16. VARIABLE INTEREST ENTITIES

In determining the primary beneficiary of a VIE, the Evergy Companies assess the entity's purpose and design, including the nature of the entity's activities and the risks that the entity was designed to create and pass through to its variable interest holders. A reporting enterprise is deemed to be the primary beneficiary of a VIE if it has (a) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. The trust holding an 8% interest in Jeffrey Energy Center was a VIE until the expiration of a purchase option in July 2017. The trust holding KGE's 50% interest in La Cygne Unit 2 is a VIE and KGE remains the primary beneficiary of the trust.

All involvement with entities by the Evergy Companies is assessed to determine whether such entities are VIEs and, if so, whether or not the Evergy Companies are the primary beneficiaries of the entities. The Evergy Companies also continuously assess whether they are the primary beneficiary of the VIE with which they are involved. Prospective changes in facts and circumstances may cause identification of the primary beneficiary to be reconsidered.

8% Interest in Jeffrey Energy Center

Under an agreement that expires in January 2019, Westar Energy leases an 8% interest in Jeffrey Energy Center from a trust. The trust was financed with an equity contribution from an owner participant and debt issued by the trust. The trust was created specifically to purchase the 8% interest in Jeffrey Energy Center and lease it to a third party, and does not hold any other assets. Westar Energy met the requirements to be considered the primary beneficiary of the trust until July 2017, when a contractual option to purchase the 8% interest in the plant covered by the lease expired. Accordingly, Westar Energy deconsolidated the trust in the third quarter of 2017.

50% Interest in La Cygne Unit 2

Description December 31
2017 Level 1 Level 2 Level 3
KCP&L (millions)
Assets
Nuclear decommissioning trust ^(a)

Equity securities $ 183.8
$ 183.8
$ —
$ —

Debt securities

U.S. Treasury 35.3
35.3
—
—

U.S. Agency 0.4
—
0.4
—

State and local obligations 2.1
—
2.1
—

Corporate bonds 34.1
—
34.1
—

Foreign governments 0.1
—
0.1
—

Cash equivalents 2.5
2.5
—
—

Other 0.1
0.1
—
—

Total nuclear decommissioning trust 258.4
221.7
36.7
—

Self-insured health plan trust ^(b)

Equity securities 0.5
0.5
—
—

Debt securities 2.7
0.3
2.4
—

Cash and cash equivalents 7.7
7.7
—
—

Total self-insured health plan trust 10.9
8.5
2.4
—

Total $ 269.3
$ 230.2
$ 39.1
$ —

Other Great Plains Energy

Assets

Interest rate derivative instruments ^(c)
$ 91.4
$ —
$ —
$ 91.4

Total $ 91.4
$ —
$ —

$ 91.4

Great Plains Energy

Assets

Nuclear decommissioning trust ^(a)
$ 258.4
$ 221.7
$ 36.7
$ —

Self-insured health plan trust ^(b)
10.9
8.5
2.4
—

Interest rate derivative instruments ^(c)
91.4
—
—
91.4

Total $ 360.7
$ 230.2
$ 39.1
$ 91.4


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


^(b)	Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities.

^(c)

The fair value of interest rate derivative instruments is based on a settlement value, discounted by a contingency factor that management believes is representative of what a market participant would use in valuing these instruments in order to account for the contingent nature of the cash settlement of these instruments. At March 31, 2018 and December 31, 2017, the settlement value was $140.6 million with a contingency factor of 0.3 and 0.35, respectively. A decrease in the contingency factor would result in a higher fair value measurement. The contingency factor will increase or decrease in response to facts and circumstances that in the view of a market participant, would increase or decrease the likelihood that the merger with Westar is not consummated. Because of the unobservable nature of the contingency factor, the interest rate derivatives have been classified as Level 3.

Under an agreement that expires in September 2029, KGE entered into a sale-leaseback transaction with a trust under which the trust purchased KGE's 50% interest in La Cygne Unit 2 and subsequently leased it back to KGE. The trust was financed with an equity contribution from an owner participant and debt issued by the trust. The trust was created specifically to purchase the 50% interest in La Cygne Unit 2 and lease it back to KGE, and does not hold any other assets. KGE meets the requirements to be considered the primary beneficiary of the trust. In determining the primary beneficiary of the trust, KGE concluded that the activities of the trust that most significantly impact its economic performance and that KGE has the power to direct include (1) the operation and maintenance of the 50% interest in La Cygne Unit 2 and (2) KGE's ability to exercise a purchase option at the end of the agreement at the lesser of fair value or a fixed amount. KGE has the potential to receive benefits from the trust that could potentially be significant if the fair value of the 50% interest in La Cygne Unit 2 at the end of the agreement is greater than the fixed amount.

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The following table ~~reconciles~~summarizes the ~~beginning~~assets and ~~ending balances for all Level 3 assets measured at fair value~~liabilities related to the VIE described above that are recorded on ~~a recurring basis.~~Evergy's and Westar Energy's consolidated balance sheets.

Great Plains Energy
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Derivative Instruments
2018 2017
(millions)
Net asset at January 1 $ 91.4
$ 79.3
Total realized/unrealized gains:

included in interest charges —
12.1
included in non-operating income 7.0
—
Net asset at March 31 $ 98.4
$ 91.4
Total unrealized gains relating to assets still on the consolidated balance sheet at March 31:
included in interest charges $ —
$ 12.1
included in non-operating income 7.0
—



	September 30		December 31
	2018		2017
Assets:	(millions)
Property, plant and equipment of variable interest entities, net	$	170.9	$	176.3
Liabilities:
Current maturities of long-term debt of variable interest entities	$	30.3	$	28.5
Accrued interest^(a)	—		0.7
Long-term debt of variable interest entities, net	51.1		81.4


^(a)	Included in accrued interest on Evergy's and Westar Energy's consolidated balance sheets.

All of the liabilities noted in the table above relate to the purchase of the property, plant and equipment of the VIE. The assets of the VIE can be used only to settle obligations of the VIE and the VIE's debt holders have no recourse to the general credit of Evergy and Westar Energy. Evergy and Westar Energy have not provided financial or other support to the VIE and are not required to provide such support. Evergy and Westar Energy did not record any gain or loss upon the initial consolidation of the VIE.

~~15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)~~17. TAXES

~~The following tables reflect the change~~Components of income tax expense are detailed in the ~~balances of each component of accumulated other comprehensive income (loss) for Great Plains Energy and KCP&L.~~following tables.

Great Plains Energy

Gains and Losses on Cash Flow Hedges^(a)

Defined Benefit Pension Items^(a)

Total^(a)

Three Months Ended March 31, 2018 (millions)
Beginning balance January 1 $ 0.4
$ (2.6 ) $ (2.2 )
Amounts reclassified from accumulated other comprehensive loss 0.9
0.1
1.0

Net current period other comprehensive income 0.9
0.1
1.0

Ending balance March 31 $ 1.3
$ (2.5 ) $ (1.2 )
Three Months Ended March 31, 2017
Beginning balance January 1 $ (4.5 ) $ (2.1 ) $ (6.6 )
Amounts reclassified from accumulated other comprehensive loss 1.4
0.1
1.5

Net current period other comprehensive income 1.4
0.1
1.5

Ending balance March 31 $ (3.1 ) $ (2.0 ) $ (5.1 )

^(a) ~~Net of tax~~

~~Table of Contents~~

KCP&L

Gains and Losses on Cash Flow Hedges^(a)
Three Months Ended March 31, 2018 (millions)
Beginning balance January 1 $ 0.4

Amounts reclassified from accumulated other comprehensive income 0.9

Net current period other comprehensive income 0.9

Ending balance March 31 $ 1.3

Three Months Ended March 31, 2017
Beginning balance January 1 $ (4.2 )
Amounts reclassified from accumulated other comprehensive loss 1.3

Net current period other comprehensive income 1.3

Ending balance March 31 $ (2.9 )

^(a) ~~Net of tax~~

The following tables reflect the effect on certain line items of net income from amounts reclassified out of each component of accumulated other comprehensive income (loss) for Great Plains Energy and KCP&L.

Great Plains Energy
Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement
Three Months Ended March 31 2018 2017
(millions)
Gains (losses) on cash flow hedges (effective portion)
Interest rate contracts $ (1.2 ) $ (2.3 ) Interest charges
(1.2 ) (2.3 ) Income before income tax expense and income from equity investments
0.3
0.9
Income tax benefit
$ (0.9 ) $ (1.4 ) Net income (loss)
Amortization of defined benefit pension items
Net losses included in net periodic benefit costs $ (0.1 ) $ (0.2 ) Non-operating expenses
(0.1 ) (0.2 ) Income before income tax expense and income from equity investments
—
0.1
Income tax benefit
$ (0.1 ) $ (0.1 ) Net income (loss)

Total reclassifications, net of tax $ (1.0 ) $ (1.5 ) Net income (loss)



Evergy
	Three Months Ended September 30						Year to Date September 30
	2018			2017			2018			2017
Current income taxes	(millions)
Federal	$	(30.3	)	$	(16.7	)	$	(21.5	)	$	(14.5	)
State	1.5			—			1.9			0.4
Total	(28.8		)	(16.7		)	(19.6		)	(14.1		)
Deferred income taxes
Federal	70.6			58.8			86.0			101.7
State	23.3			14.3			(35.7		)	27.0
Total	93.9			73.1			50.3			128.7
Investment tax credit amortization	(1.0		)	(0.6		)	(2.4		)	(2.0		)
Income tax expense	$	64.1		$	55.8		$	28.3		$	112.6

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KCP&L
Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Income Statement
Three Months Ended March 31 2018 2017
(millions)
Gains (losses) on cash flow hedges (effective portion)
Interest rate contracts $ (1.2 ) $ (2.2 ) Interest charges
(1.2 ) (2.2 ) Income before income tax expense
0.3
0.9
Income tax benefit
Total reclassifications, net of tax $ (0.9 ) $ (1.3 ) Net income



Westar Energy
	Three Months Ended September 30						Year to Date September 30
	2018			2017			2018			2017
Current income taxes	(millions)
Federal	$	8.0		$	(16.7	)	$	18.9		$	(14.5	)
State	(9.2		)	—			(6.7		)	0.4
Total	(1.2		)	(16.7		)	12.2			(14.1		)
Deferred income taxes
Federal	12.3			58.8			15.4			101.7
State	12.0			14.3			(47.6		)	27.0
Total	24.3			73.1			(32.2		)	128.7
Investment tax credit amortization	(0.7		)	(0.6		)	(2.0		)	(2.0		)
Income tax expense (benefit)	$	22.4		$	55.8		$	(22.0	)	$	112.6

~~16. TAXES~~

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

Great Plains Energy
Three Months Ended March 31 2018 2017
Current income taxes (millions)
Federal $ —
$ —
State —
0.2
Total —
0.2
Deferred income taxes
Federal 3.2
(4.5 )
State 2.6
(1.1 )
Total 5.8
(5.6 )
Investment tax credit amortization (0.3 ) (0.4 )
Income tax expense (benefit) $ 5.5
$ (5.8 )


KCP&L
Three Months Ended March 31	2018			2017
							Three Months Ended September 30						Year to Date September 30
							2018			2017			2018			2017
Current income taxes	(millions)						(millions)
Federal	$	(1.3	)	$	(0.1	)	$	20.7		$	41.8		$	43.5		$	56.2
State	(0.5		)	—			6.8			7.6			11.6			10.2
Total	(1.8		)	(0.1		)	27.5			49.4			55.1			66.4
Deferred income taxes
Federal	3.6			7.8			(1.9		)	10.3			(23.4		)	27.2
State	2.0			1.4			2.7			2.8			49.4			6.2
Total	5.6			9.2			0.8			13.1			26.0			33.4
Investment tax credit amortization	(0.3		)	(0.3		)	(0.3		)	(0.3		)	(0.8		)	(0.8		)
Income tax expense	$	3.5		$	8.8		$	28.0		$	62.2		$	80.3		$	99.0

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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.

Great Plains Energy
Three Months Ended March 31 2018 2017
Federal statutory income tax rate 21.0 % 35.0 %
Effect of regulatory treatment of book and tax differences (9.6 ) —
Amortization of investment tax credits (0.4 ) (0.4 )
Federal income tax credits (4.1 ) (1.5 )
State income taxes 5.2
4.2
Transaction-related costs 0.1
3.1
Other 1.4
(2.5 )
Effective income tax rate 13.6 % 37.9 %

KCP&L
Three Months Ended March 31 2018 2017
Federal statutory income tax rate 21.0 % 35.0 %
Effect of regulatory treatment of book and tax differences (7.2 ) (0.1 )
Amortization of investment tax credits (0.4 ) (0.3 )
Federal income tax credits (5.3 ) (1.8 )
State income taxes 5.1
4.0
Other 1.7
1.5
Effective income tax rate 14.9 % 38.3 %



Evergy
	Three Months Ended September 30				Year to Date September 30
	2018		2017		2018		2017
Federal statutory income tax rate	21.0	%	35.0	%	21.0	%	35.0	%
Effect of:
COLI policies	(2.4	)	(4.6	)	(2.4	)	(4.5	)
State income taxes	4.6		4.3		4.7		4.3
Flow through depreciation for plant-related differences	(1.5	)	2.3		(1.6	)	2.8
Federal tax credits	(7.5	)	(7.1	)	(7.5	)	(7.0	)
Non-controlling interest	(0.4	)	(0.5	)	(0.4	)	(0.8	)
AFUDC equity	(0.1	)	(0.2	)	(0.1	)	(0.2	)
Amortization of federal investment tax credits	(0.6	)	(0.6	)	(0.6	)	(0.6	)
State tax rate change	0.1		—		(9.5	)	—
Valuation allowance	—		—		0.4		—
Stock compensation	—		—		(0.5	)	(1.0	)
Officer compensation limitation	1.2		—		1.2		—
Other	0.8		(2.8	)	0.4		(0.7	)
Effective income tax rate	15.2	%	25.8	%	5.1	%	27.3	%

The decrease in ~~Great Plains Energy's and KCP&L's effective income~~Evergy's state tax ~~rates~~rate change for ~~the three months ended March 31,~~year to date September 30, 2018, compared to the same period in 2017, is primarily ~~driven by~~due to the ~~impacts~~revaluation of Westar Energy's state deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the ~~Tax Cuts and Jobs Act which reduced~~merger.

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Westar Energy
	Three Months Ended September 30				Year to Date September 30
	2018		2017		2018		2017
Federal statutory income tax rate	21.0	%	35.0	%	21.0	%	35.0	%
Effect of:
COLI policies	(4.0	)	(4.6	)	(4.0	)	(4.5	)
State income taxes	1.1		4.3		3.3		4.3
Flow through depreciation for plant-related differences	1.5		2.3		0.3		2.8
Federal tax credits	(11.8	)	(7.1	)	(11.7	)	(7.0	)
Non-controlling interest	(0.6	)	(0.5	)	(0.7	)	(0.8	)
AFUDC equity	(0.1	)	(0.2	)	(0.1	)	(0.2	)
Amortization of federal investment tax credits	(0.8	)	(0.6	)	(0.8	)	(0.6	)
Changes in uncertain tax positions, net	0.1		—		0.1		—
State tax rate change	—		—		(17.7	)	—
Valuation allowance	—		—		0.6		—
Stock compensation	—		—		(0.9	)	(1.0	)
Officer compensation limitation	1.9		—		1.9		—
Other	2.9		(2.8	)	1.3		(0.7	)
Effective income tax rate	11.2	%	25.8	%	(7.4	)%	27.3	%

The decrease in Westar Energy's state tax rate change for year to date September 30, 2018, compared to the ~~federal statutory~~same period in 2017, is primarily due to the revaluation of Westar Energy's state deferred income tax assets and liabilities based on the Evergy composite tax rate ~~from 35%~~as a result of the merger.



KCP&L
	Three Months Ended September 30				Year to Date September 30
	2018		2017		2018		2017
Federal statutory income tax rate	21.0	%	35.0	%	21.0	%	35.0	%
Effect of:
COLI policies	(0.2	)	(0.3	)	(0.2	)	(0.3	)
State income taxes	5.0		3.9		5.1		3.9
Flow through depreciation for plant-related differences	(4.9	)	0.1		(4.9	)	0.2
Federal tax credits	(1.9	)	(3.1	)	(1.8	)	(2.6	)
AFUDC equity	—		(0.7	)	(0.1	)	(0.7	)
Amortization of federal investment tax credits	(0.4	)	(0.4	)	(0.4	)	(0.4	)
State tax rate change	—		—		14.5		—
Valuation allowance	—		0.6		—		0.4
Stock compensation	—		0.1		—		0.2
Officer compensation limitation	0.7		—		0.5		—
Other	(0.4	)	0.1		(1.0	)	0.1
Effective income tax rate	18.9	%	35.3	%	32.7	%	35.8	%

The increase in KCP&L's state tax rate change for year to ~~21% beginning~~date September 30, 2018, compared to the same period in 2017, is primarily 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 June 2018.

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Federal Tax Reform

In December 2017, the U.S. Congress passed and President Donald Trump signed Public Law No. 115-97, commonly referred to as the Tax Cuts and Jobs Act. The Tax Cuts and Jobs Act represents the first major reform in U.S. income tax law since 1986. Most notably, the Tax Cuts and Jobs Act reduces the current top corporate income tax rate from 35% to 21% beginning in 2018, repeals the corporate Alternative Minimum Tax (AMT), makes existing AMT tax credit carryforwards refundable, and changes the deductibility and taxability of certain items, among other things.

Prior to the change in tax rates that has been reflected in their 2018 rate cases,Westar Energy, KCP&L and GMO ~~currently recover~~recovered the cost of income taxes in rates from their customers based on the 35% federal corporate income tax rate. Both KCP&L and GMO have announced their intentions to pass the income tax savings generated by the tax rate change, currently estimated at approximately $100 million annually, through to customers as part of general rate cases recently filed in both Missouri and Kansas.

In January 2018, the KCC issued an order requiring certain regulated public utilities, including Westar Energy and KCP&L, to begin recording a regulatory liability for the difference between the new corporate tax rate and amounts currently collected in rates. ~~The treatment~~In May 2018 and June 2018, Westar Energy and KCP&L entered into settlement agreements with KCC staff and other intervenors in which they further agreed to begin deferring any impacts of the Tax Cuts and Jobs Act on their excess accumulated deferred income taxes to a regulatory ~~liability will be addressed by~~liability. The KCC approved these settlement agreements in ~~future orders.~~

~~As a result of the KCC order discussed above~~June 2018. KCP&L and GMO had also recorded regulatory liabilities in 2018 due to the probability that ~~KCP&L and GMO will~~they would also be required to make similar refunds to their Missouri ~~customers, Great Plains~~customers. The final regulatory treatment of these regulatory liabilities was determined in each of Westar Energy's, KCP&L's and GMO's rate cases with the KCC and MPSC. See Note 5 for more information.

As of September 30, 2018, Evergy, Westar Energy and KCP&L ~~have~~had recorded regulatory liabilities for refunds to customers related to the impacts of the Tax Cuts and Jobs Act of $155.1 million, $66.3 million and $64.6 million, respectively.

Missouri Tax Reform

On June 1, 2018, the Missouri governor signed Senate Bill (S.B.) 884 into law. Most notably, S.B. 884 reduces the corporate income tax rate from 6.25% to 4.0% beginning in 2020, provides for the mandatory use of the single sales factor formula and eliminates intercompany transactions between corporations that file a consolidated Missouri income tax return.

As a result of the change in the Missouri corporate income tax rate, KCP&L revalued and restated its deferred income tax assets and liabilities as of ~~March 31, 2018~~June 1, 2018. KCP&L decreased its net deferred income tax liabilities by $46.6 million, primarily consisting of ~~$21.9~~a $28.8 million adjustment for the revaluation and ~~$15.2~~restatement of deferred income tax assets and liabilities included in Missouri jurisdictional rate base and a $9.9 million ~~respectively.~~tax gross-up adjustment for ratemaking purposes. The ~~actual~~decrease to KCP&L's net deferred income tax liabilities included in Missouri jurisdictional rate base were offset by a corresponding increase in regulatory ~~treatment of tax reform and these~~liabilities. The net regulatory liabilities will ~~not~~ be ~~known until orders specifying the treatment are received from the MPSC and KCC and any amounts ultimately refunded~~amortized to customers ~~could differ from the amounts recorded.~~over a period to be determined in a future rate case.

~~Table~~KCP&L recognized $15.5 million of ~~Contents~~

~~17. SEGMENTS AND RELATED INFORMATION~~

Great Plains 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 of KCP&L, GMO's regulated utility operations and GMO Receivables Company. Other includes GMO activity other than its regulated utility operations, GPETHC and unallocated corporate charges including certain costs to achieve the anticipated merger with Westar. The summary of significant accounting policies appliesincome tax benefit primarily related to the ~~reportable segment. Segment performance is evaluated based on net~~difference between KCP&L's revaluation of its deferred income ~~(loss).~~

~~The following tables reflect summarized~~tax assets and liabilities for financial ~~information concerning Great Plains Energy's reportable segment.~~

Three Months Ended March 31, 2018
Electric
Utility
Other Eliminations
Great Plains
Energy
(millions)
Operating revenues $ 583.9
$ —
$ —
$ 583.9

Depreciation and amortization (93.7 ) —
—
(93.7 )
Interest (charges) income (47.8 ) (8.3 ) 8.0
(48.1 )
Income tax expense (2.9 ) (2.6 ) —
(5.5 )
Net income 28.0
7.0
—
35.0

Three Months Ended March 31, 2017
Electric
Utility
Other Eliminations
Great Plains
Energy
(millions)
Operating revenues $ 570.7
$ —
$ —
$ 570.7

Depreciation and amortization (90.3 ) —
—
(90.3 )
Interest (charges) income (50.1 ) (24.5 ) 8.0
(66.6 )
Income tax (expense) benefit (10.1 ) 15.9
—
5.8

Net income (loss) 16.1
(25.7 ) —
(9.6 )

Electric
Utility
Other Eliminations
Great Plains
Energy
March 31, 2018 (millions)
Assets $ 11,529.0
$ 1,304.1
$ (384.7 ) $ 12,448.4

Capital expenditures ^(a)
119.7
—
—
119.7

December 31, 2017

Assets $ 11,508.1
$ 1,285.7
$ (335.9 ) $ 12,457.9

Capital expenditures ^(a)
573.5
—
—
573.5

^(a)~~Capital expenditures reflect year~~reporting purposes and the amount of the revaluation pertaining to ~~date amounts for the periods presented.~~KCP&L's Missouri jurisdictional rate base.

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, the Westar Energy First Quarter 2018 Quarterly Report on Form 10-Q, the Great Plains Energy and KCP&L combined First Quarter 2018 Quarterly Report on Form 10-Q, the Westar Energy 2017 Form 10-K and the Great Plains Energy and KCP&L combined 2017 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.

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~~GREAT PLAINS ENERGY INCORPORATED~~

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. KCP&L has one active wholly-owned subsidiary, KCP&L Receivables Company.

GMO is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO has one active wholly-owned subsidiary, GMO Receivables Company.

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 Electric Transmission America, LLC, which itself is a joint venture between affiliates of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that is now being used to provide 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~~12,300 MWs of owned generating capacity and ~~engages~~engage in the generation, transmission, distribution and sale of electricity to approximately 1.6 million customers in the states of Kansas and Missouri. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).

Great Plains Energy and 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 other than those required for its formation and matters contemplated by the Amended Merger Agreement. On June 4, 2018, in accordance with the Amended Merger Agreement, Great Plains Energy 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. Therefore, Evergy's accompanying consolidated financial statements reflect the results of operations of Westar Energy for the three months ended and year to date September 30, 2017 and the financial position of Westar Energy as of December 31, 2017. 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 the date of the closing of the merger and thereafter.

KCP&L has elected not to apply "push-down accounting" related to the merger, whereby the adjustments of assets and liabilities to fair value and the resulting goodwill would be recorded on the financial statements of the

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~~and sale of electricity to approximately 870,500 customers in the states of Missouri and Kansas. Electric Utility's retail electricity rates~~ ~~are comparable~~acquired subsidiary. These adjustments for KCP&L, as well as those related to the ~~national average~~acquired assets and liabilities of ~~investor-owned utilities.~~

Great Plains Energy's corporate and other activities not included in the sole reportable business segment includes GMO activity other than its regulated utility operations, GPETHC 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 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 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 publicly announced, will be the parent of Great Plains Energy'sits other 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.

Great Plains Energy's anticipated merger with Westar was unanimously approved by the Great Plains Energy Board and Westar Board of Directors, has received the approvals of each of Great Plains Energy's and Westar's shareholders, the NRC, FERC and FCC and has received early termination of the waiting period under the HSR Act with respect to antitrust review. The anticipated merger remains subject to regulatory approvals from KCC and the MPSC as well as other contractual conditions.are reflected at consolidated Evergy.

See Note 32 to the consolidated financial statements for more information regarding the merger.

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 the 60 million shares by mid-2020. Evergy plans to utilize various methods to effectuate the share repurchase program, including but not limited to, a series of transactions that may include accelerated share repurchases, open market 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 September 30, 2018, Evergy had total repurchases of common stock of approximately $486 million and had repurchased 6.9 million shares under the repurchase program, which included shares repurchased under ASR agreements which had not reached final settlement as of September 30, 2018, and are discussed further below.

In August 2018, Evergy entered into two ASR agreements with financial institutions to purchase $450.0 million of Evergy common stock. In August 2018, the financial institutions delivered to Evergy 6.3 million shares of common stock, representing a partial settlement of the contracts, based on then-current market prices and Evergy paid a total of $450.0 million. The final number of shares of Evergy common stock that Evergy may receive or be required to remit upon final settlement of the ASR agreements will be based on the average daily volume weighted-average price of Evergy common stock during the term of the ASR agreements, less a negotiated discount. Final settlement of each ASR agreement will occur by the end of November 2018 but may occur earlier at the option of the financial institutions.

In October 2018, one of the ASR agreements was settled early at the option of the financial institution, which resulted in the delivery to Evergy of 848,226 additional shares of Evergy common stock at no additional cost. Evergy expects that the final settlement of the remaining ASR agreement will also result in the delivery of additional shares of common stock to Evergy at no additional cost.

See Note 15 to the consolidated financial statements for more information regarding Evergy's common stock repurchase program.

Missouri Legislation

On June 1, 2018, Missouri S.B. 564 was signed into law by the Governor of Missouri. Most notably, S.B. 564 includes a plant-in service accounting (PISA) provision that can be elected by Missouri electric utilities to defer to a regulatory asset and recover 85% of depreciation expense and associated return on investment for qualifying electric plant rate base additions. Qualifying electric plant includes all rate base additions with the exception of new coal, nuclear or natural gas generating units or rate base additions that increase revenues by allowing service to new customer premises. The deferred depreciation and return in the associated regulatory asset, except for any prudence disallowances, are required to be included in determining the utility's rate base during subsequent general rate proceedings subject to a 3% compound annual growth rate limitation on future electric rates compared with the utility's rates in effect prior to electing PISA. Utilities that elect the PISA provision can make qualifying deferrals of depreciation and return through December 2023, with a potential extension through December 2028 subject to MPSC approval. KCP&L and GMO are currently evaluating the provisions of S.B. 564 and expect to elect the PISA provision in late 2018 or early 2019.

Regulatory Proceedings

See Note 5 to the consolidated financial statements for information regarding regulatory proceedings.

Plant Retirements

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2018. In October 2018 and November 2018, Westar Energy retired these units consistent with this previously announced plan.

In 2017, KCP&L and GMO announced plans to retire KCP&L's Montrose Station and GMO's Sibley Station by December 31, 2018.

Strategy

Evergy expects to continue operating its vertically integrated utilities within their existing regulatory frameworks. Evergy's objectives are to deliver value to shareholders through attractive earnings and dividend growth; serve customers and communities with reliable service, clean energy and fewer and lower rate increases; and maintain a rewarding and challenging work environment for employees. Significant elements of Evergy's strategy to achieve these objectives include:

the realization of a total of approximately $600 million of potential net savings from 2018 through 2022 resulting from synergies that are expected to be created as a result of the merger;

the repurchase of approximately 60 million outstanding shares of Evergy common stock by mid-2020;

anticipated ~~merger.~~rate base investment of approximately $6 billion from 2018 through 2022;

the continued growth of Evergy's renewable energy portfolio as the Evergy Companies retire older and less efficient fossil fuel plants; and

implementing the rate orders received and to be received by the KCC and MPSC by year-end 2018.

See "Cautionary Statements Regarding Certain Forward-Looking Information" and Part II, Item 1A, Risk Factors, for additional information.

~~Earnings Overview~~Regulatory Proceedings

Great Plains Energy had earnings available for common shareholders of $35.0 million or $0.16 per share for the three months ended March 31, 2018, compared to a loss of $24.7 million or $0.11 per share for the same period in 2017. This increase in earnings was largely driven by colder weather; an increase in weather-normalized retail demand; a decrease in costs to achieve the anticipated merger with Westar; lower interest charges and preferred stock dividend requirements; partially offset by a provision for rate refund relatedSee Note 5 to the ~~Tax Cuts and Jobs Act and higher income tax expense.~~

~~For additional~~consolidated financial statements for information regarding ~~the change in earnings (loss), refer~~regulatory proceedings.

Plant Retirements

In 2017, Westar Energy announced plans to retire 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, subject 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.~~

~~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 March 31, 2018, were $29.4 million or $0.19 per share, respectively. Great Plains Energy's adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) for the three months ended March 31, 2017, were $19.9 million and $0.13, 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 impactcompletion 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 thein

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~~previous plan~~2018. In October 2018 and November 2018, Westar Energy retired these units consistent with this previously announced plan.

In 2017, KCP&L and GMO announced plans to ~~acquire Westar. This information is intended~~retire KCP&L's Montrose Station and GMO's Sibley Station by December 31, 2018.

Strategy

Evergy expects to ~~enhance an investor's overall understanding~~continue operating its vertically integrated utilities within their existing regulatory frameworks. Evergy's objectives are to deliver value to shareholders through attractive earnings and dividend growth; serve customers and communities with reliable service, clean energy and fewer and lower rate increases; and maintain a rewarding and challenging work environment for employees. Significant elements of ~~results. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are used internally~~Evergy's strategy to ~~measure performance against budget and in reports for management and~~ achieve these objectives include:

the ~~Great Plains Energy Board. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are financial measures~~realization of a total of approximately $600 million of potential net savings from 2018 through 2022 resulting from synergies that are ~~not calculated in accordance with GAAP and may not~~expected to be ~~comparable to other companies' presentations or more useful than~~created as a result of the ~~GAAP information provided elsewhere in this report.~~merger;

The following table provides 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 (Loss) Earnings (Loss) per Diluted Share
Three Months Ended March 31 2018 2017 2018 2017
(millions, except per share amounts)
Earnings (loss) available for common shareholders $ 35.0
$ (24.7 ) $ 0.16
$ (0.11 )
Costs to achieve the anticipated merger with Westar:
Operating expense, pre-tax ^(a)
2.9
39.4
0.02
0.25
Financing, pre-tax ^(b)
—
26.6
—
0.17
Mark-to-market impacts of interest rate swaps, pre-tax ^(c)
(7.0 ) (12.1 ) (0.05 ) (0.08 )
Interest income, pre-tax ^(d)
(3.5 ) (4.6 ) (0.02 ) (0.03 )
Income tax expense (benefit) ^(e)
2.0
(19.8 ) 0.02
(0.13 )
Preferred stock ^(f)
—
15.1
—
0.10
Impact of October 2016 share issuance ^(g)
N/A
N/A
0.06
(0.04 )
Adjusted earnings (non-GAAP) $ 29.4
$ 19.9
$ 0.19
$ 0.13
Average Shares Outstanding (millions)
Shares used in calculating diluted earnings (loss) per common share 216.0 215.3
Adjustment for October 2016 share issuance ^(g)
(60.5) (60.5)
Shares used in calculating adjusted earnings per share (non-GAAP) 155.5 154.8

^(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~~repurchase of ~~comprehensive income (loss).~~

^(b)Reflects fees for a bridge term loan facility and interest on Great Plains Energy's $4.3 billion senior notes 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 and is included in Interest charges and Non-operating income 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 $4.3 billion senior notes and is included in Non-operating income on the consolidated statements of comprehensive income (loss).

^(e) ~~Reflects an income tax effect calculated at a 25.74% statutory rate for 2018 and a 38.9% statutory rate for 2017, with the exception of certain non-deductible legal and financing fees.~~

^(f) Reflects reductions to earnings available for common shareholders related to preferred stock dividend requirements for Great Plains Energy's Series B Preferred Stock and are included in Preferred stock dividend requirements on the consolidated statements of comprehensive income (loss).

^(g) ~~Reflects the average share impact of Great Plains Energy's issuance of 60.5~~approximately 60 million outstanding shares of Evergy common stock ~~in October 2016.~~by mid-2020;

anticipated rate base investment of approximately $6 billion from 2018 through 2022;

the continued growth of Evergy's renewable energy portfolio as the Evergy Companies retire older and less efficient fossil fuel plants; and

implementing the rate orders received and to be received by the KCC and MPSC by year-end 2018.

See "Cautionary Statements Regarding Certain Forward-Looking Information" and Part II, Item 1A, Risk Factors, for additional information.

Regulatory Proceedings

See Note 75 to the consolidated financial statements for information regarding regulatory proceedings.

Plant Retirements

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2018. In October 2018 and November 2018, Westar Energy retired these units consistent with this previously announced plan.

In 2017, KCP&L and GMO announced plans to retire KCP&L's Montrose Station and GMO's Sibley Station by December 31, 2018.

Strategy

the realization of a total of approximately $600 million of potential net savings from 2018 through 2022 resulting from synergies that are expected to be created as a result of the merger;

the repurchase of approximately 60 million outstanding shares of Evergy common stock by mid-2020;

anticipated rate base investment of approximately $6 billion from 2018 through 2022;

the continued growth of Evergy's renewable energy portfolio as the Evergy Companies retire older and less efficient fossil fuel plants; and

implementing the rate orders received and to be received by the KCC and MPSC by year-end 2018.

See "Cautionary Statements Regarding Certain Forward-Looking Information" and Part II, Item 1A, Risk Factors, for additional information.

Earnings Overview

The following table summarizes Evergy's net income and diluted EPS.



	Three Months Ended September 30						Year to Date September 30
	2018		2017		Change		2018		2017		Change
	(millions, except per share amounts)
Net income attributable to Evergy, Inc.	$	355.0	$	158.3	$	196.7	$	517.3	$	290.0	$	227.3
Earnings per common share, diluted	1.32		1.11		0.21		2.61		2.03		0.58

Net income and diluted EPS increased for the three months ended September 30, 2018, compared to the same period in 2017, primarily due to the inclusion of KCP&L's and GMO's earnings and higher Westar Energy retail sales driven by favorable weather.

Net income and diluted EPS increased year to date September 30, 2018, compared to the same period in 2017, primarily due to the inclusion of KCP&L's and GMO's earnings beginning in June 2018, higher Westar Energy retail sales driven by favorable weather and lower income tax expense, partially offset by merger-related costs and reductions of revenue for customer bill credits incurred following the close of the merger.

In addition, a higher number of diluted weighted average common shares outstanding due to the issuance of common shares to Great Plains Energy shareholders as a result of the merger diluted earnings per share by $1.17 and $1.02 for the three months ended and year to date September 30, 2018, respectively.

For additional information regarding the change in net income, refer to the Evergy Results of Operations section within this MD&A.

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Impact of Recently Issued Accounting Standards

See Note 1 to the consolidated financial statements for information regarding the impact of recently issued accounting standards.

Wolf Creek Refueling Outage

Wolf Creek's most recent refueling outage began onin March ~~31,~~ 2018 and the unit ~~is expected to return~~returned to service in May 2018. Wolf Creek's next refueling outage is planned to begin in the third quarter of 2019.

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ENVIRONMENTAL MATTERS

See Note 12 to the consolidated financial statements for information regarding environmental matters.

RELATED PARTY TRANSACTIONS

See Note 1314 to the consolidated financial statements for information regarding related party transactions.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. Management considers an accounting estimate to be critical if it requires assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate or different estimates that could have been used could have a material impact on Evergy's results of operations and financial position. The accounting policies and estimates that Evergy believes were the most critical in nature were reported in the Westar Energy 2017 Form 10-K and the Great Plains Energy and KCP&L combined 2017 Form 10-K. There have been no material changes with regard to these critical accounting policies and estimates.

~~GREAT PLAINS ENERGY~~EVERGY RESULTS OF OPERATIONS

~~The following table summarizes Great Plains Energy's comparative~~Evergy's results of ~~operations.~~operations and financial position are affected by a variety of factors including rate regulation, fuel costs, weather, customer behavior and demand, the economy and competitive forces.

Substantially all of Evergy's revenues are subject to state or federal regulation. This regulation has a significant impact on the price the Evergy Companies charge for electric service. Evergy's results of operations and financial position are affected by its ability to align overall spending, both operating and capital, within the frameworks established by its regulators.

Three Months Ended March 31 2018 2017
(millions)
Operating revenues $ 583.9
$ 570.7
Fuel and purchased power (154.3 ) (126.5 )
Transmission (25.4 ) (23.1 )
Other operating expenses (221.3 ) (232.3 )
Costs to achieve the anticipated merger with Westar (2.9 ) (39.4 )
Depreciation and amortization (93.7 ) (90.3 )
Operating income 86.3
59.1
Non-operating income and expenses 1.3
(8.8 )
Interest charges (48.1 ) (66.6 )
Income tax (expense) benefit (5.5 ) 5.8
Income from equity investments 1.0
0.9
Net income (loss) 35.0
(9.6 )
Preferred dividends —
(15.1 )
Earnings (loss) available for common shareholders $ 35.0
$ (24.7 )
Reconciliation of gross margin to operating revenues:
Operating revenues $ 583.9
$ 570.7
Fuel and purchased power (154.3 ) (126.5 )
Transmission (25.4 ) (23.1 )
Gross margin ^(a)
$ 404.2
$ 421.1


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

~~Electric Utility Segment~~Wholesale revenues are impacted by, among other factors, demand, cost and availability of fuel and purchased power, price volatility, available generation capacity, transmission availability and weather.

~~Electric Utility's net income increased $11.9 million~~The Evergy Companies primarily use coal and nuclear fuel for the ~~three months ended March 31, 2018, compared~~generation of electricity for their customers and also purchase power on the open market. The prices for these commodities can fluctuate significantly due to ~~the same period in 2017 primarily due to:~~

a ~~$16.9 million decrease in gross margin driven by a provision for rate refund related to the Tax Cuts and Jobs Act~~variety of factors including supply, demand, weather and the ~~income statement presentation~~broader economic environment. Westar Energy, KCP&L and GMO have fuel recovery mechanisms in their Kansas and Missouri jurisdictions, as applicable, that allow them to defer and subsequently recover or refund, through customer rates, substantially all of the variance in net energy costs from the amount set in base rates without a general rate case proceeding.

Weather significantly affects the amount of electricity that Evergy's customers use as electricity sales ~~taxes and franchise fees collected from KCP&L Missouri customers; partially offset by colder weather and an increase in weather-normalized retail demand;~~

~~a $10.7 million decrease in other operating expense primarily driven~~are seasonal. As summer peaking utilities, the third quarter typically accounts for the greatest electricity sales by the ~~income statement presentation of sales taxes~~Evergy Companies. Hot summer temperatures and ~~franchise fees collected from KCP&L Missouri customers; partially offset~~cold winter temperatures prompt more demand, especially among residential and commercial customers, and to a lesser extent, industrial customers. Mild weather reduces customer demand.

Energy efficiency investments by ~~an increase in program costs~~customers and the Evergy Companies also can affect the demand for ~~energy efficiency programs under~~electric service. Through the Missouri Energy Efficiency Investment Act (MEEIA), KCP&L and ~~an increase in plant operating and maintenance expenses at coal units;~~

~~a $9.5 million decrease in costs to achieve the anticipated merger with Westar primarily due to decreased consulting fees and severance expenses; and~~

a $7.2 million decrease in income tax expense primarily driven by a decrease in the federal statutory income tax rate in 2018 and an increase in flow-through items primarily consisting of amortization ofGMO offer energy

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~~regulatory liabilities for excess deferred income taxes generated~~efficiency and demand side management programs to their Missouri retail customers and recover program costs, throughput disincentive and as applicable, certain performance incentives in retail rates through a ~~result~~rider mechanism.

The following table summarizes Evergy's comparative results of ~~the enactment of the Tax Cuts and Jobs Act in December 2017.~~operations.

~~Corporate and Other Activities~~

~~Great Plains Energy's corporate and other activities earnings increased $47.8 million for the three months ended March 31, 2018, compared to the same period in 2017 primarily due to:~~



	Three Months Ended September 30									Year to Date September 30
	2018			2017			Change			2018			2017			Change
	(millions)
Operating revenues	$	1,582.5		$	794.3		$	788.2		$	3,076.1		$	1,976.2		$	1,099.9
Fuel and purchased power	383.7			189.8			193.9			748.9			415.4			333.5
SPP network transmission costs	58.4			62.6			(4.2		)	194.4			185.0			9.4
Other operating expenses	413.4			182.4			231.0			937.7			542.0			395.7
Depreciation and amortization	193.9			94.6			99.3			411.6			277.3			134.3
Income from operations	533.1			264.9			268.2			783.5			556.5			227.0
Other income (expense), net	(24.3		)	(6.6		)	(17.7		)	(43.7		)	(20.4		)	(23.3		)
Interest expense	89.1			43.4			45.7			191.3			128.2			63.1
Income tax expense	64.1			55.8			8.3			28.3			112.6			(84.3		)
Equity in earnings of equity method investees, net of income taxes	2.0			1.6			0.4			4.7			4.9			(0.2		)
Net income	357.6			160.7			196.9			524.9			300.2			224.7
Less: Net income attributable to noncontrolling interests	2.6			2.4			0.2			7.6			10.2			(2.6		)
Net income attributable to Evergy, Inc.	$	355.0		$	158.3		$	196.7		$	517.3		$	290.0		$	227.3

~~a $27.0 million decrease in operating expenses for costs to achieve the anticipated merger with Westar;~~

~~a $14.5 million decrease in interest charges primarily due to:~~


◦	$26.6 million of costs incurred to finance the acquisition of Westar under the Original Merger Agreement in 2017, 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 redeemed in July 2017; and


◦	a $12.1 million mark-to-market gain in 2017 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 $5.9 million increase in non-operating income due to a $7.0 million mark-to-market gain on deal contingent interest rate swaps in 2018, partially offset by a decrease of $1.1 million of interest income earned on decreased cash and cash equivalents at Great Plains Energy in 2018;

~~a $17.7 million increase in income tax expense related to these items; and~~

a $15.1 million decrease in reductions to earnings available for common shareholders related to preferred stock dividend requirements for Great Plains Energy's Series B Preferred Stock that was redeemed in August 2017.

Evergy Utility 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 Electric Utility's results of operations.~~

Three Months Ended March 31 2018 2017
(millions)
Operating revenues $ 583.9
$ 570.7
Fuel and purchased power (154.3 ) (126.5 )
Transmission (25.4 ) (23.1 )
Other operating expenses (220.7 ) (231.4 )
Costs to achieve the anticipated merger with Westar (2.2 ) (11.7 )
Depreciation and amortization (93.7 ) (90.3 )
Operating income 87.6
87.7
Non-operating income and expenses (8.9 ) (11.4 )
Interest charges (47.8 ) (50.1 )
Income tax expense (2.9 ) (10.1 )
Net income $ 28.0
$ 16.1
Reconciliation of gross margin to operating revenues
Operating revenues $ 583.9
$ 570.7
Fuel and purchased power (154.3 ) (126.5 )
Transmission (25.4 ) (23.1 )
Gross margin ^(a)
$ 404.2
$ 421.1


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

~~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		%		Revenues and Expenses										MWhs Sold
Three Months Ended March 31	2018			2017			Change			2018	2017	Change
Three Months Ended September 30														2018			2017			Change				2018	2017	Change
Retail revenues	(millions)									(thousands)				(millions)										(thousands)
Residential	$	243.0		$	221.9			10		2,320	2,028	14		$	647.1		$	275.9			$	371.2		4,839	2,081	2,758
Commercial	246.0			244.5				1		2,653	2,541	4		530.5			218.1				312.4			5,259	2,156	3,103
Industrial	52.1			52.8				(1	)	725	739	(2	)	173.4			117.3				56.1			2,365	1,563	802
Other retail revenues	4.5			4.6				(3	)	26	27	(2	)	10.9			4.9				6.0			40	12	28
Total electric retail	545.6			523.8				4		5,724	5,335	7		1,361.9			616.2				745.7			12,503	5,812	6,691
Wholesale revenues	6.0			23.7				(75	)	1,521	1,948	(22	)	118.5			103.5				15.0			3,883	3,128	755
Transmission revenues														80.6			70.8				9.8			N/A	N/A	N/A
Other revenues	32.3			23.2				40		N/A	N/A	N/A		21.5			3.8				17.7			N/A	N/A	N/A
Operating revenues	583.9			570.7				2		7,245	7,283	(1	)	1,582.5			794.3				788.2			16,386	8,940	7,446
Fuel and purchased power	(154.3		)	(126.5		)		22						(383.7		)	(189.8		)		(193.9		)
Transmission	(25.4		)	(23.1		)		10
Gross margin ^(a)	$	404.2		$	421.1			(4	)
^(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
SPP network transmission costs														(58.4		)	(62.6		)		4.2
Utility gross margin ^(a)														$	1,140.4		$	541.9			$	598.5
^(a) Utility gross margin is a non-GAAP financial measure. See explanation of utility gross margin above.														^(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 September 30														2018			2017				Change			2018	2017	Change
Retail revenues														(millions)										(thousands)
Residential														$	1,169.4		$	626.8			$	542.6		9,047	4,828	4,219
Commercial														945.0			543.4				401.6			9,794	5,588	4,206
Industrial														375.5			316.0				59.5			5,345	4,319	1,026
Other retail revenues														21.5			17.2				4.3			75	56	19
Total electric retail														2,511.4			1,503.4				1,008.0			24,261	14,791	9,470
Wholesale revenues														302.4			256.2				46.2			9,789	7,612	2,177
Transmission revenues														227.6			213.0				14.6			N/A	N/A	N/A
Other revenues														34.7			3.6				31.1			N/A	N/A	N/A
Operating revenues														3,076.1			1,976.2				1,099.9			34,050	22,403	11,647
Fuel and purchased power														(748.9		)	(415.4		)		(333.5		)
SPP network transmission costs														(194.4		)	(185.0		)		(9.4		)
Utility gross margin ^(a)														$	2,132.8		$	1,375.8			$	757.0
^(a)Utilitygross margin is a non-GAAP financial measure. See explanation of utility gross margin above.														^(a)Utilitygross margin is a non-GAAP financial measure. See explanation of utility gross margin above.

~~Electric Utility's~~Evergy's utility gross margin ~~decreased $16.9~~increased $598.5 million for the three months ended ~~March 31,~~September 30, 2018, compared to the same period in 2017 driven by:

a $603.7 million increase due to the inclusion of KCP&L's and GMO's utility gross margin; and

a $25.1 million increase primarily due to higher Westar Energy retail sales driven by warmer summer weather. For the three months ended September 30, 2018, compared to the same period in 2017, cooling degree days increased 17%; partially offset by

a $28.1 million refund obligation recorded at Westar Energy for the change in the corporate income tax rate caused by the passage of the Tax Cuts and Jobs Act. See Note 17 to the consolidated financial statements for additional information; and

a $2.2 million obligation recorded at Westar Energy for one-time annual bill credits as a result of conditions in the KCC merger order. See Note 2 to the consolidated financial statements for additional information.

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Evergy's utility gross margin increased $757.0 million year to date September 30, 2018, compared to the same period in 2017 driven by:

a $774.5 million increase due to the inclusion of KCP&L's and GMO's utility gross margin beginning in June 2018; and

a $77.7 million increase primarily due to higher Westar Energy retail sales driven by warmer spring and summer weather and colder winter weather. For year to date September 30, 2018, compared to the same period in 2017, cooling degree days increased 32% and heating degree days increased 29%; partially offset by

a $66.3 million refund obligation recorded at Westar Energy for the change in the corporate income tax rate caused by the passage of the Tax Cuts and Jobs Act. See Note 17 to the consolidated financial statements for additional information; and

a $28.9 million obligation recorded at Westar Energy for one-time and annual bill credits as a result of conditions in the KCC merger order. See Note 2 to the consolidated financial statements for additional information.

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

Evergy's other operating expenses increased $231.0 million for the three months ended September 30, 2018, compared to the same period in 2017 primarily driven by:

a ~~$21.9~~$183.9 million ~~decrease~~increase in operating and maintenance expense due to the inclusion of KCP&L's and GMO's operating and maintenance expenses;

a ~~provision for rate refund~~$40.7 million increase in ~~2018 at~~taxes other than income taxes due to the inclusion of KCP&L and GMO ~~for Missouri and Kansas customers for~~amounts;

$7.1 million of merger-related costs incurred following the ~~difference in federal income taxes collected in current rates at 35% and the new federal corporate income tax rate of 21% effective in January 2018 as a result~~close of the ~~Tax Cuts and Jobs Act;~~merger, consisting of:


◦	$0.8 million of Westar Energy voluntary severance expenses incurred; and


◦	$6.3 million of merger consulting fees and fees for other outside services incurred; and

~~$16.0 million of sales taxes and franchise fees collected from KCP&L Missouri customers in 2017, which as part of the Company's adoption of ASC 606,~~ ~~Revenue from Contracts with Customers, these items are now presented net in revenue in 2018;~~

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~~an estimated $18~~a $5.5 million increase due to ~~colder weather driven by a 27% increase in heating degree days in~~Westar Energy's 47% share of voluntary severance expenses incurred related to the ~~first quarter of 2018;~~Wolf Creek voluntary exit program.

~~an estimated $6 million increase due to weather-normalized retail demand; and~~

~~a $1.8 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense.~~

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

~~Electric Utility's~~Evergy's other operating expenses ~~decreased $10.7~~increased $395.7 million ~~for the three months ended March 31,~~year to date September 30, 2018, compared to the same period in 2017 primarily driven by:

a ~~$16.1 million decrease in general taxes primarily due to sales taxes and franchise fees collected from KCP&L Missouri customers in 2017, which as part of the Company's adoption of ASC 606,~~ ~~Revenue from Contracts with Customers, these items are now presented net in revenue in 2018;~~

~~a $1.8~~$245.6 million increase in ~~program costs for energy efficiency program under MEEIA, which have a direct offset in revenue; and~~

~~a $1.1 million increase in plant~~ operating and maintenance expense ~~at coal units, primarily~~ due to ~~outages.~~the inclusion of KCP&L's and GMO's operating and maintenance expenses beginning in June 2018, excluding the deferral of merger transition costs discussed below;

~~Electric Utility Costs~~$64.6 million of merger-related costs incurred following the close of the merger 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;


◦	$40.7 million of Westar Energy change in control payments, voluntary severance and the recording of unrecognized equity compensations 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


◦	$47.0 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;

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a $54.6 million increase in taxes other than income taxes due to ~~Achieve~~ the ~~Anticipated Merger with~~inclusion of KCP&L and GMO amounts beginning in June 2018;

$12.3 million of 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 retired in the fourth quarter of 2018; and

~~Electric Utility's costs~~a $5.5 million increase due to ~~achieve~~Westar Energy's 47% share of voluntary severance expenses incurred related to the ~~anticipated merger with Westar decreased $9.5~~Wolf Creek voluntary exit program.

Depreciation and Amortization

Evergy's depreciation and amortization increased $99.3 million for the three months ended March 31, 2018, compared to the same period in 2017 primarily due to a $5.3 million decrease in consulting fees and a $4.0 million decrease in certain severance expenses related to the anticipated merger with Westar.

~~Electric Utility Income Tax Expense~~

~~Electric Utility's income tax expense decreased $7.2 million for the three months ended March 31,~~September 30, 2018, compared to the same period in 2017, primarily driven by a $98.0 million increase due to the inclusion of KCP&L's and GMO's depreciation expense.

Evergy's depreciation and amortization increased $134.3 million year to date September 30, 2018, compared to the same period in 2017, primarily driven by a $130.0 million increase due to the inclusion of KCP&L's and GMO's depreciation expense beginning in June 2018.

Other Income (Expense), Net

Evergy's other expense, net increased $17.7 million for the three months ended September 30, 2018, compared to the same period in 2017 primarily driven by:

an ~~$8.1~~$11.7 million increase due to the inclusion of KCP&L and GMO amounts; and

a $1.0 million decrease in Westar Energy's investment earnings primarily due to a decrease in interest and dividend income.

Evergy's other expense, net increased $23.3 million year to date September 30, 2018, compared to the same period in 2017 primarily driven by:

a $14.6 million increase due to the inclusion of KCP&L and GMO amounts beginning in June 2018; and

a $3.9 million decrease in Westar Energy's investment earnings primarily due to a decrease in interest and dividend income.

Interest Expense

Evergy's interest expense increased$45.7 million for the three months ended September 30, 2018, compared to the same period in 2017, primarily driven by a $45.2 million increase due to the inclusion of KCP&L's and GMO's interest expense and Evergy's assumption of Great Plains Energy's $350.0 million of 4.85% unsecured Senior Notes and $287.5 million of 5.292% unsecured Senior Notes upon the consummation of the merger.

Evergy's interest expense increased$63.1 million year to date September 30, 2018, compared to the same period in 2017 primarily driven by a $59.2 million increase due to the inclusion of KCP&L's and GMO's interest expense beginning in June 2018 and Evergy's assumption of Great Plains Energy's $350.0 million of 4.85% unsecured Senior Notes and $287.5 million of 5.292% unsecured Senior Notes upon the consummation of the merger.

Income Tax Expense

Evergy's income tax expense increased $8.3 million for the three months ended September 30, 2018, compared to the same period in 2017 primarily driven by:

a $41.5 million increase as a result of the inclusion of income tax expense related to Evergy, Inc. and the ~~enactment~~subsidiaries of ~~the Tax Cuts and Jobs Act consisting of:~~Great Plains Energy; partially offset by

a ~~$4.1~~$25.9 million decrease in Westar Energy's income tax expense as a result of the decrease in the federal statutory income tax rate in 2018; and

a ~~$4.0~~$6.9 million decrease indue to lower Westar Energy pre-tax income.

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Evergy's income tax expense ~~due~~decreased $84.3 million year to ~~an increase~~date September 30, 2018, compared to the same period in ~~flow-through items~~2017 primarily ~~consisting~~driven by:

a $53.2 million decrease related to the revaluation of ~~amortization of regulatory liabilities for excess~~Westar Energy's deferred income ~~taxes generated~~tax assets and liabilities based on the Evergy composite tax rate as a result of the ~~enactment~~merger;

a $47.5 million decrease due to lower Westar Energy pre-tax income; and

a $38.1 million decrease in Westar Energy's income tax expense as a result of the ~~Tax Cuts~~decrease in the federal statutory income tax rate in 2018; partially offset by

a $50.2 million increase as a result of the inclusion of income tax expense related to Evergy, Inc. and ~~Jobs Act~~the subsidiaries of Great Plains Energy beginning in ~~December 2017.~~June 2018.

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~~GREAT PLAINS ENERGY~~

EVERGY SIGNIFICANT BALANCE SHEET CHANGES

(~~March 31,~~September 30, 2018 compared to December 31, 2017)

The following table summarizes Evergy's significant balance sheet changes.



	Total Change			Change Due to Merger		Remaining Change
Assets	(in millions)
Cash and cash equivalents	$	676.3		$	1,154.2	$	(477.9	)
Accounts receivable, net	205.8			155.6		50.2
Accounts receivable pledged as collateral	195.0			180.0		15.0
Fuel inventories and supplies	227.3			271.5		(44.2		)
Income taxes receivable	20.8			—		20.8
Regulatory assets - current	233.0			207.8		25.2
Prepaid expenses and other assets	33.8			41.5		(7.7		)
Property, plant and equipment, net	9,282.2			9,179.7		102.5
Property, plant and equipment of variable interest entities, net	(5.4		)	—		(5.4		)
Regulatory assets	832.7			829.1		3.6
Nuclear decommissioning trust	280.9			261.3		19.6
Goodwill	2,333.5			2,333.5		—
Other	134.9			145.5		(10.6		)
Liabilities
Current maturities of long-term debt	709.6			415.3		294.3
Current maturities of long-term debt of variable interest entities	1.8			—		1.8
Notes payable and commercial paper	400.2			561.0		(160.8		)
Collateralized note payable	195.0			180.0		15.0
Accounts payable	99.5			191.4		(91.9		)
Accrued dividends	(53.8		)	—		(53.8		)
Accrued taxes	194.4			82.0		112.4
Accrued interest	46.9			48.0		(1.1		)
Regulatory liabilities - current	105.6			17.7		87.9
Other current liabilities	136.3			119.1		17.2
Long-term debt, net	2,952.2			3,358.6		(406.4		)
Long-term debt of variable interest entities, net	(30.3		)	—		(30.3		)
Deferred income taxes	720.3			665.1		55.2
Unamortized investment tax credits	121.8			124.3		(2.5		)
Regulatory liabilities	1,263.1			1,172.9		90.2
Pension and post-retirement liability	458.5			477.3		(18.8		)
Asset retirement obligations	242.7			366.1		(123.4		)
Other long-term liabilities	98.6			83.1		15.5

Change Due to Merger as reflected in the table above represents the preliminary purchase price allocation to Great Plains Energy's assets and liabilities as of June 4, 2018. See Note 2 to the consolidated financial statements for additional information regarding changes in Evergy's balance sheet due to the merger.

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The following are significant balance sheet changes in addition to those due to the Great Plains Energy and Westar Energy merger:

Evergy's cash and cash equivalents decreased $477.9 million primarily due to the repurchase of common stock for a total cost of $486.1 million in connection with Evergy's share repurchase program.

Evergy's receivables, net ~~decreased $43.5~~increased $50.2 million primarily due to seasonal ~~decreases~~increases in customer accounts receivable.

Great Plains Energy's commercial paper increased $147.0 million due to an increase in commercial paper of $120.8 million at KCP&L and $26.2 million at GMO due to borrowings for general corporate purposes.

~~Great Plains Energy's~~Evergy's current maturities of long-term debt increased by $294.3 million primarily due to the reclassification of KGE's $300.0 million of 6.70% Series First Mortgage Bonds from long-term to current.

Evergy's notes payable and commercial paper decreased ~~$350.0~~$160.8 million primarily due to the repayment of ~~KCP&L's $350.0 million of 6.375% unsecured Senior Notes~~commercial paper with funds from operations at ~~maturity in March 2018.~~KCP&L and GMO.

~~Great Plains Energy's~~Evergy's accounts payable decreased ~~$154.0~~$91.9 million primarily due to the timing of cash payments.

~~Great Plains~~Evergy's accrued dividends decreased $53.8 million due to the timing of payment for Westar Energy's common stock dividend declared in August 2018, which was paid in September 2018, and its common stock dividend declared in November 2017, which was paid in January 2018.

Evergy's accrued taxes increased ~~$37.6~~$112.4 million primarily due to the timing of property tax payments.

~~Great Plains Energy's long-term debt~~Evergy's current regulatory liabilities increased ~~$295.9~~$87.9 million primarily due to ~~KCP&L's issuance~~$79.0 million of refund obligations recorded by Westar Energy consisting of $55.9 million related to the Tax Cuts and Jobs Act and $23.1 million related to one-time customer merger bill credits.

Evergy's long-term debt decreased by $406.4 million primarily due to the reclassification of KGE's $300.0 million of ~~4.20% unsecured~~6.70% Series First Mortgage Bonds from long-term to current and the redemption of $104.0 million of GMO's Series A and B Senior Notes in ~~March~~the third quarter of 2018.

Evergy's long-term debt of variable interest entities, net decreased $30.3 million primarily due to the VIE that holds the La Cygne Unit 2 leasehold interest having made principal payments totaling $28.5 million.

Evergy's asset retirement obligations decreased $123.4 million primarily due to a $127.0 million decrease in Evergy's and Westar Energy's AROs for a revision in estimate primarily related to Westar Energy's ARO to decommission its 47% ownership share of Wolf Creek. See Note 6 to the consolidated financial statements for additional information.

LIQUIDITY AND CAPITAL RESOURCES

Evergy relies primarily upon cash from operations, short-term borrowings, debt issuances and its existing cash and cash equivalents to fund its capital requirements. Evergy's capital requirements primarily consist of capital expenditures, payment of contractual obligations and other commitments, the payment of dividends to shareholders and the repurchase of common shares.

Capital Sources

Cash Flows from Operations

Evergy's cash flows from operations are driven by the regulated sale of electricity. These cash flows are relatively stable but the timing and level of these cash flows can vary based on weather and economic conditions, future regulatory proceedings, the timing of cash payments made for costs recoverable under regulatory mechanisms and the time such costs are recovered, and unanticipated expenses such as unplanned plant outages and/or storms.

Short-Term Borrowings

As of September 30, 2018, Evergy had $1.8 billion of available borrowing capacity from its master credit facility and receivable sale facilities. Westar Energy's, KCP&L's and GMO's borrowing capacity under the master credit facility also support their issuance of commercial paper. The available borrowing capacity consisted of $449.0 million from Evergy Inc.'s master credit facility, $655.4 million from Westar Energy's credit facilities, $388.1 million from KCP&L's credit facilities and $307.5 million from GMO's credit facilities. See Notes 4 and 9 to the

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~~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 March 31, 2018, consisted of $1.1 billion of cash and cash equivalents on hand and $697.4 million of available borrowing capacity from unused bank lines of credit and receivable sale agreements. The available borrowing capacity consisted of $176.0 million from Great Plains Energy's revolving credit facility, $309.0 million from KCP&L's credit facilities and $212.4 million from GMO's credit facilities. See Notes 5 and 10 to the consolidated financial statements for more information regarding the receivable sale ~~agreements~~facilities and ~~revolving~~master credit ~~facilities,~~facility, respectively. ~~Generally, Great Plains Energy~~Along with cash flows from operations, Evergy generally uses these liquid resources to meet its day-to-day cash flow ~~requirements,~~requirements.

Long-Term Debt and ~~from~~Equity Issuances

From time to time, Evergy issues ~~equity~~long-term debt and/or ~~long-term debt~~equity to repay short-term debt, ~~or increase~~refinance maturing long-term debt and finance growth. As of September 30, 2018 and December 31, 2017, Evergy’s capital structure, excluding short-term debt, was as follows:



	September 30	December 31
	2018	2017
Common equity	59%	51%
Noncontrolling interests	<0%	<0%
Long-term debt, including VIEs	41%	49%

After the completion of its common stock repurchase plan, Evergy anticipates having a common equity to total capitalization ratio of approximately 50%. Following the utilization of its excess cash ~~balances.~~and cash equivalents discussed further below, Evergy anticipates issuing long-term debt in 2019 in support of its common stock repurchase plan. See "Liquidity and Capital Resources - Capital Requirements - Common Stock Repurchase Plan" for additional information.

Under stipulations with the MPSC and KCC, Evergy, Westar Energy and KCP&L are required to maintain common equity at not less than 35%, 40% and 40%, respectively, of total capitalization. The master credit facility and certain debt instruments of the Evergy Companies also contain restrictions that require the maintenance of certain capitalization and leverage ratios. As of September 30, 2018, the Evergy Companies were in compliance with these covenants.

Significant Debt Issuances

See Note 10 to the consolidated financial statements for information regarding significant debt issuances.

Credit Ratings

The ~~$1.1~~ratings of the Evergy Companies' securities by the credit rating agencies impact their liquidity, including the cost of borrowings under their master credit facility and in the capital markets. The Evergy Companies view maintenance of strong credit ratings as extremely important to the Evergy Companies' access to and cost of debt financing and, to that end, maintain an active and ongoing dialogue with the agencies with respect to results of operations, financial position and future prospects. While a decrease in these credit ratings would not cause any acceleration of the Evergy Companies' debt, it could increase interest charges under revolving credit agreements. A decrease in credit ratings could also have, among other things, an adverse impact, which could be material, on the Evergy Companies' access to capital, the cost of funds, the ability to recover actual interest costs in state regulatory proceedings, the type and amounts of collateral required under supply agreements and Evergy's ability to provide credit support for its subsidiaries.

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As of November 7, 2018, the major credit rating agencies rated the Evergy Companies' securities as detailed in the following table.



	Moody's		S&P Global
	Investors Service		Ratings
Evergy
Outlook		Stable		Stable
Corporate Credit Rating		--		A-
Senior Unsecured Debt		Baa2		BBB+

Westar Energy
Outlook		Stable		Stable
Corporate Credit Rating		Baa1		A-
Senior Secured Debt		A2		A
Commercial Paper		P-2		A-2

KGE
Outlook		Stable		Stable
Corporate Credit Rating		Baa1		A-
Senior Secured Debt		A2		A

KCP&L
Outlook		Stable		Stable
Corporate Credit Rating		Baa1		A-
Senior Secured Debt		A2		A
Senior Unsecured Debt		Baa1		A-
Commercial Paper		P-2		A-2

GMO
Outlook		Stable		Stable
Corporate Credit Rating		Baa2		A-
Senior Unsecured Debt		Baa2		A-
Commercial Paper		P-2		A-2

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency.

Shelf Registration Statements and Regulatory Authorizations

Evergy

In November 2018, Evergy filed an automatic shelf registration statement providing for the sale of unlimited amounts of securities with the SEC, which expires in November 2021.

Westar Energy

In November 2018, Westar Energy filed an automatic shelf registration statement providing for the sale of unlimited amounts of unsecured debt securities and first mortgage bonds with the SEC, which expires in November 2021.

KCP&L

In November 2018, KCP&L filed an automatic shelf registration statement providing for the sale of unlimited amounts of notes and mortgage bonds with the SEC, which expires in November 2021.

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The following table summarizes the short-term and long-term debt financing authorizations for Westar Energy, KGE, KCP&L and GMO and the remaining amount available under these authorizations as of September 30, 2018.



Type of Authorization	Commission	Expiration Date	Authorization Amount	Available Under Authorization
Westar Energy & KGE			(in millions)
Short-Term Debt	FERC	February 2020	$1,000.0	$673.7
KCP&L
Short-Term Debt	FERC	December 2018	$1,000.0	$790.8
Long-Term Debt	MPSC	September 2019	$750.0	$450.0
GMO
Short-Term Debt	FERC	March 2020	$750.0	$609.6

In October 2018, Westar Energy and KGE, KCP&L and GMO filed requests with FERC to have outstanding at any one time up to $1,250.0 million (combined for both Westar Energy and KGE), $1,250.0 million and $750.0 million in short-term debt instruments, respectively, through December 2020.

In October 2018, GMO filed a request with FERC to issue up to a total of $100.0 million in long-term debt instruments for a two-year authorization period beginning on the date of the FERC approval.

In addition to the above regulatory authorizations, the Westar Energy and KGE mortgages each contain provisions restricting the amount of First Mortgage Bonds (FMBs) that can be issued by each entity. Westar Energy and KGE must comply with these restrictions prior to the issuance of additional FMBs or other secured indebtedness.

Under the Westar Energy mortgage, the issuance of bonds is subject to limitations based on the amount of bondable property additions. In addition, so long as any bonds issued prior to January 1, 1997, remain outstanding, the mortgage prohibits additional FMBs from being issued, except in connection with certain refundings, unless Westar Energy’s unconsolidated net earnings available for interest, depreciation and property retirement (which as defined, does not include earnings or losses attributable to the ownership of securities of subsidiaries), for a period of 12 consecutive months within 15 months preceding the issuance, are not less than the greater of twice the annual interest charges on or 10% of the principal amount of all FMBs outstanding after giving effect to the proposed issuance. As of September 30, 2018, $369.5 million principal amount of additional FMBs could be issued under the most restrictive provisions in the mortgage, except in connection with certain refundings.

Under the KGE mortgage, the amount of FMBs authorized is limited to a maximum of $3.5 billion and the issuance of bonds is subject to limitations based on the amount of bondable property additions. In addition, the mortgage prohibits additional FMBs from being issued, except in connection with certain refundings, unless KGE’s net earnings before income taxes and before provision for retirement and depreciation of property for a period of 12 consecutive months within 15 months preceding the issuance are not less than either two and one-half times the annual interest charges on or 10% of the principal amount of all KGE FMBs outstanding after giving effect to the proposed issuance. As of September 30, 2018, approximately $2.5 billion principal amount of additional KGE FMBs could be issued under the most restrictive provisions in the mortgage, except in connection with certain refundings.

Cash and Cash Equivalents

At September 30, 2018, Evergy had approximately $679.7 million of cash and cash equivalents on hand at March 31, 2018, is primarily the result of Great Plains Energy's common stock offering in October 2016, the proceeds of which were to be used to fund a portion of the cash consideration for the acquisition of Westar under the Original Merger Agreement. Great Plains Energy also expects to receive $140.6 million in proceeds from its deal contingent interest rate swaps upon the closing of the anticipated merger with Westar.hand. Under the Amended Merger Agreement, Great Plains Energy iswas 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~~Westar Energy. Year to date September 30,

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2018, Evergy utilized this excess cash to repurchase $486.1 million of common stock. Evergy anticipates that its remaining excess cash will also be returned to shareholders ~~of the combined company~~ through the repurchase of common stock.

Capital Requirements

Capital Expenditures

Evergy requires significant capital investments and expects to need cash primarily for utility construction programs designed to improve and expand facilities related to providing electric service, which include, but are not limited to, expenditures to develop new transmission lines and improvements to power plants, transmission and distribution lines and equipment.

Evergy's anticipated capital expenditures for the next several years were reported in the Westar Energy 2017 Form 10-K and the Great Plains Energy and KCP&L combined 2017 Form 10-K. There have been no material changes with regard to these anticipated capital expenditures.

Contractual Obligations and Other Commitments

In the course of its business activities, the Evergy Companies enter into a variety of contracts and commercial commitments. Some of these result in direct obligations reflected on Evergy's consolidated balance sheets while others are commitments, some firm and some based on uncertainties, not reflected in Evergy's underlying consolidated financial statements. There have been no material changes with regards to the contractual obligations and commitments disclosed in Supplemental Capital Requirements and Liquidity Information in MD&A in the Great Plains Energy and KCP&L combined 2017 Form 10-K and in Contractual Obligations and Commercial Commitments in the Westar Energy 2017 Form 10-K.

Common Stock Dividends

The amount and timing of dividends payable on Evergy's common stock are within the sole discretion of the Evergy Board. The amount and timing of dividends declared by the Evergy Board will be dependent on considerations such as Evergy's earnings, financial position, cash flows, capitalization ratios, regulation, reinvestment opportunities and debt covenants. Evergy targets a long-term dividend payout ratio of 60% to 70% of earnings. See Note 1 to the consolidated financial statements for information on the common stock dividend declared by the Evergy Board in October 2018.

The Evergy Companies also have certain restrictions stemming from statutory requirements, corporate organizational documents, covenants and other conditions that could affect dividend levels. See Note 15 to the consolidated financial statements for further discussion of restrictions on dividend payments.

Common Stock Repurchase Plan

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 the 60 million shares by mid-2020. Year to date September 30, 2018, Evergy had total repurchases of common stock of approximately $486 million and had repurchased 6.9 million shares under the repurchase program, which included shares repurchased under ASR agreements which had not reached final settlement as of September 30, 2018, and are discussed further below. The ASR agreements were entered into in August 2018 with financial institutions and resulted in the initial delivery to Evergy of 6.3 million shares of common stock, representing a partial settlement of the contracts, based on then-current market prices and Evergy paid a total of $450.0 million. One of the ASR agreements reached final settlement in October 2018 and the remaining ASR agreement is expected to settle by the end of November 2018. See Note 15 to the consolidated financial statements for more information regarding Evergy's common stock repurchase program.

Impact of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act will result in lower operating cash flows for the Evergy Companies as a result of lower customer rates resulting from lower income tax expense recoveries and the settlement of related deferred income tax regulatory liabilities, which are significant. These decreases in operating cash flows are expected to exceed the increase in operating cash flows for the Evergy Companies resulting from the lower corporate federal income tax rate. These net regulatory liabilities will be refunded in future rates by amortizing amounts related to plant

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assets primarily over ~~time after~~the remaining useful life of the assets and amortizing the amounts related to the other items over various periods as determined in the Evergy Companies' 2018 rate cases.

Off-Balance Sheet Arrangements

In the ordinary course of business, Evergy and certain of its subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of certain subsidiaries. Such agreements include, for example, guarantees and letters of credit. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to a subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish the subsidiary's intended business purposes. In connection with the closing of the ~~anticipated merger.~~

merger, Evergy assumed the guarantees previously provided to GMO by Great Plains Energy intends to meet day-to-day cash flow requirements including interest payments, retirement 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. Great Plains Energy's intention to meet a portionEnergy. The majority of these ~~requirements with internally generated funds may be impacted by~~agreements guarantee Evergy's own future performance, so a liability for the ~~effect~~fair value of ~~inflation on operating expenses,~~ the ~~level~~obligation is not recorded.

At September 30, 2018, Evergy has provided $111.3 million of ~~MWh sales, regulatory actions, compliance with environmental regulations~~credit support for GMO as follows:

Evergy direct guarantees to GMO counterparties totaling $17.0 million, which expire in 2020, and ~~the availability~~

Evergy's guarantee of ~~generating units. Great Plains Energy does not anticipate issuing equity, equity-linked securities and/or~~GMO long-term debt totaling $94.3 million, which includes debt with maturity dates ranging from 2019 to ~~meet cash needs prior to the closing~~2023.

Evergy has also guaranteed GMO's commercial paper program. At September 30, 2018, GMO had $140.4 million of commercial paper outstanding. None of the ~~anticipated merger with Westar.~~guaranteed obligations are subject to default or prepayment if GMO's credit ratings were downgraded.

The Evergy Companies also have off-balance sheet arrangements in the form of operating leases and letters of credit entered into in the ordinary course of business.

Cash Flows

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



Year to Date September 30	2018			2017
	(in millions)
Cash flows from operating activities	$	1,191.6		$	742.7
Cash flows from (used in) investing activities	574.8			(581.4		)
Cash flows used in financing activities	(1,090.1		)	(161.0		)

Cash Flows from Operating Activities

~~Great Plains Energy generated positive~~Evergy's cash flows from operating activities ~~for the periods presented. The $25.9~~increased $448.9 million ~~increase in cash flows from operating activities for Great Plains Energy for the three months ended March 31,~~year to date September 30, 2018, compared to the same period in 2017, ~~was~~ primarily driven by a $554.2 million increase due to the inclusion of KCP&L's and GMO's cash flows from operating activities beginning in June 2018; partially offset by $35.6 million of merger success fees paid by Evergy and Westar Energy upon the completion of the merger; an increase of $16.0 million in Wolf Creek refueling outage costs paid by Westar Energy related to the outage that concluded in May 2018 and a ~~$44.6~~$10.4 million increase in net income partially offset by a $28.9 million decrease in working capital. The changes in working capital are detailed in Note 4 to the consolidated financial statements. The individual components of working capital vary with normal business cyclesWestar Energy pension and ~~operations.~~post-retirement contributions.

Cash Flows from 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.~~

~~Great Plains Energy's~~Evergy's cash flows from investing activities ~~decreased $1.0 billion for the three months ended March 31,~~increased $1,156.2 million year to date September 30, 2018, compared to the same period in 2017, primarily due to ~~$1.0 billion~~the inclusion of ~~proceeds~~$1,154.2 million of cash acquired from ~~the maturity of a time deposit in 2017.~~ Great Plains Energy ~~had purchased the $1.0 billion time deposit in 2016 with a portion~~as of the ~~proceeds from its October 2016~~merger date.

Cash Flows used in Financing Activities

Evergy's cash flows used in financing activities increased $929.1 million year to date September 30, 2018, compared to the same period in 2017, primarily due to the repurchase of common stock of $486.1 million as a result of Evergy's share repurchase program in 2018; a $296.2 million decrease in Westar Energy long-term debt proceeds and ~~depositary share offerings.~~an increase in cash dividends paid of $184.1 million due to an increase in outstanding shares of

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~~Cash Flows from Financing Activities~~common stock following the close of the merger and a $0.06 per share increase in the quarterly dividend paid in September 2018.

~~Great Plains~~

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 reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.

The following table summarizes Westar Energy's ~~cash flows from financing activities~~comparative results of operations.



	Year to Date September 30
	2018			2017			Change
	(millions)
Operating revenues	$	2,015.9		$	1,976.2		$	39.7
Fuel and purchased power	463.2			415.4			47.8
SPP network transmission costs	194.4			185.0			9.4
Other operating expenses	620.2			542.0			78.2
Depreciation and amortization	281.6			277.3			4.3
Income from operations	456.5			556.5			(100.0		)
Other income (expense), net	(31.6		)	(20.4		)	(11.2		)
Interest expense	132.1			128.2			3.9
Income tax expense (benefit)	(22.0		)	112.6			(134.6		)
Equity in earnings of equity method investees, net of income taxes	3.7			4.9			(1.2		)
Net income	318.5			300.2			18.3
Less: Net income attributable to noncontrolling interests	7.6			10.2			(2.6		)
Net income attributable to Westar Energy, Inc.	$	310.9		$	290.0		$	20.9

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 September 30	2018				2017			Change			2018	2017	Change
Retail revenues	(millions)										(thousands)
Residential	$	671.9			$	626.8		$	45.1		5,349	4,828	521
Commercial	542.8				543.4			(0.6		)	5,797	5,588	209
Industrial	297.2				316.0			(18.8		)	4,275	4,319	(44	)
Other retail revenues	15.3				17.2			(1.9		)	45	56	(11	)
Total electric retail	1,527.2				1,503.4			23.8			15,466	14,791	675
Wholesale revenues	263.7				256.2			7.5			7,560	7,612	(52	)
Transmission revenues	216.3				213.0			3.3			N/A	N/A	N/A
Other revenues	8.7				3.6			5.1			N/A	N/A	N/A
Operating revenues	2,015.9				1,976.2			39.7			23,026	22,403	623
Fuel and purchased power	(463.2		)		(415.4		)	(47.8		)
SPP network transmission costs	(194.4		)		(185.0		)	(9.4		)
Utility gross margin ^(a)	$	1,358.3		��	$	1,375.8		$	(17.5	)


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

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Westar Energy's utility gross margin decreased ~~$4.3 billion for the three months ended March 31,~~$17.5 million year to date September 30, 2018, compared to the same period in 2017, driven by:

a $66.3 million refund obligation for the change in the corporate income tax rate caused by ~~proceeds from Great Plains Energy's March 2017 issuance of $4.3 billion senior notes.~~

~~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~~passage of the ~~amount of construction work in progress).~~

KCP&L's long-term financing activities are subject to the authorization of the MPSC. In February 2018, the MPSC authorized KCP&L to issue up to $750.0 million of long-term debt through September 30, 2019. At March 31, 2018, KCP&L had utilized $300.0 million of this authorization.

~~KCP&L's~~Tax Cuts 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 March 31, 2018, there was $711.7 million available under this authorization. In December 2017, 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 2020. At March 31, 2018, there was $514.5 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 March 31, 2018, there were no outstanding payables under the money pool.

~~Significant Financing Activities~~

~~Great Plains Energy~~

Great Plains Energy had a shelf registration statement that expired in March 2018. Great Plains Energy does not expect to replace this shelf registration statement prior to the closing of the anticipated merger with Westar.

~~KCP&L~~

~~KCP&L has an effective shelf registration statement providing for the sale of $1.1 billion in aggregate principal amount of notes and mortgage bonds which expires in April 2021.~~

In March 2018, KCP&L issued, at a discount, $300.0 million of 4.20% unsecured Senior Notes, maturing in 2048. KCP&L also repaid its $350.0 million of 6.375% unsecured Senior Notes at maturity in March 2018.

~~Debt Agreements~~

Jobs Act. See Note 1017 to the consolidated financial statements for ~~information regarding revolving credit facilities.~~additional information; and

~~Pensions~~a $28.9 million obligation for one-time and annual bill credits as a result of conditions in the KCC merger order. See Note 2 to the consolidated financial statements for additional information; partially offset by

~~The Company incurs significant~~a $77.7 million increase primarily due to higher retail sales driven by warmer spring and summer weather and colder winter weather. For year to date September 30, 2018, compared to the same period in 2017, cooling degree days increased 31% and heating degree days increased 27%.

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

Westar Energy's other operating expenses increased $78.2 million year to date September 30, 2018, compared to the same period in 2017, primarily driven by:

$47.8 million of merger-related costs incurred following the close of the merger in ~~providing defined benefit plans~~June 2018, consisting of:


◦	$40.7 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 Westar Energy equity compensation awards in accordance with the Amended Merger Agreement; and


◦	$20.4 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees; partially offset by


◦	a $13.3 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;

$12.3 million of obsolete inventory write-offs for ~~substantially all active~~Westar Energy's Unit 7 at Tecumseh Energy Center, Units 3 and ~~inactive employees~~4 at Murray Gill Energy Center and Units 1 and 2 at Gordon Evans Energy Center, which were retired in the fourth quarter of ~~KCP&L~~2018; and ~~GMO and its~~

a $5.5 million increase due to Westar Energy's 47% ~~ownership~~ share of ~~WCNOC's defined benefit plans. Funding~~voluntary severance expenses incurred related to the Wolf Creek voluntary exit program.

Westar Energy Other Income (Expense), Net

Westar Energy's other expense, net increased $11.2 million year to date September 30, 2018, compared to the same period in 2017, primarily driven by:

a $3.9 million increase in pension non-service costs; and

a $3.9 million decrease in investment earnings primarily due to a decrease in interest and dividend income.

Westar Energy Income Tax Expense

Westar Energy's income tax expense decreased $134.6 million year to dateSeptember 30, 2018, compared to the same period in 2017, primarily driven by:

a $53.2 million decrease related to the revaluation of deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the ~~plans follows legal~~merger;

a $47.5 million decrease due to lower pre-tax income; and ~~regulatory requirements with funding equaling or exceeding~~

a $38.1 million decrease as a result of the ~~minimum requirements of ERISA.~~

~~For~~decrease in the ~~three months ended March 31, 2018, the Company contributed $13.7 million to the pension plans and expects to contribute an additional $70.3 million~~federal statutory income tax rate in ~~2018 to satisfy ERISA funding requirements and the MPSC and KCC rate orders, the majority of which is expected to be paid by KCP&L.~~2018.

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Additionally, the Company provides post-retirement health and life insurance benefits for certain retired employees and expects to make benefit contributions of $4.6 million under the provisions of these plans in 2018, 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.~~

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.

Three Months Ended March 31 2018 2017
(millions)
Operating revenues $ 397.1
$ 395.9
Fuel and purchased power (101.8 ) (78.9 )
Transmission (15.7 ) (14.3 )
Other operating expenses (150.2 ) (164.5 )
Costs to achieve the anticipated merger with Westar (1.5 ) (7.9 )
Depreciation and amortization (66.9 ) (65.3 )
Operating income 61.0
65.0
Non-operating income and expenses (4.3 ) (6.4 )
Interest charges (33.0 ) (35.6 )
Income tax expense (3.5 ) (8.8 )
Net income $ 20.2
$ 14.2
Reconciliation of gross margin to operating revenues:
Operating revenues $ 397.1
$ 395.9
Fuel and purchased power (101.8 ) (78.9 )
Transmission (15.7 ) (14.3 )
Gross margin ^(a)
$ 279.6
$ 302.7



	Year to Date September 30
	2018			2017			Change
	(millions)
Operating revenues	$	1,408.9		$	1,474.3		$	(65.4	)
Fuel and purchased power	392.4			367.3			25.1
Other operating expenses	442.4			490.9			(48.5		)
Depreciation and amortization	209.0			199.9			9.1
Income from operations	365.1			416.2			(51.1		)
Other income (expense), net	(19.1		)	(33.8		)	14.7
Interest expense	100.6			105.5			(4.9		)
Income tax expense	80.3			99.0			(18.7		)
Net income	$	165.1		$	177.9		$	(12.8	)


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

KCP&L Utility Gross Margin and MWh Sales

The following table summarizes KCP&L's utility gross margin and MWhs sold.


	Revenues and Costs						%		MWhs Sold		%		Revenues and Expenses									MWhs Sold
Three Months Ended March 31	2018			2017			Change		2018	2017	Change
Year to Date September 30													2018			2017			Change			2018	2017	Change
Retail revenues	(millions)								(thousands)				(millions)									(thousands)
Residential	$	154.9		$	141.5		9		1,346	1,190	13		$	585.4		$	573.7		$	11.7		4,480	4,034	446
Commercial	181.8			181.4			—		1,859	1,784	4		609.2			651.1			(41.9		)	5,931	5,730	201
Industrial	32.2			32.9			(2	)	410	421	(3	)	105.4			118.9			(13.5		)	1,333	1,330	3
Other retail revenues	2.7			2.7			(2	)	19	19	1		7.7			8.3			(0.6		)	56	53	3
Total electric retail	371.6			358.5			4		3,634	3,414	6		1,307.7			1,352.0			(44.3		)	11,800	11,147	653
Wholesale revenues	3.1			23.5			(87	)	1,380	1,884	(27	)	38.5			74.7			(36.2		)	3,753	5,198	(1,445	)
Transmission revenues													11.0			12.2			(1.2		)	N/A	N/A	N/A
Other revenues	22.4			13.9			60		N/A	N/A	N/A		51.7			35.4			16.3			N/A	N/A	N/A
Operating revenues	397.1			395.9			—		5,014	5,298	(5	)	1,408.9			1,474.3			(65.4		)	15,553	16,345	(792	)
Fuel and purchased power	(101.8		)	(78.9		)	29						(392.4		)	(367.3		)	(25.1		)
Transmission	(15.7		)	(14.3		)	9
Gross margin ^(a)	$	279.6		$	302.7		(8	)
Utility gross margin ^(a)													$	1,016.5		$	1,107.0		$	(90.5	)



	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
	(Aa Missouri ~~Corporation)~~corporation)
	1200 Main Street
	Kansas City, Missouri 64105
	(816) 556-2200

001-03523	WESTAR ENERGY, INC.	48-0290150
	(a Kansas corporation)
	818 South Kansas Avenue
	Topeka, Kansas 66612
	(785) 575-6300

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



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		1722
	Note 1:	~~Summary~~Organization and Basis of ~~Significant Accounting Policies~~Presentation	1722
	Note 2:	~~Revenue Recognition~~Merger of Great Plains Energy and Westar Energy	2030
	Note 3:	~~Anticipated Merger with Westar Energy, Inc.~~Revenue	2135
	Note 4:	~~Supplemental Cash Flow Information~~Receivables	2337
	Note 5:	~~Receivables~~Rate Matters and Regulation	2438
	Note 6:	~~Nuclear Plant~~Asset Retirement Obligations	2540
	Note 7:	~~Regulatory Matters~~	26
	~~Note 8:~~	Pension Plans and Other Employee Benefits	2640
	Note 9:8:	Equity Compensation	2742
	Note ~~10:~~9:	Short-Term Borrowings and Short-Term Bank Lines of Credit	2846
	Note 10:	Long-Term Debt	46
	Note 11:	~~Long-Term Debt~~Fair Value Measurements	3047
	Note 12:	Commitments and Contingencies	3152
	Note 13:	Guarantees	56
	Note 14:	Related Party Transactions and Relationships	33
	~~Note 14:~~	~~Fair Value Measurements~~	3456
	Note 15:	~~Accumulated Other Comprehensive Income (Loss)~~Shareholders' Equity	3857
	Note 16:	~~Taxes~~Variable Interest Entities	4059
	Note 17:	~~Segments and Related Information~~Taxes	4260
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		4264
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		5385
Item 4.	Controls and Procedures		5386

Part II - Other Information

Item 1.	Legal Proceedings		5487
Item 1A.	Risk Factors		5487
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		5488
Item 3.	Defaults Upon Senior Securities		5488
Item 4.	Mine Safety Disclosures		5488
Item 5.	Other Information		5588
Item 6.	Exhibits		5689

Signatures			5891



Abbreviation or Acronym		Definition

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.
AMT		Alternative Minimum Tax
ARO		Asset Retirement Obligation
ASC		Accounting Standards Codification
ASU		Accounting Standards Update
CCRs		Coal combustion residuals
Clean Air Act		Clean Air Act Amendments of 1990
CO₂		Carbon dioxide
~~Company~~COLI		~~Great Plains Energy Incorporated and its consolidated subsidiaries~~Corporate-owned life insurance
~~Companies~~CWA		~~Great Plains Energy Incorporated and its consolidated subsidiaries and KCP&L and its consolidated subsidiaries~~Clean Water Act
DOE		Department of Energy
EIRR		Environmental Improvement Revenue Refunding
~~Electric Utility~~		~~Electric utility segment~~
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~~FMBs		~~The Federal Communications Commission~~First mortgage bonds
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		Kansas City Power & Light Receivables Company, a ~~wholly owned~~wholly-owned subsidiary of KCP&L
~~kWh~~KDHE		~~Kilowatt hour~~Kansas Department of Health & Environment
~~MEEIA~~KGE		~~Missouri~~Kansas Gas and Electric Company, a wholly-owned subsidiary of Westar Energy ~~Efficiency Investment Act~~
~~Merger Sub~~King Energy		King Energy, Inc., a ~~Kansas corporation and wholly owned~~wholly-owned subsidiary of ~~Holdco~~Evergy
~~MGP~~kWh		~~Manufactured gas plant~~
~~MPS Merchant~~		~~MPS Merchant Services, Inc., a wholly owned subsidiary of GMO~~Kilowatt hour



Abbreviation or Acronym		Definition

MEEIA		Missouri Energy Efficiency Investment Act
MMBtu		Millions of British thermal units
Monarch Energy		Monarch Energy Holding, Inc.
MPSC		Public Service Commission of the State of Missouri
MW		Megawatt
MWh		Megawatt hour
~~NERC~~NAAQs		~~North American Electric Reliability Corporation~~National Ambient Air Quality Standards
~~NOL~~NAV		Net ~~operating loss~~Asset Value
NO₂		Nitrogen dioxide
NRC		Nuclear Regulatory Commission
~~Original Merger Agreement~~PISA		~~Agreement and Plan of Merger dated as of May 29, 2016,~~Plant-in service accounting
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 B Preferred Stock~~ SO₂		~~7.00% Series B Mandatory Convertible Preferred Stock~~Sulfur dioxide
SPP		Southwest Power Pool, Inc.
TFR		Transmission formula rate
Transource		Transource Energy, LLC and its subsidiaries, 13.5% owned by GPETHC
VIE		Variable interest entity
WCNOC		Wolf Creek Nuclear Operating Corporation
Westar Energy		Westar Energy, Inc.
~~Westar Board~~		~~Westar Board~~, a wholly-owned subsidiary of ~~Directors~~Evergy, and its consolidated subsidiaries
Wolf Creek		Wolf Creek Generating Station
WOTUS		Waters of the United States



GREAT PLAINS ENERGY INCORPORATED
Consolidated Balance Sheets
(Unaudited)

	March 31			December 31
	2018			2017
ASSETS	(millions, except share amounts)
Current Assets
Cash and cash equivalents		$	1,142.1		$	1,125.4
Receivables, net		108.2			151.7
Accounts receivable pledged as collateral		180.0			180.0
Fuel inventories, at average cost		105.0			103.2
Materials and supplies, at average cost		172.3			171.2
Deferred refueling outage costs		5.9			6.8
Interest rate derivative instruments		98.4			91.4
Prepaid expenses and other assets		37.7			33.4
Total		1,849.6			1,863.1
Utility Plant, at Original Cost
Electric		13,733.1			13,674.1
Less - accumulated depreciation		5,305.1			5,224.0
Net utility plant in service		8,428.0			8,450.1
Construction work in progress		494.4			458.6
Plant to be retired, net		142.0			143.6
Nuclear fuel, net of amortization of $211.9 and $204.2		65.7			72.4
Total		9,130.1			9,124.7
Investments and Other Assets
Nuclear decommissioning trust fund		255.3			258.4
Regulatory assets		901.7			913.9
Goodwill		169.0			169.0
Other		142.7			128.8
Total		1,468.7			1,470.1
Total		$	12,448.4		$	12,457.9



GREAT PLAINS ENERGY INCORPORATED
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)

Three Months Ended March 31	2018			2017
Operating Revenues	(millions, except per share amounts)
Electric revenues	$	583.9		$	570.7
Operating Expenses
Fuel and purchased power	154.3			126.5
Transmission	25.4			23.1
Utility operating and maintenance expenses	180.2			174.1
Costs to achieve the anticipated merger with Westar Energy, Inc.	2.9			39.4
Depreciation and amortization	93.7			90.3
General taxes	41.1			57.1
Other	—			1.1
Total	497.6			511.6
Operating income	86.3			59.1
Other Income (Expense)
Non-operating income	14.5			6.6
Non-operating expenses	(13.2		)	(15.4		)
Total	1.3			(8.8		)
Interest charges	(48.1		)	(66.6		)
Income (loss) before income tax (expense) benefit and income from equity investments	39.5			(16.3		)
Income tax (expense) benefit	(5.5		)	5.8
Income from equity investments, net of income taxes	1.0			0.9
Net income (loss)	35.0			(9.6		)
Preferred stock dividend requirements	—			15.1
Earnings (loss) available for common shareholders	$	35.0		$	(24.7	)

Average number of basic common shares outstanding	215.7			215.3
Average number of diluted common shares outstanding	216.0			215.3

Basic and diluted earnings (loss) per common share	$	0.16		$	(0.11	)

Cash dividends per common share	$	0.275		$	0.275
Comprehensive Income (Loss)
Net income (loss)	$	35.0		$	(9.6	)
Other comprehensive income
Derivative hedging activity
Reclassification to expenses, net of tax	0.9			1.4
Derivative hedging activity, net of tax	0.9			1.4
Defined benefit pension plans
Amortization of net losses included in net periodic benefit costs, net of tax	0.1			0.1
Change in unrecognized pension expense, net of tax	0.1			0.1
Total other comprehensive income	1.0			1.5
Comprehensive income (loss)	$	36.0		$	(8.1	)



EVERGY, INC.
Consolidated Statements of Income
(Unaudited)

	Three Months Ended September 30						Year to Date September 30
	2018			2017			2018			2017
	(millions, except per share amounts)
OPERATING REVENUES	$	1,582.5		$	794.3		$	3,076.1		$	1,976.2
OPERATING EXPENSES:
Fuel and purchased power	383.7			189.8			748.9			415.4
SPP network transmission costs	58.4			62.6			194.4			185.0
Operating and maintenance	330.4			140.6			754.2			415.6
Depreciation and amortization	193.9			94.6			411.6			277.3
Taxes other than income tax	83.0			41.8			183.5			126.4
Total Operating Expenses	1,049.4			529.4			2,292.6			1,419.7
INCOME FROM OPERATIONS	533.1			264.9			783.5			556.5
OTHER INCOME (EXPENSE):
Investment earnings	4.9			1.0			6.2			3.5
Other income	1.6			3.9			5.3			5.7
Other expense	(30.8		)	(11.5		)	(55.2		)	(29.6		)
Total Other Income (Expense), Net	(24.3		)	(6.6		)	(43.7		)	(20.4		)
Interest expense	89.1			43.4			191.3			128.2
INCOME BEFORE INCOME TAXES	419.7			214.9			548.5			407.9
Income tax expense	64.1			55.8			28.3			112.6
Equity in earnings of equity method investees, net of income taxes	2.0			1.6			4.7			4.9
NET INCOME	357.6			160.7			524.9			300.2
Less: Net income attributable to noncontrolling interests	2.6			2.4			7.6			10.2
NET INCOME ATTRIBUTABLE TO EVERGY, INC.	$	355.0		$	158.3		$	517.3		$	290.0
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY (see Note 1)
Basic earnings per common share	$	1.32		$	1.11		$	2.61		$	2.03
Diluted earnings per common share	$	1.32		$	1.11		$	2.61		$	2.03
AVERAGE EQUIVALENT COMMON SHARES OUTSTANDING
Basic	268.6			142.5			197.9			142.5
Diluted	268.8			142.5			198.0			142.5



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

Three Months Ended March 31	2018			2017
Cash Flows from Operating Activities	(millions)
Net income (loss)	$	35.0		$	(9.6	)
Adjustments to reconcile income (loss) to net cash from operating activities:
Depreciation and amortization	93.7			90.3
Amortization of:
Nuclear fuel	7.7			8.0
Other	8.7			24.9
Deferred income taxes, net	5.8			(5.6		)
Investment tax credit amortization	(0.3		)	(0.4		)
Income from equity investments, net of income taxes	(1.0		)	(0.9		)
Fair value impacts of interest rate swaps	(7.0		)	(12.1		)
Other operating activities (Note 4)	(29.1		)	(7.0		)
Net cash from operating activities	113.5			87.6
Cash Flows from Investing Activities
Utility capital expenditures	(119.7		)	(116.6		)
Allowance for borrowed funds used during construction	(2.4		)	(1.5		)
Purchases of nuclear decommissioning trust investments	(12.1		)	(5.9		)
Proceeds from nuclear decommissioning trust investments	11.3			5.0
Proceeds from time deposit	—			1,000.0
Other investing activities	(17.1		)	(12.5		)
Net cash from investing activities	(140.0		)	868.5
Cash Flows from Financing Activities
Issuance of common stock	—			1.5
Issuance of long-term debt	299.7			4,291.9
Issuance fees	(3.1		)	(31.2		)
Repayment of long-term debt	(351.1		)	(1.1		)
Net change in short-term borrowings	159.0			119.9
Net change in collateralized short-term borrowings	—			(0.2		)
Dividends paid	(59.3		)	(74.3		)
Other financing activities	(2.0		)	(3.4		)
Net cash from financing activities	43.2			4,303.1
Net Change in Cash and Cash Equivalents	16.7			5,259.2
Cash and Cash Equivalents at Beginning of Year	1,125.4			1,293.1
Cash and Cash Equivalents at End of Period	$	1,142.1		$	6,552.3



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

Three Months Ended March 31	2018					2017
	Shares		Amount			Shares		Amount
Common Stock	(millions, except share amounts)
Beginning balance	215,801,723		$	4,233.1		215,479,105		$	4,217.0
Issuance of common stock	85,121		3.3			249,170		9.5
Equity compensation expense, net of forfeitures			1.3					1.1
Unearned Compensation
Issuance of restricted common stock			(2.0		)			(2.3		)
Forfeiture of restricted common stock			—					0.2
Compensation expense recognized			0.5					0.7
Other			(4.1		)			(0.7		)
Ending balance	215,886,844		4,232.1			215,728,275		4,225.5
Preference Stock	—		—			862,500		836.2
Retained Earnings
Beginning balance			737.9					1,119.2
Net income (loss)			35.0					(9.6		)
Dividends:
Common stock ($0.275 per share)			(59.3		)			(59.2		)
Preferred stock - at required rates			—					(15.1		)
Performance shares			—					(0.1		)
Ending balance			713.6					1,035.2
Treasury Stock
Beginning balance	(137,589	)	(4.0		)	(128,087	)	(3.8		)
Treasury shares acquired	(56,589	)	(1.7		)	(104,129	)	(3.0		)
Treasury shares reissued	103,218		3.0			103,094		3.0
Ending balance	(90,960	)	(2.7		)	(129,122	)	(3.8		)
Accumulated Other Comprehensive Income (Loss)
Beginning balance			(2.2		)			(6.6		)
Derivative hedging activity, net of tax			0.9					1.4
Change in unrecognized pension expense, net of tax			0.1					0.1
Ending balance			(1.2		)			(5.1		)
Total Great Plains Energy Shareholders' Equity			$	4,941.8				$	6,088.0



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

	Evergy, Inc. Shareholders
	Common stock shares		Common stock			Retained earnings			Non-controlling interests			Total equity
	(millions, except share amounts)
Balance as of December 31, 2016	141,791,153		$	2,727.3		$	1,078.6		$	27.3		$	3,833.2
Net income	—		—			290.0			10.2			300.2
Issuance of stock	12,131		0.6			—			—			0.6
Issuance of stock for compensation and reinvested dividends	290,892		4.9			—			—			4.9
Tax withholding related to stock compensation	—		(7.0		)	—			—			(7.0		)
Dividends declared on common stock ($1.20 per share)	—		—			(172.1		)	—			(172.1		)
Stock compensation expense	—		6.7			—			—			6.7
Deconsolidation of noncontrolling interests	—		—			—			(81.9		)	(81.9		)
Distributions to shareholders of noncontrolling interests	—		—			—			(5.7		)	(5.7		)
Balance as of September 30, 2017	142,094,176		$	2,732.5		$	1,196.5		$	(50.1	)	$	3,878.9

Balance as of December 31, 2017	142,094,275		$	2,734.8		$	1,173.3		$	(47.7	)	$	3,860.4
Net income	—		—			517.3			7.6			524.9
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 for compensation and reinvested dividends	528,359		0.4			—			—			0.4
Tax withholding related to stock compensation	—		(17.2		)	—			—			(17.2		)
Dividends declared on common stock ($1.26 per share)	—		—			(237.5		)	—			(237.5		)
Dividend equivalents declared	—		—			(0.6		)	—			(0.6		)
Stock compensation expense	—		25.2			—			—			25.2
Repurchase of common stock	(6,895,073	)	(486.1		)	—			—			(486.1		)
Other	—		(0.6		)	—			—			(0.6		)
Balance as of September 30, 2018	264,797,584		$	9,236.4		$	1,452.5		$	(40.1	)	$	10,648.8



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

Three Months Ended March 31	2018				2017
	Shares	Amount			Shares	Amount
	(millions, except share amounts)
Common Stock	1	$	1,563.1		1	$	1,563.1
Retained Earnings
Beginning balance		949.7				982.6
Net income		20.2				14.2
Cumulative effect of adoption of ASU 2016-09		—				(0.7		)
Dividends:
Common stock held by Great Plains Energy		(60.0		)		(57.0		)
Ending balance		909.9				939.1
Accumulated Other Comprehensive Income (Loss)
Beginning balance		0.4				(4.2		)
Derivative hedging activity, net of tax		0.9				1.3
Ending balance		1.3				(2.9		)
Total Common Shareholder's Equity		$	2,474.3			$	2,499.3



	Year to Date
	September 30, 2017
	As Filed			Updated
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:	(in millions)
Adjustments to reconcile income to net cash from operating activities:
Amortization of other	$	23.4		$	—
Amortization of deferred refueling outage	—			13.7
Deferred income taxes, net	33.4			—
Investment tax credit amortization	(0.8		)	—
Net deferred income taxes and credits	—			32.6
Payments for asset retirement obligations	—			(14.9		)
Other^(a)	(16.0		)	6.3
Changes in working capital items:
Fuel inventory and supplies	—			3.6
Fuel inventories^(a)	10.8			—
Materials and supplies^(a)	(7.2		)	—
Prepaid expenses and other current assets	—			8.9
Accrued interest^(a)	8.1			—
Other current liabilities	—			9.9
Changes in other assets	—			52.6
Changes in other liabilities	—			7.3
Deferred refueling outage costs^(a)	12.1			—
Pension and post-retirement benefit obligations^(a)	48.6			—
Fuel recovery mechanisms^(a)	7.6			—
Total reclassifications	$	120.0		$	120.0
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Additions to property, plant and equipment	$	—		$	(317.1	)
Utility capital expenditures	(295.1		)	—
Allowance for borrowed funds used during construction	(4.2		)	—
Other investing activities	(17.0		)	0.8
Total reclassifications	$	(316.3	)	$	(316.3	)



September 30, 2018	Evergy			Westar Energy			KCP&L
	(millions)
Electric plant in service	$	27,290.0		$	13,236.1		$	10,594.2
Electric plant acquisition adjustment	740.6			740.6			—
Accumulated depreciation	(10,168.2		)	(4,838.9		)	(4,172.3		)
Plant in service	17,862.4			9,137.8			6,421.9
Construction work in progress	723.5			443.6			183.4
Nuclear fuel, net	109.1			54.1			55.0
Plant to be retired, net^(b)	141.0			2.0			—
Property, plant and equipment, net	$	18,836.0		$	9,637.5		$	6,660.3

December 31, 2017	Evergy			Westar Energy			KCP&L^(a)
	(millions)
Electric plant in service	$	12,954.3		$	12,954.3		$	10,213.2
Electric plant acquisition adjustment	739.0			739.0			—
Accumulated depreciation	(4,651.7		)	(4,651.7		)	(4,070.3		)
Plant in service	9,041.6			9,041.6			6,142.9
Construction work in progress	434.9			434.9			350.3
Nuclear fuel, net	71.4			71.4			72.4
Plant to be retired, net^(b)	5.9			5.9			—
Property, plant and equipment, net	$	9,553.8		$	9,553.8		$	6,565.6



Three Months Ended March 31, 2017	As Previously Reported			Effect of Change			As Reported
Great Plains Energy	(millions)
Utility operating and maintenance expenses	$	185.4		$	(11.3	)	$	174.1
Other operating expense	1.5			(0.4		)	1.1
Operating expenses	523.3			(11.7		)	511.6
Operating income	47.4			11.7			59.1
Non-operating expenses	(3.7		)	(11.7		)	(15.4		)
Other income (expense)	2.9			(11.7		)	(8.8		)
KCP&L
Utility operating and maintenance expenses	$	126.4		$	(6.8	)	$	119.6
Operating expenses	337.7			(6.8		)	330.9
Operating income	58.2			6.8			65.0
Non-operating expenses	(2.1		)	(6.8		)	(8.9		)
Other income (expense)	0.4			(6.8		)	(6.4		)



	Three Months Ended									Year to Date
	September 30, 2017									September 30, 2017
	As Previously Reported^(b)			Effect of Change			As Reported			As Previously Reported^(b)			Effect of Change			As Reported
Evergy	(millions)
Operating and maintenance expense	$	145.5		$	(4.9	)	$	140.6		$	430.6		$	(15.0	)	$	415.6
Total operating expenses	534.3			(4.9		)	529.4			1,434.7			(15.0		)	1,419.7
Income from operations	260.0			4.9			264.9			541.5			15.0			556.5
Other expense	(6.6		)	(4.9		)	(11.5		)	(14.6		)	(15.0		)	(29.6		)
Total other income (expense), net	(1.7		)	(4.9		)	(6.6		)	(5.4		)	(15.0		)	(20.4		)
Westar Energy
Operating and maintenance expense	$	145.5		$	(4.9	)	$	140.6		$	430.6		$	(15.0	)	$	415.6
Total operating expenses	534.3			(4.9		)	529.4			1,434.7			(15.0		)	1,419.7
Income from operations	260.0			4.9			264.9			541.5			15.0			556.5
Other expense	(6.6		)	(4.9		)	(11.5		)	(14.6		)	(15.0		)	(29.6		)
Total other income (expense), net	(1.7		)	(4.9		)	(6.6		)	(5.4		)	(15.0		)	(20.4		)
KCP&L^(a)
Operating and maintenance expense	$	124.2		$	(9.9	)	$	114.3		$	385.0		$	(34.3	)	$	350.7
Total operating expenses	385.8			(9.9		)	375.9			1,092.4			(34.3		)	1,058.1
Income from operations	209.9			9.9			219.8			381.9			34.3			416.2
Other expense	(2.0		)	(9.9		)	(11.9		)	(6.4		)	(34.3		)	(40.7		)
Total other income (expense), net	0.7			(9.9		)	(9.2		)	0.5			(34.3		)	(33.8		)



Description	Income Statement Line Item	Expected Payment Period	Evergy			Westar Energy			KCP&L
			(millions)
One-time bill credits	Operating revenues	2018 - 2019	$	(59.7	)	$	(23.1	)	$	(22.4	)
Annual bill credits	Operating revenues	2019 - 2022	(7.6		)	(5.8		)	(1.9		)
Total impact to operating revenues			$	(67.3	)	$	(28.9	)	$	(24.3	)

Charitable contributions and community support	Operating and maintenance	2018 - 2027	$	24.7		$	—		$	—
Voluntary severance and accelerated equity compensation	Operating and maintenance	2018 - 2019	40.7			40.7			—
Other transaction and transition costs	Operating and maintenance	2018	47.0			20.4			1.7
Reallocation and deferral of merger transition costs	Operating and maintenance	n/a	(47.8		)	(13.3		)	(23.9		)
Total impact to operating and maintenance expense			$	64.6		$	47.8		$	(22.2	)
Total			$	(131.9	)	$	(76.7	)	$	(2.1	)



	(millions, except share amounts)
Great Plains Energy common stock shares outstanding as of June 4, 2018	215,800,074
Great Plains Energy restricted stock awards outstanding as of June 4, 2018	(204,825		)
Great Plains Energy shares to be converted to Evergy shares	215,595,249
Exchange ratio	0.5981
Evergy common stock shares issued to Great Plains Energy shareholders	128,947,518
Closing price of Westar Energy common stock as of June 4, 2018	$	54.00
Fair value of Evergy shares issued to Great Plains Energy shareholders	$	6,963.2
Fair value of Great Plains Energy's equity compensation awards	12.5
Total purchase price	$	6,975.7



	(millions)
Current assets	$	2,151.7
Property, plant and equipment, net	9,179.7
Goodwill	2,333.5
Other long-term assets, excluding goodwill	1,235.9
Total assets	$	14,900.8
Current liabilities	1,673.9
Long-term liabilities, excluding long-term debt	2,892.6
Long-term debt, net	3,358.6
Total liabilities	$	7,925.1
Total purchase price	$	6,975.7


Three Months Ended March 31, 2018	KCP&L		GMO		Great Plains Energy
Customer class	(millions)
Three Months Ended September 30, 2018							Evergy		Westar Energy		KCP&L
Revenues							(millions)
Residential	$	154.9	$	88.1	$	243.0	$	647.1	$	270.5	$	243.5
Commercial	181.8		64.2		246.0		530.5		217.4		231.1
Industrial	32.2		19.9		52.1		173.4		111.9		39.1
Other	2.7		1.8		4.5
Other retail							10.9		5.4		2.7
Total electric retail	$	371.6	$	174.0	$	545.6	$	1,361.9	$	605.2	$	516.4
Wholesale	3.1		2.9		6.0		118.5		82.4		29.9
Transmission	3.3		4.6		7.9		80.6		72.2		3.8
Industrial steam	—		4.3		4.3
Industrial steam and other							6.0		1.5		0.7
Total revenue from contracts with customers	$	378.0	$	185.8	$	563.8	$	1,567.0	$	761.3	$	550.8
Other revenue	19.1		1.0		20.1
Electric revenue	$	397.1	$	186.8	$	583.9
Other							15.5		3.5		8.8
Operating revenues							$	1,582.5	$	764.8	$	559.6

Year to Date September 30, 2018							Evergy		Westar Energy		KCP&L^(a)
Revenues							(millions)
Residential							$	1,169.4	$	671.9	$	585.4
Commercial							945.0		542.8		609.2
Industrial							375.5		297.2		105.4
Other retail							21.5		15.3		7.7
Total electric retail							$	2,511.4	$	1,527.2	$	1,307.7
Wholesale							302.4		263.7		38.5
Transmission							227.6		216.3		11.0
Industrial steam and other							10.0		4.6		3.0
Total revenue from contracts with customers							$	3,051.4	$	2,011.8	$	1,360.2
Other							24.7		4.1		48.7
Operating revenues							$	3,076.1	$	2,015.9	$	1,408.9



Great Plains Energy Other Operating Activities
Three Months Ended March 31	2018			2017
Cash flows affected by changes in:	(millions)
Receivables	$	43.2		$	55.5
Accounts receivable pledged as collateral	—			0.2
Fuel inventories	(1.8		)	1.8
Materials and supplies	(1.1		)	(4.2		)
Accounts payable	(142.1		)	(136.8		)
Accrued taxes	37.6			36.3
Accrued interest	14.6			26.5
Deferred refueling outage costs	0.9			4.0
Pension and post-retirement benefit obligations	10.5			11.6
Allowance for equity funds used during construction	(1.4		)	(1.0		)
Fuel recovery mechanisms	(3.5		)	(14.1		)
ARO settlements	(4.5		)	(4.3		)
Other	18.5			17.5
Total other operating activities	$	(29.1	)	$	(7.0	)
Cash paid during the period:
Interest	$	31.3		$	34.2
Non-cash investing activities:
Liabilities accrued for capital expenditures	$	25.4		$	22.6



KCP&L Other Operating Activities
Three Months Ended March 31	2018			2017
Cash flows affected by changes in:	(millions)
Receivables	$	47.9		$	36.2
Fuel inventories	(1.0		)	(0.5		)
Materials and supplies	(1.8		)	(3.1		)
Accounts payable	(90.0		)	(88.8		)
Accrued taxes	25.0			35.5
Accrued interest	8.3			10.1
Deferred refueling outage costs	0.9			4.0
Pension and post-retirement benefit obligations	9.0			10.3
Allowance for equity funds used during construction	(1.4		)	(1.0		)
Fuel recovery mechanisms	1.2			(10.8		)
ARO settlements	(3.6		)	(3.9		)
Other	3.8			(9.1		)
Total other operating activities	$	(1.7	)	$	(21.1	)
Cash paid during the period:
Interest	$	22.7		$	22.5
Non-cash investing activities:
Liabilities accrued for capital expenditures	$	19.5		$	19.9



	Pension Benefits									Post-Retirement Benefits
Three Months Ended September 30, 2018	Evergy			Westar Energy			KCP&L			Evergy			Westar Energy			KCP&L
Components of net periodic benefit costs	(millions)
Service cost	$	20.2		$	8.0		$	9.1		$	0.7		$	0.4		$	0.4
Interest cost	26.3			12.7			9.4			2.5			1.2			0.8
Expected return on plan assets	(27.0		)	(13.9		)	(10.6		)	(2.5		)	(1.8		)	(0.4		)
Amortization of unrecognized:
Prior service cost	0.3			0.2			0.2			0.1			0.1			—
Recognized net actuarial (gain)/loss	8.1			8.1			8.4			(0.1		)	(0.1		)	—
Net periodic benefit costs before regulatory adjustment	27.9			15.1			16.5			0.7			(0.2		)	0.8
Regulatory adjustment	2.6			2.8			0.7			(0.4		)	(0.4		)	0.1
Net periodic benefit costs	$	30.5		$	17.9		$	17.2		$	0.3		$	(0.6	)	$	0.9

	Pension Benefits									Post-Retirement Benefits
Year to Date September 30, 2018	Evergy			Westar Energy			KCP&L^(a)			Evergy			Westar Energy			KCP&L^(a)
Components of net periodic benefit costs	(millions)
Service cost	$	40.4		$	24.1		$	27.4		$	1.5		$	1.0		$	1.1
Interest cost	56.2			38.1			28.3			5.4			3.7			2.5
Expected return on plan assets	(59.3		)	(41.9		)	(31.7		)	(6.2		)	(5.2		)	(1.4		)
Amortization of unrecognized:
Prior service cost	0.6			0.5			0.4			0.3			0.3			—
Recognized net actuarial (gain)/loss	24.4			24.4			25.1			(0.4		)	(0.4		)	(0.1		)
Net periodic benefit costs before regulatory adjustment	62.3			45.2			49.5			0.6			(0.6		)	2.1
Regulatory adjustment	8.4			8.4			2.1			(1.3		)	(1.3		)	(0.2		)
Net periodic benefit costs	$	70.7		$	53.6		$	51.6		$	(0.7	)	$	(1.9	)	$	1.9


	Pension Benefits						Other Benefits						Pension Benefits									Post-Retirement Benefits
Three Months Ended March 31	2018			2017			2018			2017
Three Months Ended September 30, 2017													Evergy			Westar Energy			KCP&L^(a)			Evergy			Westar Energy			KCP&L^(a)
Components of net periodic benefit costs	(millions)												(millions)
Service cost	$	12.2		$	11.0		$	0.5		$	0.5		$	7.2		$	7.2		$	8.1		$	0.3		$	0.3		$	0.4
Interest cost	12.7			13.4			1.2			1.3			13.1			13.1			9.8			1.4			1.4			0.9
Expected return on plan assets	(13.9		)	(12.8		)	(0.7		)	(0.6		)	(13.4		)	(13.4		)	(9.5		)	(1.8		)	(1.8		)	(0.4		)
Amortization of unrecognized:
Prior service cost	0.2			0.2			—			—			0.1			0.1			0.2			0.1			0.1			—
Recognized net actuarial (gain)/loss	11.4			12.4			—			(0.1		)	6.7			6.7			8.9			(0.2		)	(0.2		)	(0.1		)
Net periodic benefit costs before regulatory adjustment	22.6			24.2			1.0			1.1			13.7			13.7			17.5			(0.2		)	(0.2		)	0.8
Regulatory adjustment	0.6			0.8			—			1.3			3.6			3.6			0.2			(0.4		)	(0.4		)	(0.1		)
Net periodic benefit costs	$	23.2		$	25.0		$	1.0		$	2.4		$	17.3		$	17.3		$	17.7		$	(0.6	)	$	(0.6	)	$	0.7
^(a)KCP&L amounts are not included in consolidated Evergy for the three months ended September 30, 2017.													^(a)KCP&L amounts are not included in consolidated Evergy for the three months ended September 30, 2017.

													Pension Benefits									Post-Retirement Benefits
Year to Date September 30, 2017													Evergy			Westar Energy			KCP&L^(a)			Evergy			Westar Energy			KCP&L^(a)
Components of net periodic benefit costs													(millions)
Service cost													$	21.5		$	21.5		$	24.4		$	0.9		$	0.9		$	1.1
Interest cost													39.3			39.3			29.4			4.2			4.2			2.8
Expected return on plan assets													(40.2		)	(40.2		)	(28.6		)	(5.2		)	(5.2		)	(1.3		)
Amortization of unrecognized:
Prior service cost													0.5			0.5			0.4			0.3			0.3			—
Recognized net actuarial (gain)/loss													20.2			20.2			26.7			(0.6		)	(0.6		)	(0.3		)
Net periodic benefit costs before regulatory adjustment													41.3			41.3			52.3			(0.4		)	(0.4		)	2.3
Regulatory adjustment													10.6			10.6			4.3			(1.4		)	(1.4		)	0.9
Net periodic benefit costs													$	51.9		$	51.9		$	56.6		$	(1.8	)	$	(1.8	)	$	3.2



	Performance Shares			Grant Date Fair Value*
Beginning balance January 1, 2018		545,087			$	29.12
Granted		209,937			29.35
Earned		(115,833	)		24.01
Forfeited		(2,097	)		30.65
Performance adjustment		(49,052	)		24.01
Ending balance March 31, 2018		588,042			30.63


	Nonvested Restricted Stock			Grant Date Fair Value*			Nonvested Restricted Stock			Grant Date Fair Value*
Beginning balance January 1, 2018		192,402			$	27.87		—			$	—
Granted and issued		70,001			29.08
Converted Great Plains Energy awards upon merger								122,505			54.05
Vested		(56,878	)		26.12			(4,222	)		54.50
Forfeited		(700	)		28.87			(1,070	)		54.04
Ending balance March 31, 2018		204,825			28.77
Ending balance September 30, 2018								117,213			54.03



	Nonvested Restricted Share Units			Grant Date Fair Value*
Beginning balance January 1, 2018		255,964			$	46.09
Granted		222,465			52.16
Converted Great Plains Energy awards upon merger		82,331			53.77
Vested		(342,599	)		46.81
Forfeited		(905	)		50.73
Ending balance September 30, 2018		217,256			54.07



			Amounts Drawn
	Credit Facility		Commercial Paper		Letters of Credit		Cash Borrowings		Available Borrowings		Weighted Average Interest Rate on Short-Term Borrowings
September 30, 2018	(millions)
Evergy, Inc.	$	450.0	n/a		$	1.0	$	—	$	449.0	—%
Westar Energy	1,000.0		326.3		18.3		—		655.4		2.42%
KCP&L	600.0		209.2		2.7		—		388.1		2.50%
GMO	450.0		140.4		2.1		—		307.5		2.46%
Evergy	$	2,500.0	$	675.9	$	24.1	$	—	$	1,800.0

December 31, 2017
Westar Energy^(b)	$	979.3	$	275.7	$	11.8	$	—	$	691.8	1.83%
KCP&L^(a)	600.0		167.5		2.7		—		429.8		1.95%
Evergy	979.3		275.7		11.8		—		691.8		1.83%



		March 31				December 31
	Year Due	2018				2017
KCP&L			(millions)
General Mortgage Bonds
2.95% EIRR bonds	2023		$	79.5			$	79.5
7.15% Series 2009A (8.59% rate)^(a)	2019		400.0				400.0
Senior Notes
6.375% Series (7.49% rate)^(a)	2018		—				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				300.0
4.20% Series	2048		300.0				—
EIRR Bonds
1.349% Series 2007A and 2007B^(b)	2035		146.5				146.5
2.875% Series 2008	2038		23.4				23.4
Current maturities			—				(350.0		)
Unamortized discount and debt issuance costs			(20.1		)		(17.2		)
Total KCP&L excluding current maturities^(c)			2,529.3				2,232.2
Other Great Plains Energy
GMO First Mortgage Bonds 9.44% Series	2019-2021		3.4				4.6
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
4.85% Series	2021		350.0				350.0
5.292% Series	2022		287.5				287.5
Current maturities			(1.1		)		(1.1		)
Unamortized discount and premium, net and debt issuance costs			(1.5		)		(1.5		)
Total Great Plains Energy excluding current maturities^(c)			$	3,608.5			$	3,312.6


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


^(c)	At March 31, 2018 and December 31, 2017, 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



	September 30, 2018				December 31, 2017
	Book Value		Fair Value		Book Value		Fair Value
Long-term debt^(a)	(millions)
Evergy^(b)	$	7,349.4	$	7,362.2	$	3,687.6	$	4,010.6
Westar Energy	3,689.7		3,750.8		3,687.6		4,010.6
KCP&L^(c)	2,529.9		2,611.3		2,582.2		2,799.1
Long-term debt of variable interest entities^(a)
Evergy	$	81.4	$	80.7	$	109.9	$	110.8
Westar Energy	81.4		80.7		109.9		110.8



Description	September 30 2018			Level 1		Level 2			Level 3			NAV
Westar Energy		(millions)
Assets
Nuclear decommissioning trust^(a)
Domestic equity funds		$	80.9	$	74.7		$	—		$	—		$	6.2
International equity funds		42.3		42.3			—			—			—
Core bond fund		36.8		36.8			—			—			—
High-yield bond fund		20.1		20.1			—			—			—
Emerging markets bond fund		15.5		15.5			—			—			—
Combination debt/equity/other fund		14.8		14.8			—			—			—
Alternative investments fund		23.6		—			—			—			23.6
Real estate securities fund		11.5		—			—			—			11.5
Cash equivalents		0.3		0.3			—			—			—
Total nuclear decommissioning trust		245.8		204.5			—			—			41.3
Rabbi trust
Core bond fund		24.9		—			—			—			24.9
Combination debt/equity/other fund		6.2		—			—			—			6.2
Cash equivalents		0.1		0.1			—			—			—
Total rabbi trust		31.2		0.1			—			—			31.1
Total		$	277.0	$	204.6		$	—		$	—		$	72.4
KCP&L
Assets
Nuclear decommissioning trust^(a)
Equity securities		$	195.2	$	195.2		$	—		$	—		$	—
Debt securities
U.S. Treasury		39.5		39.5			—			—			—
U.S. Agency		0.4		—			0.4			—			—
State and local obligations		2.1		—			2.1			—			—
Corporate bonds		32.3		—			32.3			—			—
Foreign governments		0.1		—			0.1			—			—
Cash equivalents		1.5		1.5			—			—			—
Other		1.1		1.1			—			—			—
Total nuclear decommissioning trust		272.2		237.3			34.9			—			—
Self-insured health plan trust^(b)
Equity securities		0.5		0.5			—			—			—
Debt securities		3.1		0.3			2.8			—			—
Cash and cash equivalents		9.4		9.4			—			—			—
Total self-insured health plan trust		13.0		10.2			2.8			—			—
Total		$	285.2	$	247.5		$	37.7		$	—		$	—
Other Evergy
Assets
Rabbi trusts
Fixed income fund		$	13.5	$	—		$	—		$	—		$	13.5
Total rabbi trusts		$	13.5	$	—		$	—		$	—		$	13.5
Evergy
Assets
Nuclear decommissioning trust ^(a)		$	518.0	$	441.8		$	34.9		$	—		$	41.3
Rabbi trusts		44.7		0.1			—			—			44.6
Self-insured health plan trust ^(b)		13.0		10.2			2.8			—			—
Total		$	575.7	$	452.1		$	37.7		$	—		$	85.9



Description	December 31 2017			Level 1			Level 2			Level 3			NAV
Westar Energy		(millions)
Assets
Nuclear decommissioning trust^(a)(c)
Domestic equity funds		$	73.8		$	—		$	68.7		$	—		$	5.1
International equity funds		47.9			—			47.9			—			—
Core bond fund		33.3			—			33.3			—			—
High-yield bond fund		18.1			—			18.1			—			—
Emerging markets bond fund		17.3			—			17.3			—			—
Combination debt/equity/other fund		14.1			—			14.1			—			—
Alternative investments fund		21.7			—			—			—			21.7
Real estate securities fund		10.8			—			—			—			10.8
Cash equivalents		0.1			0.1			—			—			—
Total nuclear decommissioning trust		237.1			0.1			199.4			—			37.6
Rabbi trust^(c)
Core bond fund		27.3			—			27.3			—			—
Combination debt/equity/other fund		6.8			—			6.8			—			—
Cash equivalents		0.2			0.2			—			—			—
Total rabbi trust		34.3			0.2			34.1			—			—
Total		$	271.4		$	0.3		$	233.5		$	—		$	37.6
KCP&L^(d)
Assets
Nuclear decommissioning trust ^(a)
Equity securities		$	183.8		$	183.8		$	—		$	—		$	—
Debt securities
U.S. Treasury		35.3			35.3			—			—			—
U.S. Agency		0.4			—			0.4			—			—
State and local obligations		2.1			—			2.1			—			—
Corporate bonds		34.1			—			34.1			—			—
Foreign governments		0.1			—			0.1			—			—
Cash equivalents		2.5			2.5			—			—			—
Other		0.1			0.1			—			—			—
Total nuclear decommissioning trust		258.4			221.7			36.7			—			—
Self-insured health plan trust^(b)
Equity securities		0.5			0.5			—			—			—
Debt securities		2.7			0.3			2.4			—			—
Cash and cash equivalents		7.7			7.7			—			—			—
Total self-insured health plan trust		10.9			8.5			2.4			—			—
Total		$	269.3		$	230.2		$	39.1		$	—		$	—
Evergy
Assets
Nuclear decommissioning trust^(a)(c)		$	237.1		$	0.1		$	199.4		$	—		$	37.6
Rabbi trust^(c)		34.3			0.2			34.1			—			—
Total		$	271.4		$	0.3		$	233.5		$	—		$	37.6


^(d)	KCP&L amounts are not included in consolidated Evergy as of December 31, 2017.


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