voluntary severance and the recording of unrecognized equity compensation costs and the incremental fair value associated with the vesting of outstanding Westar Energy equity compensation awards in accordance with the Amended Merger Agreement; and


◦	$40.7 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees; partially offset by


◦	a $47.8 million decrease in operating and maintenance expense due to the deferral of merger transition costs to a regulatory asset in June 2018 for future recovery by Westar Energy, KCP&L and GMO in accordance with the KCC and MPSC merger orders;

a $20.6 million decrease in Westar Energy plant operating and maintenance expense primarily due to obsolete inventory write-offs at retiring coal-fired units in June 2018; and

a $14.1 million decrease in Westar Energy transmission and distribution operating and maintenance expense primarily due to a ~~$10.4 million decrease~~higher level of vegetation management activity in ~~plant operating and maintenance expenses; partially offset by a $6.6 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue.~~2018.

~~Electric Utility Costs to Achieve the Anticipated Merger with Westar~~

Electric utility's costs to achieve the anticipated merger with Westar of $15.4 million for year to date September 30, 2017 reflects consulting fees, certain severance expenses and other transition costs related to the anticipated merger with Westar.

~~Electric Utility~~ Depreciation and Amortization

~~Electric utility's~~Evergy's depreciation and amortization increased ~~$6.3~~$87.4 million ~~and $20.8 million, respectively,~~ for the three months ended ~~and year to date September~~June 30, ~~2017, compared to the same periods in 2016 primarily due to capital additions.~~

~~Electric Utility Income Tax Expense~~

~~Electric utility's income tax expense decreased $17.6 million year to date September 30, 2017,~~2019, compared to the same period in ~~2016~~2018 driven by:

a $69.6 million increase due to the inclusion of KCP&L's and GMO's depreciation expense in April and May of 2019; and

a $17.8 million increase primarily due to a change in depreciation rates effective in September 2018 for Westar Energy as a result of its 2018 rate case.

Evergy's depreciation and amortization increased$211.3 million year to date June 30, 2019, compared to the same period in 2018 driven by:

a $173.4 million increase due to the inclusion of KCP&L's and GMO's depreciation expense in the first five months of 2019; and

a $37.9 million increase primarily due to a change in depreciation rates effective in September 2018 for Westar Energy as a result of its 2018 rate case.

Other Expense, Net

Evergy's other expense, net decreased $1.1 million for the three months ended June 30, 2019, compared to the same period in 2018, primarily driven by:

a $2.5 million decrease due to recording higher Westar Energy corporate-owned life insurance (COLI) benefits in 2019; offset by

a $3.3 million increase due to the inclusion of KCP&L and GMO amounts in April and May of 2019.

Evergy's other expense, net decreased $2.0 million year to date June 30, 2019, compared to the same period in 2018, primarily driven by:

an $8.7 million decrease due to recording higher Westar Energy COLI benefits in 2019; offset by

a $9.5 million increase due to the inclusion of KCP&L and GMO amounts in the first five months of 2019.

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Interest Expense

Evergy's interest expense increased $37.0 million for the three months ended June 30, 2019, compared to the same period in 2018, primarily driven by the inclusion of KCP&L's and GMO's interest expense and Evergy's interest expense associated with the assumption of legacy Great Plains Energy debt in April and May of 2019.

Evergy's interest expense increased $84.3 million year to date June 30, 2019, compared to the same period in 2018, primarily driven by the inclusion of KCP&L's and GMO's interest expense and Evergy's interest expense associated with the assumption of legacy Great Plains Energy debt in the first five months of 2019.

Income Tax Expense

Evergy's income tax expense increased $69.4 million for the three months ended June 30, 2019, compared to the same period in 2018, primarily driven by:

a $52.6 million increase related to the revaluation of Westar Energy's deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger in June 2018; and

a $14.6 million increase due to higher Westar Energy pre-tax income.

Evergy's income tax expense increased $69.5 million year to date June 30, 2019, compared to the same period in 2018, primarily driven by:

a $52.6 million increase related to the revaluation of Westar Energy's deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger in June 2018; and

a $16.4 million increase due to higher Westar Energy pre-tax income.

~~GREAT PLAINS ENERGY SIGNIFICANT BALANCE SHEET CHANGES~~LIQUIDITY AND CAPITAL RESOURCES

~~(September 30, 2017 compared to December 31, 2016)~~

~~Great Plains Energy's~~Evergy relies primarily upon cash from operations, short-term borrowings, debt issuances and its existing cash and cash equivalents ~~decreased $195.2 million~~to fund its capital requirements. Evergy's capital requirements primarily ~~due~~consist of capital expenditures, payment of contractual obligations and other commitments, the payment of dividends to ~~the redemption of Great Plains Energy's $4.3 billion senior notes for $4,400.1 million in July 2017, the redemption of Great Plains Energy's Series B Preferred Stock in August 2017 for $963.4 million~~shareholders and the ~~maturity~~repurchase of ~~Great Plains Energy's $100.0 million~~common shares. See the Evergy Companies' combined 2018 Form 10-K for more information on Evergy's sources and uses of ~~6.875% Senior Notes in September 2017; partially~~cash.

Short-Term Borrowings

~~Table~~As of ~~Contents~~

~~offset by the issuance of Great Plains Energy's $4.3~~June 30, 2019, Evergy had $1.2 billion ~~senior notes and the maturity of a $1.0 billion time deposit in March 2017.~~

~~Great Plains Energy's time deposit decreased $1.0 billion due to its maturity in March 2017.~~

Great Plains Energy's plant to be retired, net increased $146.3 million in connection with the expected retirement of GMO's Sibley No. 3 Unit. See Note 20 to the consolidated financial statements for additional information.

~~Great Plains Energy's commercial paper decreased $86.9 million due to the repayment of commercial paper of $60.9 million at KCP&L and $26.0 million at GMO primarily with funds from operations.~~

~~Great Plains Energy's accounts payable decreased $126.9 million primarily due to the timing of cash payments.~~

~~Great Plains Energy's accrued taxes increased $93.7 million primarily due to the timing of property tax payments.~~

~~Great Plains Energy's preference stock without par value decreased $836.2 million due to the redemption of Great Plains Energy's Series B Preferred Stock in August 2017.~~

~~CAPITAL REQUIREMENTS AND LIQUIDITY~~

Great Plains Energy operates through its subsidiaries and has no material assets other than the stock of its subsidiaries and cash and cash equivalents. Great Plains Energy's ability to make payments on its debt securities and its ability to pay dividends is dependent on its receipt of dividends or other distributions from its subsidiaries, proceeds from the issuance of its securities and borrowing under its revolving credit facility.

Great Plains Energy's capital requirements are principally comprised of debt maturities and electric utility's construction and other capital expenditures. These items as well as additional cash and capital requirements, including requirements related to the anticipated merger with Westar, are discussed below.

~~Great Plains Energy's liquid resources at September 30, 2017, consisted of $1.1 billion of cash and cash equivalents on hand and $996.4 million~~ of available borrowing capacity ~~from unused bank lines of~~under its master credit ~~and receivable sale agreements.~~facility. The available borrowing capacity under the master credit facility consisted of ~~$199.0~~$349.0 million ~~from Great Plains~~for Evergy, Inc., $232.7 million for Westar Energy, $373.3 million for KCP&L and $272.6 million for GMO. Westar Energy's, ~~revolving~~KCP&L's and GMO's borrowing capacity under the master credit facility ~~$525.3 million from KCP&L's credit facilities and $272.1 million from GMO's credit facilities.~~also supports their issuance of commercial paper. See ~~Notes 4 and 10~~Note 8 to the consolidated financial statements for more information regarding the master credit facility. Along with cash flows from operations and receivable ~~sale agreements~~sales facilities, Evergy generally uses borrowings under its master credit facility and ~~revolving credit facilities, respectively. Generally, Great Plains Energy uses these liquid resources~~the issuance of commercial paper to meet its day-to-day cash flow requirements. Evergy also has a term loan credit agreement which is discussed further below.

In March 2019, Evergy entered into a $1.0 billion, 6-month term loan credit agreement with a group of banks to provide short-term financing for its common stock repurchase plan. The agreement allows for two term loans during the 6-month term of the agreement, in an aggregate principal amount not to exceed the credit limit of the agreement. At closing, Evergy borrowed $500.0 million under the agreement, allowing for one additional term loan borrowing in a principal amount up to $500.0 million. In June 2019, Evergy borrowed the remaining $500.0 million allowed under the agreement. At June 30, 2019, Evergy had $1.0 billion of outstanding cash borrowings under the agreement at a weighted-average interest rate of 2.95%. Evergy anticipates repaying borrowings under the term loan credit agreement with proceeds from an expected long-term debt issuance in the third quarter of 2019.

Significant Debt Issuances

See Note 9 to the consolidated financial statements for information regarding significant debt issuances.

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Pensions

Year to date June 30, 2019, Evergy made pension contributions of $22.1 million. Evergy expects to make additional pension contributions of $107.4 million in 2019 to satisfy ERISA funding requirements and ~~from time to time issues equity and/or long-term debt to repay short-term debt or increase cash balances.~~

~~The $1.1 billion of cash~~KCC and ~~cash equivalents on hand at September 30, 2017 is primarily the result of Great Plains Energy's common stock offering in October 2016, the proceeds~~MPSC rate orders, of which ~~were~~$29.0 million is expected to be ~~used~~paid by Westar Energy and $78.4 million is expected to ~~fund a portion~~be paid by KCP&L.

Year to date June 30, 2019, Evergy made post-retirement benefit contributions of ~~the cash consideration for the acquisition of Westar under the Original Merger Agreement. Great Plains Energy also~~$0.6 million. Evergy expects to ~~receive $140.6~~make additional contributions of $2.1 million to the post-retirement benefit plans in ~~proceeds from its deal contingent interest rate swaps upon~~2019.

Common Stock Repurchase Program

In July 2018, the closing of the anticipated merger with Westar. Under the Amended Merger Agreement, Great Plains Energy is required to have not less than $1.25 billion in cash and cash equivalents on its balance sheet at the closing of the anticipated merger with Westar. It is expected that this excess cash will be returned to shareholders of the combined company throughEvergy Board authorized the repurchase of up to 60 million shares of Evergy's common stock. Although this repurchase authorization has no expiration date, Evergy expects to repurchase approximately 60 million shares by mid-2020. Year to date June 30, 2019, Evergy had total repurchases of common stock ~~in a series~~ of ~~transactions over time after~~$1,128.7 million and had repurchased 20.0 million shares under the ~~closing~~repurchase program. Since its inception, Evergy has made total repurchases of common stock of approximately $2.2 billion and has repurchased 36.3 million shares under the ~~anticipated merger.~~repurchase program.

~~Great Plains Energy intends~~See Note13 to ~~meet day-to-day cash flow requirements including interest payments, retirement~~the consolidated financial statements for more information regarding Evergy's common stock repurchase program.

Debt Covenants

As of maturing debt, construction requirements, dividends and pension benefit plan funding requirements with a combination of internally generated funds and proceeds from short-term debt. From time to time, Great Plains Energy issues equity and/or long-term debt to repay short-term debt or increase cash balances. Great Plains Energy's intention to meet a portion of these requirements with internally generated funds may be impacted by the effect of inflation on operating expenses, the level of MWh sales, regulatory actions,June 30, 2019, Evergy was in compliance with all debt covenants under the master credit facility, the term loan agreement and certain debt instruments that contain restrictions that require the maintenance of certain capitalization and leverage ratios. See Note 8 to the consolidated financial statements for more information.

Off-Balance Sheet Arrangement

Evergy's off-balance sheet arrangements were reported in the Evergy Companies' combined 2018 Form 10-K. As of June 30, 2019, there have been no material changes with regards to these off-balance sheet arrangements.

Cash Flows

The following table presents Evergy's cash flows from operating, investing and financing activities.

~~Table of Contents~~



Year to Date June 30	2019			2018
	(millions)
Cash flows from operating activities	$	633.7		$	397.2
Cash flows from (used in) investing activities	(529.5		)	846.9
Cash flows from (used in) financing activities	(157.5		)	32.6

~~environmental regulations and the availability of generating units. In addition, Great Plains Energy may issue equity, equity-linked securities and/or debt to finance growth.~~

Cash Flows from Operating Activities

~~Great Plains Energy generated positive~~Evergy's cash flows from operating activities ~~for the periods presented. The $35.1~~increased $236.5 million ~~decrease in cash flows from operating activities for Great Plains Energy~~ year to date ~~September~~June 30, ~~2017,~~2019, compared to the same period in ~~2016 was~~2018, primarily driven by ana $252.3 million increase due to the inclusion of KCP&L's and GMO's cash flows from operating activities in ~~payments for costs to achieve~~ the ~~anticipated merger with Westar in 2017~~first five months of ~~$13.1 million, an increase in ARO settlement payments at KCP&L~~2019 and ~~GMO in 2017 of $6.8 million, an increase in Great Plains Energy's pension funding contributions in 2017 of $4.4 million and $7.5~~$35.6 million of ~~other changes~~merger success fees paid by Evergy and Westar Energy upon the completion of the merger in ~~working capital that are detailed~~June 2018; partially offset by a $53.8 million decrease in ~~Note 3 to the consolidated financial statements. The individual components of working capital vary with normal business cycles and operations.~~cash receipts from Westar Energy retail electric sales.

Cash Flows from (used in) Investing Activities

Great Plains Energy's cash used for investing activities varies with the timing of utility capital expenditures and purchases of investments and nonutility property. Investing activities are offset by proceeds from the sale of properties and insurance recoveries.

~~Great Plains Energy's~~Evergy's cash flows ~~from~~used in investing activities increased ~~$1.1 billion~~$1,376.4 million year to date ~~September~~June 30, ~~2017,~~2019, compared to the same period in ~~2016~~2018, primarily driven by $1,154.2 million of cash acquired from Great Plains Energy in June 2018; a $243.6 million increase in additions to property, plant and equipment due to ~~$1.0 billion for~~the inclusion of KCP&L and GMO activity in the first five months of 2019; $140.6 million in proceeds from the ~~maturity~~settlement of ~~a time deposit~~deal contingent interest rate swaps in ~~March 2017. Great Plains~~June 2018; partially offset by an increase of $63.7 million in proceeds primarily from Westar Energy ~~had purchased the $1.0 billion time deposit~~COLI investments in ~~2016 with a portion~~2019.

Table of ~~the proceeds from its October 2016 common stock and depositary share offerings.~~Contents

Cash Flows from (used in) Financing Activities

~~Great Plains Energy's~~Evergy's cash flows ~~from~~used in financing activities ~~decreased $1.2 billion~~increased $190.1 million year to date ~~September~~June 30, ~~2017,~~2019, compared to the same period in ~~2016~~2018, primarily driven by the repurchase of common stock under repurchase plan of $1,128.7 million as a result of Evergy's share repurchase program in 2019; the repayment of KCP&L's $400.0 million of 7.15% Mortgage Bonds that matured in April 2019 and KGE's $300.0 million of 6.70% First Mortgage Bonds that matured in June 2019; and an increase of $68.0 million in collateralized short-term debt, net primarily due to ~~the $963.4~~repayments of $33.0 million ~~redemption~~and $20.0 million of ~~Series B Preferred Stock~~Westar Energy's and KCP&L's receivable sale facilities in ~~August 2017, the maturity~~2019, respectively; partially offset by a $1,257.9 million increase in short-term debt, net primarily due to Evergy's $1.0 billion of ~~Great Plains Energy's~~borrowings under its term loan credit facility entered into in March 2019; and a $493.3 million increase in net proceeds from long-term debt due to KCP&L's issuance of $400.0 million of 4.125% Mortgage Bonds and GMO's issuance of $100.0 million of ~~6.875% unsecured~~3.74% Senior Notes in ~~September 2017,~~March 2019.

WESTAR ENERGY, INC.

MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS

The below results of operations and related discussion for Westar Energy is presented in a ~~$90.2~~reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.

The following table summarizes Westar Energy's comparative results of operations.



Year to Date June 30	2019			Change			2018
	(millions)
Operating revenues	$	1,182.3		$	(68.8	)	$	1,251.1
Fuel and purchased power	230.4			(63.1		)	293.5
SPP network transmission costs	126.3			(9.7		)	136.0
Other operating expenses	353.3			(83.0		)	436.3
Depreciation and amortization	220.4			34.7			185.7
Income from operations	251.9			52.3			199.6
Other expense, net	(6.0		)	11.7			(17.7		)
Interest expense	92.4			4.2			88.2
Income tax expense (benefit)	20.4			64.8			(44.4		)
Equity in earnings of equity method investees, net of income taxes	2.4			—			2.4
Net income	135.5			(5.0		)	140.5
Less: Net income attributable to noncontrolling interests	8.8			3.8			5.0
Net income attributable to Westar Energy, Inc.	$	126.7		$	(8.8	)	$	135.5

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Westar Energy Utility Gross Margin and MWh Sales

The following table summarizes Westar Energy's utility gross margin and MWhs sold.



	Revenues and Expenses									MWhs Sold
Year to Date June 30	2019			Change			2018			2019	Change		2018
Retail revenues	(millions)									(thousands)
Residential	$	371.5		$	(29.9	)	$	401.4		2,930	(319	)	3,249
Commercial	337.1			11.7			325.4			3,482	(85	)	3,567
Industrial	197.2			11.9			185.3			2,737	12		2,725
Other retail revenues	10.2			0.3			9.9			24	(6	)	30
Total electric retail	916.0			(6.0		)	922.0			9,173	(398	)	9,571
Wholesale revenues	114.8			(66.5		)	181.3			3,571	(1,906	)	5,477
Transmission revenues	137.8			(6.3		)	144.1			N/A	N/A		N/A
Other revenues	13.7			10.0			3.7			N/A	N/A		N/A
Operating revenues	1,182.3			(68.8		)	1,251.1			12,744	(2,304	)	15,048
Fuel and purchased power	(230.4		)	63.1			(293.5		)
SPP network transmission costs	(126.3		)	9.7			(136.0		)
Utility gross margin ^(a)	$	825.6		$	4.0		$	821.6


^(a)	Utility gross margin is a non-GAAP financial measure. See explanation of utility gross margin under Evergy's Results of Operations.

Westar Energy's utility gross margin increased $4.0 million year to date June 30, 2019, compared to the same period in 2018 driven by:

a $22.3 million increase in ~~dividends paid in 2017~~revenue primarily due to ~~Great Plains Energy's October 2016 common stock~~one-time bill credits recorded in June 2018 as a result of conditions in the KCC merger order; and ~~depositary share offerings, and~~

a ~~$43.0~~$12.4 million ~~redemption premium paid on~~increase from new retail rates effective in September 2018, net of a $38.2 million provision for rate refund recorded for year to date June 30, 2018 for the ~~redemption~~change in the corporate income tax rate caused by the TCJA; partially offset by

a $30.7 million decrease primarily due to lower retail sales driven by cooler weather in the second quarter of ~~Great Plains Energy's $4.3 billion senior notes in July 2017.~~

~~Financing Authorization~~

Under stipulations with the MPSC and KCC, Great Plains Energy and KCP&L maintain common equity at not less than 30% and 35%, respectively, of total capitalization (including only the amount of short-term debt in excess of the amount of construction work in progress). KCP&L's long-term financing activities are subject2019. For year to date June 30, 2019, compared to the ~~authorization of~~same period in 2018, cooling degree days decreased 45%.

Westar Energy Other Operating Expenses (including operating and maintenance expense and taxes other than income tax)

Westar Energy's other operating expenses decreased $83.0 million year to date June 30, 2019, compared to the ~~MPSC. In May 2017, the MPSC authorized KCP&L to issue up to $350.0~~same period in 2018 primarily driven by:

$45.1 million of ~~long-term debt through December 31, 2017. At September 30, 2017, KCP&L had utilized $300.0~~merger-related costs incurred in June 2018, consisting of:


◦	$39.9 million of change in control payments, voluntary severance and the recording of unrecognized equity compensation costs and the incremental fair value associated with the vesting of outstanding equity compensation awards in accordance with the Amended Merger Agreement; and


◦	$19.0 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees; partially offset by


◦	a $13.8 million decrease in operating and maintenance expense due to the net reallocation of incurred merger transition costs between Westar Energy, Evergy, KCP&L and GMO and the subsequent deferral of these transition costs to a regulatory asset in June 2018 for future recovery by Westar Energy in accordance with the KCC merger order;

a $20.6 million ~~of this authorization.~~decrease in plant operating and maintenance expense primarily due to obsolete inventory write-offs at retiring coal-fired units in June 2018; and

KCP&L's and GMO's short-term financing activities are subject to the authorization of FERC. In November 2016, FERC authorized KCP&L to have outstanding at any one time up to a total of $1.0 billion in short-term debt instruments through December 2018. At September 30, 2017, there was $928.0 million available under this authorization. In February 2016, FERC authorized GMO to have outstanding at any one time up to a total of $750.0 million in short-term debt instruments through March 2018. At September 30, 2017, there was $574.1 million available under this authorization.

KCP&L and GMO are also authorized by FERC to participate in the Great Plains Energy money pool, an internal financing arrangement in which funds may be lent on a short-term basis to KCP&L and GMO. At September 30, 2017, there were no outstanding payables under the money pool.

5967

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~~Significant Financing Activities~~a $14.1 million decrease in transmission and distribution operating and maintenance expense primarily due to a higher level of vegetation management activity in 2018; partially offset by

~~Great Plains~~a $10.7 million increase in taxes other than income taxes primarily due to increased property taxes.

Westar Energy Depreciation and Amortization

~~In March 2017, Great Plains~~Westar Energy's depreciation and amortization expense increased $34.7 million year to date June 30, 2019, compared to the same period in 2018 primarily due to a change in depreciation rates effective in September 2018 as a result of Westar Energy's 2018 rate case.

Westar Energy ~~issued, at~~Other Expense, Net

Westar Energy's other expense, net decreased $11.7 millionyear to dateJune 30, 2019, compared to the same period in 2018 primarily driven by an $8.7 million decrease due to recording higher COLI benefits in 2019.

Westar Energy Interest Expense

Westar Energy's interest expense increased$4.2 million year to date June 30, 2019, compared to the same period in 2018 primarily driven by a ~~discount,~~higher average balance and borrowing rates on commercial paper in 2019.

Westar Energy Income Tax Expense

Westar Energy's income tax expense increased$64.8 million year to date June 30, 2019, compared to the ~~following series~~same period in 2018 primarily driven by:

a $52.6 million increase related to the revaluation of ~~unsecured senior notes:~~

~~$750.0 million of 2.50% Notes, maturing in 2020;~~

~~$1,150.0 million of 3.15% Notes, maturing in 2022;~~

~~$1,400.0 million of 3.90% Notes, maturing in 2027;~~deferred income tax assets and

~~$1,000.0 million of 4.85% Notes, maturing in 2047.~~

~~In July 2017,~~ liabilities based on the Evergy composite tax rate as a result of the Amended Merger Agreement, Great Plains Energy redeemed each series of the senior notes issued in March 2017. See Note 11 to the consolidated financial statements for more information on the redemption of the senior notes.

In August 2017, as a result of the Amended Merger Agreement, Great Plains Energy redeemed its Series B Preferred Stock. See Note 12 to the consolidated financial statements for more information on the redemption of the Series B Preferred Stock.

~~In September 2017, Great Plains Energy repaid its $100.0 million of 6.875% unsecured Senior Notes at maturity.~~

~~KCP&L~~

~~In June 2017, KCP&L issued, at a discount, $300.0 million of 4.20% unsecured Senior Notes, maturing in 2047, with proceeds used to repay $250.0 million of 5.85% Senior Notes that matured~~merger in June ~~2017~~2018; and ~~$31.0~~

a $16.4 million ~~of secured Series 1992 EIRR bonds that matured in July 2017.~~

~~Debt Agreements~~

~~See Note 10~~increase due to ~~the consolidated financial statements for information regarding revolving credit facilities.~~higher pre-tax income.

~~Pensions~~

The Company incurs significant costs in providing defined benefit plans for substantially all active and inactive employees of KCP&L and GMO and its 47% ownership share of WCNOC's defined benefit plans. Funding of the plans follows legal and regulatory requirements with funding equaling or exceeding the minimum requirements of ERISA.

Year to date September 30, 2017, the Company contributed $28.0 million to the pension plans and expects to contribute an additional $51.6 million in 2017 to satisfy ERISA funding requirements and the MPSC and KCC rate orders, the majority of which is expected to be paid by KCP&L.

Additionally, the Company provides post-retirement health and life insurance benefits for certain retired employees and expects to make benefit contributions of $4.1 million under the provisions of these plans in 2017, the majority of which is expected to be paid by KCP&L.

~~Management believes the Company has adequate access to capital resources through cash flows from operations or through existing lines of credit to support these funding requirements.~~

~~Table of Contents~~

KANSAS CITY POWER & LIGHT COMPANY

MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS

The below results of operations and related discussion for KCP&L is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.

The following table summarizes KCP&L's ~~consolidated~~ comparative results of operations.


		Year to Date September 30
		2017			2016
Year to Date June 30								2019			Change			2018
	(millions)							(millions)
Operating revenues		$	1,474.3		$	1,474.1		$	862.4		$	13.1		$	849.3
Fuel and purchased power		(314.4		)	(298.7		)	251.1			1.1			250.0
Transmission		(52.9		)	(44.8		)
Other operating expenses		(514.9		)	(518.8		)	293.7			7.2			286.5
Costs to achieve the anticipated merger with Westar		(10.3		)	—
Depreciation and amortization		(199.9		)	(184.1		)	158.8			21.7			137.1
Operating income		381.9			427.7
Non-operating income and expenses		0.5			1.9
Interest charges		(105.5		)	(104.9		)
Income from operations								158.8			(16.9		)	175.7
Other expense, net								(8.3		)	2.7			(11.0		)
Interest expense								63.4			(4.2		)	67.6
Income tax expense		(99.0		)	(116.5		)	11.7			(40.6		)	52.3
Net income		$	177.9		$	208.2		$	75.4		$	30.6		$	44.8
Reconciliation of gross margin to operating revenues:
Operating revenues		$	1,474.3		$	1,474.1
Fuel and purchased power		(314.4		)	(298.7		)
Transmission		(52.9		)	(44.8		)
Gross margin ^(a)		$	1,107.0		$	1,130.6



	Exact name of registrant as specified in its charter,
Commission	state of incorporation, address of principal	I.R.S. Employer
File Number	executive offices and telephone number	Identification Number

~~001-32206~~001-38515	~~GREAT PLAINS ENERGY INCORPORATED~~EVERGY, INC.	~~43-1916803~~82-2733395



	~~(A Missouri Corporation)~~
001-03523	~~1200 Main Street~~WESTAR ENERGY, INC.	48-0290150


	~~Kansas City, Missouri 64105~~
	~~(816) 556-2200~~

000-51873	KANSAS CITY POWER & LIGHT COMPANY	44-0308720
	~~(A Missouri Corporation)~~
	~~1200 Main Street~~
	~~Kansas City, Missouri 64105~~
	~~(816) 556-2200~~



	Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Evergy, Inc. common stock	EVRG	New York Stock Exchange



TABLE OF CONTENTS
			Page Number
Cautionary Statements Regarding Certain Forward-Looking Information			4
Glossary of Terms			5

Part I - Financial Information

Item 1.	Financial Statements
	~~Great Plains Energy Incorporated~~Evergy, Inc.
	Unaudited Consolidated Balance Sheets		7
	Unaudited Consolidated Statements of Comprehensive Income ~~(Loss)~~		9
	Unaudited Consolidated Statements of Cash Flows		10
	Unaudited Consolidated Statements of ~~Shareholders'~~Changes in Equity		11
	~~Kansas City Power & Light Company~~Westar Energy, Inc.
	Unaudited Consolidated Balance Sheets		12
	Unaudited Consolidated Statements of ~~Comprehensive~~ Income		14
	Unaudited Consolidated Statements of Cash Flows		15
	Unaudited Consolidated Statements of ~~Common Shareholder's~~Changes in Equity		16
	Kansas City Power & Light Company
	Unaudited Consolidated Balance Sheets		17
	Unaudited Consolidated Statements of Comprehensive Income		19
	Unaudited Consolidated Statements of Cash Flows		20
	Unaudited Consolidated Statements of Changes in Equity		21

	Combined Notes to Unaudited Consolidated Financial Statements for ~~Great Plains~~Evergy, Inc., Westar Energy, ~~Incorporated~~Inc. and Kansas City Power & Light Company		17
	~~Note 1:~~	~~Summary of Significant Accounting Policies~~	17
	~~Note 2:~~	~~Anticipated Merger with Westar Energy, Inc.~~	19
	~~Note 3:~~	~~Supplemental Cash Flow Information~~	22
	Note 4:1:	~~Receivables~~Organization and Basis of Presentation	2322
	Note 5:2:	~~Nuclear Plant~~	24
	~~Note 6:~~	~~Regulatory Matters~~	26
	~~Note 7:~~	~~Goodwill~~	26
	~~Note 8:~~	~~Pension Plans~~Merger of Great Plains Energy and ~~Other Employee Benefits~~Westar Energy	27
	Note 9:3:	~~Equity Compensation~~	27
	~~Note 10:~~	~~Short-Term Borrowings and Short-Term Bank Lines of Credit~~Revenue	29
	Note ~~11:~~4:	~~Long-Term Debt~~Receivables	31
	Note ~~12:~~5:	~~Preferred Stock~~Rate Matters and Regulation	32
	Note ~~13:~~6:	~~Commitments and Contingencies~~Goodwill	33
	Note ~~14:~~7:	~~Legal Proceedings~~Pension Plans and Post-Retirement Benefits	33
	Note 8:	Short-Term Borrowings and Short-Term Bank Lines of Credit	36
	Note ~~15:~~9:	~~Related Party Transactions and Relationships~~Long-Term Debt	36
	Note ~~16:~~10:	Fair Value Measurements	37
	Note ~~17:~~11:	~~Accumulated Other Comprehensive Income (Loss)~~Commitments and Contingencies	4142
	Note ~~18:~~12:	~~Taxes~~	44
	~~Note 19:~~	~~Segments~~Related Party Transactions and ~~Related Information~~	45
	~~Note 20:~~	~~Plant to be Retired, Net~~Relationships	46
	Note 13:	Shareholders' Equity	47
	Note 14:	Taxes	48
	Note 15:	Leases	51
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		4855
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		6270
Item 4.	Controls and Procedures		6270

Part II - Other Information

Item 1.	Legal Proceedings		6471
Item 1A.	Risk Factors		6472
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		7172
Item 3.	Defaults Upon Senior Securities		7172
Item 4.	Mine Safety Disclosures		7172
Item 5.	Other Information		7172
Item 6.	Exhibits		7273

Signatures			74



Abbreviation or Acronym		Definition

ACE		Affordable Clean Energy
AEP		American Electric Power Company, Inc.
AFUDC		Allowance for Funds Used During Construction
Amended Merger Agreement		Amended and Restated Agreement and Plan of Merger, dated as of July 9, 2017, by and among Great Plains Energy, Westar Energy, Monarch Energy Holding, Inc. and King Energy, Inc.
~~ARO~~AROs		Asset Retirement ~~Obligation~~Obligations
ASC		Accounting Standards Codification
ASR		Accelerated share repurchase
ASU		Accounting Standards Update
BSER		Best system of emission reduction
CCRs		Coal combustion residuals
~~Clean Air Act~~CAA		Clean Air Act Amendments of 1990
CO₂		Carbon dioxide
~~Company~~COLI		~~Great Plains Energy Incorporated and its consolidated subsidiaries~~Corporate-owned life insurance
~~Companies~~CPP		~~Great Plains Energy Incorporated and its consolidated subsidiaries and KCP&L and its consolidated subsidiaries~~Clean Power Plan
~~DOE~~CWA		~~Department of Energy~~Clean Water Act
~~DOJ~~D.C. Circuit		~~Department~~U.S. Court of ~~Justice~~Appeals for the D.C. Circuit
~~EIRR~~EGU		~~Environmental Improvement Revenue Refunding~~Electric utility generating unit
ELG		Effluent limitations guidelines
EPA		Environmental Protection Agency
EPS		Earnings ~~(loss)~~ per common share
ERISA		Employee Retirement Income Security Act of 1974, as amended
ERSP		Earnings Review and Sharing Plan
Evergy		Evergy, Inc. and its consolidated subsidiaries
Evergy Board		Evergy Board of Directors
Evergy Companies		Evergy, Westar Energy, and KCP&L, collectively, which are individual registrants within the Evergy consolidated group
Exchange Act		The Securities Exchange Act of 1934, as amended
FASB		Financial Accounting Standards Board
FERC		~~The~~ Federal Energy Regulatory ~~Commission~~
~~FCC~~		~~The Federal Communications~~ Commission
GAAP		Generally Accepted Accounting Principles
GHG		Greenhouse gas
GMO		KCP&L Greater Missouri Operations Company, a ~~wholly owned~~wholly-owned subsidiary of ~~Great Plains Energy~~
~~GP Star~~		~~GP Star, Inc.~~Evergy
GPETHC		GPE Transmission Holding Company LLC, a ~~wholly owned~~wholly-owned subsidiary of ~~Great Plains Energy~~Evergy
Great Plains Energy		Great Plains Energy Incorporated ~~and its consolidated subsidiaries~~
~~Great Plains Energy Board~~		~~Great Plains Energy Board of Directors~~
~~HSR~~		~~Hart-Scott-Rodino~~
~~Holdco~~		~~Monarch Energy Holding, Inc., a Missouri corporation~~
KCC		~~The~~ State Corporation Commission of the State of Kansas
KCP&L		Kansas City Power & Light Company, a ~~wholly owned~~wholly-owned subsidiary of ~~Great Plains Energy,~~Evergy, and its consolidated subsidiaries
KCP&L ~~Receivables Company~~Mortgage Indenture		KCP&L General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented
KDHE		Kansas ~~City Power~~Department of Health & ~~Light Receivables~~Environment
KGE		Kansas Gas and Electric Company, a ~~wholly owned~~wholly-owned subsidiary of ~~KCP&L~~Westar Energy


~~kWh~~
Abbreviation or Acronym		~~Kilowatt hour~~Definition

King Energy		King Energy, Inc., a wholly-owned subsidiary of Evergy
MDNR		Missouri Department of Natural Resources
MECG		Midwest Energy Consumers Group
MEEIA		Missouri Energy Efficiency Investment Act
~~Merger Sub~~Monarch Energy		~~King~~Monarch Energy Holding, Inc.~~, a Kansas corporation and wholly owned subsidiary of Holdco~~
~~MGP~~		~~Manufactured gas plant~~
~~MPS Merchant~~		~~MPS Merchant Services, Inc., a wholly owned subsidiary of GMO~~
MPSC		Public Service Commission of the State of Missouri
MW		Megawatt
MWh		Megawatt hour



~~Abbreviation or Acronym~~NAAQS		~~Definition~~National Ambient Air Quality Standards
NAV		Net Asset Value
~~NRC~~ NO₂		~~Nuclear Regulatory Commission~~Nitrogen dioxide
~~OMERS~~NSR		~~OCM Credit Portfolio LP~~New source review
~~Original Merger Agreement~~OPC		~~Agreement and Plan~~Office of ~~Merger dated as of May 29, 2016,~~the Public Counsel
PM		Particulate matter
Prairie Wind		Prairie Wind Transmission, LLC, 50% owned by ~~and among Great Plains~~Westar Energy ~~Westar and GP Star, Inc.~~
RSU		Restricted share unit
RTO		Regional transmission organization
SEC		Securities and Exchange Commission
~~Series A Preferred Stock~~ SO₂		~~7.25% Mandatory Convertible Preferred Stock, Series A~~Sulfur dioxide
~~Series B Preferred Stock~~SPP		~~7.00% Series B Mandatory Convertible Preferred Stock~~Southwest Power Pool, Inc.
TCJA		Tax Cuts and Jobs Act
TFR		Transmission formula rate
Transource		Transource Energy, LLC and its subsidiaries, 13.5% owned by GPETHC
~~WCNOC~~VIE		~~Wolf Creek Nuclear Operating Corporation~~Variable interest entity
Westar Energy		Westar Energy, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
~~Westar Board~~WIIN		~~Westar Board of Directors~~Water Infrastructure Improvements for the Nation
Wolf Creek		Wolf Creek Generating Station
WOTUS		Waters of the United States



GREAT PLAINS ENERGY INCORPORATED
Consolidated Balance Sheets
(Unaudited)

	September 30			December 31
	2017			2016
ASSETS	(millions, except share amounts)
Current Assets
Cash and cash equivalents		$	1,097.9		$	1,293.1
Time deposit		—			1,000.0
Receivables, net		186.4			166.0
Accounts receivable pledged as collateral		195.0			172.4
Fuel inventories, at average cost		89.2			108.8
Materials and supplies, at average cost		171.9			162.2
Deferred refueling outage costs		10.2			22.3
Refundable income taxes		1.4			—
Interest rate derivative instruments		77.4			79.3
Prepaid expenses and other assets		31.5			55.4
Total		1,860.9			3,059.5
Utility Plant, at Original Cost
Electric		13,552.9			13,597.7
Less - accumulated depreciation		5,149.5			5,106.9
Net utility plant in service		8,403.4			8,490.8
Construction work in progress		415.0			403.9
Plant to be retired, net		146.3			—
Nuclear fuel, net of amortization of $196.2 and $172.1		64.9			62.0
Total		9,029.6			8,956.7
Investments and Other Assets
Nuclear decommissioning trust fund		247.5			222.9
Regulatory assets		1,005.5			1,048.0
Goodwill		169.0			169.0
Other		116.4			113.9
Total		1,538.4			1,553.8
Total		$	12,428.9		$	13,570.0



GREAT PLAINS ENERGY INCORPORATED
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
	Three Months Ended September 30						Year to Date September 30
	2017			2016			2017			2016
Operating Revenues	(millions, except per share amounts)
Electric revenues	$	857.2		$	856.8		$	2,110.5		$	2,099.7
Operating Expenses
Fuel and purchased power	180.0			184.1			464.0			462.2
Transmission	29.1			23.8			80.4			64.5
Utility operating and maintenance expenses	187.9			193.3			555.0			553.1
Costs to achieve the anticipated merger with Westar Energy, Inc.	(2.4		)	14.4			24.4			19.4
Depreciation and amortization	92.7			86.4			277.7			256.9
General taxes	63.5			63.7			176.1			174.5
Other	0.5			9.2			3.1			15.0
Total	551.3			574.9			1,580.7			1,545.6
Operating income	305.9			281.9			529.8			554.1
Other Income (Expense)
Non-operating income	8.1			4.3			27.6			9.7
Non-operating expenses	(20.3		)	(3.0		)	(27.9		)	(10.7		)
Loss on Series B Preferred Stock dividend make-whole provisions (Note 12)	(67.7		)	—			(124.8		)	—
Loss on extinguishment of debt (Note 11)	(82.8		)	—			(82.8		)	—
Total	(162.7		)	1.3			(207.9		)	(1.0		)
Interest charges	(30.9		)	(67.6		)	(242.8		)	(251.7		)
Income before income tax expense and income from equity investments	112.3			215.6			79.1			301.4
Income tax expense	(102.3		)	(82.7		)	(87.2		)	(111.5		)
Income from equity investments, net of income taxes	0.5			0.7			2.0			2.1
Net income (loss)	10.5			133.6			(6.1		)	192.0
Preferred stock dividend requirements and redemption premium	7.1			0.9			37.3			1.7
Earnings (loss) available for common shareholders	$	3.4		$	132.7		$	(43.4	)	$	190.3

Average number of basic common shares outstanding	215.6			154.6			215.5			154.5
Average number of diluted common shares outstanding	215.7			154.9			215.5			154.9

Basic and diluted earnings (loss) per common share	$	0.02		$	0.86		$	(0.20	)	$	1.23

Cash dividends per common share	$	0.275		$	0.2625		$	0.825		$	0.7875
Comprehensive Income (Loss)
Net income (loss)	$	10.5		$	133.6		$	(6.1	)	$	192.0
Other comprehensive income
Derivative hedging activity
Reclassification to expenses, net of tax	1.3			1.3			4.1			4.1
Derivative hedging activity, net of tax	1.3			1.3			4.1			4.1
Defined benefit pension plans
Amortization of net losses included in net periodic benefit costs, net of tax	0.1			0.2			0.3			0.4
Change in unrecognized pension expense, net of tax	0.1			0.2			0.3			0.4
Total other comprehensive income	1.4			1.5			4.4			4.5
Comprehensive income (loss)	$	11.9		$	135.1		$	(1.7	)	$	196.5



GREAT PLAINS ENERGY INCORPORATED
Consolidated Statements of Cash Flows
(Unaudited)

Year to Date September 30	2017			2016
Cash Flows from Operating Activities	(millions)
Net income (loss)	$	(6.1	)	$	192.0
Adjustments to reconcile income (loss) to net cash from operating activities:
Depreciation and amortization	277.7			256.9
Amortization of:
Nuclear fuel	24.1			22.4
Other	55.2			52.4
Deferred income taxes, net	89.7			109.9
Investment tax credit amortization	(1.1		)	(1.1		)
Income from equity investments, net of income taxes	(2.0		)	(2.1		)
Fair value impacts of interest rate swaps	1.9			78.8
Loss on Series B Preferred Stock dividend make-whole provisions (Note 12)	124.8			—
Loss on extinguishment of debt (Note 11)	82.8			—
Other operating activities (Note 3)	2.7			(24.4		)
Net cash from operating activities	649.7			684.8
Cash Flows from Investing Activities
Utility capital expenditures	(392.5		)	(435.3		)
Allowance for borrowed funds used during construction	(5.1		)	(4.7		)
Purchases of nuclear decommissioning trust investments	(23.8		)	(23.7		)
Proceeds from nuclear decommissioning trust investments	21.3			21.2
Proceeds from time deposit	1,000.0			—
Other investing activities	(30.7		)	(48.7		)
Net cash from investing activities	569.2			(491.2		)
Cash Flows from Financing Activities
Issuance of common stock	2.9			2.4
Issuance of long-term debt	4,591.1			—
Issuance fees	(38.3		)	(68.7		)
Repayment of long-term debt, including redemption premium	(4,725.1		)	(1.1		)
Net change in short-term borrowings	(86.9		)	27.1
Net change in collateralized short-term borrowings	22.6			15.0
Dividends paid	(212.7		)	(122.5		)
Redemption of preferred stock	(963.4		)	(40.1		)
Purchase of treasury stock	(4.1		)	(4.9		)
Other financing activities	(0.2		)	(0.1		)
Net cash from financing activities	(1,414.1		)	(192.9		)
Net Change in Cash and Cash Equivalents	(195.2		)	0.7
Cash and Cash Equivalents at Beginning of Year	1,293.1			11.3
Cash and Cash Equivalents at End of Period	$	1,097.9		$	12.0



GREAT PLAINS ENERGY INCORPORATED
Consolidated Statements of Shareholders' Equity
(Unaudited)

Year to Date September 30	2017					2016
	Shares		Amount			Shares		Amount
Common Stock	(millions, except share amounts)
Beginning balance	215,479,105		$	4,217.0		154,504,900		$	2,646.7
Issuance of common stock	319,743		11.6			420,207		12.5
Equity compensation expense, net of forfeitures			4.0					3.1
Unearned Compensation
Issuance of restricted common stock			(2.3		)			(2.8		)
Forfeiture of restricted common stock			0.6					—
Compensation expense recognized			1.7					2.0
Other			(1.5		)			0.2
Ending balance	215,798,848		4,231.1			154,925,107		2,661.7
Cumulative Preferred Stock
Beginning balance	—		—			390,000		39.0
Redemption of cumulative preferred stock	—		—			(390,000	)	(39.0		)
Ending balance	—		—			—		—
Preference Stock
Beginning balance	862,500		836.2			—		—
Redemption of Series B Preferred Stock	(862,500	)	(836.2		)	—		—
Ending balance	—		—			—		—
Retained Earnings
Beginning balance			1,119.2					1,024.4
Net income (loss)			(6.1		)			192.0
Redemption premium on preferred stock			(2.4		)			(0.6		)
Dividends:
Common stock ($0.825 and $0.7875 per share)			(177.8		)			(121.8		)
Preferred stock - at required rates			(34.9		)			(0.7		)
Performance shares			(0.4		)			(0.6		)
Ending balance			897.6					1,092.7
Treasury Stock
Beginning balance	(128,087	)	(3.8		)	(101,229	)	(2.6		)
Treasury shares acquired	(145,301	)	(4.2		)	(136,562	)	(4.1		)
Treasury shares reissued	136,436		4.0			109,695		2.9
Ending balance	(136,952	)	(4.0		)	(128,096	)	(3.8		)
Accumulated Other Comprehensive Income (Loss)
Beginning balance			(6.6		)			(12.0		)
Derivative hedging activity, net of tax			4.1					4.1
Change in unrecognized pension expense, net of tax			0.3					0.4
Ending balance			(2.2		)			(7.5		)
Total Great Plains Energy Shareholders' Equity			$	5,122.5				$	3,743.1



EVERGY, INC.
Consolidated Statements of Changes in Equity
(Unaudited)

	Evergy, Inc. Shareholders
	Common stock shares		Common stock			Retained earnings			AOCI			Non-controlling interests			Total equity
	(millions, except share amounts)
Balance as of December 31, 2017	142,094,275		$	2,734.8		$	1,173.3		$	—		$	(47.7	)	$	3,860.4
Net income	—		—			60.5			—			2.4			62.9
Issuance of stock compensation and reinvested dividends, net of tax withholding	138,828		(3.7		)	—			—			—			(3.7		)
Dividends declared on common stock ($0.40 per share)	—		—			(57.7		)	—			—			(57.7		)
Stock compensation expense	—		2.5			—			—			—			2.5
Balance as of March 31, 2018	142,233,103		2,733.6			1,176.1			—			(45.3		)	3,864.4
Net income	—		—			101.8			—			2.6			104.4
Issuance of stock to Great Plains Energy shareholders	128,947,518		6,979.9			—			—			—			6,979.9
Issuance of restricted common stock	122,505		—			—			—			—			—
Issuance of stock compensation and reinvested dividends, net of tax withholding	384,617		(13.3		)	—			—			—			(13.3		)
Dividends declared on common stock ($0.40 per share)	—		—			(57.8		)	—			—			(57.8		)
Stock compensation expense	—		19.3			—			—			—			19.3
Other	—		(1.4		)	(0.1		)	—			—			(1.5		)
Balance as of June 30, 2018	271,687,743		$	9,718.1		$	1,220.0		$	—		$	(42.7	)	$	10,895.4

Balance as of December 31, 2018	255,326,252		$	8,685.2		$	1,346.0		$	(3.0	)	$	(37.5	)	$	9,990.7
Net income	—		—			99.5			—			3.9			103.4
Issuance of stock compensation and reinvested dividends, net of tax withholding	60,594		(1.6		)	—			—			—			(1.6		)
Dividends declared on common stock ($0.475 per share)	—		—			(119.8		)	—			—			(119.8		)
Stock compensation expense	—		5.4			—			—			—			5.4
Repurchase of common stock under repurchase plan	(10,548,060	)	(578.3		)	—			—			—			(578.3		)
Consolidation of noncontrolling interests	—		—			—			—			3.8			3.8
Distributions to shareholders of noncontrolling interests	—		—			—			—			(1.4		)	(1.4		)
Derivative hedging activity, net of tax	—		—			—			(10.2		)	—			(10.2		)
Other	—		(0.3		)	—			—			—			(0.3		)
Balance as of March 31, 2019	244,838,786		8,110.4			1,325.7			(13.2		)	(31.2		)	9,391.7
Net income	—		—			139.7			—			4.9			144.6
Issuance of stock compensation and reinvested dividends, net of tax withholding	41,982		(0.7		)	—			—			—			(0.7		)
Dividends declared on common stock ($0.475 per share)	—		—			(115.8		)	—			—			(115.8		)
Dividend equivalents declared	—		—			(0.5		)	—			—			(0.5		)
Stock compensation expense	—		4.0			—			—			—			4.0
Repurchase of common stock under repurchase plan	(9,414,920	)	(550.4		)	—			—			—			(550.4		)
Distributions to shareholders of noncontrolling interests	—		—			—			—			(2.1		)	(2.1		)
Derivative hedging activity, net of tax	—		—			—			(15.8		)	—			(15.8		)
Other	—		(0.3		)	—			—			—			(0.3		)
Balance as of June 30, 2019	235,465,848		$	7,563.0		$	1,349.1		$	(29.0	)	$	(28.4	)	$	8,854.7



WESTAR ENERGY, INC.
Consolidated Statements of Income
(Unaudited)

	Three Months Ended June 30						Year to Date June 30
	2019			2018			2019			2018
	(millions)
OPERATING REVENUES	$	585.5		$	650.9		$	1,182.3		$	1,251.1
OPERATING EXPENSES:
Fuel and purchased power	107.7			158.0			230.4			293.5
SPP network transmission costs	62.8			68.4			126.3			136.0
Operating and maintenance	127.4			209.7			256.0			349.7
Depreciation and amortization	110.6			96.1			220.4			185.7
Taxes other than income tax	49.4			42.6			97.3			86.6
Total Operating Expenses	457.9			574.8			930.4			1,051.5
INCOME FROM OPERATIONS	127.6			76.1			251.9			199.6
OTHER INCOME (EXPENSE):
Investment earnings (loss)	0.9			—			2.4			(0.4		)
Other income	3.4			1.6			10.7			3.6
Other expense	(8.5		)	(10.4		)	(19.1		)	(20.9		)
Total Other Expense, Net	(4.2		)	(8.8		)	(6.0		)	(17.7		)
Interest expense	47.5			44.4			92.4			88.2
INCOME BEFORE INCOME TAXES	75.9			22.9			153.5			93.7
Income tax expense (benefit)	9.9			(53.6		)	20.4			(44.4		)
Equity in earnings of equity method investees, net of income taxes	1.2			1.1			2.4			2.4
NET INCOME	67.2			77.6			135.5			140.5
Less: Net income attributable to noncontrolling interests	4.9			2.6			8.8			5.0
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.	$	62.3		$	75.0		$	126.7		$	135.5



KANSAS CITY POWER & LIGHT COMPANY
Consolidated Statements of Common Shareholder's Equity
(Unaudited)

Year to Date September 30	2017				2016
	Shares	Amount			Shares	Amount
	(millions, except share amounts)
Common Stock	1	$	1,563.1		1	$	1,563.1
Retained Earnings
Beginning balance		982.6				879.6
Net income		177.9				208.2
Cumulative effect of adoption of ASU 2016-09 (Note 1)		(0.7		)		—
Dividends:
Common stock held by Great Plains Energy		(182.0		)		(77.0		)
Ending balance		977.8				1,010.8
Accumulated Other Comprehensive Income (Loss)
Beginning balance		(4.2		)		(9.6		)
Derivative hedging activity, net of tax		3.8				4.0
Ending balance		(0.4		)		(5.6		)
Total Common Shareholder's Equity		$	2,540.5			$	2,568.3



	June 30			December 31
		2019			2018
Evergy		(millions)
Fuel inventory		$	150.9		$	168.9
Supplies		337.8			342.1
Fuel inventory and supplies		$	488.7		$	511.0
Westar Energy
Fuel inventory		$	85.4		$	87.8
Supplies		182.9			189.0
Fuel inventory and supplies		$	268.3		$	276.8
KCP&L
Fuel inventory		$	45.6		$	57.8
Supplies		121.9			119.8
Fuel inventory and supplies		$	167.5		$	177.6



June 30, 2019	Evergy			Westar Energy			KCP&L
	(millions)
Electric plant in service	$	27,357.0		$	13,349.9		$	10,634.9
Electric plant acquisition adjustment	740.6			740.6			—
Accumulated depreciation	(9,984.6		)	(4,792.3		)	(4,149.3		)
Plant in service, net	18,113.0			9,298.2			6,485.6
Construction work in progress	665.0			361.3			205.8
Nuclear fuel, net	144.3			71.7			72.6
Plant to be retired, net^(a)	1.0			1.0			—
Property, plant and equipment, net	$	18,923.3		$	9,732.2		$	6,764.0

December 31, 2018	Evergy			Westar Energy			KCP&L
	(millions)
Electric plant in service	$	26,916.7		$	13,176.7		$	10,439.1
Electric plant acquisition adjustment	740.6			740.6			—
Accumulated depreciation	(9,694.1		)	(4,642.8		)	(4,022.4		)
Plant in service, net	17,963.2			9,274.5			6,416.7
Construction work in progress	685.2			376.7			204.4
Nuclear fuel, net	133.1			66.1			67.0
Plant to be retired, net^(a)	1.0			1.0			—
Property, plant and equipment, net	$	18,782.5		$	9,718.3		$	6,688.1



	(millions)
Current assets	$	2,151.7
Property, plant and equipment, net	9,179.7
Goodwill	2,336.6
Other long-term assets, excluding goodwill	1,235.9
Total assets	$	14,903.9
Current liabilities	1,673.9
Long-term liabilities, excluding long-term debt	2,895.7
Long-term debt, net	3,358.6
Total liabilities	$	7,928.2
Total purchase price	$	6,975.7



Three Months Ended June 30, 2018	Evergy		Westar Energy		KCP&L ^(a)
Revenues	(millions)
Residential	$	342.0	$	221.1	$	187.0
Commercial	259.1		170.0		196.3
Industrial	108.6		91.8		34.1
Other retail	6.4		5.7		2.3
Total electric retail	$	716.1	$	488.6	$	419.7
Wholesale	89.7		87.1		5.5
Transmission	75.1		72.2		3.9
Industrial steam and other	2.2		1.3		2.3
Total revenue from contracts with customers	$	883.1	$	649.2	$	431.4
Other	10.3		1.7		20.8
Operating revenues	$	893.4	$	650.9	$	452.2

Year to Date June 30, 2018	Evergy		Westar Energy		KCP&L ^(a)
Revenues	(millions)
Residential	$	522.3	$	401.4	$	341.9
Commercial	414.5		325.4		378.1
Industrial	202.1		185.3		66.3
Other retail	10.6		9.9		5.0
Total electric retail	$	1,149.5	$	922.0	$	791.3
Wholesale	183.9		181.3		8.6
Transmission	147.0		144.1		7.2
Industrial steam and other	4.0		3.1		2.3
Total revenue from contracts with customers	$	1,484.4	$	1,250.5	$	809.4
Other	9.2		0.6		39.9
Operating revenues	$	1,493.6	$	1,251.1	$	849.3



Great Plains Energy Other Operating Activities
Year to Date September 30	2017			2016
Cash flows affected by changes in:	(millions)
Receivables	$	(20.4	)	$	(45.9	)
Accounts receivable pledged as collateral	(22.6		)	(15.0		)
Fuel inventories	19.6			19.8
Materials and supplies	(9.7		)	(5.3		)
Accounts payable	(125.7		)	(119.8		)
Accrued taxes	92.4			97.2
Accrued interest	6.6			16.7
Deferred refueling outage costs	12.1			7.5
Pension and post-retirement benefit obligations	52.0			53.2
Allowance for equity funds used during construction	(3.4		)	(4.3		)
Fuel recovery mechanisms	(10.1		)	(16.8		)
Other	11.9			(11.7		)
Total other operating activities	$	2.7		$	(24.4	)
Cash paid during the period:
Interest	$	198.7		$	130.2
Income taxes	$	0.1		$	0.2
Non-cash investing activities:
Liabilities accrued for capital expenditures	$	31.2		$	30.7



KCP&L Other Operating Activities
Year to Date September 30	2017			2016
Cash flows affected by changes in:	(millions)
Receivables	$	(19.5	)	$	(53.5	)
Accounts receivable pledged as collateral	(20.0		)	—
Fuel inventories	10.8			12.7
Materials and supplies	(7.2		)	(3.8		)
Accounts payable	(75.1		)	(80.3		)
Accrued taxes	122.7			179.3
Accrued interest	8.1			8.9
Deferred refueling outage costs	12.1			7.5
Pension and post-retirement benefit obligations	48.6			53.7
Allowance for equity funds used during construction	(3.4		)	(4.0		)
Fuel recovery mechanisms	7.6			(31.0		)
Other	(16.0		)	(14.8		)
Total other operating activities	$	68.7		$	74.7
Cash paid during the period:
Interest	$	88.6		$	86.7
Income taxes	$	4.9		$	—
Non-cash investing activities:
Liabilities accrued for capital expenditures	$	24.7		$	25.7



		KCC			MPSC
	(millions)
Current cost of decommissioning (in 2017 dollars)
Total Station		$	813.7		$	813.7
KCP&L's 47% Share		382.5			382.5

Future cost of decommissioning (in 2045-2053 dollars) ^(a)
Total Station		$	1,982.4		$	2,137.8
KCP&L's 47% Share		931.7			1,004.8

Annual escalation factor		2.91		%	3.16		%
Annual return on trust assets ^(b)		5.64		%	5.46		%



	September 30, 2017												December 31, 2016
	Cost Basis		Unrealized Gains			Unrealized Losses				Fair Value			Cost Basis			Unrealized Gains			Unrealized Losses				Fair Value
	(millions)
Equity securities	$	95.8		$	79.2		$	(0.8	)		$	174.2		$	93.3		$	62.1		$	(1.5	)		$	153.9
Debt securities	67.3			2.7			(0.2		)		69.8			63.4			2.3			(0.5		)		65.2
Other	3.5			—			—				3.5			3.8			—			—				3.8
Total	$	166.6		$	81.9		$	(1.0	)		$	247.5		$	160.5		$	64.4		$	(2.0	)		$	222.9



	Pension Benefits									Post-Retirement Benefits
Three Months Ended June 30, 2019	Evergy			Westar Energy			KCP&L			Evergy			Westar Energy			KCP&L
Components of net periodic benefit costs	(millions)
Service cost	$	19.1		$	7.2		$	11.9		$	0.7		$	0.3		$	0.4
Interest cost	27.4			13.5			13.9			2.7			1.4			1.3
Expected return on plan assets	(26.8		)	(13.7		)	(12.3		)	(2.6		)	(1.6		)	(1.0		)
Prior service cost	0.5			0.4			0.3			0.1			0.1			—
Recognized net actuarial (gain)/loss	6.8			6.4			12.3			(0.3		)	(0.2		)	(0.4		)
Net periodic benefit costs before regulatory adjustment and intercompany allocations	27.0			13.8			26.1			0.6			—			0.3
Regulatory adjustment	12.7			0.5			(0.6		)	(0.9		)	(0.7		)	0.1
Intercompany allocations	—			—			(7.1		)	—			—			—
Net periodic benefit costs (income)	$	39.7		$	14.3		$	18.4		$	(0.3	)	$	(0.7	)	$	0.4

	Pension Benefits									Post-Retirement Benefits
Year to Date June 30, 2019	Evergy			Westar Energy			KCP&L			Evergy			Westar Energy			KCP&L
Components of net periodic benefit costs	(millions)
Service cost	$	38.2		$	14.5		$	23.7		$	1.3		$	0.6		$	0.7
Interest cost	54.9			26.9			28.0			5.3			2.8			2.5
Expected return on plan assets	(53.9		)	(27.4		)	(24.6		)	(5.0		)	(3.3		)	(1.7		)
Prior service cost	1.0			0.8			0.5			0.2			0.2			—
Recognized net actuarial (gain)/loss	13.7			12.8			24.5			(0.6		)	(0.3		)	(0.8		)
Net periodic benefit costs before regulatory adjustment and intercompany allocations	53.9			27.6			52.1			1.2			—			0.7
Regulatory adjustment	25.5			1.0			(1.2		)	(1.7		)	(1.5		)	0.2
Intercompany allocations	—			—			(14.0		)	—			—			(0.1		)
Net periodic benefit costs (income)	$	79.4		$	28.6		$	36.9		$	(0.5	)	$	(1.5	)	$	0.8


	Pension Benefits						Other Benefits						Pension Benefits									Post-Retirement Benefits
Three Months Ended September 30	2017			2016			2017			2016
Three Months Ended June 30, 2018													Evergy			Westar Energy			KCP&L^(a)			Evergy			Westar Energy			KCP&L^(a)
Components of net periodic benefit costs	(millions)												(millions)
Service cost	$	11.0		$	10.5		$	0.5		$	0.7		$	12.2		$	8.1		$	12.1		$	0.5		$	0.3		$	0.5
Interest cost	13.4			13.2			1.4			1.5			17.2			12.7			12.7			1.7			1.3			1.2
Expected return on plan assets	(12.8		)	(12.3		)	(0.7		)	(0.8		)	(18.3		)	(14.0		)	(13.8		)	(2.0		)	(1.7		)	(0.7		)
Prior service cost	0.2			0.2			—			0.3			0.1			0.1			0.1			0.1			0.1			—
Recognized net actuarial (gain)/loss	12.4			13.0			(0.1		)	(0.3		)	8.1			8.1			11.5			(0.2		)	(0.2		)	(0.1		)
Net periodic benefit costs before regulatory adjustment	24.2			24.6			1.1			1.4
Net periodic benefit costs before regulatory adjustment and intercompany allocations													19.3			15.0			22.6			0.1			(0.2		)	0.9
Regulatory adjustment	(0.2		)	(1.1		)	0.1			1.4			3.0			2.8			1.2			(0.5		)	(0.5		)	(0.1		)
Net periodic benefit costs	$	24.0		$	23.5		$	1.2		$	2.8
Intercompany allocations													—			—			(6.7		)	—			—			(0.3		)
Net periodic benefit costs (income)													$	22.3		$	17.8		$	17.1		$	(0.4	)	$	(0.7	)	$	0.5
^(a)KCP&L amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter.													^(a)KCP&L amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter.

	Pension Benefits						Other Benefits						Pension Benefits									Post-Retirement Benefits
Year to Date September 30	2017			2016			2017			2016
Year to Date June 30, 2018													Evergy			Westar Energy			KCP&L^(a)			Evergy			Westar Energy			KCP&L^(a)
Components of net periodic benefit costs	(millions)												(millions)
Service cost	$	33.0		$	31.5		$	1.5		$	2.0		$	20.2		$	16.1		$	24.3		$	0.8		$	0.6		$	1.0
Interest cost	40.2			39.7			4.1			4.6			29.9			25.4			25.4			2.9			2.5			2.4
Expected return on plan assets	(38.4		)	(36.9		)	(2.0		)	(2.3		)	(32.3		)	(28.0		)	(27.7		)	(3.7		)	(3.4		)	(1.4		)
Prior service cost	0.6			0.5			—			0.9			0.3			0.3			0.3			0.2			0.2			—
Recognized net actuarial (gain)/loss	37.2			38.9			(0.3		)	(1.1		)	16.3			16.3			22.9			(0.3		)	(0.3		)	(0.1		)
Net periodic benefit costs before regulatory adjustment	72.6			73.7			3.3			4.1
Net periodic benefit costs before regulatory adjustment and intercompany allocations													34.4			30.1			45.2			(0.1		)	(0.4		)	1.9
Regulatory adjustment	2.3			(3.1		)	1.9			4.4			5.8			5.6			1.4			(0.9		)	(0.9		)	(0.3		)
Net periodic benefit costs	$	74.9		$	70.6		$	5.2		$	8.5
Intercompany allocations													—			—			(12.2		)	—			—			(0.6		)
Net periodic benefit costs (income)													$	40.2		$	35.7		$	34.4		$	(1.0	)	$	(1.3	)	$	1.0



	Performance Shares			Grant Date Fair Value*
Beginning balance January 1, 2017		625,100			$	28.13
Granted		236,433			31.26
Earned		(212,992	)		28.48
Forfeited		(97,036	)		29.24
Ending balance September 30, 2017		551,505			29.12



	Nonvested Restricted Stock			Grant Date Fair Value*
Beginning balance January 1, 2017		249,672			$	27.20
Granted and issued		78,840			28.60
Vested		(109,813	)		27.48
Forfeited		(22,521	)		27.26
Ending balance September 30, 2017		196,178			27.81



			Amounts Drawn
	Credit Facility		Commercial Paper		Letters of Credit		Cash Borrowings		Available Borrowings		Weighted Average Interest Rate on Short-Term Borrowings
June 30, 2019	(millions)
Evergy, Inc.	$	450.0	n/a		$	1.0	$	100.0	$	349.0	3.66%
Westar Energy	1,000.0		737.0		30.3		—		232.7		2.68%
KCP&L	600.0		226.7		—		—		373.3		2.65%
GMO	450.0		175.3		2.1		—		272.6		2.68%
Evergy	$	2,500.0	$	1,139.0	$	33.4	$	100.0	$	1,227.6

December 31, 2018
Evergy, Inc.	$	450.0	n/a		$	1.0	$	—	$	449.0	—%
Westar Energy	1,000.0		411.7		18.3		—		570.0		3.08%
KCP&L	600.0		176.9		2.7		—		420.4		2.95%
GMO	450.0		150.0		2.1		—		297.9		3.00%
Evergy	$	2,500.0	$	738.6	$	24.1	$	—	$	1,737.3



		September 30				December 31
	Year Due	2017				2016
KCP&L			(millions)
General Mortgage Bonds
2.95% EIRR bonds	2023		$	79.5			$	110.5
7.15% Series 2009A (8.59% rate)^(a)	2019		400.0				400.0
Senior Notes
5.85% Series (5.72% rate)^(a)			—				250.0
6.375% Series (7.49% rate)^(a)	2018		350.0				350.0
3.15% Series	2023		300.0				300.0
3.65% Series	2025		350.0				350.0
6.05% Series (5.78% rate)^(a)	2035		250.0				250.0
5.30% Series	2041		400.0				400.0
4.20% Series	2047		300.0				—
EIRR Bonds
0.889% Series 2007A and 2007B^(b)	2035		146.5				146.5
2.875% Series 2008	2038		23.4				23.4
Current maturities			(350.0		)		(281.0		)
Unamortized discount and debt issuance costs			(17.7		)		(15.4		)
Total KCP&L excluding current maturities^(c)			2,231.7				2,284.0
Other Great Plains Energy
GMO First Mortgage Bonds 9.44% Series	2018-2021		4.6				5.7
GMO Senior Notes
8.27% Series	2021		80.9				80.9
3.49% Series A	2025		125.0				125.0
4.06% Series B	2033		75.0				75.0
4.74% Series C	2043		150.0				150.0
GMO Medium Term Notes
7.33% Series	2023		3.0				3.0
7.17% Series	2023		7.0				7.0
Great Plains Energy Senior Notes
6.875% Series (7.33% rate)^(a)			—				100.0
4.85% Series	2021		350.0				350.0
5.292% Series	2022		287.5				287.5
Current maturities			(1.1		)		(101.1		)
Unamortized discount and premium, net and debt issuance costs			(1.6		)		(1.8		)
Total Great Plains Energy excluding current maturities^(c)			$	3,312.0			$	3,365.2


^(a)	~~Rate after amortizing gains/losses recognized in other comprehensive income (OCI) on settlements of interest rate hedging instruments~~


^(c)	At September 30, 2017, and December 31, 2016, does not include $50.0 million and $21.9 million of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by KCP&L



	June 30, 2019				December 31, 2018
	Book Value		Fair Value		Book Value		Fair Value
Long-term debt^(a)	(millions)
Evergy^(b)	$	7,123.6	$	7,671.3	$	7,341.7	$	7,412.1
Westar Energy	3,390.6		3,701.0		3,689.8		3,771.3
KCP&L	2,524.3		2,836.6		2,530.1		2,637.5
Long-term debt of variable interest entities^(a)
Evergy	$	51.1	$	51.5	$	81.4	$	81.3
Westar Energy	51.1		51.5		81.4		81.3



Description	June 30, 2019				Level 1		Level 2				Level 3			NAV
Westar Energy		(millions)
Assets
Nuclear decommissioning trust^(a)
Domestic equity funds		$	83.5		$	76.2		$	—			$	—		$	7.3
International equity funds		47.5			47.5			—				—			—
Core bond fund		35.5			35.5			—				—			—
High-yield bond fund		21.0			21.0			—				—			—
Emerging markets bond fund		17.1			17.1			—				—			—
Combination debt/equity/other fund		15.2			15.2			—				—			—
Alternative investments fund		24.5			—			—				—			24.5
Real estate securities fund		12.2			—			—				—			12.2
Cash equivalents		0.2			0.2			—				—			—
Total nuclear decommissioning trust		256.7			212.7			—				—			44.0
Rabbi trust
Core bond fund		25.2			—			—				—			25.2
Combination debt/equity/other fund		6.2			—			—				—			6.2
Cash equivalents		0.2			0.2			—				—			—
Total rabbi trust		31.6			0.2			—				—			31.4
Total		$	288.3		$	212.9		$	—			$	—		$	75.4
KCP&L
Assets
Nuclear decommissioning trust^(a)
Equity securities		$	194.2		$	194.2		$	—			$	—		$	—
Debt securities
U.S. Treasury		45.7			45.7			—				—			—
U.S. Agency		0.4			—			0.4				—			—
State and local obligations		2.2			—			2.2				—			—
Corporate bonds		33.1			—			33.1				—			—
Foreign governments		0.1			—			0.1				—			—
Cash equivalents		3.7			3.7			—				—			—
Other		(0.4		)	—			(0.4		)		—			—
Total nuclear decommissioning trust		279.0			243.6			35.4				—			—
Self-insured health plan trust^(b)
Equity securities		0.5			0.5			—				—			—
Debt securities		5.3			0.7			4.6				—			—
Cash and cash equivalents		7.7			7.7			—				—			—
Total self-insured health plan trust		13.5			8.9			4.6				—			—
Total		$	292.5		$	252.5		$	40.0			$	—		$	—
Other Evergy
Assets
Rabbi trusts
Fixed income fund		$	13.1		$	—		$	—			$	—		$	13.1
Cash and cash equivalents		0.4			0.4			—				—			—
Total rabbi trusts		$	13.5		$	0.4		$	—			$	—		$	13.1
Liabilities
Interest rate swaps^(c)		$	40.4		$	—		$	40.4			$	—		$	—
Total		$	40.4		$	—		$	40.4			$	—		$	—
Evergy
Assets
Nuclear decommissioning trust^(a)		$	535.7		$	456.3		$	35.4			$	—		$	44.0
Rabbi trusts		45.1			0.6			—				—			44.5
Self-insured health plan trust^(b)		13.5			8.9			4.6				—			—
Total		$	594.3		$	465.8		$	40.0			$	—		$	88.5
Liabilities
Interest rate swaps^(c)		$	40.4		$	—		$	40.4			$	—		$	—
Total		$	40.4		$	—		$	40.4			$	—		$	—


^(a)	Fair value is based on quoted market prices of the investments held by the trust and/or valuation models.


^(c)	The fair value of interest rate swaps are determined by calculating the net present value of expected payments and receipts under the interest rate swaps using observable market inputs including interest rates and LIBOR swap rates.


^(c)	This investment can be redeemed immediately and is not subject to any restrictions on redemptions.