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EVERGY : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)

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02/22/2019 | 06:20am EST
EVERGY, INC.
EXECUTIVE SUMMARY
Evergy, Inc. is a public utility holding company incorporated in 2017 and
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 operations, KGE.


•      KCP&L is an integrated, regulated electric utility that provides
       electricity to customers in the states of Missouri and Kansas.

• GMO is an integrated, regulated electric utility that provides electricity

       to customers in the state of Missouri.


•      GPETHC owns 13.5% of Transource with the remaining 86.5% owned by AEP
       Transmission Holding Company, LLC, a 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.




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Westar Energy also owns a 50% interest in Prairie Wind, which is a joint venture
between Westar Energy and affiliates of AEP and Berkshire Hathaway Energy
Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line
that provides transmission service in the SPP. Westar Energy accounts for its
investment in Prairie Wind under the equity method.
Westar Energy and KGE conduct business in their respective service territories
using the name Westar Energy. KCP&L and GMO conduct business in their respective
service territories using the name KCP&L. Collectively, the Evergy Companies
have approximately 14,500 MWs of owned generating capacity and renewable
purchased power agreements and 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 2017 and 2016
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 acquired
subsidiary. These adjustments for KCP&L, as well as those related to the
acquired assets and liabilities of Great Plains Energy and its other direct
subsidiaries, are only reflected on Evergy's consolidated financial statements.
See Note 2 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 approximately 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 ASRs, 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. For 2018, Evergy had total
repurchases of common stock of approximately $1,042 million and had repurchased
16.4 million shares under the repurchase program. These repurchase totals
include shares repurchased under ASR agreements, one of which had not reached
final settlement as of December 31, 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. The ASR
agreements reached final settlement in the fourth quarter of 2018 and resulted
in the delivery of 7.9 million shares to Evergy based on the average daily
volume weighted-average price of Evergy common stock during the term of the ASR
agreements, less a negotiated discount.

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In November 2018, Evergy entered into an ASR agreement with a financial
institution to purchase $475.0 million of Evergy common stock. In December 2018,
the financial institution delivered to Evergy 6.4 million shares of common
stock, representing a partial settlement of the contract, based on then-current
market prices and Evergy paid a total of $475.0 million. The final number of
shares of Evergy common stock that Evergy may receive or be required to remit
upon settlement of the ASR agreement will be based on the average daily volume
weighted-average price of Evergy common stock during the term of the ASR
agreement, less a negotiated discount. Final settlement of the ASR agreement
will occur by March 2019, but may occur earlier at the option of the financial
institution. Evergy expects that the final settlement of the ASR agreement will
result in the delivery of additional shares of common stock to Evergy at no
additional cost.
See Note 17 to the consolidated financial statements for more information
regarding Evergy's common stock repurchase program.
Missouri Legislation
On June 1, 2018, Missouri Senate Bill (S.B.) 564 was signed into law by the
Governor of Missouri. Most notably, S.B. 564 includes a 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
recorded in the associated regulatory asset, except for any prudence
disallowances, is 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.
Except under certain circumstances, utilities that elect the PISA provision must
keep base rates constant for three years following the utilities' last general
rate case. KCP&L and GMO have elected the PISA provision of S.B. 564 effective
as of January 1, 2019.
Regulatory Proceedings
See Note 5 to the consolidated financial statements for information regarding
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 completion of the merger in 2018. In 2017,
KCP&L and GMO also announced plans to retire KCP&L's Montrose Station and GMO's
Sibley Station.
In the fourth quarter of 2018, Westar Energy, KCP&L and GMO retired these
stations consistent with their previously announced plans.
Strategy
Evergy expects to continue operating its vertically integrated utilities within
the currently existing regulatory frameworks. Evergy's objectives are to deliver
value to shareholders through 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 $550 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



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• implementation of the rate orders received by the KCC and MPSC in 2018.



See "Cautionary Statements Regarding Certain Forward-Looking Information" and
Part I, Item 1A, Risk Factors, for additional information.
Earnings Overview
The following table summarizes Evergy's net income and diluted earnings per
common share (EPS).
                                                              2018          2017       Change
                                                          (millions, except per share amounts)
Net income attributable to Evergy, Inc.                  $      535.8     $ 323.9     $ 211.9
Earnings per common share, diluted                               2.50       

2.27 0.23



Net income and diluted EPS increased in 2018 compared to 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 $1.26 for
2018.
For additional information regarding the change in net income, refer to the
Evergy Results of Operations section within this MD&A.
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 in March 2018 and the unit
returned to service in May 2018. Wolf Creek's next refueling outage is planned
to begin in the third quarter of 2019.
ENVIRONMENTAL MATTERS
See Note 14 to the consolidated financial statements for information regarding
environmental matters.
RELATED PARTY TRANSACTIONS
See Note 16 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. Management has identified the following accounting
policies as critical to the understanding of Evergy's results of operations and
financial position. Management has discussed the development and selection of
these critical accounting policies with the Audit Committee of the Evergy Board.

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Pensions

Evergy incurs significant costs in providing non-contributory defined pension
benefits. The costs are measured using actuarial valuations that are dependent
upon numerous factors derived from actual plan experience and assumptions of
future plan experience.
Pension costs are impacted by actual employee demographics (including age, life
expectancies, compensation levels and employment periods), earnings on plan
assets, the level of contributions made to the plan, and plan amendments. In
addition, pension costs are also affected by changes in key actuarial
assumptions, including anticipated rates of return on plan assets and the
discount rates used in determining the projected benefit obligation and pension
costs.
The assumed rate of return on plan assets was developed based on the
weighted-average of long-term returns forecast for the expected portfolio mix of
investments held by the plan. The assumed discount rate was selected based on
the prevailing market rate of fixed income debt instruments with maturities
matching the expected timing of the benefit obligation. These assumptions,
updated annually at the measurement date, are based on management's best
estimates and judgment; however, material changes may occur if these assumptions
differ from actual events. See Note 9 to the consolidated financial statements
for information regarding the assumptions used to determine benefit obligations
and net costs.
The following table reflects the sensitivities associated with a 0.5% increase
or a 0.5% decrease in key actuarial assumptions for Evergy's qualified pension
plans. Each sensitivity reflects the impact of the change based on a change in
that assumption only.
                                               Impact on      Impact on
                                               Projected        2019
                                Change in       Benefit        Pension
Actuarial assumption            Assumption     Obligation      Expense
                                                      (millions)
Discount rate                 0.5 % increase   $ (173.9 )     $ (19.0 )

Rate of return on plan assets 0.5 % increase - (8.1 ) Rate of compensation 0.5 % increase 40.5

           8.5
Discount rate                 0.5 % decrease      197.3          21.3
Rate of return on plan assets 0.5 % decrease          -           8.1

Rate of compensation 0.5 % decrease (36.4 ) (7.7 )



Pension expense for Westar Energy, KCP&L and GMO is recorded in accordance with
rate orders from the KCC and MPSC. The orders allow the difference between
pension costs under GAAP and pension costs for ratemaking to be recorded as a
regulatory asset or liability with future ratemaking recovery or refunds, as
appropriate.
In 2018, Evergy's pension expense was $90.1 million under GAAP and $98.4 million
for ratemaking. The impact on 2019 pension expense in the table above reflects
the impact on GAAP pension costs. Under the Evergy Companies' rate agreements,
any increase or decrease in GAAP pension expense would be deferred in a
regulatory asset or liability for future ratemaking treatment. See Note 9 to the
consolidated financial statements for additional information regarding the
accounting for pensions.
Market conditions and interest rates significantly affect the future assets and
liabilities of the plan. It is difficult to predict future pension costs,
changes in pension liability and cash funding requirements due to the inherent
uncertainty of market conditions.
Revenue Recognition
Evergy recognizes revenue on the sale of electricity to customers over time as
the service is provided in the amount it has the right to invoice. Revenues
recorded include electric services provided but not yet billed by Evergy.
Unbilled revenues are recorded for kWh usage in the period following the
customers' billing cycle to the end of the

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month. This estimate is based on net system kWh usage less actual billed kWhs.
Evergy's estimated unbilled kWhs are allocated and priced by regulatory
jurisdiction across the rate classes based on actual billing rates. Evergy's
unbilled revenue estimate is affected by factors including fluctuations in
energy demand, weather, line losses and changes in the composition of customer
classes. See Note 4 for the balance of unbilled receivables for Evergy as of
December 31, 2018 and 2017.
Regulatory Assets and Liabilities
Evergy has recorded assets and liabilities on its consolidated balance sheets
resulting from the effects of the ratemaking process, which would not otherwise
be recorded under GAAP. Regulatory assets represent incurred costs that are
probable of recovery from future revenues. Regulatory liabilities represent
future reductions in revenues or refunds to customers.
Management regularly assesses whether regulatory assets and liabilities are
probable of future recovery or refund by considering factors such as decisions
by the MPSC, KCC or FERC in Evergy's rate case filings; decisions in other
regulatory proceedings, including decisions related to other companies that
establish precedent on matters applicable to Evergy; and changes in laws and
regulations. If recovery or refund of regulatory assets or liabilities is not
approved by regulators or is no longer deemed probable, these regulatory assets
or liabilities are recognized in the current period results of operations.
Evergy's continued ability to meet the criteria for recording regulatory assets
and liabilities may be affected in the future by restructuring and deregulation
in the electric industry or changes in accounting rules. In the event that the
criteria no longer applied to all or a portion of Evergy's operations, the
related regulatory assets and liabilities would be written off unless an
appropriate regulatory recovery mechanism were provided. Additionally, these
factors could result in an impairment on utility plant assets. See Note 5 to the
consolidated financial statements for additional information.
Impairments of Assets and Goodwill
Long-lived assets are required to be reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not
be recoverable as prescribed under GAAP.
Accounting rules require goodwill to be tested for impairment annually and when
an event occurs indicating the possibility that an impairment exists. The
goodwill impairment test consists of comparing the fair value of a reporting
unit to its carrying amount, including goodwill, to identify potential
impairment. In the event that the carrying amount exceeds the fair value of the
reporting unit, an impairment loss is recognized for the difference between the
carrying amount of the reporting unit and its fair value. Evergy's consolidated
operations are considered one reporting unit for assessment of impairment, as
management assesses financial performance and allocates resources on a
consolidated basis. Evergy's first impairment test for the $2,338.9 million of
goodwill from the Great Plains Energy and Westar Energy merger will be conducted
on May 1, 2019.
Evergy anticipates that the determination of fair value for the reporting unit
will consist of two valuation techniques: an income approach consisting of a
discounted cash flow analysis and a market approach consisting of a
determination of reporting unit invested capital using market multiples derived
from the historical revenue, earnings before interest, income taxes,
depreciation and amortization, net utility asset values and market prices of
stock of peer companies. The results of the two techniques will be evaluated and
weighted to determine a point within the range that management considers
representative of fair value for the reporting unit, which involves a
significant amount of management judgment.
The discounted cash flow analysis is most significantly impacted by two
assumptions: estimated future cash flows and the discount rate applied to those
cash flows. Management will determine the appropriate discount rate to be based
on the reporting unit's weighted average cost of capital (WACC). The WACC takes
into account both the return on equity authorized by the KCC and MPSC and
after-tax cost of debt. Estimated future cash flows are based on Evergy's
internal business plan, which assumes the occurrence of certain events in the
future, such as the outcome of future rate filings, future approved rates of
return on equity, anticipated earnings/returns related to future capital
investments, continued recovery of cost of service and the renewal of certain
contracts. Management also makes assumptions regarding the run rate of
operations, maintenance and general and administrative costs based on the
expected outcome of the aforementioned events. Should the actual outcome of some
or all of these assumptions

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differ significantly from the current assumptions, revisions to current cash
flow assumptions could cause the fair value of the Evergy reporting unit under
the income approach to be significantly different in future periods and could
result in a future impairment charge to goodwill.
The market approach analysis is most significantly impacted by management's
selection of relevant peer companies as well as the determination of an
appropriate control premium to be added to the calculated invested capital of
the reporting unit, as control premiums associated with a controlling interest
are not reflected in the quoted market price of a single share of stock.
Management will determine an appropriate control premium by using an average of
control premiums for recent acquisitions in the industry. Changes in results of
peer companies, selection of different peer companies and future acquisitions
with significantly different control premiums could result in a significantly
different fair value of the Evergy reporting unit.
Income Taxes
Income taxes are accounted for using the asset/liability approach. Deferred tax
assets and liabilities are determined based on the temporary differences between
the financial reporting and tax bases of assets and liabilities, applying
enacted statutory tax rates in effect for the year in which the differences are
expected to reverse. Deferred investment tax credits are amortized ratably over
the life of the related property. Deferred tax assets are also recorded for net
operating losses, capital losses and tax credit carryforwards. Evergy is
required to estimate the amount of taxes payable or refundable for the current
year and the deferred tax liabilities and assets for future tax consequences of
events reflected in Evergy's consolidated financial statements or tax returns.
Actual results could differ from these estimates for a variety of reasons
including changes in income tax laws, enacted tax rates and results of audits by
taxing authorities. This process also requires management to make assessments
regarding the timing and probability of the ultimate tax impact from which
actual results may differ. Evergy records valuation allowances on deferred tax
assets if it is determined that it is more likely than not that the asset will
not be realized. See Note 19 to the consolidated financial statements for
additional information.
Asset Retirement Obligations
Evergy has recognized legal obligations associated with the disposal of
long-lived assets that result from the acquisition, construction, development or
normal operation of such assets. Concurrent with the recognition of the
liability, the estimated cost of the ARO incurred at the time the related
long-lived assets were either acquired, placed in service or when regulations
establishing the obligation became effective. The recording of AROs for
regulated operations has no income statement impact due to the deferral of the
adjustments through the establishment of a regulatory asset or an offset to a
regulatory liability.
Evergy initially recorded AROs at fair value for the estimated cost to
decommission Wolf Creek (94% share), retire wind generating facilities, dispose
of asbestos insulating material at its power plants, remediate ash disposal
ponds and close ash landfills, among other items. ARO refers to a legal
obligation to perform an asset retirement activity in which the timing and/or
method of settlement may be conditional on a future event that may or may not be
within the control of the entity. In determining Evergy's AROs, assumptions are
made regarding probable future disposal costs and the timing of their
occurrence. A change in these assumptions could have a significant impact on
Evergy's AROs reflected on its consolidated balance sheets.
As of December 31, 2018 and 2017, Evergy had recorded AROs of $687.1 million and
$405.1 million, respectively. See Note 6 to the consolidated financial
statements for more information regarding Evergy's AROs.
EVERGY RESULTS OF OPERATIONS
Evergy's results of 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.

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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.
The Evergy Companies primarily use coal and uranium for the generation of
electricity for their customers and also purchase power on the open market. The
prices for these commodities can fluctuate significantly due to a variety of
factors including supply, demand, weather and the 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 are seasonal. As summer peaking utilities, the third
quarter typically accounts for the greatest electricity sales by the Evergy
Companies. Hot summer temperatures and 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 customers and the Evergy Companies also can
affect the demand for electric service. Through the Missouri Energy Efficiency
Investment Act (MEEIA), KCP&L and GMO offer energy 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 rider mechanism.
The following table summarizes Evergy's comparative results of operations.
                                                2018         Change         2017        Change        2016
                                                                        (millions)
Operating revenues                           $ 4,275.9     $ 1,704.9     $ 2,571.0     $   8.9     $ 2,562.1
Fuel and purchased power                       1,078.7         537.2         541.5        32.0         509.5
SPP network transmission costs                   259.9          12.0         247.9        15.1         232.8
Other operating expenses                       1,384.9         653.8         731.1       (47.8 )       778.9
Depreciation and amortization                    618.8         247.1         371.7        33.2         338.5
Income from operations                           933.6         254.8         678.8       (23.6 )       702.4
Other income (expense), net                      (54.4 )       (27.6 )       (26.8 )     (25.3 )        (1.5 )
Interest expense                                 279.6         108.6         171.0         9.3         161.7
Income tax expense                                59.0         (92.2 )       151.2       (33.3 )       184.5
Equity in earnings of equity method
investees, net of income taxes                     5.4          (1.3 )         6.7         0.2           6.5
Net income                                       546.0         209.5         336.5       (24.7 )       361.2
Less: Net income attributable to
noncontrolling interests                          10.2          (2.4 )        12.6        (2.0 )        14.6
Net income attributable to Evergy, Inc.      $   535.8     $   211.9     $  

323.9 $ (22.7 ) $ 346.6




Evergy Utility Gross Margin and MWh Sales
Utility gross margin is a financial measure that is not calculated in accordance
with GAAP. Utility gross margin, as used by the Evergy Companies, is defined as
operating revenues less fuel and purchased power costs and amounts billed by the
SPP for network transmission costs. Expenses for fuel and purchased power 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 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 RTO. As with fuel
and purchased power costs, changes in SPP network transmission costs are mostly
reflected in the prices charged to customers with minimal impact on net income.
See Note 3 to the consolidated financial statements for additional information
regarding the manner in which Evergy reflects SPP revenues and expenses.

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Management believes that utility gross margin provides a meaningful basis for
evaluating the Evergy Companies' operations across periods compared with
operating revenues because utility gross margin excludes the revenue effect of
fluctuations in these expenses. Utility gross margin is used internally to
measure performance against budget and in reports for management and the Evergy
Board. The Evergy Companies' definition of utility gross margin may differ from
similar terms used by other companies.
The following tables summarize Evergy's utility gross margin and MWhs sold.
Utility Gross Margin                            2018               Change               2017          Change        2016
Retail revenues                                                               (millions)
Residential                               $     1,578.8       $       777.5       $       801.3      $ (23.9 )   $   825.2
Commercial                                      1,356.4               644.7               711.7        (16.9 )       728.6
Industrial                                        527.8               114.9               412.9          7.1         405.8
Other retail revenues                              30.6                 7.8                22.8          0.8          22.0
Total electric retail                           3,493.6             1,544.9             1,948.7        (32.9 )     1,981.6
Wholesale revenues                                404.4                73.2               331.2         14.9         316.3
Transmission revenues                             308.1                23.3               284.8         26.1         258.7
Other revenues                                     69.8                63.5                 6.3          0.8           5.5
Operating revenues                              4,275.9             1,704.9             2,571.0          8.9       2,562.1
Fuel and purchased power                       (1,078.7 )            (537.2 )            (541.5 )      (32.0 )      (509.5 )
SPP network transmission costs                   (259.9 )             (12.0 )            (247.9 )      (15.1 )      (232.8 )
Utility gross margin (a)                  $     2,937.3       $     1,155.7 

$ 1,781.6 $ (38.2 ) $ 1,819.8 (a) Utility gross margin is a non-GAAP financial measure. See explanation of utility gross margin above.


MWh Sales              2018     Change     2017     Change     2016
Retail MWh Sales                        (thousands)
Residential           12,478     6,315     6,163     (271 )    6,434
Commercial            14,129     6,761     7,368     (176 )    7,544
Industrial             7,426     1,737     5,689      190      5,499

Other retail revenues 110 37 73 (4 ) 77 Total electric retail 34,143 14,850 19,293 (261 ) 19,554 Wholesale revenues 13,811 3,465 10,346 2,047 8,299 Operating revenues 47,954 18,315 29,639 1,786 27,853



Evergy's utility gross margin increased $1,155.7 million in 2018 compared to
2017 driven by:
•      an $1,181.5 million increase due to the inclusion of KCP&L's and GMO's

utility gross margin beginning in June 2018; and

• a $75.0 million increase primarily due to higher Westar Energy retail

sales driven by warmer spring and summer weather and colder winter

weather. For 2018 compared to 2017, cooling degree days increased 31% and

heating degree days increased 23%; partially offset by

• a $69.8 million provision for rate refund recorded at Westar Energy for

the change in the corporate income tax rate caused by the passage of the

TCJA. See Note 19 to the consolidated financial statements for additional

       information; and


•      a $31.0 million reduction in revenue 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.


Evergy's utility gross margin decreased $38.2 million in 2017 compared to 2016
primarily due to lower Westar Energy retail sales driven by milder weather. For
2017 compared to 2016, cooling degree days decreased 13%.

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Other Operating Expenses (including operating and maintenance expense and taxes
other than income tax)
Evergy's other operating expenses increased $653.8 million in 2018 compared to
2017 primarily driven by:
•      a $453.0 million increase in operating and maintenance expense due to 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;

$69.5 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;


•            $44.2 million of Westar Energy change in control payments, Westar
             Energy 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


•            $48.4 million of merger consulting fees and fees for other outside
             services incurred, primarily consisting of merger success fees;
             partially offset by


•            a $47.8 million decrease in operating and maintenance

expense due to

             the deferral of merger transition costs to a regulatory asset 

in

             June 2018 for future recovery by Westar Energy, KCP&L and GMO 

in

             accordance with the KCC and MPSC merger orders;


• a $95.3 million increase in taxes other than income taxes due to the

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

• a $5.5 million increase due to Westar Energy's 47% share of voluntary

severance expenses incurred related to the Wolf Creek voluntary exit

program.



Evergy's other operating expenses decreased $47.8 million in 2017 compared to
2016 primarily driven by:
•      a $24.2 million decrease in Westar Energy's property tax expense due to a

decrease in amortization of the regulatory asset comprised of actual costs

incurred for property taxes in the prior year in excess of amounts

collected in prices in the prior year, which is mostly offset in retail

revenues;

• an $8.6 million decrease in Westar Energy's transmission and distribution

expense due to higher grid resiliency costs in 2016 and receiving credit

for assisting other utilities with mutual aid during an active hurricane

season, which offsets operating and maintenance expense;

• a $7.1 million decrease in Westar Energy's employee at-risk compensation

that is payable only upon meeting pre-established operating and financial

       objectives;


•      a $5.8 million decrease in Westar Energy's nuclear operating and

maintenance costs primarily due to receiving a legal settlement related to

Wolf Creek in 2017; and

• a $4.9 million decrease in Westar Energy's operating and maintenance

expense at coal fired plants primarily due to a planned outage at Jeffrey

Energy Center in 2016; partially offset by

• an $8.8 million increase in Westar Energy's operating and maintenance

expense due to the start of operations at the Western Plains Wind Farm in

       March 2017.


Depreciation and Amortization
Evergy's depreciation and amortization increased $247.1 million in 2018 compared
to 2017 primarily driven by a $227.9 million increase due to the inclusion of
KCP&L's and GMO's depreciation expense beginning in June 2018.
Evergy's depreciation and amortization increased $33.2 million in 2017 compared
to 2016 primarily driven by the start of operations at Westar Energy's Western
Plains Wind Farm in March 2017.

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Other Income (Expense), Net
Evergy's other expense, net increased $27.6 million in 2018 compared to 2017
primarily driven by:
•      a $25.7 million increase due to the inclusion of KCP&L and GMO amounts

beginning in June 2018; and

• a $4.6 million decrease in Westar Energy's investment earnings primarily

due to a decrease in interest and dividend income.



Evergy's other expense, net increased $25.3 million in 2017 compared to 2016
primarily driven by:
•      a $26.3 million decrease in Westar Energy's other income primarily
       consisting of:


•            a $19.5 million decrease due to recording higher

corporate-owned

             life insurance (COLI) benefits in 2016; and


•            a $9.6 million decrease in equity allowance for funds used during
             construction (AFUDC); partially offset by


•            a $3.5 million increase related to the deconsolidation of the trust
             holding Westar Energy's 8% interest in Jeffrey Energy Center.


Interest Expense
Evergy's interest expense increased $108.6 million in 2018 compared to 2017
primarily driven by a $102.8 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.
Evergy's interest expense increased $9.3 million in 2017 compared to 2016
primarily driven by an increase in Westar Energy's interest expense on long-term
debt of $4.9 million as a result of the issuance of first mortgage bonds (FMBs)
in excess of retirements and a $4.4 million decrease in debt AFUDC.
Income Tax Expense
Evergy's income tax expense decreased $92.2 million in 2018 compared to 2017
primarily driven by:
•      a $53.4 million decrease related to the revaluation of Westar Energy's

deferred income tax assets and liabilities based on the Evergy composite

tax rate as a result of the merger;

• a $58.4 million decrease due to lower Westar Energy pre-tax income; and

• a $44.3 million decrease in Westar Energy's income tax expense as a result

       of the decrease in the federal statutory income tax rate in 2018;
       partially offset by


•      a $63.2 million increase as a result of the inclusion of income tax
       expense related to Evergy, Inc. and the subsidiaries of Great Plains
       Energy beginning in June 2018.


Evergy's income tax expense decreased $33.3 million in 2017 compared to 2016
primarily driven by:
•      a $24.0 million decrease due to production tax credits, primarily due to
       the start of operations at Westar Energy's Western Plains Wind Farm in
       March 2017; and

• a $22.9 million decrease due to lower Westar Energy pre-tax income;

partially offset by

• a $12.2 million increase related to the revaluation of Westar Energy's

       deferred income taxes not included in rate base as a result of the
       enactment of the TCJA in 2017.



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EVERGY SIGNIFICANT BALANCE SHEET CHANGES
(December 31, 2018 compared to December 31, 2017)
The following table summarizes Evergy's significant balance sheet changes.
                                                 Total        Change Due to       Remaining
                                                 Change           Merger           Change
Assets                                                         (in millions)
Cash and cash equivalents                    $      156.9     $    1,154.2     $      (997.3 )
Accounts receivable, net                            (97.0 )          155.6            (252.6 )
Accounts receivable pledged as collateral           365.0            180.0             185.0
Fuel inventories and supplies                       217.4            271.5             (54.1 )
Income taxes receivable                              68.0              0.5              67.5
Regulatory assets - current                         204.4            207.8              (3.4 )
Prepaid expenses and other assets                    39.3            182.1            (142.8 )
Property, plant and equipment, net                9,228.7          9,179.7              49.0
Property, plant and equipment of variable
interest entities, net                               (7.1 )              -              (7.1 )
Regulatory assets                                 1,072.5            829.1             243.4
Nuclear decommissioning trust                       235.0            261.3             (26.3 )
Goodwill                                          2,338.9          2,338.9                 -
Other                                               151.7            145.5               6.2
Liabilities
Current maturities of long-term debt                705.4            415.3             290.1
Current maturities of long-term debt of
variable interest entities                            1.8                -               1.8
Notes payable and commercial paper                  462.9            561.0             (98.1 )
Collateralized note payable                         365.0            180.0             185.0
Accounts payable                                    247.3            191.4              55.9
Accrued dividends                                   (53.8 )           59.4            (113.2 )
Accrued taxes                                        45.9             82.0             (36.1 )
Accrued interest                                     38.2             48.0              (9.8 )
Regulatory liabilities - current                     98.6             17.7              80.9
Asset retirement obligations - current               24.7             46.0             (21.3 )
Other current liabilities                           107.5             73.1              34.4
Long-term debt, net                               2,948.7          3,358.6            (409.9 )
Long-term debt of variable interest
entities, net                                       (30.3 )              -             (30.3 )
Deferred income taxes                               783.5            669.6             113.9
Unamortized investment tax credits                  116.1            124.3              (8.2 )
Regulatory liabilities                            1,124.8          1,172.9             (48.1 )
Pension and post-retirement liability               496.4            477.3              19.1
Asset retirement obligations                        257.3            366.1            (108.8 )
Other long-term liabilities                         103.4             83.1              20.3


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 $997.3 million primarily due

to the repurchase of common stock for a total cost of approximately

$1,042 million in connection with Evergy's share repurchase program. See

        Note 17 to the consolidated financial statements for additional
        information on Evergy's share repurchase program.


•       Evergy's receivables, net decreased $252.6 million primarily due to
        Westar Energy's entry into a receivable sale facility in December 2018
        for an initial amount $185.0 million. This sale of the undivided
        percentage ownership interest in accounts receivable resulted in the

reduction of receivables, net and an increase in accounts receivables

pledged as collateral and collateralized note payable of $185.0 million.

        See Note 4 to the consolidated financial statements for additional
        information regarding Westar Energy's receivable sale facility.


•       Evergy's receivables pledged as collateral and collateralized note
        payable increased $185.0 million due to Westar Energy's entry into a
        receivable sale facility in December 2018.

Evergy's fuel inventories and supplies decreased $54.1 million primarily

due to $31.0 million of obsolete inventory write-offs at Westar Energy's

Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy

Center, Units 1 and 2 at Gordon Evans Energy Center, KCP&L's Montrose

        Station and GMO's Sibley Station, which were all retired in the fourth
        quarter of 2018.

Evergy's income taxes receivable increased $67.5 million primarily due to

refundable alternative minimum tax (AMT) credits that Evergy expects to

receive in 2019.

Evergy's prepaid expenses and other assets decreased $142.8 million

primarily due to the $140.6 million settlement of deal contingent

interest rate swaps entered into by Great Plains Energy that settled

following the consummation of the merger in June 2018.

Evergy's regulatory assets increased by $243.4 million primarily due to

the reclassification of retired generating plant of $159.9 million

related to GMO's Sibley No. 3 Unit from property, plant and equipment,

net to a regulatory asset upon the retirement of the unit in 2018.

Evergy's current maturities of long-term debt increased by $290.1 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 $98.1 million

        primarily due to the repayment of commercial paper with funds from
        operations at KCP&L and GMO.

• Evergy's accounts payable increased $55.9 million primarily due to the

timing of cash payments.

Evergy's accrued dividends decreased $113.2 million due to Evergy's

assumption and subsequent payment of Great Plains Energy's $59.4 million

of accrued common stock dividends following the consummation of the

merger and the timing of payment between Evergy's common stock dividend

declared in November 2018, which was paid in December 2018, and its

common stock dividend declared in November 2017, which was paid in

January 2018 and was reflected as accrued dividends of $53.8 million as

of December 31, 2017.

Evergy's current regulatory liabilities increased $80.9 million primarily

due to $71.2 million of refund obligations recorded by KCP&L and GMO

consisting of $63.7 million related to the TCJA and $7.5 million related

to one-time customer merger bill credits.

Evergy's current asset retirement obligations decreased $21.3 million

primarily due to lower expected cash flows in the next twelve months as

of December 31, 2018, compared to December 31, 2017, related to closure

        costs for ponds containing coal combustion residuals (CCRs) at La Cygne
        Station and Iatan Station.



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Evergy's long-term debt decreased by $409.9 million primarily due to the

reclassification of KGE's $300.0 million of 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 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 deferred income taxes increased $113.9 million primarily due to
        the reclassification of refundable AMT credits that Evergy expects to
        receive in 2019 to income taxes receivable.

Evergy's asset retirement obligations decreased $108.8 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 December 31, 2018, Evergy had $1.7 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, $570.0
million from Westar Energy's credit facilities, $420.4 million from KCP&L's
credit facilities and $297.9 million from GMO's credit facilities. See Notes 4
and 11 to the consolidated financial statements for more information regarding
the receivable sale facilities and master credit facility, respectively. Along
with cash flows from operations, Evergy generally uses these liquid resources to
meet its day-to-day cash flow requirements.
Long-Term Debt and Equity Issuances
From time to time, Evergy issues long-term debt and/or equity to repay
short-term debt, refinance maturing long-term debt and finance growth. As of
December 31, 2018 and 2017, Evergy's capital structure, excluding short-term
debt, was as follows:
                                December 31
                               2018     2017
Common equity                   57%     51%
Noncontrolling interests        <0%     <0%
Long-term debt, including VIEs  43%     49%


After the completion of its common stock repurchase program, Evergy anticipates
targeting a common equity to total capitalization ratio of approximately
47%-50%. Following the utilization of its excess cash and cash equivalents
discussed further below, Evergy anticipates issuing debt in 2019 in support of
its common stock

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repurchase program. See "Liquidity and Capital Resources - Capital Requirements
- Common Stock Repurchase Program" 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
December 31, 2018, the Evergy Companies were in compliance with these covenants.
Significant Debt Issuances
See Note 12 to the consolidated financial statements for information regarding
significant debt issuances.
Credit Ratings
The ratings of the Evergy Companies' debt 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 vital to their 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 the master credit facility. 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 February 21, 2019, the major credit rating agencies rated the Evergy Companies' securities as detailed in the following table.

                                Moody's            S&P Global
                         Investors Service(a)      Ratings(a)
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
Short-Term Rating                 P-2                  A-2

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)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 unsecured notes and mortgage
bonds with the SEC, which expires in November 2021.

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The following table summarizes the regulatory 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 December 31, 2018.

                                                                       Available Under
Type of Authorization  Commission Expiration Date Authorization Amount  Authorization
Westar Energy & KGE                                           (in millions)
Short-Term Debt           FERC     December 2020        $1,250.0            $838.3
KCP&L
Short-Term Debt           FERC     December 2020        $1,250.0           $1,073.1
Long-Term Debt            MPSC    September 2019         $750.0             $450.0
GMO
Short-Term Debt           FERC     December 2020         $750.0             $600.0
Long-Term Debt            FERC     December 2020         $100.0             $100.0


In addition to the above regulatory authorizations, the Westar Energy, KGE and
KCP&L mortgages each contain provisions restricting the amount of FMBs that can
be issued by each entity. Westar Energy, KGE and KCP&L must comply with these
restrictions prior to the issuance of additional FMBs, general mortgage bonds 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 December 31, 2018, $344.5 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 December 31, 2018, KGE had sufficient capacity under the most restrictive
provisions in the mortgage to meet its near term financing and refinancing
needs.

Under the KCP&L mortgage, additional KCP&L mortgage bonds may be issued on the
basis of property additions or retired bonds. As of December 31, 2018, KCP&L had
sufficient capacity under the most restrictive provisions in the mortgage to
meet its near term financing and refinancing needs.

Cash and Cash Equivalents
At December 31, 2018, Evergy had approximately $160.3 million of cash and cash
equivalents on hand. Under the Amended Merger Agreement, Great Plains Energy was
required to have not less than $1.25 billion in cash and cash equivalents on its
balance sheet at the closing of the merger with Westar Energy. In 2018, Evergy
primarily utilized this excess cash to repurchase approximately $1,042 million
of common stock. Evergy anticipates that its remaining excess cash will also be
returned to shareholders through the repurchase of common stock.

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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
capital expenditures were $1,069.7 million, $764.6 million and $1,087.0 million
in 2018, 2017 and 2016, respectively.
Capital expenditures projected for the next five years, excluding AFUDC and
including costs of removal, are detailed in the following table. This capital
expenditure plan is subject to continual review and change.
                                             2019       2020       2021       2022       2023
                                                                (millions)
Generating facilities                      $   458    $   497    $   383    $   306    $   425
Transmission and distribution facilities       678        714        706        712        705
General facilities                             142        127         94    

89 66 Total utility capital expenditures $ 1,278 $ 1,338 $ 1,183 $ 1,107 $ 1,196



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.
The information in the following table is provided to summarize Evergy's cash
obligations and commercial commitments.
Payment due by period       2019          2020          2021         2022        2023      After 2023       Total
Long-term debt                                                    (millions)
Principal                $   701.1     $   251.1     $   432.0     $ 287.5     $ 439.5     $ 5,142.9     $  7,254.1
Interest                     306.3         281.1         256.9       235.4       222.1       3,262.6        4,564.4
Long-term debt of VIEs
Principal                     30.3          32.3          18.8           -           -             -           81.4
Interest                       1.6           0.8           0.2           -           -             -            2.6
Lease commitments
Operating leases              24.2          20.7          18.4        15.2        12.4          95.0          185.9
Capital leases                 6.4           2.2           5.3         4.7         4.0          48.6           71.2
Pension and other
post-retirement plans
(a)                          118.3         118.3         118.3       118.3       118.3           (a)          591.5
Purchase commitments
Fuel                         423.6         364.4          95.3        82.9        87.5         116.2        1,169.9
Power                         47.3          47.3          47.4        47.6        47.8         366.8          604.2
Other                        137.8          18.8          13.4         6.8         2.1          34.4          213.3
Total contractual
commitments (a)          $ 1,796.9     $ 1,137.0     $ 1,006.0     $ 798.4 

$ 933.7 $ 9,066.5 $ 14,738.5

(a) Evergy expects to make contributions to the pension and other

post-retirement plans beyond 2023 but the amounts are not yet determined.



Long-term debt includes current maturities. Long-term debt principal excludes
$57.2 million of unamortized net discounts and debt issuance costs and a $144.8
million fair value adjustment recorded in connection with purchase accounting
for the Great Plains Energy and Westar Energy merger. Variable rate interest
obligations are based on rates as of December 31, 2018.

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Operating lease commitments include leases for office buildings, computer
equipment, operating facilities, vehicles and rail cars to serve jointly-owned
generating units where Westar Energy or KCP&L is the managing partner and is
reimbursed by other joint-owners for its proportionate share of the cost.
Capital lease commitments include obligations for both principal and interest.
Evergy expects to contribute $118.3 million to the pension and other
post-retirement plans in 2019, of which the majority is expected to be paid by
Westar Energy and KCP&L. Additional contributions to the plans are expected
beyond 2023 in amounts at least sufficient to meet the greater of Employee
Retirement Income Security Act of 1974, as amended (ERISA) or regulatory funding
requirements; however, these amounts have not yet been determined. Amounts for
years after 2019 are estimates based on information available in determining the
amount for 2019. Actual amounts for years after 2019 could be significantly
different than the estimated amounts in the table above.
Fuel commitments consist of commitments for nuclear fuel, coal and coal
transportation costs. Power commitments consist of certain commitments for
renewable energy under power purchase agreements. Other represents individual
commitments entered into in the ordinary course of business.
Evergy has other insignificant long-term liabilities recorded on its
consolidated balance sheet at December 31, 2018, which do not have a definitive
cash payout date and are not included in the table above.
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 February 2019.
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 17 to the consolidated financial
statements for further discussion of restrictions on dividend payments.
Common Stock Repurchase Program
In July 2018, the Evergy Board authorized the repurchase of up to 60 million
shares of Evergy's common stock. Although this repurchase authorization has no
expiration date, Evergy expects to repurchase approximately 60 million shares by
mid-2020. For 2018, Evergy had total repurchases of common stock of
approximately $1,042 million and had repurchased 16.4 million shares under the
repurchase program. These repurchase totals include shares repurchased under ASR
agreements, one of which had not reached final settlement as of December 31,
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. The ASR agreements reached final settlement in the fourth quarter of 2018 and resulted in the delivery of 7.9 million shares to Evergy and Evergy paid a total of $450.0 million.


In November 2018, Evergy entered into an ASR agreement with a financial
institution to purchase $475.0 million of Evergy common stock. In December 2018,
the financial institution delivered to Evergy 6.4 million shares of common
stock, representing a partial settlement of the contract, based on then-current
market prices and Evergy paid a total of $475.0 million. The ASR agreement is
expected to reach final settlement by March 2019 or earlier.

See Note 17 to the consolidated financial statements for more information regarding Evergy's common stock repurchase program.

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Impact of TCJA
The TCJA will result in lower operating cash flows for the Evergy Companies due
to lower income tax expense recoveries in customer rates 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 primarily due to the utilization of the Evergy
Companies' net operating losses and tax credits. These net regulatory
liabilities will be refunded in future rates by amortizing amounts related to
plant assets primarily over 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 merger, Evergy assumed the guarantees previously provided to GMO
by Great Plains Energy. The majority of these agreements guarantee Evergy's own
future performance, so a liability for the fair value of the obligation is not
recorded.
At December 31, 2018, Evergy has provided $111.3 million of credit support for
GMO as follows:
•      Evergy direct guarantees to GMO counterparties totaling $17.0 million,

which expire in 2020, and

Evergy's guarantee of GMO long-term debt totaling $94.3 million, which

includes debt with maturity dates ranging from 2019 to 2023.



Evergy has also guaranteed GMO's short-term debt, including its commercial paper
program. At December 31, 2018, GMO had $150.0 million of commercial paper
outstanding. None of the 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.
                                                  2018       2017      2016
                                                        (in millions)
Cash flows from operating activities           $ 1,497.8   $ 912.7   $ 

803.8

Cash flows from (used in) investing activities 197.4 (780.8 ) (994.1 ) Cash flows from (used in) financing activities (1,538.4 ) (131.6 ) 190.2



Cash Flows from Operating Activities
Evergy's $585.1 million increase in cash flows from operating activities in 2018
compared to 2017 was primarily driven by an $800.8 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 an increase of $50.3 million in amounts paid by
Westar Energy related to income taxes; $35.6 million of merger success fees paid
by Evergy and Westar Energy upon the completion of the merger; an increase of
$27.0 million in purchased power costs paid by Westar Energy; an increase of
$15.3 million in Wolf Creek refueling outage costs paid by Westar Energy related
to the outage that concluded in May 2018 and an $11.6 million increase in Westar
Energy pension and post-retirement contributions.
The $108.9 million increase in cash flows from operating activities in 2017
compared to 2016 was primarily driven by a $43.9 million increase in Westar
Energy wholesale power sales and transmission services; a $26.3

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million decrease in amounts paid for Westar Energy coal and natural gas; a $26.0
million increase due to Westar Energy receiving a $13.0 million refund for
income taxes in 2017 and Westar Energy paying $13.0 million in income taxes in
2016 and a $13.6 million increase from Westar Energy retail customers; partially
offset by a $16.4 million increase in amounts paid for Westar Energy purchased
power and transmission services and a $12.0 million increase in Westar Energy
interest payments.
Cash Flows from (used in) Investing Activities
Evergy's cash flows from investing activities increased $978.2 million in 2018
compared to 2017 primarily due to the inclusion of $1,154.2 million of cash
acquired from Great Plains Energy as of the merger date.
Evergy's cash flows used in investing activities decreased $213.3 million in
2017 compared to 2016 primarily driven by a $322.3 million decrease in additions
to Westar Energy's property, plant and equipment primarily related to the
construction of Western Plains Wind Farm in 2016; partially offset by receiving
$110.5 million less proceeds from Westar Energy COLI investments than in 2016.
Cash Flows from (used in) Financing Activities
Evergy's cash flows used in financing activities increased $1,406.8 million in
2018 compared to 2017 primarily due to the repurchase of common stock of
$1,042.3 million as a result of Evergy's share repurchase program in 2018; an
increase in cash dividends paid of $251.9 million due to an increase in
outstanding shares of common stock following the close of the merger and a $0.06
and $0.075 per share increase in the quarterly dividends paid in September 2018
and December 2018, respectively; an increase in retirements of long-term debt of
$270.8 million; partially offset by an increase in collateralized short-term
debt, net of $185.0 million due to Westar Energy's receivable sale facility that
was entered into in December 2018.
Evergy's cash flows from financing activities decreased $321.8 million in 2017
compared to 2016 primarily due to Westar Energy issuing $207.5 million less in
commercial paper; Westar Energy issuing $162.0 million less in long-term debt of
VIEs; Westar Energy issuing $100.1 million less in long-term debt; Westar
Energy's redemption of $75.0 million more in long-term debt and paying $18.8
million more in dividends; partially offset by Westar Energy redeeming $163.5
million less in long-term debt of VIEs and repaying $88.3 million less for
borrowings against the cash surrender value of COLI.

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                              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
(I)(2)(a) to Form 10-K.
The following table summarizes Westar Energy's comparative results of
operations.
                                                           2018         Change        2017
                                                                      (millions)
Operating revenues                                      $ 2,614.9     $   43.9     $ 2,571.0
Fuel and purchased power                                    599.2         57.7         541.5
SPP network transmission costs                              259.9           12         247.9
Other operating expenses                                    814.4         83.3         731.1
Depreciation and amortization                               390.9         19.2         371.7
Income from operations                                      550.5       (128.3 )       678.8
Other income (expense), net                                 (33.5 )       (6.7 )       (26.8 )
Interest expense                                            176.8          5.8         171.0
Income tax expense (benefit)                                 (4.3 )     

(155.5 ) 151.2 Equity in earnings of equity method investees, net of income taxes

                                                  4.6         (2.1 )         6.7
Net income                                                  349.1         12.6         336.5
Less: Net income attributable to noncontrolling
interests                                                    10.2         

(2.4 ) 12.6 Net income attributable to Westar Energy, Inc. $ 338.9 $ 15.0 $ 323.9



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
                                  2018        Change        2017        2018     Change     2017
Retail revenues                              (millions)                        (thousands)
Residential                    $   846.4     $  45.1     $   801.3      6,736      573      6,163
Commercial                         702.8        (8.9 )       711.7      7,496      128      7,368
Industrial                         396.4       (16.5 )       412.9      5,642      (47 )    5,689
Other retail revenues               20.0        (2.8 )        22.8         58      (15 )       73
Total electric retail            1,965.6        16.9       1,948.7     19,932      639     19,293
Wholesale revenues                 346.1        14.9         331.2     10,169     (177 )   10,346
Transmission revenues              288.9         4.1         284.8        N/A      N/A        N/A
Other revenues                      14.3         8.0           6.3        N/A      N/A        N/A
Operating revenues               2,614.9        43.9       2,571.0    

30,101 462 29,639 Fuel and purchased power (599.2 ) (57.7 ) (541.5 ) SPP network transmission costs (259.9 ) (12.0 ) (247.9 ) Utility gross margin (a) $ 1,755.8 $ (25.8 ) $ 1,781.6


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


Westar Energy's utility gross margin decreased $25.8 million in 2018 compared to
2017 driven by:
•      a $69.8 million provision for rate refund for the change in the corporate
       income tax rate caused by the passage of the TCJA. See Note 19 to the
       consolidated financial statements for additional information; and



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• a $31.0 million reduction in revenue 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

• a $75.0 million increase primarily due to higher retail sales driven by

warmer spring and summer weather and colder winter weather. For 2018

compared to 2017, cooling degree days increased 29% and heating degree

days increased 22%.



Westar Energy Other Operating Expenses (including operating and maintenance
expense and taxes other than income tax)
Westar Energy's other operating expenses increased $83.3 million in 2018
compared to 2017 primarily driven by:
•      $51.9 million of merger-related costs incurred following the close of the

merger in June 2018, consisting of:

$44.2 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


•            $21.5 million of merger consulting fees and fees for other outside
             services incurred, primarily consisting of merger success fees;
             partially offset by


•            a $13.8 million decrease in operating and maintenance

expense due to

             the net reallocation of incurred merger transition costs 

between

             Westar Energy, Evergy, KCP&L and GMO and the subsequent

deferral of

             these transition costs to a regulatory asset in June 2018 for future
             recovery by Westar Energy in accordance with the KCC merger order;

$12.3 million of obsolete inventory write-offs for 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 2018; and

• a $5.5 million increase due to Westar Energy's 47% share of voluntary

severance expenses incurred related to the Wolf Creek voluntary exit

program.



Westar Energy Depreciation and Amortization
Westar Energy's depreciation and amortization expense increased $19.2 million in
2018 compared to 2017 primarily driven by capital additions.
Westar Energy Other Income (Expense), Net
Westar Energy's other expense, net increased $6.7 million in 2018 compared to
2017 primarily driven by:
•      a $4.6 million decrease in investment earnings primarily due to a decrease

in interest and dividend income; and

• a $3.5 million increase in pension non-service costs.



Westar Energy Income Tax Expense
Westar Energy's income tax expense decreased $155.5 million in 2018 compared to
2017 driven by:
•      a $53.4 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 merger;

• a $58.4 million decrease due to lower pre-tax income; and

• a $44.3 million decrease as a result of the decrease in the federal

       statutory income tax rate in 2018.



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                       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 (I)(2)(a) to
Form 10-K.
The following table summarizes KCP&L's comparative results of operations.
                                 2018        Change        2017
                                           (millions)
Operating revenues            $ 1,823.1     $ (67.6 )   $ 1,890.7
Fuel and purchased power          520.6        39.9         480.7
Other operating expenses          611.4       (45.9 )       657.3
Depreciation and amortization     281.3        15.0         266.3
Income from operations            409.8       (76.6 )       486.4
Other income (expense), net       (25.9 )      13.7         (39.6 )
Interest expense                  133.7        (5.1 )       138.8
Income tax expense                 87.3       (40.9 )       128.2
Net income                    $   162.9     $ (16.9 )   $   179.8


KCP&L Utility Gross Margin and MWh Sales
The following table summarizes KCP&L's utility gross margin and MWhs sold.
                                 Revenues and Expenses                     MWhs Sold
                            2018         Change        2017        2018      Change     2017
Retail revenues                        (millions)                         (thousands)
Residential              $   735.6         10.3     $   725.3      5,686       504      5,182
Commercial                   794.8        (49.6 )       844.4      7,782       316      7,466
Industrial                   138.8        (22.2 )       161.0      1,754       (61 )    1,815
Other retail revenues         10.4         (0.8 )        11.2         76         4         72
Total electric retail      1,679.6        (62.3 )     1,741.9     15,298       763     14,535
Wholesale revenues            53.5        (34.5 )        88.0      5,017    (1,771 )    6,788
Transmission revenues         14.5         (1.5 )        16.0        N/A       N/A        N/A
Other revenues                75.5         30.7          44.8        N/A       N/A        N/A
Operating revenues         1,823.1        (67.6 )     1,890.7     20,315    (1,008 )   21,323
Fuel and purchased power    (520.6 )      (39.9 )      (480.7 )
Utility gross margin (a) $ 1,302.5     $ (107.5 )   $ 1,410.0


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


KCP&L's utility gross margin decreased $107.5 million in 2018 compared to 2017
driven by:
•      a $72.4 million refund obligation for the change in the corporate income
       tax rate caused by the passage of the TCJA. See Note 19 to the
       consolidated financial statements for additional information;

$72.9 million of sales taxes and franchise fees collected from KCP&L

Missouri customers included in revenue in 2017, which as part of KCP&L's

adoption of Accounting Standards Codification (ASC) 606, are now excluded

from revenue in 2018; and

• a $25.0 million reduction in revenue for one-time and annual bill credits

as a result of conditions in the MPSC and KCC merger orders. See Note 2 to

       the consolidated financial statements for additional information;
       partially offset by



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• a $62.8 million increase primarily due to higher retail sales driven by

warmer spring and summer weather and colder winter weather. For 2018

compared to 2017, cooling degree days increased 33% and heating degree

days increased 23%.



KCP&L Other Operating Expenses (including operating and maintenance expense and
taxes other than income tax)
KCP&L's other operating expenses decreased $45.9 million in 2018 compared to
2017 primarily driven by:
•      $72.2 million decrease in taxes other than income tax due to sales taxes

and franchise fees collected from KCP&L Missouri customers in 2017, which,

as part of KCP&L's adoption of ASC 606, Revenue from Contracts with

Customers, are now excluded from taxes other than income tax in 2018; and

• a $23.2 million decrease in operating and maintenance expense due to the

net reallocation of incurred merger transition costs between KCP&L,

Evergy, Westar Energy and GMO and the subsequent deferral of these

transition costs to a regulatory asset in June 2018 for future recovery by

KCP&L in accordance with the KCC and MPSC merger orders; partially offset

by

• an $11.6 million increase due to voluntary severance expenses incurred

related to KCP&L's 47% share of the Wolf Creek voluntary exit program as

well as other KCP&L voluntary exit programs;

$7.3 million of obsolete inventory write-offs for Montrose Station, which

       was retired in the fourth quarter of 2018;


•      a $6.8 million increase in transmission and distribution operating and
       maintenance expense; and

• a $6.9 million increase in injuries and damages expense primarily due to

an increase in estimated worker's compensation losses.



KCP&L Depreciation and Amortization
KCP&L's depreciation and amortization increased $15.0 million in 2018 compared
to 2017 primarily driven by capital additions.
KCP&L Other Income (Expense), Net
KCP&L's other expense, net decreased $13.7 million in 2018 compared to 2017
driven by a $16.8 million decrease in pension non-service costs due to KCP&L's
adoption of ASU 2017-07, Compensation-Retirement Benefits, which requires the
non-service cost components to be reported separately from service costs and
outside of a subtotal of income from operations. For retrospective application
of the 2017 non-service cost components, KCP&L utilized the practical expedient
that allows for the use of the amounts disclosed in a company's pension and
other post-retirement benefit plan footnote as the estimation basis for
retrospective presentation. The 2017 amounts disclosed in KCP&L's pension and
other post-retirement benefit plan footnote are presented prior to the effects
of capitalization and sharing with joint owners of power plants. See Note 1 and
Note 9 to the consolidated financial statements for additional information.

KCP&L Income Tax Expense
KCP&L's income tax expense decreased $40.9 million in 2018 compared to 2017
primarily driven by:
•      a $32.2 million decrease in income tax expense as a result of the decrease

in the federal statutory income tax rate in 2018;

• a $22.5 million decrease due to lower pre-tax income;

• a $15.5 million decrease related to the revaluation of deferred income tax

assets and liabilities as a result of the enactment of Missouri state

       income tax reform in June 2018; and


•      an $8.3 million decrease in income tax expense due to an increase in

flow-through items primarily consisting of amortization of regulatory

liabilities for excess deferred income taxes generated as a result of the

enactment of the TCJA in December 2017; partially offset by

• a $51.0 million increase related to the revaluation of deferred income tax

assets and liabilities based on the Evergy composite tax rate as a result

       of the merger.



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